RUN Form 4: Steele Disposes 17,417 Shares Under 10b5-1 Plan

Rhea-AI Filing Summary

Jeanna Steele, Chief Legal & People Officer at Sunrun Inc. (RUN), reported a sale of common stock. On 08/18/2025 she disposed of 17,417 shares at $16.25 per share under a Rule 10b5-1 trading plan adopted May 16, 2025. After the sale she beneficially owned 422,203 shares, which include 258,855 restricted stock units that remain subject to forfeiture until they vest. The Form 4 was signed by an attorney-in-fact and filed to disclose the transaction in accordance with Section 16 reporting requirements.

Positive

• Transaction executed under a Rule 10b5-1 plan, which supports pre-planned compliance and reduces timing concerns
• Timely Form 4 disclosure filed and signed by attorney-in-fact, demonstrating regulatory compliance

Negative

• Insider sold 17,417 shares, reducing direct shareholdings
• Majority of remaining reported holdings (258,855 RSUs) are subject to forfeiture and not immediately vested

Insights

Corporate Governance Expert

TL;DR: Routine insider sale under a pre-established 10b5-1 plan; disclosure aligns with good governance practices.

The reported transaction is a standard compliance disclosure showing an officer sold 17,417 shares at $16.25 under a Rule 10b5-1 plan adopted May 16, 2025. Use of a 10b5-1 plan indicates pre-arranged trading intended to limit any appearance of opportunistic insider selling. The filing also transparently states that a significant portion of holdings are restricted stock units (258,855) subject to forfeiture, which can affect the officer's effective near-term economic stake.

Securities Analyst

TL;DR: Transaction is informational and likely not material to RUN's valuation on its own.

The sale of 17,417 shares at $16.25 is a modest insider disposition relative to total outstanding shares and follows a documented 10b5-1 plan, reducing signaling risk. The remaining beneficial ownership of 422,203 shares should be viewed with the caveat that 258,855 RSUs are unvested and subject to forfeiture, which limits immediate voting and economic influence. No other derivative or compensatory transactions are reported.

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^*

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)
08/18/2025

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	08/18/2025		S		17,417	D	$16.25	422,203(1)(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 transactions reported by the Reporting Person were effected pursuant to a Rule 10b5-1 trading plan adopted May 16, 2025.

2. Shares held following the reported transaction include 258,855 restricted stock units, which are subject to forfeiture until they vest.

Remarks:

	/s/ Sundance Banks, Attorney-in-Fact	08/20/2025
	** 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) report on Form 4?

She reported a sale of 17,417 shares of Sunrun common stock on 08/18/2025 at $16.25 per share.

Was the sale part of a planned trading program?

Yes. The transactions were effected under a Rule 10b5-1 trading plan adopted May 16, 2025.

How many Sunrun shares does Jeanna Steele own after the reported sale?

She beneficially owns 422,203 shares following the transaction, including restricted stock units.

How many RSUs are included in the post-sale holdings and are they vested?

258,855 restricted stock units are included and they are subject to forfeiture until they vest.

When was the Form 4 filed and who signed it?

The filing is dated 08/20/2025 and was signed by Sundance Banks as attorney-in-fact.