JOHNSON & JOHNSON — Director's Dealing 2018

May 7, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Inspire Medical Systems, Inc. (INSP)
CIK: 0001609550
Period of Report: 2018-05-07

Reporting Person: JOHNSON & JOHNSON (10% Owner)
Reporting Person: Johnson & Johnson Innovation - JJDC, Inc. (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-07	Common Stock	C	197863	—	Acquired	197863	Indirect
2018-05-07	Common Stock	C	37388	—	Acquired	235251	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-07	Series E Preferred Stock	$	C	1145038	Disposed		Common Stock (197863)	Indirect
2018-05-07	Series F Preferred Stock	$	C	248631	Disposed		Common Stock (37388)	Indirect

Footnotes

F1: Shares of Series E and Series F Convertible Preferred Stock have no expiration date and were automatically converted into shares of Common Stock for no additional consideration immediately prior to the closing of the Issuer's initial public offering.

F2: Shares of Series E Convertible Preferred Stock converted into shares of Common Stock at a 1-for-0.1728 conversion rate.

F3: Shares of Series F Convertible Preferred Stock converted into shares of Common Stock at a 1-for-0.1504 conversion rate.

F4: The securities reported as being indirectly beneficially owned by the designated Reporting Person are directly beneficially owned by Johnson & Johnson Innovation - JJDC, Inc., a wholly-owned subsidiary of the designated Reporting Person.