[Form 4] TRUPANION, INC. Insider Trading Activity

Rhea-AI Filing Summary

Trupanion, Inc. (TRUP) reported insider equity activity by its Chief Revenue Officer, Emily Dreyer. On 11/24/2025, restricted stock units (RSUs) converted into common stock on a one-for-one basis, resulting in acquisitions of 2,249 and 1,341 shares of common stock through option exercises coded as "M." Following these transactions, Dreyer directly held up to 38,883 shares at one point during the sequence of transactions.

The filing also reports share withholding to cover income tax obligations related to the RSU vesting. On the same date, the issuer withheld 547 and 480 shares of common stock, recorded under transaction code "F" at a price of $35.4 per share, which the explanation notes does not represent a sale by Dreyer. Prior RSU grants on February 27, 2024 and February 27, 2025 vest in eight installments starting on May 22, 2024 and May 22, 2025, respectively, with quarterly vesting thereafter, subject to continued service.

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^*

DREYER EMILY

(Last) (First) (Middle)

6100 4TH AVENUE

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 Revenue Officer

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		2,249	A	(1)	38,089	D
Common Stock	11/24/2025		F		547(2)	D	$35.4	37,542	D
Common Stock	11/24/2025		M		1,341	A	(1)	38,883	D
Common Stock	11/24/2025		F		480(2)	D	$35.4	38,403	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			2,249	(3)	02/22/2026(3)	Common Stock	2,249	$0	2,249	D
Restricted Stock Unit (RSU)	(1)	11/24/2025		M			1,341	(4)	02/22/2027(4)	Common Stock	1,341	$0	6,702	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 17,991 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, 2025, the reporting person was granted 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 Emily Dreyer	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 Trupanion (TRUP) report for its Chief Revenue Officer?

The report shows that Chief Revenue Officer Emily Dreyer had restricted stock units convert into Trupanion common stock on 11/24/2025, recorded as acquisitions through transaction code "M".

How many Trupanion (TRUP) shares were acquired through RSU conversions?

The filing reports RSU-related acquisitions of 2,249 shares and 1,341 shares of Trupanion common stock, with each RSU converting into one share.

Why were some Trupanion (TRUP) shares reported as disposed of in this Form 4?

The filing notes that 547 and 480 shares of common stock were withheld by the issuer to satisfy income tax withholding and remittance obligations at $35.4 per share, and this is explicitly stated as not representing a sale by the reporting person.

What is Emily Dreyer’s role and relationship to Trupanion (TRUP)?

Emily Dreyer is listed as an Officer of Trupanion, Inc., serving as Chief Revenue Officer, and she is the reporting person on this Form 4.

How many Trupanion (TRUP) shares did the reporting person hold after the transactions?

After the reported RSU conversions and tax withholdings on 11/24/2025, the filing shows Dreyer directly beneficially owning up to 38,403 shares of Trupanion common stock at the end of the sequence.

How do the Trupanion (TRUP) RSUs vest for the reporting person?

The explanation states that RSUs granted on February 27, 2024 and February 27, 2025 each vest and convert into common stock as to 1/8 of the total shares on May 22, 2024 and May 22, 2025, respectively, with 1/8 vesting quarterly thereafter, subject to continued service.