Carlsmed COO Jeffrey Bertolini sells 243 shares

The sale was made under a Rule 10b5-1 trading plan adopted on March 12, 2026.

Available on EDGAR 11/02/2026 - 04:18 PM EST Accepted by SEC EDGAR 11/02/2026 - 04:18 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Carlsmed, Inc. Chief Operating Officer Jeffrey Bertolini exercised options to acquire 243 common shares at an exercise price of $2.2320 per share and sold 243 common shares at $15.8000 per share on October 30, 2026. The sale was effected under a Rule 10b5-1 trading plan adopted March 12, 2026. The reported stock-option position following the exercise was 5,582 shares. The option footnote says 25% of the original shares vested on September 30, 2025; the remaining 75% vest in 1/36th monthly installments thereafter, subject to continued service through each vesting date.

Insider Trade Summary 10b5-1

Exercise and Sale: 243 shares ($3K approx. pre-tax spread)

Exercise and Sale 3 txns

Insider Bertolini Jeffrey

Role Chief Operating Officer

Sold 243 shs ($4K)

Approx. gross sale proceeds $4K

Approx. exercise cost $542.38

Approx. pre-tax spread $3K

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy) F2	243	$0.00	$0.00
Exercise	Common Stock	243	$2.232	$542.38
Sale	Common Stock F1	243	$15.80	$4K

Holdings After Transaction: Stock Option (Right to Buy) — 5,582 contracts (Direct); Common Stock — 22,489 shares (Direct)

Footnotes (2)

1. F1. The sales reported were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 12, 2026.
2. F2. 25% of the original number of shares subject to the stock option vested on September 30, 2025, and the remaining 75% of the original number of shares subject to the stock option will vest in 1/36th installments on a monthly basis thereafter, subject to the Reporting Person's continued service through each such vesting date.

Key Figures

Shares acquired through option exercise: 243 shares Exercise price: $2.2320 per share Common shares sold: 243 shares +2 more

5 metrics

Shares acquired through option exercise 243 shares October 30, 2026

Exercise price $2.2320 per share Option exercise on October 30, 2026

Common shares sold 243 shares October 30, 2026

Sale price $15.8000 per share Sale on October 30, 2026

Stock-option position following exercise 5,582 shares Reported after the October 30, 2026 exercise

Key Terms

Rule 10b5-1 trading plan, stock option, vest

3 terms

Rule 10b5-1 trading plan regulatory

"pursuant to a Rule 10b5-1 trading plan"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

stock option financial

"shares subject to the stock option"

A stock option is a contract that gives you the right to buy or sell a company's stock at a specific price within a certain time frame. People use them to potentially make money if the stock's price moves favorably or to protect against losses. It's like holding a coupon that can be used to buy or sell stock at a set price later on.

vest financial

"the remaining 75% ... will vest in 1/36th installments"

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many CARL shares did Jeffrey Bertolini sell, and at what price?

Jeffrey Bertolini sold 243 CARL common shares at $15.8000 per share on October 30, 2026. The sale was effected pursuant to a Rule 10b5-1 trading plan adopted March 12, 2026.

What is the vesting schedule for Jeffrey Bertolini’s CARL stock option?

25% of the original option shares vested on September 30, 2025, and the remaining 75% vest in 1/36th installments monthly thereafter, subject to his continued service through each vesting date.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bertolini Jeffrey

(Last) (First) (Middle)

1800 ASTON AVENUE

SUITE 100

(Street)

CARLSBAD CALIFORNIA 92008

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
CARLSMED, INC. [ CARL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operating Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/30/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/30/2026		M		243	A	$2.232	22,732	D
Common Stock	10/30/2026		S(1)		243	D	$15.8	22,489	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$2.232	10/30/2026		M			243	(2)	11/12/2034	Common Stock	243	$0	5,582	D

Explanation of Responses:

1. The sales reported were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 12, 2026.

2. 25% of the original number of shares subject to the stock option vested on September 30, 2025, and the remaining 75% of the original number of shares subject to the stock option will vest in 1/36th installments on a monthly basis thereafter, subject to the Reporting Person's continued service through each such vesting date.

	/s/ Michael Cordonnier, as attorney-in-fact for Jeffrey Bertolini	11/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)