Shoulder Innovations (SI) CEO Robert Ball Exercises Options, Sells Shares

What Happened

• Robert J. Ball, CEO & Executive Chairman of Shoulder Innovations (SI), exercised stock options to acquire 89,233 shares at a $2.10 strike price (exercise cost ≈ $187,282) on 2026-09-14. Simultaneously, he sold 10,175 of the resulting shares in open-market trades (weighted average sale price $18.45) for proceeds of about $187,706. The sales were made solely to cover the exercise price.

Key Details

• Transaction date: 2026-09-14 (reported timely).
• Option exercise: 89,233 shares acquired at $2.10 per share (total ≈ $187,282).
• Open-market sale: 10,175 shares sold at a weighted average price of $18.45 (total ≈ $187,706); sale prices ranged from $18.22 to $18.63 (see footnote F2).
• Derivative reporting: filing shows the option exercise (code M) and a derivative disposition entry related to the exercise (reported at $0).
• Option status: the stock option is fully vested and currently exercisable (footnote F3).
• Prior share acquisition: filing notes inclusion of 1,748 shares acquired 2026-06-30 under the issuer’s 2025 Employee Stock Purchase Plan (footnote F1).
• Shares owned after the transactions: not specified in this filing.

Context

• This is a routine cash-cover/cashless-style exercise: options were exercised and a portion of the resulting shares were sold to cover the exercise cost rather than a directional investment bet. Such transactions commonly reflect option exercise logistics rather than a straightforward buy or sell signal.
• Filing appears timely (no late-filing indication). All figures and sale-price ranges are from the Form 4 footnotes.