RUN Form 4: Paul Dickson Sells Shares to Cover Taxes; Retains 676,467

Rhea-AI Filing Summary

Insider sale to cover taxes. Paul S. Dickson, President & Chief Revenue Officer and a director of Sunrun Inc. (RUN), reported a sale of 2,577 shares of common stock on 09/08/2025. The shares were sold pursuant to a transaction code S, representing a sale to cover tax obligations from the settlement of vested restricted stock units.

Reported sale proceeds reflect a weighted average price of $16.924 per share, with the sale price range disclosed as $16.465 to $17.31. After the sale, Dickson beneficially owns 676,467 shares, which include 471,392 restricted stock units that remain subject to forfeiture until they vest.

Positive

• Reporting transparency: The filing clearly discloses the reason for the sale (to cover tax obligations) and provides the weighted average price and price range.
• Substantial continuing ownership: The reporting person still beneficially owns 676,467 shares, signaling ongoing economic exposure to the company.
• Majority unvested equity: 471,392 of the shares reported are restricted stock units subject to forfeiture, indicating alignment with long-term incentives.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine tax-cover sale by an officer; ownership remains substantial and many shares are unvested.

This Form 4 documents a small open-market or broker-assisted sale executed to satisfy tax liabilities arising from vesting restricted stock units. The number sold (2,577) is negligible relative to total beneficial ownership (676,467), and a large portion (471,392 RSUs) remains subject to forfeiture, indicating continued alignment with long-term incentive structure. There is no indication of unusual timing, size, or a Rule 10b5-1 plan noted; the filing simply discloses the required change in beneficial ownership and the disclosed weighted average sale price and price range.

Securities Analyst

TL;DR: Transaction is administratively driven and likely non-material to RUN's capitalization.

The sale quantity and proceeds are small relative to institutional holdings and outstanding shares. The filing clarifies that shares were sold solely to cover tax obligations from vested RSUs and reports the weighted average sale price of $16.924 and a price range. Remaining beneficial ownership including unvested RSUs suggests continued economic interest. From an investor-impact standpoint, this disclosure appears routine and not a material change to company ownership structure.

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^*

Dickson Paul S.

(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)
	Pres. & Chief Revenue Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2025

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	09/08/2025		S(1)		2,577	D	$16.924(2)	676,467(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

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 $16.465 to $17.31 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 transaction include 471,392 restricted stock units, which are subject to forfeiture until they vest.

Remarks:

	/s/ Sundance Banks, Attorney-in-Fact	09/10/2025
	** 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 Paul S. Dickson report on Form 4 for RUN?

He reported a sale of 2,577 shares on 09/08/2025 to cover tax obligations from vested restricted stock units.

At what price were the RUN shares sold by the insider?

The filing states a weighted average sale price of $16.924 per share, with individual sale prices ranging from $16.465 to $17.31.

How many RUN shares does the reporting person own after the transaction?

After the reported sale, Paul S. Dickson beneficially owns 676,467 shares, which include 471,392 restricted stock units that have not vested.

Why were the RUN shares sold according to the Form 4?

The sale was made to cover tax obligations from the settlement of vested restricted stock units, as stated in the filing.

Does the Form 4 indicate a Rule 10b5-1 trading plan?

The filing does not state that the transaction was executed pursuant to a Rule 10b5-1 plan; it lists transaction code S and explains the sale was to cover taxes.