GUTHART GARY S 4

What Happened

• Gary S. Guthart, a director of Intuitive Surgical (ISRG), exercised 25,500 non‑statutory stock options and acquired 25,500 shares by paying $174.26 per share (total cost $4,443,546). On the same day (Jan 27, 2026) he sold a total of 27,300 shares in multiple open‑market transactions for aggregate proceeds of $14,475,672. The filing also shows a derivative conversion entry of 25,500 shares reported at $0.00 reflecting the option conversion.

Key Details

• Transaction date: 2026-01-27 (reported 2026-01-28; timely filing).
• Exercise: 25,500 shares acquired at $174.26 each — $4,443,546 total (code M).
• Sales: 24,500 shares at weighted avg $530.10 (proceeds $12,987,403), 1,400 shares at $531.53 ($744,140), and 1,400 shares at $531.52 ($744,129) — total sale proceeds $14,475,672 (codes S).
• Sale prices were reported as weighted averages; underlying trades ranged roughly $525.51–$534.00 across the blocks (see footnotes for detailed price ranges).
• Filing notes the open‑market sales were made pursuant to a Rule 10b5‑1 trading plan that expires April 28, 2026 (footnote F1).
• Shares owned after the transaction are not stated in the excerpt of the filing.

Context

• This was an option exercise combined with immediate open‑market sales; the filing shows both the option conversion and the subsequent sales. Exercising options requires cash outlay (here ~$4.44M); the subsequent sales generated roughly $14.48M in proceeds. Sales executed under a 10b5‑1 plan are often pre‑arranged and may be routine rather than an ad‑hoc signal about company prospects.