RUN: Chief Legal & People Officer disposes 5,966 shares under RSU tax sale, 10b5-1 plan

Rhea-AI Filing Summary

Sunrun Inc. (RUN) insider Jeanna Steele, Chief Legal & People Officer, reported two separate common-stock sales tied to vested restricted stock units and a pre-existing trading plan. On 10/06/2025 she sold 4,440 shares to cover taxes at a weighted average price of $19.3419 (range $19.18–$19.50). On 10/08/2025 she sold an additional 1,526 shares at $19.75 under a Rule 10b5-1 plan adopted 5/16/2025. After these transactions she beneficially owns 387,301 shares, which include 244,592 restricted stock units that remain subject to forfeiture until vesting.

Positive

• Disclosed Rule 10b5-1 plan for the 10/08/2025 sale indicates pre-specified trading intent
• Tax-related sale explanation clarifies the purpose of the 4,440-share disposition

Negative

• Insider selling reduced holdings to 387,301 shares
• 244,592 RSUs remain unvested and could cause future dilution when they vest

Insights

Executive Compensation Analyst

Insider sales were tax-driven and partly executed under a Rule 10b5-1 plan.

The first sale of 4,440 shares was disclosed as a tax-withholding sale tied to settled restricted stock units; the second sale of 1,526 shares was executed under a Rule 10b5-1 trading plan adopted on 5/16/2025. Both transactions reduced reported beneficial ownership but left 244,592 RSUs outstanding and subject to forfeiture.

This pattern is consistent with routine compensation-related liquidity events rather than open-market rebalancing; investors can monitor future vesting schedules and any further plan-based trades in coming quarters for changes in dilution or insider selling pace.

Corporate Governance Specialist

Use of a 10b5-1 plan and explicit tax-sale disclosure supports procedural compliance.

The report identifies a Rule 10b5-1 plan for the 10/08/2025 sale and labels the earlier sale as tax-covering from vested RSUs, which are standard governance practices to manage insider transactions and avoid timing issues. The filing also provides a weighted average sale price range for the tax sale.

Key items to watch are the remaining 244,592 RSUs and any future plan amendments or additional filings that change beneficial ownership materially within the next vesting cycle.

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^*

STEELE JEANNA

(Last) (First) (Middle)

600 CALIFORNIA STREET, SUITE 1800

(Street)

SAN FRANCISCO CA 94108

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Sunrun Inc. [ RUN ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Legal & People Officer

3. Date of Earliest Transaction (Month/Day/Year)
10/06/2025

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	10/06/2025		S(1)		4,440	D	$19.3419(2)	388,827	D
Common Stock	10/08/2025		S(3)		1,526	D	$19.75	387,301(4)	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. Shares sold to cover tax obligation from settlement of vested restricted stock units.

2. Price represents the weighted average sale price of the shares sold. The sale price ranged from $19.18 to $19.50 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

3. The transaction reported by the Reporting Person was effected pursuant to a Rule 10b5-1 trading plan adopted May 16, 2025.

4. Shares held following the reported transaction include 244,592 restricted stock units, which are subject to forfeiture until they vest.

Remarks:

	/s/ Sundance Banks, Attorney-in-Fact	10/08/2025
	** 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 Jeanna Steele (RUN) sell and why?

She sold 4,440 shares on 10/06/2025 to cover taxes from vested RSUs and 1,526 shares on 10/08/2025 under a Rule 10b5-1 plan.

How much ownership does Jeanna Steele hold after these transactions?

She beneficially owns 387,301 shares following the reported sales.

How many restricted stock units are still outstanding for Steele?

The filing shows 244,592 restricted stock units remain subject to forfeiture until they vest.

What prices were the shares sold at?

The tax-covering sale had a weighted average price of $19.3419 (range $19.18–$19.50) and the 10b5-1 sale was at $19.75.

Was the 10/08/2025 trade part of an automated plan?

Yes, the filing states the 10/08/2025 transaction was effected pursuant to a Rule 10b5-1 trading plan adopted on 5/16/2025.