TRUP director boosts holdings via 2,000-share option exercise

Rhea-AI Filing Summary

Trupanion, Inc. (TRUP) director reported an option exercise on a Form 4. On 11/20/2025, the reporting person exercised a stock option (transaction code M) to acquire 2,000 shares of common stock at an exercise price of $14.95 per share.

The underlying stock option gave the right to buy 2,000 shares at $14.95 and was originally granted on 08/08/2016, and is described as fully vested. After this transaction, the director directly owns 27,215 shares of Trupanion common stock, and the number of these particular derivative securities is reported as 0.

Insider Trade Summary

2,000 shares exercised/converted

Mixed 2 txns

Insider RAWLINGS DARRYL

Role Director

Type	Security	Shares	Price	Value
Exercise	Stock Option (right to buy)	2,000	$0.00	--
Exercise	Common Stock	2,000	$14.95	$30K

Holdings After Transaction: Stock Option (right to buy) — 0 shares (Direct); Common Stock — 27,215 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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^*

RAWLINGS DARRYL

(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)
11/20/2025

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	11/20/2025		M		2,000	A	$14.95	27,215	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)	$14.95	11/20/2025		M			2,000	(1)	08/08/2026	Common Stock	2,000	$0	0	D

Explanation of Responses:

1. The option was granted on August 8, 2016 and is fully vested.

Remarks:

	/s/ Christina Poler as attorney-in-fact for Darryl Rawlings	11/20/2025
	** 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?

A Trupanion, Inc. director reported exercising a stock option (code M) to acquire 2,000 shares of common stock on 11/20/2025 at an exercise price of $14.95 per share.

How many Trupanion (TRUP) shares does the director own after this transaction?

Following the reported option exercise, the director beneficially owns 27,215 shares of Trupanion common stock in direct ownership.

What were the terms of the Trupanion (TRUP) stock option exercised?

The derivative security was a stock option (right to buy) for 2,000 shares of Trupanion common stock at an exercise price of $14.95 per share, with an expiration date of 08/08/2026.

When was the exercised Trupanion (TRUP) stock option originally granted?

The explanation notes that the option was granted on August 8, 2016 and is fully vested.

Does the director still hold this Trupanion (TRUP) option after the transaction?

No. After exercising the option for 2,000 shares, the number of these derivative securities beneficially owned is reported as 0.

What is the reporting status of the insider on this Trupanion (TRUP) Form 4?

The reporting person is identified as a director of Trupanion, Inc., with the box for director checked and the form filed by one reporting person.