RUN Form 4: Mary Powell disposes 11,699 shares; retains 876,590

Rhea-AI Filing Summary

Mary Powell, who serves as Chief Executive Officer and a Director of Sunrun Inc. (RUN), reported a change in beneficial ownership dated 10/06/2025. The filing shows a sale of 11,699 shares of Common Stock executed to cover tax obligations arising from the settlement of vested restricted stock units. The weighted average sale price was reported as $19.3436, with the per-share sale price range between $19.18 and $19.48. After the sale, the reporting person beneficially owned 876,590 shares, which include 595,301 restricted stock units that remain subject to forfeiture until they vest.

Positive

• Reporting person retains substantial holdings: 876,590 shares remain beneficially owned following the sale
• Sale purpose disclosed: shares were sold specifically to cover tax obligations from vested RSUs

Negative

• Disposition recorded: 11,699 shares were sold on 10/06/2025
• Large portion unvested: 595,301 restricted stock units remain subject to forfeiture until vesting, representing potential future share issuance

Insights

Corporate Governance Expert

Insider sold a small block to satisfy taxes while retaining majority interest.

The reported transaction is a sale of 11,699 shares to cover tax obligations from vested restricted stock units; the filer reports a weighted average price of $19.3436 and a disclosed range of $19.18 to $19.48. This type of sale is commonly administrative rather than an express vote of no confidence by management.

The reporting person continues to hold 876,590 shares, including 595,301 RSUs that are not yet vested, which preserves significant alignment with shareholders but also indicates future dilution risk if those RSUs vest. Watch for subsequent Form 4 filings around vesting dates or additional sales within a 90-day window.

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

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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^*

Powell Mary

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive 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)		11,699	D	$19.3436(2)	876,590(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 $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 transaction include 595,301 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 transaction did Mary Powell report for Sunrun (RUN)?

The filing reports a sale of 11,699 shares on 10/06/2025 to cover tax obligations from vested restricted stock units.

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

The weighted average sale price was $19.3436, with the sale price range from $19.18 to $19.48.

How many RUN shares does the reporting person hold after the sale?

Following the transaction the reporting person beneficially owned 876,590 shares, which include 595,301 restricted stock units that are unvested.

Why were the shares sold according to the Form 4?

The shares were sold to cover the tax obligation arising from the settlement of vested restricted stock units.

What is the reporting person's role at Sunrun?

Mary Powell is listed as both Chief Executive Officer and a Director of Sunrun Inc.