Points Jeffrey S. 4

What Happened Jeffrey S. Points, Chief Financial Officer of Shoulder Innovations, exercised stock options to acquire 13,264 shares at an exercise price of $2.48 per share (total cash paid $32,900) and separately purchased 2,000 shares in the open market at $15.00 per share (total $30,000) on March 13, 2026. The filing also records a simultaneous conversion/cancellation of 13,264 derivative securities (reported with $0 proceeds), which reflects the option-to-stock conversion associated with the exercise. These transactions are outright purchases/acquisitions (not sales).

Key Details

• Transaction dates: March 13, 2026 (reported on Form 4 filed March 17, 2026).
• Option exercise: 13,264 shares acquired at $2.48 each — $32,900 total (code M).
• Open-market purchase: 2,000 shares at $15.00 each — $30,000 total (code P).
• A corresponding line reports conversion/disposition of 13,264 derivative securities at $0 (reflects cancellation/conversion of the options).
• Shares owned after the transactions: not provided in the excerpt of the filing.
• Timeliness: Form 4 filed March 17, 2026 for March 13 transactions — within the required two business days.
• Footnote: The related stock option vests in 31 equal monthly increments on the last day of each month beginning March 31, 2025 (per footnote F1).

Context

• The M code indicates an option exercise (insider paid the exercise price to receive common stock). There is no indication the acquired shares were immediately sold (no sale reported). The open-market purchase is a direct buy and is typically viewed as a more informative bullish action than a sale, though filings are factual and do not disclose motive.