RUN Form 4: Jeanna Steele disposes 1,433 shares; retains 255,133 RSUs

Rhea-AI Filing Summary

Sunrun Inc. (RUN) officer Jeanna Steele reported a sale of 1,433 shares of common stock on 09/08/2025 at a weighted average price of $16.9315 per share (sale prices ranged from $16.465 to $17.33). The filing states the shares were sold to cover tax obligations from the settlement of vested restricted stock units. After the transaction, Ms. Steele beneficially owns 413,693 shares, which include 255,133 restricted stock units that remain subject to forfeiture until they vest. The Form 4 is signed by an attorney-in-fact on 09/10/2025.

Positive

• Transparent disclosure of the transaction including weighted average price and price range
• Retention of significant equity exposure via 255,133 restricted stock units still subject to vesting

Negative

• Reduction in beneficial ownership by 1,433 shares due to sale to cover tax obligations

Insights

Corporate Governance Expert

TL;DR: Routine tax-cover sale by an executive; ownership remains substantial with material RSU holdings.

The reported sale of 1,433 shares to satisfy tax withholding on vested restricted stock units is a common, nondiscretionary transaction and is disclosed under Section 16 reporting rules. The weighted average sale price and the disclosed price range provide transparency about execution. Retention of 255,133 RSUs indicates continued alignment with shareholders, though those shares are subject to forfeiture until vesting. This filing does not indicate discretionary insider selling beyond tax-related settlement.

Securities Analyst

TL;DR: Small, routine insider sale; no immediate material implication for RUN's valuation.

The quantity sold (1,433 shares) is small relative to the total reported beneficial ownership (413,693 shares). The stated reason—covering tax obligations on vested RSUs—is a standard liquidity event that reduces administrative holdings but leaves significant equity exposure via existing shares and outstanding RSUs. The filing supplies the weighted average price and range, enabling precise disclosure of proceeds if needed. No derivative transactions or additional disposals were 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
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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)
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)		1,433	D	$16.9315(2)	413,693(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 $17.33 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 255,133 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 RUN insider Jeanna Steele report on Form 4?

The filing reports a sale of 1,433 shares on 09/08/2025 to cover tax obligations from vested restricted stock units.

At what price were RUN shares sold in the Form 4?

The weighted average sale price was $16.9315 per share; individual sale prices ranged from $16.465 to $17.33.

How many RUN shares does Jeanna Steele beneficially own after the transaction?

She beneficially owns 413,693 shares following the reported transaction, which include 255,133 RSUs subject to forfeiture until they vest.

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

The Form 4 states the shares were sold to cover tax obligations arising from the settlement of vested restricted stock units.

Does the filing indicate any derivative transactions by the insider?

No. Table II (derivative securities) contains no reported transactions in this filing.