Sec Form 4 Filing - MVM Partners LLP @ Paragon 28, Inc. - 2022-10-26

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

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person MVM Partners LLP 2. Issuer Name and Ticker or Trading Symbol Paragon 28, Inc. [ FNA] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 30 ST. GEORGE STREET 3. Date of Earliest Transaction (MM/DD/YY) 10/26/2022 (Street) LONDON, X0W1S SFH 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 10/26/2022 S 9,156 D $ 19.1797 13,867,574( 1 ) I See footnote( 3 ) Common Stock 10/27/2022 S 734 D $ 19.1376 13,866,840( 2 ) I See footnote( 3 )

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: 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

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other MVM Partners LLP 30 ST. GEORGE STREET LONDON, X0W1S SFH X Signatures /s/ Eric Bednarski 10/28/2022 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Consists of (i) 5,406,922 shares of common stock held by MVM V LP; (ii) 8,379,522 shares of common stock held by MVM V (2020) LP; and (iii) 81,130 shares of common stock held by MVM GP (No. 5) LP. ( 2 )Consists of (i) 5,406,636 shares of common stock held by MVM V LP; (ii) 8,379,078 shares of common stock held by MVM V (2020) LP; and (iii) 81,126 shares of common stock held by MVM GP (No. 5) LP. ( 3 )The Reporting Person is the manager, or an affiliate of the manager, of MVM V LP, MVM V (2020) LP and MVM GP (No.5) LP.

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).

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