RUN Form 4: Abajian Retains 424,606 Shares; 410,159 RSUs Unvested

Rhea-AI Filing Summary

Sunrun Inc. Chief Financial Officer Danny Abajian reported multiple stock transactions on 10/06/2025. He sold 9,055 shares of common stock to cover taxes from vested restricted stock units at a weighted average sale price of $19.3478 (range $19.18–$19.48). The filings show net changes in holdings including 8,991 shares removed and 8,991 shares granted under a plan, leaving 424,606 shares beneficially owned directly and 209,506 shares held indirectly through the Abajian Family Trust. Of the reported holdings, 410,159 are restricted stock units that remain subject to forfeiture until they vest.

Positive

• Insider retained significant equity: holds 424,606 shares directly after transactions
• Substantial unvested RSUs (410,159) align management to long-term performance
• Disclosure includes trust holdings, clarifying indirect ownership of 209,506 shares

Negative

• Small sale to cover taxes (9,055 shares) reduces immediate insider ownership
• Large portion of holdings subject to forfeiture until RSUs vest, limiting transferable share count

Insights

Corporate Insider / Compensation Analyst

Transactions reflect routine tax withholding and RSU activity, not a large-scale divestiture.

The sale of 9,055 shares was executed to cover tax obligations arising from vested restricted stock units; the weighted average sale price is recorded at $19.3478. Concurrent grant entries of 8,991 shares indicate standard equity compensation mechanics where grossed-up or regranted shares offset withholding.

The Reporting Person still holds 424,606 shares directly and 209,506 indirectly via a family trust, including 410,159 RSUs that remain unvested; these retained, largely illiquid holdings limit immediate economic diversification and align management interests with shareholders over the vesting horizon.

Corporate Governance Specialist

Disclosure is consistent with Section 16 reporting and notes indirect holdings via a family trust.

The Form 4 shows direct sales and simultaneous grant/disposition entries that are documented with explanatory footnotes, including a clear statement that some securities are held of record by the Abajian Family Trust where the Reporting Person is co-trustee. This clarifies beneficial ownership structure and potential control considerations.

Investors monitoring insider alignment should note the substantial balance of unvested RSUs (410,159) and the indirect holdings of 209,506, which together imply ongoing exposure to company equity across the vesting schedule.

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^*

Abajian Danny

(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 Financial 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)		9,055	D	$19.3478(2)	424,606	D
Common Stock	10/06/2025		G		8,991	D	$0	415,615(3)	D
Common Stock	10/06/2025		G		8,991	A	$0	209,506	I	See Footnote(4)

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 $19.48 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. Shares held following the reported transactions include 410,159 restricted stock units, which are subject to forfeiture until they vest.

4. Securities held of record by Abajian Family Trust, of which the Reporting Person is co-trustee.

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 transactions did Sunrun (RUN) CFO Danny Abajian report on 10/06/2025?

The filing reports a sale of 9,055 shares to cover taxes at a weighted average price of $19.3478, and corresponding grant/disposition entries of 8,991 shares under the equity plan.

How many Sunrun shares does Danny Abajian beneficially own after the reported transactions?

He beneficially owns 424,606 shares directly and 209,506 shares indirectly through the Abajian Family Trust.

How many of Abajian's holdings are restricted or unvested?

The filing discloses 410,159 restricted stock units that remain subject to forfeiture until they vest.

Why were shares sold according to the Form 4?

The sale of 9,055 shares was to cover tax obligations from the settlement of vested restricted stock units, per the explanatory footnote.

Does the Form 4 disclose indirect ownership structures for Abajian?

Yes; 209,506 shares are held of record by the Abajian Family Trust, where he is co-trustee.