INSP director takes stock as board fees

Inspire Medical Systems, Inc. director Gary Lee Ellis reported receiving 304 shares of common stock on 01/15/2026 at a price of $96.47 per share.

Rhea-AI Filing Summary

Inspire Medical Systems, Inc. director Gary Lee Ellis reported receiving 304 shares of common stock on 01/15/2026 at a price of $96.47 per share. These shares were issued in lieu of cash fees under the company’s Non-Employee Director Compensation Policy, meaning his board compensation was taken in stock rather than cash.

After this award, Ellis beneficially owns 6,758 shares of Inspire Medical Systems common stock in direct ownership. The filing reflects routine director compensation rather than an open-market trade.

Insider Trade Summary

Grant/Award: 304 shares

Grant/Award 1 txn

Insider Ellis Gary Lee

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	304	$96.47	$29K

Holdings After Transaction: Common Stock — 6,758 shares (Direct)

Footnotes (1)

1. F1. Represents shares of common stock received in lieu of cash fees pursuant to the Company's Non-Employee Director Compensation Policy.

FAQ

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

What insider transaction did Inspire Medical Systems (INSP) report?

Inspire Medical Systems reported that director Gary Lee Ellis acquired 304 shares of its common stock on 01/15/2026 as disclosed in a Form 4 filing.

At what price were the INSP shares credited to director Gary Lee Ellis?

The 304 shares of Inspire Medical Systems common stock were credited at a price of $96.47 per share.

Why did Gary Lee Ellis receive shares of Inspire Medical Systems stock?

The shares were received in lieu of cash fees under Inspire Medical Systems’ Non-Employee Director Compensation Policy, substituting stock for board cash fees.

How many Inspire Medical Systems (INSP) shares does Gary Lee Ellis own after this transaction?

Following the reported transaction, Gary Lee Ellis beneficially owns 6,758 shares of Inspire Medical Systems common stock, held directly.

Was this INSP insider transaction a purchase on the open market?

No. The Form 4 indicates the 304 shares were awarded in lieu of cash fees under a director compensation policy, not bought in an open-market trade.

What is the relationship of Gary Lee Ellis to Inspire Medical Systems (INSP)?

Gary Lee Ellis is reported as a director of Inspire Medical Systems, Inc. and not a 10% owner or officer in this filing.

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

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Accepted by SEC EDGAR 01/20/2026 - 04:06 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^*

Ellis Gary Lee

(Last) (First) (Middle)

C/O INSPIRE MEDICAL SYSTEMS, INC.

5500 WAYZATA BLVD., SUITE 1600

(Street)

GOLDEN VALLEY MN 55416

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Inspire Medical Systems, Inc. [ INSP ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
01/15/2026

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

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

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

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	01/15/2026		A		304(1)	A	$96.47	6,758	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 shares of common stock received in lieu of cash fees pursuant to the Company's Non-Employee Director Compensation Policy.

	/s/ Bryan Phillips, Attorney-in-Fact for Gary L. Ellis	01/20/2026
	** 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.