A shock absorbing device for a subterranean tool features a plurality of sequentially shearing shear pins that shear after incremental relative motion of the affected components. The travel stop is located internally to a series of spaced collets supported off a ring. Impact of an impact ring segments on the travel stop segments located internally to each collet provides a shock absorbing capability as the collets are placed in tension and deflect by radial flexing in opposed directions. The relatively moving parts are rotationally locked with the last of the shear pins to shear. A backup pair of contacting shoulders are provided if the primary engaging shoulders fail to support the lower end of the tool after impact. A snap ring maintains the parts in the shifted position after impact.