Ball Robert Joseph 4

What Happened

• Robert Joseph Ball, CEO, Executive Chairman and a director of Shoulder Innovations (SI), exercised options on February 6, 2026, acquiring 12,062 shares of common stock for total cash of $29,132 (10,000 shares at $2.48 for $24,804; 2,062 shares at $2.10 for $4,328). The filing also shows corresponding derivative-disposition entries for 10,000 and 2,062 shares reported at $0 (these appear on the Form 4 as derivative conversion/settlement entries).

Key Details

• Transaction date: 2026-02-06; Form 4 filed: 2026-02-10 (the filing shows the trade date and the later filing date).
• Exercise details: 10,000 shares @ $2.48 (cash paid $24,804); 2,062 shares @ $2.10 (cash paid $4,328); total cash outlay $29,132 to acquire 12,062 shares.
• Derivative disposals: entries for 10,000 and 2,062 shares at $0 are also reported on the same date (listed as derivative dispositions on the form).
• Shares owned after transaction: the filing does not state a clear post-transaction total; it references prior reported beneficial ownership of 120,118 shares held directly.
• Footnotes of note:
  • F1 lists several in-kind distributions previously received (Genesis and multiple Cultivate MD funds) and notes prior reported ownership of 120,118 shares.
  • F2 describes a vesting schedule (one-fourth vested May 17, 2024, then monthly vesting thereafter).
  • F3 states a stock option is fully vested and currently exercisable.
• Timeliness: Form 4 was filed four days after the transaction (filed 2026-02-10 for actions on 2026-02-06).

Context

• This was an option exercise (transaction code M). Ball paid cash to exercise options and acquired shares rather than selling shares immediately; purchases or exercises are often viewed as a stronger signal of insider demand than routine sales, though filings do not reveal motivation.
• The $0 disposition lines reflect derivative/settlement reporting on the Form 4 and do not show cash proceeds. For retail investors, the key takeaway is that the CEO increased his direct shareholding by 12,062 shares via exercise.