[Form 4] Sunrun Inc Insider Trading Activity

Rhea-AI Filing Summary

Schedule 13D/A Amendment No. 26 shows that India-based Tractors & Farm Equipment Ltd. (TAFE), its subsidiary TAFE Motors & Tractors Ltd. and their chairperson Mallika Srinivasan continue to be the largest outside shareholders of AGCO Corporation (NYSE: AGCO).

• Ownership levels unchanged: TAFE controls 12,150,152 shares (16.3 % of outstanding); TAFE Motors & Tractors controls 3,263,321 shares (4.4 %). Srinivasan’s direct/indirect ownership totals 12,173,865 shares (16.3 %). Percentages are based on 74,586,793 shares outstanding as of 30 Jun 2025.
• Total investment: The group paid $585.8 million in aggregate (ex-fees) to acquire its position; 23,713 shares held personally by Srinivasan were director equity awards and required no cash outlay.
• Key new agreement: On 7 Jul 2025 TAFE and AGCO executed Amendment No. 4 to their 2019 Letter Agreement, extending its termination date to the earlier of 28 Nov 2025 or the “Escrow Deposit Date” defined in a 30 Jun 2025 Buyback Agreement between TAFE and AGCO Holding B.V.
• Voting & disposition rights: All shares are held with shared voting and dispositive power; none of the reporting persons engaged in AGCO stock transactions during the past 60 days.

The filing signals continued strategic alignment between AGCO and its longstanding partner-shareholder while maintaining the status quo on ownership. The extended Letter Agreement—details filed as Exhibit 99.1—keeps previously negotiated protections and potential share buyback mechanics in force for up to another five months, offering clarity on the relationship’s time horizon.

Insights

Securities Analyst

TL;DR: Stake unchanged at 16.3%; Letter Agreement extended to Nov-2025; neutral for valuation, mildly positive for governance clarity.

The Amendment maintains TAFE’s sizable 16 % holding without triggering further accumulation or divestiture. Because economic ownership and control metrics are flat, the update is valuation-neutral. However, the extension of the Letter Agreement—and its link to the June 2025 buyback arrangement—reduces uncertainty around a potential block sale and preserves an orderly exit route. Investors gain visibility into TAFE’s intentions, which may temper overhang concerns. The absence of recent market activity confirms no imminent trading pressure. Overall impact: low but directionally constructive.

Corporate Governance Expert

TL;DR: Standstill terms prolonged; significant minority shareholder continues oversight; governance risk unchanged.

TAFE remains AGCO’s key strategic shareholder, holding shared voting rights on 12.15 million shares. By extending the Letter Agreement, both parties reaffirm collaboration mechanisms such as voting alignment and buyback contingencies, avoiding hostile dynamics. The limited duration (to 28 Nov 2025) suggests negotiations on longer-term capital structure are ongoing. From a governance perspective the filing neither increases influence nor introduces new restrictions, so board independence and minority protections remain intact. Impact rated neutral.

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)
07/07/2025

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	07/07/2025		S(1)		3,668	D	$10.8029(2)	439,620(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 $10.61 to $10.985 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 258,855 restricted stock units, which are subject to forfeiture until they vest.

Remarks:

	/s/ Sundance Banks, Attorney-in-Fact	07/09/2025
	** 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

How many AGCO (AGCO) shares does TAFE currently own?

TAFE beneficially owns 12,150,152 shares, representing 16.3 % of AGCO’s outstanding common stock.

What is the combined ownership percentage of Mallika Srinivasan in AGCO?

Including direct and indirect holdings, she controls 12,173,865 shares, also about 16.3 % of the company.

What did TAFE pay for its AGCO stake?

The Reporting Persons invested a cumulative $585.8 million (excluding commissions) to acquire their position.

What is the significance of Amendment No. 4 to the Letter Agreement?

It extends the termination date to the earlier of 28 Nov 2025 or an escrow trigger linked to a June 2025 buyback pact, ensuring continued cooperation.

Were there any AGCO share transactions by the Reporting Persons in the last 60 days?

No. The filing states that no trades occurred during that period.

Does this filing change voting control over AGCO?

No. Voting and dispositive powers remain shared; there is no increase in control relative to prior filings.