Inspire Medical Systems grants 5,631 RSUs to director

CARREL MICHAEL H reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

CARREL MICHAEL H reported acquisition or exercise transactions in this Form 4 filing.

Inspire Medical Systems, Inc. reported that director Michael H. Carrel received an equity award of 5,631 restricted stock units (RSUs) on July 20, 2026. Each RSU represents a contingent right to receive one share of common stock. The RSUs vest in three equal annual installments on the first three anniversaries of the grant date, subject to Carrel’s continued service on the board of directors through each vesting date. Following this award, he is reported as directly holding 5,631 RSUs.

Insider Trade Summary

Grant/Award: 5,631 shares

Grant/Award 1 txn

Insider CARREL MICHAEL H

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1	5,631	$0.00	$0.00

Holdings After Transaction: Common Stock — 5,631 shares (Direct)

Footnotes (1)

1. F1. Represents restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's common stock. The RSUs vest in three equal annual installments on the first three anniversaries of the date of grant, subject to the Reporting Person's continued service on the board of directors of the Issuer through each such vesting date.

Key Figures

RSUs granted: 5,631 units RSUs held after transaction: 5,631 units Vesting schedule: 3 equal annual installments

3 metrics

RSUs granted 5,631 units Equity award to director Michael H. Carrel on 2026-07-20

RSUs held after transaction 5,631 units Direct holdings reported following the award

Vesting schedule 3 equal annual installments On the first three anniversaries of the grant date, subject to continued board service

Key Terms

restricted stock units, contingent right, vesting, board of directors

4 terms

restricted stock units financial

"Represents restricted stock units ("RSUs"). Each RSU represents a contingent right"

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 of the Issuer's common"

vesting financial

"The RSUs vest in three equal annual installments on the first three anniversaries"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

board of directors regulatory

"subject to the Reporting Person's continued service on the board of directors"

The Board of Directors is a group of people chosen by a company's owners to help make big decisions and oversee how the company is run. They act like a team of advisors or managers, making sure the company stays on track and meets its goals. Their choices can influence the company's success and how it grows.

FAQ

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

What insider transaction did Inspire Medical Systems (INSP) disclose for Michael H. Carrel?

Inspire Medical Systems disclosed that director Michael H. Carrel received a grant of 5,631 restricted stock units (RSUs). Each RSU is a contingent right to one share of common stock, serving as part of his equity-based board compensation.

How many restricted stock units did Michael H. Carrel receive in the INSP Form 4?

Michael H. Carrel received 5,631 RSUs from Inspire Medical Systems. These RSUs are reported as directly held and represent potential future shares of common stock, subject to meeting the vesting conditions described in the filing.

What is the vesting schedule for Michael H. Carrel’s 5,631 INSP RSUs?

Carrel’s 5,631 RSUs vest in three equal annual installments on the first three anniversaries of the grant date. Vesting requires his continued service on the Inspire Medical Systems board through each applicable vesting date.

Are Michael H. Carrel’s RSUs at Inspire Medical Systems tied to his board service?

Yes. The filing states the RSUs vest only if Carrel continues serving on the board. Vesting occurs in three equal annual tranches, each contingent on his ongoing board service through the respective anniversary date.

Did the INSP Form 4 indicate use of a Rule 10b5-1 trading plan for this award?

No. The document’s Rule 10b5-1 checkbox is not marked, indicating the reported RSU award was not affirmatively designated as made under a Rule 10b5-1 trading plan according to the filing’s own representation.

How many Inspire Medical Systems RSUs does Michael H. Carrel hold after this transaction?

After the reported grant, Carrel is shown as directly holding 5,631 RSUs. These units each represent a contingent right to receive one share of Inspire Medical Systems common stock upon satisfaction of the vesting conditions.

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

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Available on EDGAR 07/27/2026 - 07:10 PM Accepted by SEC EDGAR 07/27/2026 - 07:10 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^*

CARREL MICHAEL H

(Last) (First) (Middle)

C/O INSPIRE MEDICAL SYSTEMS, INC.

5500 WAYZATA BLVD., SUITE 1600

(Street)

GOLDEN VALLEY MINNESOTA 55416

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/20/2026

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	07/20/2026		A		5,631(1)	A	$0	5,631	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 restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's common stock. The RSUs vest in three equal annual installments on the first three anniversaries of the date of grant, subject to the Reporting Person's continued service on the board of directors of the Issuer through each such vesting date.

	/s/ Bryan Phillips, Attorney-in-Fact for Michael H. Carrel	07/27/2026
	** 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)