[Form 4] InspireMD, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Thomas J. Kester reported transactions in InspireMD, Inc. (NSPR) on a Form 4 filed 09/17/2025. The filing shows a grant of 37,815 shares of common stock on 09/15/2025 for services rendered as a director, increasing his beneficial ownership to 458,573 shares. The report also discloses an option grant of 19,041 options with a $2.38 exercise price, exercisable 09/15/2025 and expiring 09/15/2027, covering 19,041 underlying common shares. The explanatory note states these equity awards were granted in 2025 prior to Mr. Kester's resignation as a director, effective 09/16/2025. The form is signed 09/17/2025.

Positive

• Received equity compensation for director services: 37,815 common shares granted on 09/15/2025
• Maintains significant ownership: beneficial ownership reported as 458,573 common shares after the transaction
• Options align incentives: 19,041 options granted exercisable 09/15/2025 with a $2.38 strike, expiring 09/15/2027

Negative

• Resignation as director effective 09/16/2025 is disclosed without explanation
• No explanatory detail on whether any post-resignation consulting or restrictive conditions apply to the awarded shares or options

Insights

Corporate Governance Expert

TL;DR: Director received 2025 equity compensation and resigned effective 09/16/2025; holdings remain meaningful.

The Form 4 documents routine director compensation in the form of restricted stock and options awarded for services rendered in 2025. The resignation effective 09/16/2025 is explicitly stated and is material to board composition and governance disclosure. The remaining beneficial ownership of 458,573 shares plus 19,041 options keeps the former director aligned with shareholder interests, but the filing does not explain reasons for resignation or any ongoing consulting arrangement.

Securities Analyst

TL;DR: Transaction details are straightforward: equity grant and options granted on 09/15/2025; no cash proceeds reported.

The filing shows acquisition (code A) of 37,815 common shares at $0 and acquisition of 19,041 options at a $2.38 strike. There is no sale or cash consideration reported, so dilution and timing of potential share issuance should be assessed against the company’s outstanding shares elsewhere. The data are specific and limited to the insider’s position; the filing contains no operational or financial performance information.

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
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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^*

Kester Thomas J

(Last) (First) (Middle)

C/O INSPIREMD, INC.

6303 WATERFORD DISTRICT DRIVE, SUITE 215

(Street)

MIAMI FL 33126

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
InspireMD, Inc. [ NSPR ]

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)
09/15/2025

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	09/15/2025		A		37,815(1)	A	$0	458,573	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
Options to purchase common stock (right to buy)	$2.38	09/15/2025		A		19,041		09/15/2025	09/15/2027	Common Stock	19,041	$0	19,041	D

Explanation of Responses:

1. Represent grant of shares of common stock for services rendered as a director of the issuer in 2025 prior to the Reporting Person's resignation as a director, effective September 16, 2025.

	/s/ Thomas J. Kester	09/17/2025
	** 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 did Thomas J. Kester report on the Form 4 for NSPR?

The Form 4 reports a grant of 37,815 common shares and an option grant of 19,041 options with a $2.38 strike.

When were the transactions and when did Kester resign?

The equity grants are dated 09/15/2025, the resignation is effective 09/16/2025, and the Form 4 is signed 09/17/2025.

How many shares does Kester beneficially own after the reported transactions?

The filing shows 458,573 common shares beneficially owned following the reported transactions.

What are the exercise and expiration dates for the options reported?

The options have an exercise price of $2.38, are exercisable on 09/15/2025, and expire on 09/15/2027.

Was any cash consideration paid for the shares or options?

No cash price is reported for the common shares ($0), and the option strike is $2.38; the Form 4 shows acquisitions, not sales.