[Form 4] Penumbra Inc Insider Trading Activity

Rhea-AI Filing Summary

Pursuant to a Form 4, Penumbra Inc. director and officer Shruthi Narayan was granted 9,170 restricted stock units (RSUs) on 09/15/2025 under the companys Amended and Restated 2014 Equity Incentive Plan. The RSUs vest 25% on each annual anniversary beginning 09/15/2026, subject to continued service. Following the grant, the reporting persons beneficial ownership is reported as 28,255 shares, with a portion of those shares subject to vesting.

Positive

• 9,170 RSUs granted to the reporting person on 09/15/2025
• Clear vesting schedule: 25% vests annually beginning 09/15/2026
• Post-transaction beneficial ownership disclosed: 28,255 shares

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider received 9,170 RSUs; ownership now 28,255 shares, standard time-based vesting over four years.

The grant of 9,170 RSUs is a routine equity compensation event for an officer and director, creating potential future dilution when vested shares settle. The award vests 25% annually beginning one year after grant, which aligns compensation with continued service. The Form 4 shows the post-transaction beneficial ownership of 28,255 shares, but does not disclose exercise prices or settled share counts for prior awards. Overall, this is a standard disclosure without indications of unusual trading or immediate cash proceeds.

Corporate Governance Expert

TL;DR: Time-based RSU grant with four-year vesting; disclosure appears complete and routine under Section 16 reporting.

The filing documents a standard grant under the companys 2014 Equity Incentive Plan with a clear vesting schedule (1/4 annually). The Form 4 is signed by an attorney-in-fact and reports ownership changes consistent with compensation practices for officers who also serve as directors. The filing does not indicate performance-based conditions or accelerated vesting, nor does it show any derivative transactions. As provided, the disclosure is straightforward and meets reporting requirements.

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).

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^*

Narayan Shruthi

(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)
	President

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		9,170(1)	A	$0	28,255(2)	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

Explanation of Responses:

1. On September 15, 2025, the Reporting Person was granted 9,170 restricted stock units (RSUs) under the Issuer's Amended and Restated 2014 Equity Incentive Plan, of which 1/4 of the RSUs will vest equally on an annual basis, beginning on September 15, 2026, subject to continued service by the Reporting Person on the applicable vesting date.

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

Remarks:

	/s/ Johanna Roberts, as attorney-in-fact for Shruthi Narayan	09/16/2025
	** 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 the Form 4 for PEN disclose about Shruthi Narayans transaction?

The Form 4 discloses a grant of 9,170 RSUs on 09/15/2025 and a reported beneficial ownership of 28,255 shares after the transaction.

When do the RSUs granted to Shruthi Narayan begin to vest?

The RSUs vest 25% annually, with the first tranche vesting on 09/15/2026, subject to continued service.

Are the RSUs immediately exercisable or subject to conditions?

The RSUs are subject to time-based vesting; a portion is unvested and will vest over the next three years after the first anniversary.

Does the Form 4 show any derivative transactions or sales by Shruthi Narayan?

No. The filing reports a non-derivative grant of RSUs and does not disclose any derivative transactions, dispositions, or cash proceeds.