Penumbra (PEN) Form 4: CFO sells under 10b5-1, exercises 724 options at $158.30

Rhea-AI Filing Summary

Maggie Yuen, Chief Financial Officer of Penumbra Inc. (PEN), reported insider transactions on Form 4 covering trades dated August 13 and August 15, 2025. On August 13 she disposed of 2,000 shares at $250 per share pursuant to a Rule 10b5-1 trading plan. On August 15 she acquired 724 shares at $158.30 and executed a stock option for 724 shares with a $158.30 exercise price that vests and is exercisable through December 15, 2029. Following these transactions she beneficially owns 13,667 shares in total, of which some shares are subject to vesting and 86 were purchased under the company ESPP on May 19, 2025.

The filing is signed by an attorney-in-fact and explicitly states the August 13 sale was made under a 10b5-1 plan; it also notes all option shares reported are vested and exercisable. No additional financial results or company guidance are included.

Positive

• Sale executed under a Rule 10b5-1 trading plan, which is disclosed in the filing
• Subsequent acquisition and option exercise increased direct beneficial ownership by 724 shares
• ESPP participation noted (86 shares purchased May 19, 2025), showing use of employee benefit programs
• Options reported as vested and exercisable, clarifying share availability

Negative

• Reported sale of 2,000 shares at $250 reduced immediate holdings prior to the later acquisition
• Some reported shares remain subject to vesting, so not all beneficial ownership is liquid

Insights

Securities Analyst

TL;DR: CFO sold 2,000 shares via a 10b5-1 plan and later acquired/exercised 724 shares at $158.30, leaving 13,667 shares beneficially owned.

The Form 4 shows routine insider activity combining a pre‑planned sale and subsequent share acquisition and option exercise at a lower price point than the sale price. The sale was effected pursuant to a Rule 10b5-1 plan, which provides an affirmative defense against insider trading claims when executed properly. The acquisition and option exercise increase her direct ownership by 724 shares and reflect utilization of compensation mechanisms and the ESPP (86 shares noted). For investors, these are non‑operational disclosures that update ownership levels rather than conveying new company performance information.

Corporate Governance Expert

TL;DR: Disclosure complies with Section 16 reporting: sale under 10b5-1 and subsequent purchases and option exercise are properly reported.

The filing identifies the reporting person as an officer (CFO) and includes the required details: transaction codes, prices, share counts, and a statement that sales were under a 10b5-1 plan. The presence of an attorney‑in‑fact signature is documented. The notes clearly state vesting status and ESPP participation. From a governance perspective, the Form 4 conveys transparency on insider trading mechanics and ownership changes without indicating governance irregularities.

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).

X

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^*

Yuen Maggie

(Last) (First) (Middle)

ONE PENUMBRA PLACE

(Street)

ALAMEDA CA 94502

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Penumbra Inc [ PEN ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/13/2025

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	08/13/2025		S(1)		2,000	D	$250	12,943(2)(3)	D
Common Stock	08/15/2025		M		724	A	$158.3	13,667(2)(3)	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
Stock Option (right to buy)	$158.3	08/15/2025		M			724	(4)	12/15/2029	Common Stock	724	$0	5,376	D

Explanation of Responses:

1. The sales were effected pursuant to the Reporting Person's Rule 10b5-1 trading plan.

2. A portion of these shares is subject to vesting.

3. Includes 86 shares purchased by the Reporting Person under the Issuer's Employee Stock Purchase Plan on May 19, 2025.

4. All shares are vested and exercisable.

Remarks:

	/s/ Stephen Dobson, as attorney-in-fact for Maggie Yuen	08/15/2025
	** 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 transactions did Penumbra (PEN) CFO Maggie Yuen report on this Form 4?

The Form 4 reports a sale of 2,000 common shares on 08/13/2025 at $250 per share under a Rule 10b5-1 plan, and on 08/15/2025 an acquisition of 724 shares at $158.30 plus exercise of an option for 724 shares at the same price.

How many Penumbra shares does Maggie Yuen beneficially own after these transactions?

Following the reported transactions, the filing shows she beneficially owns 13,667 shares in total.

Were any transactions executed under a trading plan or ESPP?

Yes. The sale of 2,000 shares was effected pursuant to a Rule 10b5-1 trading plan, and the filing notes 86 shares were purchased under the company's Employee Stock Purchase Plan on May 19, 2025.

Are the exercised option shares vested and exercisable?

The filing states that the reported option shares are all vested and exercisable and have an expiration date of 12/15/2029.

Who signed the Form 4 and when was it filed?

The form is signed by /s/ Stephen Dobson, as attorney-in-fact for Maggie Yuen with a signature date of 08/15/2025.