Sunrun (RUN) Form 4: Insider Tax-Related Share Sale and Holdings Update

Rhea-AI Filing Summary

Sunrun Inc. (RUN) Form 4: Danny Abajian, the company's Chief Financial Officer and a director, reported transactions dated 09/08/2025. He sold 2,180 common shares at a weighted average price of $16.9319 (individual sale prices ranged $16.46–$17.40) to cover tax obligations from the settlement of vested restricted stock units. The filing also reports grant/transfer entries of 1,818 shares (one recorded as disposed at $0 and one as acquired at $0). After the reported transactions, the filing shows 435,479 shares held directly and 200,515 shares held indirectly by the Abajian Family Trust. The report notes 428,205 restricted stock units remain subject to forfeiture until vesting.

Positive

• Clear disclosure of transaction purpose: shares sold to cover RSU tax obligations.
• Substantial ongoing ownership: 435,479 shares direct and 200,515 shares indirect via family trust remain after transactions.
• Detailed price range provided for sold shares ($16.46–$17.40) and weighted average price ($16.9319).

Negative

• 428,205 restricted stock units remain subject to forfeiture until they vest, indicating potential future dilution or forfeiture risk.
• 2,180 shares sold reduced direct holdings, though the filing attributes the sale to tax withholding rather than a discretionary sale.

Insights

Financial Analyst

TL;DR: Insider sold a small number of shares to cover RSU taxes while retaining substantial direct and trust holdings.

The sale of 2,180 shares appears to be a routine tax-withholding disposition tied to RSU settlement rather than a broader liquidation of holdings. The weighted average sale price is disclosed as $16.9319 and the price range for the transactions was $16.46–$17.40. Post-transaction beneficial ownership remains sizeable with 435,479 shares held directly and 200,515 indirectly via the Abajian Family Trust. The presence of 428,205 unvested RSUs indicates continued future equity dilution potential upon vesting, but no material change to control or ownership percentages is disclosed in this form.

Corporate Governance Expert

TL;DR: Filing documents routine insider tax-related sale with clear disclosure of indirect holdings and unvested RSUs.

The Form 4 cleanly discloses the reporting person’s role as CFO and director and identifies indirect holdings held of record by the Abajian Family Trust, of which the reporting person is co-trustee. The signature is provided by an attorney-in-fact on 09/10/2025. No departures, option exercises for cash, or unusual derivative transactions are reported. The substantial number of unvested RSUs is noted and properly flagged as subject to forfeiture until vesting.

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^*

Abajian Danny

(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 Financial 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)		2,180	D	$16.9319(2)	435,479(3)	D
Common Stock	09/08/2025		G		1,818	D	$0	433,661	D
Common Stock	09/08/2025		G		1,818	A	$0	200,515	I	See Footnote(4)

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 $16.46 to $17.40 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 transactions include 428,205 restricted stock units, which are subject to forfeiture until they vest.

4. Securities held of record by Abajian Family Trust, of which the Reporting Person is co-trustee.

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 Danny Abajian report on the Form 4 for Sunrun (RUN)?

He reported a sale of 2,180 common shares on 09/08/2025 to cover taxes from vested RSUs, plus grant/transfer entries of 1,818 shares.

How many Sunrun (RUN) shares does Danny Abajian hold after the transactions?

435,479 shares held directly and 200,515 shares held indirectly by the Abajian Family Trust after the reported transactions.

What price did the insider sale occur at for RUN shares?

Weighted average sale price $16.9319; individual sale prices ranged from $16.46 to $17.40.

Why were shares sold according to the Form 4?

The shares were sold to cover tax obligations arising from the settlement of vested restricted stock units, as disclosed in the form.

Are there unvested RSUs noted in the filing for RUN?

Yes — 428,205 restricted stock units are reported as subject to forfeiture until they vest.