[Form 4] TRUPANION, INC. Insider Trading Activity

Rhea-AI Filing Summary

Trupanion, Inc. (TRUP) reported insider equity activity by its Chief Financial Officer on Form 4 for 11/24/2025. Several blocks of restricted stock units (RSUs) converted into common stock, including 913, 5,247, and 312 shares, each on a one-for-one basis.

To cover income tax withholding on these vesting events, the company withheld 359, 2,064, and 122 shares of common stock at a price of $35.4 per share, which is disclosed as not representing open-market sales by the CFO. After the reported transactions, the CFO directly holds multiple blocks of common stock and still owns RSUs, including 26,238 and 2,813 units that remain outstanding and convertible into common shares at no exercise price.

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^*

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)
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		913	A	(1)	913	D
Common Stock	11/24/2025		F		359(2)	D	$35.4	554	D
Common Stock	11/24/2025		M		5,247	A	(1)	5,801	D
Common Stock	11/24/2025		F		2,064(2)	D	$35.4	3,737	D
Common Stock	11/24/2025		M		312	A	(1)	4,049	D
Common Stock	11/24/2025		F		122(2)	D	$35.4	3,927	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			913	(3)	02/22/2026(3)	Common Stock	913	$0	913	D
Restricted Stock Unit (RSU)	(1)	11/24/2025		M			5,247	(4)	02/22/2027(4)	Common Stock	5,247	$0	26,238	D
Restricted Stock Unit (RSU)	(1)	11/24/2025		M			312	(5)	02/25/2028(5)	Common Stock	312	$0	2,813	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 7,304 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 41,980 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.

5. On February 27, 2024, the reporting person was granted 5,000 restricted stock units (RSUs). The RSUs vest and convert into common stock of the Issuer as to 1/4th of the total shares on February 25, 2025, after which 1/16th of the total shares vest quarterly, subject to continued service through each vest date.

Remarks:

	/s/ Christina Poler as attorney-in-fact for Fawwad Qureshi	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).
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FAQ

What insider transaction did Trupanion (TRUP) disclose in this Form 4?

The filing reports that Trupanion's Chief Financial Officer had multiple restricted stock unit (RSU) awards vest on 11/24/2025, converting into shares of common stock.

How many Trupanion (TRUP) RSUs vested for the CFO on 11/24/2025?

On 11/24/2025, RSU tranches converting into common stock included blocks of 913, 5,247, and 312 shares, each RSU converting on a one-for-one basis into Trupanion common stock.

Did the Trupanion CFO sell shares in the open market in this Form 4?

The filing states that 359, 2,064, and 122 shares of Trupanion common stock were withheld by the issuer at $35.4 per share to satisfy tax withholding obligations and that this does not represent a sale by the CFO.

What is the relationship between Trupanion RSUs and common stock in this filing?

The filing explains that each restricted stock unit converts into one share of Trupanion common stock on vesting, reflecting a one-for-one conversion ratio.

What Trupanion RSU grants to the CFO are described in the Form 4?

The filing describes RSU grants including 7,304 RSUs granted on 02/27/2024, 41,980 RSUs granted on 02/27/2025, and 5,000 RSUs granted on 02/27/2024, each vesting in scheduled installments subject to continued service.

What RSUs remain outstanding for the Trupanion CFO after the reported transactions?

After the 11/24/2025 activity, the CFO still holds derivative positions including 26,238 and 2,813 restricted stock units, each tied to Trupanion common stock with a disclosed $0 exercise price.

What is the role of the reporting person in this Trupanion Form 4?

The reporting person is identified as an Officer of Trupanion, serving as the company’s Chief Financial Officer, and the Form 4 is filed as a single reporting person filing.