PEN Form 4: Director Grewal Sells 186 Shares Under 10b5-1 Plan

Rhea-AI Filing Summary

Harpreet Grewal, a director of Penumbra, Inc. (PEN), reported a sale of 186 shares of Penumbra common stock on 09/02/2025 at a reported price of $272.19 per share. After the transaction, the reporting person beneficially owned 8,888 shares, noting that a portion of those shares remains subject to vesting.

The filing states the sales were executed under the reporting person’s Rule 10b5-1 trading plan. The Form 4 was signed by an attorney-in-fact on behalf of Harpreet Grewal on 09/04/2025. No options, derivative transactions, or additional material details are disclosed in this filing.

Positive

• Sale executed under a Rule 10b5-1 trading plan, indicating the transaction was pre-authorized and intended to reduce concerns about insider timing

Negative

• Insider sale of 186 shares reduces the director's direct beneficial ownership to 8,888 shares; a portion of holdings is subject to vesting

Insights

Corporate Governance Expert

TL;DR: A director sold a small number of shares under a pre-established 10b5-1 plan, reducing direct holdings to 8,888 shares.

The reported transaction is a routine director sale executed under a Rule 10b5-1 plan, which is commonly used to mitigate insider trading concerns by pre-specifying trades. The disclosure shows 186 shares sold at $272.19, leaving 8,888 beneficially owned shares with some subject to vesting. From a governance perspective, use of a 10b5-1 plan signals the trade followed a pre-authorized program rather than opportunistic timing. The filing contains no indication of derivative activity or other related-party transactions.

Securities Analyst

TL;DR: Director sale is documented and labeled as pursuant to a 10b5-1 plan; transaction size appears limited.

As reported, the director disposed of 186 shares at $272.19. The remaining beneficial ownership is stated as 8,888 shares, and the filing explicitly notes that some shares are subject to vesting. There are no reported acquisitions, option exercises, or other forms of compensation-related transfers in this Form 4. The concise disclosure is consistent with routine insider reporting obligations and does not provide additional context on timing or motivation beyond the 10b5-1 plan reference.

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^*

Grewal Harpreet

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

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	09/02/2025		S(1)		186	D	$272.19	8,888(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. 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.

Remarks:

	/s/ Johanna Roberts, as attorney-in-fact for Harpreet Grewal	09/04/2025
	** 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 Harpreet Grewal report on Form 4 for PEN?

The Form 4 reports the sale of 186 shares of Penumbra common stock on 09/02/2025 at $272.19 per share, leaving 8,888 shares beneficially owned.

Was the PEN insider sale part of a 10b5-1 plan?

Yes. The filing states the sales were effected pursuant to the reporting person’s Rule 10b5-1 trading plan.

Are there any derivative transactions reported by Harpreet Grewal?

No. Table II for derivative securities shows no reported transactions in this filing.

Does the filing indicate any shares are unvested?

Yes. The filer explains that a portion of the 8,888 shares is subject to vesting.

Who signed the Form 4 for Harpreet Grewal?

The Form 4 was signed by Johanna Roberts as attorney-in-fact for Harpreet Grewal on 09/04/2025.