Intuitive Surgical Form 4: 4,500 Options Exercised, Shares Sold

Rhea-AI Filing Summary

Intuitive Surgical (ISRG) EVP & Chief Medical Officer Myriam Curet filed a Form 4 for transactions dated 07/25/2025.

• Option exercise: 4,500 non-qualified options exercised at $242.3367 under the 2010 Incentive Award Plan.
• Share sale: The 4,500 resulting shares were immediately sold at $492.48, generating gross proceeds of roughly $2.2 million.
• Ownership: After both trades, Curet directly holds 353 common shares; net beneficial ownership is unchanged.
• Derivative position: 5,030 options remain outstanding.
• Transactions were executed under a Rule 10b5-1 trading plan that expires 13 Aug 2025.

The filing is routine, disclosing compliance with Section 16 insider-trading rules and does not alter control or capital structure.

Positive

• Pre-scheduled 10b5-1 plan reduces the risk of opportunistic insider trading.
• 5,030 options retained maintain executive equity alignment with shareholders.

Negative

• Sale of 4,500 shares worth approximately $2.2 million could be interpreted as short-term cash-out despite neutral net ownership.

Insights

Securities Analyst

TL;DR: Routine 10b5-1 option exercise/sale; no net ownership change—market impact likely neutral.

The officer monetised vested options, pocketing a ~$250 spread per share. Because the same number of shares was sold, beneficial ownership remains 353. The dollar value (~$2.2 m) is immaterial relative to ISRG’s float and was pre-scheduled, limiting signalling value. Investors should view the filing as administrative rather than indicative of future performance.

Corporate Governance Expert

TL;DR: Insider sale under pre-arranged plan poses low governance concern.

The disclosed 10b5-1 plan and immediate sale mitigate potential allegations of opportunistic trading. No red flags emerge: options stem from the standard 2010 plan, vest on a monthly schedule, and expiry is 2030. Remaining 5,030 options keep managerial equity incentive intact. Governance impact is neutral.

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).

1. Name and Address of Reporting Person^*

Curet Myriam

(Last) (First) (Middle)

1020 KIFER ROAD

(Street)

SUNNYVALE CA 94086

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
INTUITIVE SURGICAL INC [ ISRG ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Chief Medical Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/25/2025

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	07/25/2025		M(1)		4,500	A	$242.3367	4,853	D
Common Stock	07/25/2025		S(1)		4,500	D	$492.48	353	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
Non-Qualified Stock Option (right to buy)	$242.3367	07/25/2025		M(1)			4,500	(2)	08/28/2030	Common Stock	4,500	$0.0	5,030	D

Explanation of Responses:

1. The transaction took place in accordance with a Trading Plan that complies with SEC Rule 10b5-1 and expires on August 13, 2025.

2. Non-statutory stock option granted pursuant to the 2010 Incentive Award Plan. Option shall vest 7/48 one month after the date of grant and 1/48 each month thereafter.

	By: Stephanie Lim-Ignacio For: McAdams, Myriam Curet	07/25/2025
	** 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.

FAQ

What insider activity did ISRG report on 07/25/2025?

EVP Myriam Curet exercised 4,500 options at $242.3367 and sold the resulting shares at $492.48.

How many Intuitive Surgical shares does Myriam Curet own after the transaction?

She directly owns 353 common shares after the reported trades.

Were the ISRG insider trades part of a 10b5-1 plan?

Yes, the filing notes the transactions occurred under a Rule 10b5-1 plan expiring 13 Aug 2025.

What was the total value of shares sold by ISRG's EVP?

4,500 shares sold at $492.48 equates to roughly $2.2 million in gross proceeds.

What is the exercise price and expiry of the options involved?

Options were exercised at $242.3367 and originally expire on 28 Aug 2030.