Ahearn Matthew Fraser 4

What Happened
COO Matthew Fraser Ahearn reported three open‑market sales totaling 20,000 shares of Shoulder Innovations common stock, generating about $374,255 in proceeds. The transactions were: 15,856 shares on 2026-06-12 at a weighted average price of $18.68 (≈ $296,185), 1,644 shares on 2026-06-15 at $18.20 (≈ $29,922), and 2,500 shares on 2026-06-15 at $19.26 (≈ $48,148). These were sales (not purchases) and therefore do not signal a new insider buy.

Key Details

• Dates & sales:
  • 2026-06-12: 15,856 shares @ $18.68 (weighted avg; prices ranged $18.29–$19.00) — $296,185 (F2)
  • 2026-06-15: 1,644 shares @ $18.20 (weighted avg; prices ranged $17.98–$18.88) — $29,922 (F4)
  • 2026-06-15: 2,500 shares @ $19.26 (weighted avg; prices ranged $18.98–$19.71) — $48,148 (F5)
• Total sold: 20,000 shares for ~ $374,255.
• Plan/authorization: Sales were effected under a Rule 10b5‑1 trading plan adopted March 13, 2026 (F1).
• Ownership: Prior reports showed beneficial ownership of 286,765 shares held directly; after selling 20,000 shares, that implies roughly 266,765 shares remaining (footnote F3 notes 2,411 shares received in‑kind from Genesis Investment Holdings that were included in prior counts).
• Filing timeliness: The Form 4 was filed on 2026-06-16 for transactions through 2026-06-15; no late‑filing flag was indicated in the filing.

Context

• These were open‑market sales made under a prearranged 10b5‑1 plan, which are commonly used by insiders to systematically sell shares and can be routine. Sales reduce insider stock holdings but do not, by themselves, provide evidence of the insider’s view on the company’s prospects.