[Form 4] TRUPANION, INC. Insider Trading Activity

Rhea-AI Filing Summary

Trupanion, Inc. (TRUP) reported insider equity activity by a director on a Form 4. On 11/24/2025, the reporting person executed multiple transactions coded "M," reflecting the conversion of restricted stock units (RSUs) into common stock at a price of $0 per share. Each derivative entry shows 106 RSUs converting into 106 shares of common stock on a one-for-one basis, with the director holding over 232,000 common shares directly after these transactions.

The RSUs stem from three grants of 423 RSUs each received on May 9, 2025 for service on the boards of wholly owned subsidiaries. These RSUs vest in four equal installments on August 22, 2025, November 22, 2025, February 22, 2026, and May 22, 2026, subject to continued service on each vesting date.

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

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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^*

RUBIN HOWARD E

(Last) (First) (Middle)

C/O TRUPANION, INC.

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)

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

3. Date of Earliest Transaction (Month/Day/Year)
11/24/2025

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	11/24/2025		M		106	A	(1)	232,020	D
Common Stock	11/24/2025		M		106	A	(1)	232,126	D
Common Stock	11/24/2025		M		106	A	(1)	232,232	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)	11/24/2025		M			106	(2)	05/22/2026(2)	Common Stock	106	$0	212	D
Restricted Stock Unit (RSU)	(1)	11/24/2025		M			106	(2)	05/22/2026(2)	Common Stock	106	$0	212	D
Restricted Stock Unit (RSU)	(1)	11/24/2025		M			106	(2)	05/22/2026(2)	Common Stock	106	$0	212	D

Explanation of Responses:

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

2. On May 9, 2025, the reporting person received three separate grants of 423 RSUs each in connection with his service on the board of directors of wholly-owned subsidiaries of the Issuer. The RSUs vest and convert into common stock of the Issuer as to 1/4th of the total shares on each of August 22, 2025, November 22, 2025, February 22, 2026, and May 22, 2026, subject to continued service through each vest date.

Remarks:

	/s/ Christina Poler as attorney-in-fact for Howard E. Rubin	11/25/2025
	** 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 insider transaction did TRUP report on this Form 4?

The Form 4 for Trupanion, Inc. (TRUP) reports that a director converted restricted stock units (RSUs) into common stock on 11/24/2025 through transactions coded "M" (option or derivative conversion).

How many TRUP shares were tied to each RSU conversion on 11/24/2025?

Each reported derivative transaction involved 106 RSUs converting into 106 shares of Trupanion common stock on a one-for-one basis at a price of $0 per share.

How many TRUP shares did the reporting person own after these transactions?

Following the reported transactions on 11/24/2025, the director beneficially owned over 232,000 shares of Trupanion common stock in direct form.

What is the vesting schedule for the Trupanion RSUs granted on May 9, 2025?

The director received three grants of 423 RSUs each on May 9, 2025. These RSUs vest and convert into Trupanion common stock in four equal installments on August 22, 2025, November 22, 2025, February 22, 2026, and May 22, 2026, subject to continued service.

Why did the Trupanion director receive these RSU grants?

The RSU grants reported for May 9, 2025 were issued in connection with the director’s service on the boards of wholly owned subsidiaries of Trupanion, Inc.

What is the relationship of the reporting person to Trupanion (TRUP)?

The Form 4 identifies the reporting person as a director of Trupanion, Inc., with the shares reported as directly owned.