Separation and Release Agreement

This Separation and Release Agreement (the “Agreement”), dated September 29, 2026, is made by and between Leo Greenstein (“you”) and Carlsmed, Inc. (the “Company”). This Agreement is effective on the later of the date it is fully executed by the Parties or the eighth (8th) day after you sign it, provided you do not revoke it before that day in accordance with Section 7(b) of this Agreement (the “Effective Date”). If you do not sign this Agreement within forty-six (46) days, it will be null and void and can no longer be accepted by you. You and the Company are collectively referred to herein as “Parties” and individually as “Party.”

The Released Parties specifically waive the protections of California Civil Code Section 1542, which states:

A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.

YOU UNDERSTAND AND AGREE THAT THIS AGREEMENT CONTAINS A GENERAL RELEASE OF ALL CLAIMS.

b. Specific Release of ADEA Claims. You further unconditionally release and forever discharge the Released Parties from any and all Claims that the Employee Parties may have as of the date you sign this Agreement arising under the ADEA. By signing this Agreement, you acknowledge and confirm that: (i) you have been advised by the Company to consult with an attorney of your choice before signing this Agreement; (ii) you were given no fewer than forty-five (45) days to consider the terms of this Agreement, including the enclosed addendum describing the job titles, ages, and layoff status of the group of employees that the Company considered for inclusion within the group layoff that resulted in your separation from employment, although you may sign it sooner if desired; (iii) you are signing this Agreement in exchange for good and valuable consideration which is in addition to anything of value to which you are already entitled; (iv) you have seven (7) days from the date of signing this Agreement to revoke this Agreement by delivering to the Company a written notice of revocation that is received by the Company before the end of such seven-day (7) period to Jennifer Kamocsay at [***], but you understand that you will not be eligible for the

Severance Benefits if you revoke this Agreement because your eligibility for the Severance Benefits is contingent upon you signing and not revoking the Agreement; (v) the release contained in this Section does not apply to rights and claims that may arise after the date on which you sign this Agreement, and (vi) you knowingly and voluntarily accept the terms of this Agreement. You further agree that any change to this Agreement, whether material or immaterial, will not restart the forty-five (45) day period for you to consider the terms of this Agreement.

c. Protected Rights. Notwithstanding the foregoing, other than events expressly contemplated by this Agreement you do not waive or release rights or Claims that may arise from events that occur after the date this waiver is executed. Also excluded from this Agreement are (i) your indemnification protections under, and subject to the terms and conditions of, that certain Indemnification Agreement, dated as of July 22, 2025, as amended, modified or restated from time to time, (ii) your equity that is vested as of the Separation Date and remains outstanding under the terms of any equity plan of the Released Parties or vested employee benefits under the employee benefit plans of the Released Parties, and (iii) any Claims which cannot be waived by law, including, without limitation, any rights you may have under applicable workers’ compensation or unemployment laws. Nothing in this Agreement shall prevent you from filing, cooperating with, or participating in any proceeding or investigation before the Equal Employment Opportunity Commission, the National Labor Relations Board, the Securities and Exchange Commission, or any other federal government agency, or similar state or local agency (“Government Agencies”). You further understand this Agreement does not limit your ability to voluntarily communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. While this Agreement does not limit your right to receive an award for information provided to the Government Agencies, you understand and agree that you are otherwise waiving, to the fullest extent permitted by law, any and all rights you may have to individual relief based on any Claims that you have released and any rights you have waived by signing this Agreement. If any Claim is not subject to release, to the extent permitted by law, you waive any right or ability to be a class or collective action representative or to otherwise participate in any putative or certified class, collective or multi-party action or proceeding based on such a Claim in which any of the Released Parties is a party. This Agreement does not abrogate your existing rights under any Company benefit plan, but it does waive, release and forever discharge Claims existing as of the date you execute this Agreement pursuant to any such plan or agreement. Nothing in this Agreement prevents you from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that you have reason to believe is unlawful. You agree that you were provided with at least forty-five (45) days to consider the terms of this Agreement.

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Enclosure – Addendum to Separation and Release Agreement

Exhibit A

Advisory Agreement

ADDENDUM TO

SEPARATION AND RELEASE AGREEMENT

Exhibit 10.2

ADVISORY AGREEMENT

This Advisory Agreement (this “Agreement”) dated as of September 29, 2026 (the “Effective Date”), is entered into by and between Carlsmed, Inc., a Delaware corporation with an office at 1800 Aston Avenue, Suite 100, Carlsbad, CA 92008 (“CARLSMED”), and Leo Greenstein (the “Advisor”).

WHEREAS, CARLSMED and Advisor are parties to that certain Separation and Release Agreement, dated as of September 29, 2026 (the “Separation Agreement”); and

WHEREAS, CARLSMED desires to engage Advisor to perform advisory services on behalf of CARLSMED and Advisor desires to perform such services on the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the premises and the mutual covenants set forth herein the parties hereby agree as follows:

As full consideration for Advisory Services rendered under this Agreement, CARLSMED shall compensate Advisor and reimburse Advisor’s expenses as provided in Schedule A.

In furnishing the Advisory Services, Advisor understands that Advisor will at all times be acting as an independent contractor of CARLSMED and, as such, will not be an employee of CARLSMED and will not by reason of this Agreement or by reason of providing Advisory

Services to CARLSMED be entitled to participate in or to receive any benefit or right under any of CARLSMED’s employee benefit or welfare plans. CARLSMED shall record payments to the Advisor on an Internal Revenue Service Form 1099 and shall not withhold any federal, state or local employment taxes on the Advisor’s behalf. Advisor also will be responsible for paying all withholding and other taxes required by law to be paid as and when the same become due and payable. CARLSMED will not provide workers’ compensation insurance coverage to Advisor for work-related accidents, illnesses, damages or injuries arising out of or in connection with the Advisory Services. To the extent Advisor does not secure such insurance, Advisor agrees to indemnify and hold CARLSMED harmless from all claims for work-related accidents, illnesses, damages or injuries Advisor may suffer. Further, Advisor understands and agrees that Advisor’s relationship with CARLSMED is not covered under the unemployment compensation laws.

The Advisor understands and recognizes that while performing the Advisory Services, the Advisor shall not act as an agent of CARLSMED and shall not have authority to and shall not bind, represent or speak for CARLSMED for any purpose.

Advisor agrees that all Confidential Information and all other discoveries, inventions, ideas, concepts, trademarks, service marks, logos, processes, products, formulas, computer programs or software, source codes, object codes, algorithms, machines, apparatuses, items of manufacture or composition of matter, or any new uses therefor or improvements thereon, or any new designs or modifications or configurations of any kind, or works of authorship of any kind, including, without limitation, compilations and derivative works, whether or not patentable or copyrightable, conceived, developed, reduced to practice, or otherwise made by Advisor, either alone or with others, and in any way related to or arising out of: (i) the Advisory Services or (ii) Confidential Information of CARLSMED, whether or not conceived, developed, reduced to practice, or made on CARLSMED’s premises (collectively, “Carlsmed Inventions”), and any and all services and products which embody, emulate or employ any such Carlsmed Invention or

Confidential Information shall be the sole property of CARLSMED and all copyrights, patents, patent rights, trademarks and reproduction rights to, and other proprietary rights in, each such Carlsmed Invention or Confidential Information, whether or not patentable or copyrightable, shall belong exclusively to CARLSMED without further compensation of any kind to Advisor. Advisor agrees that all such Carlsmed Inventions shall constitute works made for hire under the copyright laws of the United States and hereby assigns and, to the extent any such assignment cannot be made at the present time, agrees to hereby assign to CARLSMED, without any additional consideration from CARLSMED, any and all copyrights, patents and other proprietary rights Advisor may have in any such Carlsmed Invention, together with the right to file and/or own wholly without restrictions applications for United States and foreign patents, trademark registration and copyright registration and any patent, trademark or copyright registration issuing thereon.

Advisor shall make and maintain adequate and current written records of all Carlsmed Inventions, and shall disclose all Carlsmed Inventions promptly, fully and in writing to CARLSMED immediately upon development of the same and at any time upon request.

Advisor will, at any time during or after the Term, upon request of CARLSMED, execute all documents and perform all lawful acts which CARLSMED considers necessary or advisable to secure its rights hereunder and to carry out the intent of this Agreement. Without limiting the generality of the foregoing, Advisor will assist CARLSMED in any reasonable manner to obtain for its own benefit patents or copyrights in any and all countries with respect to all Carlsmed Inventions assigned pursuant to Section 6, and Advisor will execute, when requested, patent and other applications and assignments thereof to CARLSMED, or Persons (as defined below) designated by it, and any other lawful documents deemed necessary by CARLSMED to carry out the purposes of this Agreement, and Advisor will further assist CARLSMED in every way to enforce any patents and copyrights obtained, including testifying in any suit or proceeding involving any of said patents or copyrights or executing any documents deemed necessary by CARLSMED, all without further consideration than provided for herein. It is understood that reasonable out‑of‑pocket expenses of Advisor’s assistance incurred at the request of CARLSMED under this Section will be reimbursed by CARLSMED. “Person” means an individual, a corporation, an association, a partnership, an estate, a trust, and any other entity or organization.

Advisor represents and warrants that Advisor (i) has not been suspended, debarred or subject to temporary denial of approval, and to the best of Advisor’s knowledge, is not under consideration to be suspended, debarred or subject to temporary denial of approval, by the Food and Drug Administration from working in or providing services, directly or indirectly, to any applicant for approval of a drug product or any pharmaceutical or biotechnology company under the Generic Drug Enforcement Act of 1992; and (ii) will perform all Advisory Services with requisite care, skill and diligence and all applicable laws and industry standards. Advisor will implement, apply, maintain and use protective cybersecurity safeguards and measures consistent

with professional standards and best practices. Without limiting Advisor’s obligation to comply with all applicable laws in providing the Advisory Services, Advisor agrees to comply with applicable privacy, data and cybersecurity laws, the United States Foreign Corrupt Practices Act, as amended from time to time, and the OECD Anti-Bribery Convention with regard to Advisory Services including not offering or giving anything of value to a foreign public official in connection with the performance of the official’s duties or inducing an official to use their position to influence any acts or decisions of any foreign, state or public international organization.

Upon termination of Advisor’s engagement with CARLSMED, or at any other time upon request of CARLSMED, Advisor shall return promptly any and all Confidential Information, including computer programs, software, electronic data, specifications, drawings, blueprints, devices, samples, reproductions, sketches, notes, notebooks, memoranda, reports, records, proposals, business plans, or copies of them, other documents or materials, tools, equipment, or other property belonging to CARLSMED or its business partners which Advisor may then possess or have under his or her control. Advisor further agrees that upon termination of his or her engagement, Advisor shall not take any documents or data in any form or of any description containing or pertaining to Confidential Information or any Carlsmed Inventions.

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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as an agreement under seal as of the date first written above.

Schedule A

Advisor shall provide advisory services to CARLSMED as may be mutually determined by CARLSMED and Advisor from time to time in connection with the operation of CARLSMED’s business. Without limiting the foregoing, Advisor shall primarily provide transition services in connection with the appointment of CARLSMED’s new chief financial officer.

The Agreement will be for an initial term beginning on the Effective Date and ending on December 31, 2026 (the “Initial Term”) and may be extended for additional periods by mutual written consent.

EMPLOYMENT AGREEMENT

This Employment Agreement (the “Agreement”) is entered into effective September 28, 2026 (the “Effective Date”), by and between Richard Heppenstall (“Executive”) and Carlsmed, Inc. (the “Company”).

WHEREAS, Executive and the Company mutually desire to enter into an agreement containing the terms and conditions pursuant to which the Company will employ Executive.

NOW THEREFORE, in consideration of the mutual promises and covenants contained herein, the parties agree to the following:

If to the Company:

Carlsmed, Inc.

Attention: Board of Directors

1800 Aston Ave.

Suite 100

Carlsbad, CA 92008

With copies to (which shall not constitute notice):

Morrison & Foerster LLP

Attention: James Krenn

12531 High Bluff Drive, Suite 200

San Diego, CA 92130

Email: [***]

If to Executive:

Richard Heppenstall

[***]

[***]

or such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party.

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In Witness Whereof, the parties have executed this Agreement effective as of the Effective Date.

Exhibit A

Release

Reference is hereby made to that certain Employment Agreement, dated as of September 28, 2026, by and among Carlsmed, Inc. (“Employer”) and Richard Heppenstall (the “Employment Agreement”). I, Richard Heppenstall, do hereby release and forever discharge Employer and its parents, subsidiaries and affiliates and all of their respective present, former, and future partners, members, attorneys, shareholders, directors, managers, officers, agents, representatives, employees, insurers, professional employer organizations, predecessors, successors and assigns and their direct and indirect owners (collectively, the “Released Parties”) to the extent provided below. Terms used but not defined in this Release shall have the meanings ascribed to them in the Employment Agreement.

Nothing in this Release is intended to prohibit or restrict my right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission, the National Labor Relations Board, the Securities and Exchange Commission, or any other local, state, or federal administrative body or government agency prohibiting waiver of such right; provided, however, that I hereby waive the right to recover any monetary damages or other relief against any Released Parties excepting any benefit or remedy to which I am or become entitled to pursuant to Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Nothing in this Agreement prevents me from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that I have reason to believe is unlawful. Furthermore, nothing in this Agreement prevents me from disclosing or discussing any sexual assault or sexual harassment dispute arising after the execution of this Agreement.

A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.

I acknowledge and agree that this waiver is an essential and material term of this Release and that without such waiver Employer would not have agreed to the terms of the Employment Agreement. I further agree that in the event I should bring a Claim seeking damages against Employer and/or any other Released Party, or in the event I should seek to recover against Employer and/or any other Released Party in any Claim brought by a governmental agency on my behalf, this Release shall serve as a complete defense to such Claims. I further agree that I am not aware of any pending charge or complaint of the type described in Section 2 above as of the execution of this Release.

BY SIGNING THIS RELEASE, I REPRESENT AND AGREE THAT:

Exhibit B

Prior Inventions

Executive Prior Inventions: List all such materials on this Exhibit B and indicate your agreement with the following by initialing where indicated: Executive represents and warrants that Executive has listed on this Exhibit B all Prior Inventions.

List of Prior Inventions (write NONE if there are none)

Exhibit C

This document is to certify that I have returned all property of Carlsmed, Inc., a Delaware corporation (the “Company”), including, without limitation, (a) all source code, manuals, records, models, drawings, reports, notes, contracts, lists, blueprints, and other documents or materials and all copies thereof, (b) all equipment furnished to or prepared by me in the course of or incident to my employment, and (c) all written or tangible materials containing Confidential Information or information pertaining to any Work Product. This certificate in no way limits my responsibilities or the Company’s rights under the Agreement.

I further certify that I have reviewed Section 7 of that certain Employment Agreement by and between me and the Company, effective as of September 28, 2026 (the “Employment Agreement”) and that I have complied with and will continue to comply with all of its terms, including, without limitation, (i) the disclosure of any inventions made, conceived, discovered, or developed by me (either alone or jointly with others) during my period of employment or after the termination of my employment if based on or using Confidential Information or otherwise in connection with my activities as an employee of the Company, and (ii) the preservation as confidential of all Confidential Information pertaining to the Company. This certificate in no way limits my responsibilities or the Company’s rights under the Agreement.

On termination of my employment with the Company, I will be employed by ______________ in the position of ______________.

RELOCATION AND TRANSITION BENEFIT AGREEMENT

This Relocation and Transition Benefit agreement (the “Agreement”) is entered into effective September 28, 2026 (the “Effective Date”), by and between Richard Heppenstall (the “Executive”) and Carlsmed, Inc. (the “Company”).

WHEREAS, contemporaneously herewith, the Company and Executive are entering into an Employment Agreement pursuant to which the Company has offered to employ Executive;

WHEREAS, to support Executive’s employment transition and the establishment of a residence in a mutually agreed upon location in Southern California, the Company will provide Executive the Transition Benefit described herein;

WHEREAS, this Agreement sets forth the terms and conditions under which Executive may be required to repay a portion of the Transition Benefit (defined below);

WHEREAS, this Agreement is intended to comply with Section 16608 of the California Business and Professions Code and Section 926 of the California Labor Code to the extent applicable.

AGREEMENT

The Transition Benefit shall consist of the reimbursement of reasonable out-of-pocket relocation, housing setup and transition-related expenses, including but not limited to:

The Company shall provide the Transition Benefit to Executive, less applicable taxes and withholdings, through the first payroll cycle following the Company’s receipt and approval of such documentation, in accordance with the Company’s standard payroll practices and expense reimbursement policies. For the avoidance of doubt, the specific categories of expenses enumerated above are explicitly deemed reasonable and approved under this Agreement.

Prorated Repayment Amount = Transition Benefit Received × (Remaining Days in Retention Period ÷ Total Days in Retention Period)

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EXECUTIVE ACKNOWLEDGES THAT:

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In Witness Whereof, the parties have executed this Agreement effective as of the Effective Date.

Carlsmed, Inc.

Inducement Stock Option Grant Notice

Carlsmed, Inc. (the “Company”) hereby grants to you (“Optionholder”) an option to purchase the number of shares of the Common Stock set forth below (the “Option”). The Company maintains the Carlsmed, Inc. 2025 Equity Incentive Plan (the “Plan”), which provides the general terms and conditions for certain equity incentive awards to the Company’s employees, consultants and directors. The Option is not awarded pursuant to or under the Plan, but rather is intended to constitute a non-plan based “inducement grant” as described in Nasdaq Listing Rule 5635(c)(4). Nonetheless, the terms and provisions of the Plan are hereby incorporated into this Stock Option Grant Notice (the “Grant Notice”) and related Stock Option Agreement (the “Option Agreement”) by this reference, as though fully set forth herein, as if this award was granted pursuant to the Plan.

Your Option is subject to all of the terms and conditions set forth in this Grant Notice, the Option Agreement, the Notice of Exercise and the Plan, all of which are attached hereto and incorporated herein in their entirety. The Option is a material inducement for your entry into employment with the Company within the meaning of Rule 5635(c)(4) of the Nasdaq Listing Rules. Accordingly, the Option has been granted outside of the Plan, and the Option shall not count toward the shares reserved under the Plan. However, the Option will be governed in all respects as if issued under the Plan. Unless otherwise defined herein, capitalized terms not explicitly defined in this Grant Notice but defined in the Option Agreement or the Plan will have the same definitions as in the Option Agreement or the Plan, as applicable.

Attachments: Inducement Stock Option Agreement, 2025 Equity Incentive Plan, Notice of Exercise

Attachment I

Carlsmed, Inc.

Inducement Stock Option Agreement

As a material inducement to your decision to accept employment with Carlsmed, Inc. (the “Company”), the Company hereby grants to you an option to purchase a number of shares of Common Stock (the “Option”) at the exercise price indicated in your Stock Option Grant Notice (the “Grant Notice”) and this Stock Option Agreement (the “Option Agreement”). This is an inducement grant under Rule 5635(c)(4) of the Nasdaq Listing Rules. Accordingly, the Option has been granted outside the Plan and the Option shall not count toward the shares reserved under the Plan. You expressly acknowledge that the terms of the Plan shall be incorporated herein by reference and shall constitute part of this Option Agreement. The Company and you further acknowledge and agree that the signatures of the Company and you on the Grant Notice shall constitute acceptance of all of the terms of this Option Agreement and agreement to be bound by the terms of the Option Agreement and the Plan. Capitalized terms not explicitly defined in this Option Agreement but defined in the Grant Notice or the Plan will have the same definitions as in the Grant Notice or Plan, as applicable.

The general terms and conditions applicable to your Option are as follows:

Your Option is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the Option Agreement and the provisions of the Plan, the provisions of the Plan will control.

Notwithstanding the foregoing, if you die during the period provided in Section 4(b) or 4(c) above, the term of your Option will not expire until the earlier of (i) 12 months after your death, (ii) upon any termination of the Option in connection with a Change in Control, (iii) the Expiration Date indicated in your Grant Notice, or (iv) the day before the tenth anniversary of the Date of Grant. Additionally, the Post-Termination Exercise Period of your Option may be extended as provided in Section 4(i) of the Plan.

To obtain the federal income tax advantages associated with an Incentive Stock Option, the Code requires that at all times beginning on the date of grant of your Option and ending on the day three months before the date of your Option’s exercise, you must be an Employee, except in the event of your death or Disability. If the Company provides for the extended exercisability of your Option under certain circumstances for your benefit, your Option will not necessarily be treated as an Incentive Stock Option if you exercise your Option more than three months after the date your employment terminates.

* * * *

Attachment II

2025 Equity Incentive Plan

Attachment III

Carlsmed, Inc. Notice of Exercise

This Notice of Exercise (the “Notice of Exercise”) constitutes notice to Carlsmed, Inc. (the “Company”) that I elect to purchase the below number of shares of Common Stock of the Company (the “Shares”) by exercising my Option for the price set forth below. Capitalized terms not explicitly defined in this Notice of Exercise but defined in the Grant Notice, the Option Agreement or the Plan will have the same definitions as in the Grant Notice, the Option Agreement or the Plan, as applicable. Use of certain payment methods is subject to Company and/or Committee consent and certain additional requirements set forth in the Option Agreement and the Plan.

By this exercise, I agree (i) to provide such additional documents as the Company may require pursuant to the terms of the Plan, (ii) to satisfy the tax withholding obligations, if any, relating to the exercise of this Option as set forth in the Option Agreement, and (iii) if this exercise relates to an Incentive Stock Option, to notify the Company in writing within 15 days after the date of any disposition of any of the Shares issued upon exercise of this Option that occurs within two years after the Date of Grant or within one year after such Shares are issued upon exercise of this Option.

I further agree that I will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any Shares or other securities of the Company that I hold, for a period of 180 days following the effective date of a registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the Company will request to facilitate compliance with FINRA Rule 2241 or any successor or similar rules or regulation (the “Lock-Up Period”); provided, however, that nothing contained in this paragraph will prevent the exercise of a repurchase option, if any, in favor of the Company during the Lock-Up Period. I further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are necessary to give further effect thereto. I further agree that in order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to Shares that I hold until the end of such period. I also agree that any transferee of any Shares (or other securities of the Company) that I hold will be bound by this paragraph. The underwriters of the Company’s stock are intended third party beneficiaries of this paragraph and will have the right, power and authority to enforce the provisions hereof as though they were a party hereto.

Carlsmed, Inc.

Inducement RSU Award Grant Notice

Carlsmed, Inc. (the “Company”) has awarded to you (the “Participant”) the number of restricted stock units (the “RSUs”) specified and on the terms set forth below (the “RSU Award”). The Company maintains the Carlsmed, Inc. 2025 Equity Incentive Plan (the “Plan”), which provides the general terms and conditions for certain equity incentive awards to the Company’s employees, consultants and directors. The RSU Award is not awarded pursuant to or under the Plan, but rather is intended to constitute a non-plan based “inducement grant” as described in Nasdaq Listing Rule 5635(c)(4). Nonetheless, the terms and provisions of the Plan are hereby incorporated into this RSU Award Grant Notice (the “Grant Notice”) and related RSU Award Agreement (the “Award Agreement”) by this reference, as though fully set forth herein, as if this award was granted pursuant to the Plan.

Your RSU Award is subject to all of the terms and conditions set forth in this Grant Notice, the Award Agreement and the Plan, which are attached hereto and incorporated herein in their entirety. The RSU Award is a material inducement for your entry into employment with the Company within the meaning of Rule 5635(c)(4) of the Nasdaq Listing Rules. Accordingly, the RSU Award has been granted outside of the Plan, and the RSUs shall not count toward the shares reserved under the Plan. However, the RSU Award will be governed in all respects as if issued under the Plan. Unless otherwise defined herein, capitalized terms not explicitly defined in this Grant Notice but defined in the Award Agreement or the Plan will have the same definitions as in the Award Agreement or the Plan, as applicable.

Vesting Schedule: Subject to the Participant’s Continuous Service through each applicable vesting date, the RSU Award will vest as follows: the restricted stock units will vest in three (3) equal installments beginning on the first anniversary of the Vesting Commencement Date and annually thereafter until fully vested.

Issuance Schedule: One share of Common Stock will be issued for each RSU which vests at the time set forth in Section 6 of the Award Agreement.

Participant Acknowledgements: By your signature below or by electronic acceptance or authentication in a form authorized by the Company, you understand and agree that:

Attachments: Inducement RSU Award Agreement, 2025 Equity Incentive Plan

Attachment I

Carlsmed, Inc.

Inducement RSU Award Agreement

As a material inducement to your decision to accept employment with Carlsmed, Inc. (the “Company”), the Company hereby grants to you an RSU Award for the number of restricted stock units (the “RSUs”) as indicated in your RSU Award Grant Notice (“Grant Notice”) and this RSU Award Agreement (the “Award Agreement”)(the “RSU Award”). This is an inducement grant under Rule 5635(c)(4) of the Nasdaq Listing Rules. Accordingly, the RSU Award has been granted outside the Plan and the RSUs shall not count toward the shares reserved under the Plan. You expressly acknowledge that the terms of Plan shall be incorporated herein by reference and shall constitute part of this Award Agreement. The Company and you further acknowledge and agree that the signatures of the Company and you on the Grant Notice shall constitute acceptance of all of the terms of the Award Agreement and agreement to be bound by the terms of the Award Agreement and the Plan. Capitalized terms not explicitly defined in this Award Agreement but defined in the Grant Notice or the Plan will have the same definitions as in the Grant Notice or Plan, as applicable.

The general terms applicable to your RSU Award are as follows:

Your RSU Award is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between this Award Agreement and the provisions of the Plan, the provisions of the Plan will control.

then the shares that would otherwise be issued to you on the applicable vest date will not be delivered on such applicable vest date and will instead be delivered on the first business day when you are not prohibited from selling shares of Common Stock in the open public market or on such other date determined by the Company, but in no event later than the Issuance Deadline.

The “Issuance Deadline” means (a) December 31 of the calendar year in which the applicable vest date occurs (that is, the last day of your taxable year in which the applicable vest date occurs), or (b) if and only if permitted in a manner that complies with Treasury Regulations Section 1.409A-1(b)(4), no later than the date that is the 15th day of the third calendar month of the applicable year following the year in which the shares of Common Stock issuable as a result of the applicable vest date under this Award are no longer subject to a “substantial risk of forfeiture” within the meaning of Treasury Regulations Section 1.409A-1(d).

Attachment II

2025 Equity Incentive Plan

Carlsmed Appoints Richard Heppenstall as Chief Financial Officer

Company Reaffirms Fiscal Year 2026 Guidance

CARLSBAD, Calif., September 28, 2026 (GLOBE NEWSWIRE) – Carlsmed, Inc. (Nasdaq: CARL) (“Carlsmed” or the “Company”), a medical technology company pioneering AI-enabled personalized spine surgery solutions, today announced that Richard Heppenstall has been appointed Chief Financial Officer, effective immediately. Mr. Heppenstall succeeds Leo Greenstein, who has served as CFO since 2023 and will be leaving Carlsmed to pursue other professional interests.

“We are excited to welcome Rich to Carlsmed at a pivotal point for the Company,” said Mike Cordonnier, Chairman and CEO. “He is a proven leader with the deep Orthopedic and Tech expertise crucial to driving our strategy, and his deep financial and operational experience will be invaluable as we build upon our momentum, scale the organization, and execute against the substantial opportunity in front of us. With the new aprevo® Lumbar spinal fusion procedure CMS reimbursement going into effect on October 1, and the upcoming launches of the aprevo® Lumbar Bi-lateral procedure and corra™ cervical procedure, we believe we are well positioned for this next phase of execution.”

Mr. Heppenstall is an accomplished financial, strategic, and operational leader bringing nearly 30 years of experience across healthcare, life sciences, and technology. He previously served as the Executive Vice President, Chief Financial Officer and Treasurer of ZimVie Inc. from September 2021 until its acquisition by ArchiMed SAS in October 2025. Prior to ZimVie, Inc., Mr. Heppenstall served as CFO of Breg, Inc. from April 2019 to September 2021. Prior to joining Breg, Inc., he served as Senior Vice President, Finance and Treasury of Orthofix Medical Inc. from May 2015 to April 2019 and previously in senior finance and business leadership positions with Solera Holdings, Flowserve Corporation, and CooperVision. Mr. Heppenstall holds an MBA from Santa Clara University Leavey School of Business and a Bachelor of Arts in Economics from University of California Irvine.

"I look forward to partnering with Mike, our executive team, and the finance organization to build on Carlsmed's strong foundation and support disciplined execution," said Mr. Heppenstall. "With compelling clinical outcomes data, strengthening reimbursement, and a proprietary, patient-centric innovation platform, I'm excited to help advance our vision of making personalized surgery at scale the standard of care for spine surgery."

"On behalf of the Board and the entire Carlsmed team, I want to express my sincere gratitude to Leo for his leadership as CFO for the prior three years" said Mr. Cordonnier. "His disciplined financial management, stewardship through our IPO process, and dedication to strengthening our finance function have positioned Carlsmed for continued success. We wish him all the best.”

Reaffirming Full Year 2026 Financial Outlook

The Company is reaffirming its full-year revenue guidance of $74 to $78 million, representing 50% growth over 2025 at the midpoint.

About Carlsmed

Carlsmed is a medical technology company pioneering AI-enabled personalized spine surgery solutions with a mission to improve outcomes and decrease the cost of healthcare for spine surgery and beyond.

Forward Looking Statements

Any statements in this press release about future expectations, plans and prospects, including statements about Carlsmed’s ability to execute on its strategic priorities and increase adoption of its product offerings, Carlsmed’s ability to scale, Carlsmed’s growth prospects, the impact of CMS’s reimbursement policy on Carlsmed’s business, the timing of Carlsmed’s expected product launches, the revenue ranges presented in our fiscal year 2026 guidance provided on August 5, 2026 and reaffirmed herein and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “likely,” “will,” “would,” “could,” “should,” “continue,” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including such important factors as are set forth under the caption “Risk Factors” in Carlsmed’s Annual Report on Form 10-K on file with the U.S. Securities and Exchange Commission. The forward-looking statements included in this press release represent Carlsmed’s views as of the date of this press release. Carlsmed anticipates that subsequent events and developments will cause its views to change. However, while Carlsmed may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Carlsmed’s views as of any date subsequent to the date of this press release.

Investor Relations

Stephanie Zhadkevich

Vice President, Head of Investor Relations

IR@Carlsmed.com

Media

LeAnn Burton

Senior Director, Brand Marketing

Marketing@Carlsmed.com