Trupanion (TRUP) director exercises 23,213 options, now holds 154,534 shares

Rhea-AI Filing Summary

Trupanion director Murray B. Low exercised stock options to acquire additional shares. On January 9, 2026, he exercised a fully vested stock option for 23,213 shares of Trupanion common stock at an exercise price of $8.57 per share in a cash transaction. The corresponding derivative position (the option) was reduced to zero following the exercise. After the transaction, he directly owned 154,534 shares of Trupanion common stock. The company notes that no shares were sold as part of this transaction and that the option was exercised before its February 5, 2026 expiration.

Insider Trade Summary

23,213 shares exercised/converted

Mixed 2 txns

Insider LOW MURRAY B

Role Director

Type	Security	Shares	Price	Value
Exercise	Stock Option (right to buy)	23,213	$0.00	--
Exercise	Common Stock	23,213	$8.57	$199K

Holdings After Transaction: Stock Option (right to buy) — 0 shares (Direct); Common Stock — 154,534 shares (Direct)

Footnotes (1)

1. [object Object]

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^*

LOW MURRAY B

(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)
01/09/2026

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	01/09/2026		M		23,213	A	$8.57	154,534	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)	$8.57	01/09/2026		M			23,213	(1)	02/05/2026	Common Stock	23,213	$0	0	D

Explanation of Responses:

1. This stock option is fully vested and was exercised in a cash transaction before expiring on February 5, 2026. No shares were sold as part of this transaction.

Remarks:

	/s/ Christina Poler as attorney-in-fact for Murray B. Low	01/12/2026
	** 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 Murray B. Low?

Trupanion reported that director Murray B. Low exercised a fully vested stock option for 23,213 shares of common stock in a cash transaction on January 9, 2026.

At what price were Murray B. Low’s Trupanion stock options exercised?

The stock option was exercised at an exercise price of $8.57 per share for 23,213 shares of Trupanion common stock.

How many Trupanion shares does Murray B. Low own after this Form 4 transaction?

Following the reported transaction, Murray B. Low directly owned 154,534 shares of Trupanion common stock.

Were any Trupanion shares sold in connection with this option exercise?

No. The filing states that no shares were sold as part of this transaction; it was a cash exercise of the stock option.

What happened to the Trupanion stock option after it was exercised by Murray B. Low?

The stock option for 23,213 shares was fully exercised in cash, leaving 0 derivative securities of that option beneficially owned after the transaction.

When was the Trupanion stock option set to expire?

The footnote explains that the stock option would have expired on February 5, 2026, and it was exercised before that expiration date.