Ahearn Matthew Fraser 4

What Happened

• Matthew Fraser Ahearn, COO of Shoulder Innovations (SI), exercised stock option derivatives (transaction code M) on April 20, 2026, acquiring 21,664 common shares by paying approximately $59,170 in cash (7,421 shares @ $2.48 = $18,407; 14,243 shares @ $2.86 = $40,763). The filing also shows related derivative lines reported as disposed at $0, reflecting conversion of the options into shares.

Key Details

• Transaction date: 2026-04-20. Exercises: 7,421 shares @ $2.48 and 14,243 shares @ $2.86.
• Total cash paid: ~$59,170; total shares acquired: 21,664.
• Shares owned after transaction (per filing/footnotes): ~286,765 — based on prior reported direct ownership of 215,856 shares, in‑kind distributions totaling 49,245 shares (see F1), plus the 21,664 shares just acquired.
• Notable footnotes: F1 lists in‑kind distributions of 49,245 shares from several entities; F2 and F3 describe vesting schedules for the related options (partial vesting occurred previously and further vesting is scheduled monthly/quarterly).
• Filing: Reported with period 2026-04-20 and filed 2026-04-21 (timely).

Context

• These were option exercises (code M). The $0.00 "disposed" entries reflect conversion/cancellation of the derivative instruments on exercise, not a cash sale of shares. Some option shares remain subject to the vesting schedules described in F2 and F3. The in‑kind distributions noted in F1 are non‑cash transfers and do not, by themselves, indicate market sentiment.