Shoulder Innovations grants Andrew Hykes 669 stock units

The reported per-share figure for the restricted stock unit award was $19.60.

Rhea-AI Filing Summary

Andrew Hykes, a director of Shoulder Innovations, Inc. (SI), acquired 669 restricted stock units on October 5, 2026, in lieu of cash retainer fees. The units were fully vested as of the grant date; each represents a contingent right to one share of common stock and has no expiration date. Hykes elected to defer receipt of the shares issuable upon settlement until his departure from the Board of Directors. His reported direct position after the award was 7,438 shares.

Insider Trade Summary

Grant/Award: 669 shares

Grant/Award 1 txn

Insider Hykes Andrew

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1	669	$19.60	$13K

Holdings After Transaction: Common Stock — 7,438 shares (Direct)

Footnotes (1)

1. F1. Represents an award of restricted stock units ("RSUs") received in lieu of cash retainer fees, which were fully vested as of the grant date. Each RSU represents a contingent right to receive one share of the Issuer's Common Stock and has no expiration date. The Reporting Person voluntarily elected to defer receipt of the Common Stock issuable upon settlement of the RSUs until the Reporting Person's departure from the Board of Directors.

Key Figures

Restricted stock units awarded: 669 units Reported price per share: $19.60 per share Reported direct position after transaction: 7,438 shares +1 more

4 metrics

Restricted stock units awarded 669 units Awarded October 5, 2026

Reported price per share $19.60 per share Restricted stock unit award

Reported direct position after transaction 7,438 shares Following the October 5, 2026 award

Shares per restricted stock unit 1 share per unit Contingent right to receive common stock

Key Terms

restricted stock units, contingent right, settlement, cash retainer fees

4 terms

restricted stock units financial

"award of restricted stock units ("RSUs")"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

contingent right financial

"Each RSU represents a contingent right to receive one share"

settlement financial

"Common Stock issuable upon settlement of the RSUs"

Settlement is the process of completing a financial transaction, like buying or selling a stock, by transferring money and ownership between parties. It ensures that both the buyer gets the asset and the seller gets paid, making the deal official. Without settlement, the transaction wouldn't be finalized or legally recognized.

cash retainer fees financial

"received in lieu of cash retainer fees"

FAQ

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

How many SI restricted stock units did director Andrew Hykes acquire?

Andrew Hykes acquired 669 restricted stock units on October 5, 2026, in lieu of cash retainer fees.

Do Andrew Hykes's SI restricted stock units expire?

Each restricted stock unit has no expiration date and represents a contingent right to receive one share of Shoulder Innovations common stock.

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

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Available on EDGAR 10/06/2026 - 04:46 PM Accepted by SEC EDGAR 10/06/2026 - 04:46 PM Learn about SEC filing dates

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).

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^*

Hykes Andrew

(Last) (First) (Middle)

C/O SHOULDER INNOVATIONS, INC.

1535 STEELE AVENUE SW, SUITE B

(Street)

GRAND RAPIDS MICHIGAN 49507

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
SHOULDER INNOVATIONS, INC. [ SI ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/05/2026

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	10/05/2026		A		669(1)	A	$19.6	7,438	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

Explanation of Responses:

1. Represents an award of restricted stock units ("RSUs") received in lieu of cash retainer fees, which were fully vested as of the grant date. Each RSU represents a contingent right to receive one share of the Issuer's Common Stock and has no expiration date. The Reporting Person voluntarily elected to defer receipt of the Common Stock issuable upon settlement of the RSUs until the Reporting Person's departure from the Board of Directors.

Remarks:

	/s/ Jeffrey Points, as Attorney-in-Fact	10/06/2026
	** 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)