RUN Form 4: Officer exercised options and sold 12,493 shares Oct 2025

Rhea-AI Filing Summary

Insider transactions by Sunrun executive Paul S. Dickson show sales and option exercises in early October. On 10/06/2025 Mr. Dickson sold 8,134 shares at a weighted average price of $19.3429 to cover tax obligations from vested restricted stock units. On 10/07/2025 he exercised 1,785 options at an exercise price of $6.28 and 10,708 options at $9.46, then sold 12,493 shares at a weighted average price of $20.0168. Following these transactions he beneficially owns 647,600 shares (including 452,622 unvested restricted stock units). The trading activity was made under a Rule 10b5-1 plan adopted 08/26/2024.

Positive

• Trades executed under a Rule 10b5-1 plan, reducing concerns about opportunistic timing
• Option exercises fully vested, indicating no early-exercise irregularities
• Detailed sale price ranges disclosed with offer to provide per-price detail to the Commission

Negative

• Officer sold shares totaling 12,493 on 10/07/2025, which may modestly increase sell-side supply
• Large portion of holdings are unvested RSUs (452,622), indicating future vesting-related dilution risk

Insights

Corporate Governance Analyst

TL;DR: Routine, plan-driven insider activity with disclosed tax-driven sales and option exercises.

The reported transactions indicate an officer used a pre-established 10b5-1 trading plan to execute sales and option exercises on 10/06/2025–10/07/2025

This reduces signalling risk because trades were pre-planned; monitor future filings to confirm no pattern of opportunistic sales within earnings blackout windows.

Compensation & Equity Specialist

TL;DR: Option exercises were fully vested and sales partially covered tax from RSU vesting.

The filing shows exercises of 1,785 options at $6.28 and 10,708 at $9.46, described as fully vested, and a sale of 8,134 shares to satisfy tax withholding on vested RSUs.

Key near-term items to watch include future vesting schedules for the 452,622 restricted stock units and any subsequent Form 4s showing planned dispositions or additional option exercises.

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).

X

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)
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)		8,134	D	$19.3429(2)	647,600	D
Common Stock	10/07/2025		M(3)		1,785	A	$6.28	649,385	D
Common Stock	10/07/2025		M(3)		10,708	A	$9.46	660,093	D
Common Stock	10/07/2025		S(3)		12,493	D	$20.0168(4)	647,600(5)	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
Employee Stock Option (right to buy)	$6.28	10/07/2025		M(3)			1,785	(6)	10/01/2027	Common Stock	1,785	$0	0	D
Employee Stock Option (right to buy)	$9.46	10/07/2025		M(3)			10,708	(6)	09/25/2028	Common Stock	10,708	$0	0	D

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 $19.175 to $19.475 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. The transactions reported by the Reporting Person were effected pursuant to a Rule 10b5-1 trading plan adopted August 26, 2024.

4. Price represents the weighted average sale price of the shares sold. The sale price ranged from $20.00 to $20.085 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.

5. Shares held following the reported transaction include 452,622 restricted stock units, which are subject to forfeiture until they vest.

6. Fully vested.

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 did Sunrun (RUN) officer Paul Dickson transact on 10/06–10/07/2025?

He sold 8,134 shares on 10/06/2025 to cover taxes, exercised 1,785 options at $6.28 and 10,708 options at $9.46 on 10/07/2025, and sold 12,493 shares that day.

Were the transactions part of a planned trading program?

Yes. The transactions were effected under a Rule 10b5-1 trading plan adopted on 08/26/2024.

How many Sunrun shares does Paul Dickson beneficially own after these transactions?

He beneficially owns 647,600 shares following the reported transactions, which include 452,622 restricted stock units subject to forfeiture until vesting.

What prices were reported for the share sales?

Sales on 10/06/2025 had a weighted average of $19.3429 (range $19.175–$19.475); sales on 10/07/2025 had a weighted average of $20.0168 (range $20.00–$20.085).

Why were 8,134 shares sold on 10/06/2025?

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