TALPHERA, INC. — Director's Dealing 2016

Mar 30, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACELRX PHARMACEUTICALS INC (ACRX)
CIK: 0001427925
Period of Report: 2016-03-28

Reporting Person: Rosen Howard B (Director, CEO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-03-28	Stock Option (Right to Buy)	$3.10	A	800000	Acquired	2026-03-28	Common Stock (800000)	Direct

Footnotes

F1: Issued pursuant to the 2011 Equity Incentive Plan.

F2: The shares subject to the option vest as follows: 1/48th of the shares subject to the option vest in equal monthly installments over 48 months, so long as the optionee continues to provide services to the Company.

F3: 100% Acceleration upon Change of Control.