[Form 4] Trupanion, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Trupanion, Inc. (TRUP) Chief Financial Officer Fawwad Qureshi reported transactions on 08/22/2025 related to vested restricted stock units (RSUs). The filing shows RSUs converted into common stock on a one-for-one basis and portions of the vested shares were withheld by the issuer to satisfy income tax withholding obligations. The Form 4 discloses withheld share counts and a per-share withholding price of $46.63 for the withheld shares. The filing also lists the underlying RSU grants that gave rise to the vesting: 7,304 RSUs, 5,000 RSUs, and 41,980 RSUs (grants dated February 27, 2024 and February 27, 2025) with scheduled vesting schedules described in the explanation. The report is signed by an attorney-in-fact on behalf of Mr. Qureshi and dated 08/26/2025.

Insights

Financial Analyst

TL;DR: Routine executive RSU vesting with shares withheld for taxes; no sale proceeds or market-impacting disposition disclosed.

The Form 4 documents scheduled RSU vesting for the company's CFO that converted into common stock and shows shares withheld to satisfy tax withholding at a disclosed per-share amount of $46.63. The filing references prior grants of 7,304; 5,000; and 41,980 RSUs and the vesting schedules tied to those grants. There is no indication in this filing of an open-market sale or transfer that would generate cash proceeds to the reporting person; the disclosed withheld shares are an administrative action by the issuer to satisfy withholding obligations. From an analyst perspective, this is a routine insider compensation-related filing and does not by itself change company financials or signal a change in ownership control.

Corporate Governance Expert

TL;DR: Compliance-focused filing documenting RSU vesting and tax-withholding; timely signature by attorney-in-fact.

The disclosure clearly explains the one-for-one conversion of RSUs into common stock and identifies that withheld shares were remitted by the issuer to satisfy income tax obligations rather than representing a sale by the reporting person. The filing includes the grant dates and vesting schedules for the referenced RSU awards, which supports transparency around executive compensation. The signature block shows the report was executed by an attorney-in-fact on 08/26/2025, consistent with required reporting procedures.

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^*

Qureshi Fawwad

(Last) (First) (Middle)

6100 4TH AVENUE SOUTH

SUITE 200

(Street)

SEATTLE WA 98108

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TRUPANION, INC. [ TRUP ]

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)
08/22/2025

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	08/22/2025		M		913	A	(1)	4,458	D
Common Stock	08/22/2025		F		296(2)	D	$46.63	4,162	D
Common Stock	08/22/2025		M		313	A	(1)	4,475	D
Common Stock	08/22/2025		F		101(2)	D	$46.63	4,374	D
Common Stock	08/22/2025		M		5,248	A	(1)	9,622	D
Common Stock	08/22/2025		F		2,342(2)	D	$46.63	7,280	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
Restricted Stock Unit (RSU)	(1)	08/22/2025		M			913	(3)	02/22/2026(3)	Common Stock	913	$0	1,826	D
Restricted Stock Unit (RSU)	(1)	08/22/2025		M			313	(4)	02/25/2028(4)	Common Stock	313	$0	3,125	D
Restricted Stock Unit (RSU)	(1)	08/22/2025		M			5,248	(5)	02/22/2027(5)	Common Stock	5,248	$0	31,485	D

Explanation of Responses:

1. Restricted stock units convert into common stock on a one-for-one basis.

2. This Form 4 discloses the shares of common stock that have been withheld by the issuer to satisfy its income tax withholding and remittance obligations in connection with the vesting of the restricted stock units, and does not represent a sale by the reporting person.

3. On February 27, 2024, the reporting person was granted 7,304 restricted stock units (RSUs). The RSUs vest and convert into common stock of the Issuer as to 1/8th of the total shares on May 22, 2024, after which 1/8th of the total shares vest quarterly, subject to continued service through each vest date.

4. On February 27, 2024, the reporting person was granted 5,000 restricted stock units (RSUs). The RSUs vest and convert into common stock of the Issuer as to 1/4th of the total shares on February 25, 2025, after which 1/16th of the total shares vest quarterly, subject to continued service through each vest date.

5. On February 27, 2025, the reporting person was granted 41,980 restricted stock units (RSUs). The RSUs vest and convert into common stock of the Issuer as to 1/8th of the total shares on May 22, 2025, after which 1/8th of the total shares vest quarterly, subject to continued service through each vest date.

Remarks:

	/s/ Christina Poler as attorney-in-fact for Fawwad Qureshi	08/26/2025
	** 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.
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FAQ

What transactions did TRUP CFO Fawwad Qureshi report on Form 4?

The filing reports RSU vesting on 08/22/2025 that converted into common stock and shows shares withheld by the issuer to satisfy income tax withholding obligations.

How many RSU grants are referenced in the Form 4 for TRUP?

The filing references prior RSU grants of 7,304, 5,000, and 41,980 RSUs.

Were any vested shares sold on the open market according to the Form 4?

No. The Form 4 discloses shares withheld by the issuer for tax withholding and explicitly states the withheld shares do not represent a sale by the reporting person.

What withholding price is disclosed for the withheld shares?

The filing discloses a per-share withholding price of $46.63 for the shares withheld to satisfy tax obligations.

When was the Form 4 signed and filed?

The signature block shows the form was signed by an attorney-in-fact on behalf of Fawwad Qureshi on 08/26/2025.