Insider Option Exercise Boosts Tecogen COO Ownership to 165K Shares

Rhea-AI Filing Summary

Form 4 highlight: Tecogen Inc. (TGEN) President & COO Robert A. Panora filed a Form 4 for transactions dated 06/16/2025.

• Shares acquired: 12,723 @ $0.79, 30,000 @ $0.71 and 52,500 @ $1.10 – a total of 95,223 common shares through option exercises.
• Post-transaction holding: Panora now directly owns 165,223 common shares.
• Remaining derivative position: An unvested option for 100,000 shares at $0.71 remains outstanding; it vests only after Tecogen posts 3 % Adjusted EBITDA for four consecutive quarters and expires on 07/09/2030.
• No shares were sold or disposed of in these transactions.

The filing was signed on 06/20/2025 and indicates that Panora continues to serve as Chief Operating Officer and President. No other insiders were included in this filing.

Insights

Financial Analyst

TL;DR: COO exercised options, added 95k shares; ownership rises to 165k—positive alignment, but limited corporate impact.

Insider activity shows commitment: Robert Panora converted three option grants, paying $0.71–$1.10 and boosting his stake to 165,223 shares. Such purchases can signal confidence, especially when the executive pays cash for shares rather than selling. Dilution risk is modest—under 100k new shares relative to Tecogen’s float—and no shares were sold. A further 100k performance-based options tie incentives to 3 % Adjusted EBITDA, aligning management with profitability goals. Overall, the move is mildly positive for shareholder alignment but not materially transformative to the company’s capital structure or earnings outlook.

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^*

PANORA ROBERT A

(Last) (First) (Middle)

C/O TECOGEN, INC.

76 TREBLE COVE ROAD, BLDG 1

(Street)

N. BILLERICA MA 01862

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TECOGEN INC. [ TGEN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	COO and President

3. Date of Earliest Transaction (Month/Day/Year)
06/16/2025

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	06/16/2025		X(1)		12,723	A	$0.79	82,723	D
Common Stock	06/16/2025		X(2)		30,000	A	$0.71	112,723	D
Common Stock	06/16/2025		X(3)		52,500	A	$1.1	165,223	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
Stock Option (Right to Buy)	$0.71							(4)	07/09/2030	Common Stock	100,000		100,000	D

Explanation of Responses:

1. Exercise of option to purchase shares of common stock pursuant to Stock Option Agreement dated 4/29/2016

2. Exercise of option to purchase shares of common stock pursuant to Stock Option Agreement dated 7/9/2020

3. Exercise of option to purchase shares of common stock pursuant to Stock Option Agreement dated 1/21/2022

4. Option to purchase the remaining 100,000 unvested shares of common stock pursuant to Stock Option Agreement dated 7/9/2020 vest once the company has achieved 3% Adjusted EBITDA for four consecutive quarters

Remarks:

	/s/ Robert A. Panora	06/20/2025
	** Signature of Reporting Person	Date
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