[Form 4] Trupanion, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Trupanion, Inc. (TRUP) Form 4 summary: Chief Financial Officer Fawwad Qureshi reported the exercise and sale of 6,451 shares of Trupanion common stock on 09/02/2025 under a Rule 10b5-1 trading plan adopted May 19, 2025, for financial diversification. The shares were sold in multiple transactions at prices ranging from $44.79 to $45.67, with a reported weighted-average price of $45.1548.

The filing shows 0 shares beneficially owned by the reporting person following the sale. The reporting person states the plan removed discretion over timing of transactions; further details on individual trade quantities by price are available upon request to the issuer or SEC staff.

Positive

• Transaction executed under a Rule 10b5-1 plan, indicating preplanned timing and reduced insider-timing concerns
• Weighted-average price and price range disclosed, and filer offers to provide detailed breakdown on request for transparency

Negative

• Reporting person holds 0 shares following the sale, which may reduce perceived management-shareholder alignment

Insights

Corporate Governance Expert

TL;DR: CFO executed a preplanned 10b5-1 sale of 6,451 shares and now reports zero beneficial ownership.

The sale was conducted under a documented Rule 10b5-1 plan adopted May 19, 2025, which limits insider timing discretion and provides an affirmative defense under insider trading rules. Reporting a weighted-average price and a disclosed price range aligns with common transparency practices. The immediate drop to 0 shares beneficially owned is noteworthy for governance observers because officers holding no equity can affect perceived alignment with shareholders. However, the presence of the 10b5-1 plan reduces regulatory concern about trading-window timing.

Securities/Compliance Analyst

TL;DR: Transaction appears procedurally compliant: 10b5-1 plan, multiple trades, weighted-average price disclosed.

The Form 4 discloses an S code sale of 6,451 common shares on 09/02/2025 at a weighted-average price of $45.1548, with individual trade prices between $44.79 and $45.67. The filer commits to provide breakdown of shares sold at each price on request, which supports auditability. From a compliance perspective, the filing contains the expected explanatory footnotes and an attorney-in-fact signature, indicating proper execution and filing protocol.

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).

X

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)
09/02/2025

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	09/02/2025		S(1)		6,451	D	$45.1548(2)	0	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. The exercise and sale reported were effected pursuant to a Rule 10b5-1 trading plan adopted by reporting person on May 19, 2025, in order to implement a plan of financial diversification. Accordingly, the reporting person had no discretion with regard to the timing of the transaction.

2. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $44.7900 to $45.6700 per share, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote (2).

Remarks:

	/s/ Christina Poler as attorney-in-fact for Fawwad Qureshi	09/04/2025
	** 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 TRUP CFO Fawwad Qureshi sell on the 09/02/2025 Form 4?

The CFO sold 6,451 shares of Trupanion common stock on 09/02/2025, reported with transaction code S.

At what price were the TRUP shares sold according to the Form 4?

The filing reports a weighted-average price of $45.1548 and individual trade prices ranged from $44.79 to $45.67.

Was the sale part of a preplanned trading plan?

Yes. The sale was effected pursuant to a Rule 10b5-1 trading plan adopted May 19, 2025 for financial diversification.

How many TRUP shares does the reporting person own after the sale?

The Form 4 states the reporting person beneficially owns 0 shares following the reported transaction.

Who signed the Form 4 filing for Fawwad Qureshi?

The filing is signed by Christina Poler as attorney-in-fact for Fawwad Qureshi on 09/04/2025.