Ball Robert Joseph 4

What Happened

• Robert J. Ball, CEO & Executive Chairman (also a director) of Shoulder Innovations (SI), reported exercising stock-derived rights on 2026-04-30. He acquired 10,000 shares at an exercise price of $2.48 (total cash paid $24,804). The same filing also shows a separate 10,000-share derivative conversion/disposition reported at $0 per share (reported as a derivative disposition).

Key Details

• Transaction date: 2026-04-30.
• Acquired: 10,000 shares @ $2.48 (total $24,804).
• Disposed (derivative): 10,000 shares @ $0.00 (reported as a derivative conversion/disposition).
• Filing date / Period of report: 2026-04-30 (no late filing flag shown).
• Prior reported direct beneficial ownership: 278,866 shares (the filing notes additional in-kind distributions described below).
• Footnote highlights:
  • F1: Filing states the ownership figure includes in-kind distributions of 4,400 shares from Cultivate MD Capital Fund I, LLC and 6,752 shares from Genesis Investment Holdings.
  • F2: The option vests one-fourth on May 17, 2024, with the remainder vesting in 36 equal monthly installments thereafter.
• The filing does not explicitly state the "shares owned after transaction" total in the summary provided here.

Context

• This filing reflects option exercise/conversion activity (derivative transactions, code M). Exercising options is an acquisition of stock rather than an open-market purchase; the separate 10,000-share $0 disposition likely reflects a non-cash conversion or internal transfer typical of option-related mechanics (the filing does not explain the reason).
• In-kind distributions noted in the footnote are not open-market buys or sales and do not necessarily signal market sentiment.
• No late filing was indicated in the available data.