Form 4: Penumbra EVP Roberts Reports RSU Grant, Tax Withholding

Penumbra's EVP, General Counsel, and Secretary, Johanna Roberts, reported the grant of 3,580 restricted stock units and the withholding of shares for tax obligations.

Summary

• Johanna Roberts, EVP, General Counsel & Secretary of Penumbra Inc., reported recent transactions involving the company's common stock.
• On November 15, 2025, 156 shares of common stock were disposed of at $280.07 per share to satisfy tax withholding obligations in connection with the vesting of restricted stock units (RSUs).
• On the same date, an additional 545 shares of common stock were disposed of at $280.07 per share for similar tax withholding purposes.
• On November 17, 2025, Roberts was granted 3,580 restricted stock units (RSUs) under the Issuer's Amended and Restated 2014 Equity Incentive Plan.
• Following these transactions, Roberts beneficially owns 66,536 shares of common stock, a portion of which is subject to vesting.

Sentiment

Score: 6

Explanation: The filing reports routine executive compensation activities, including an RSU grant and associated tax withholdings. While the grant is positive for executive alignment, the overall impact is neutral as it represents standard compensation practices rather than a significant strategic or operational event.

Positives

• Grant of 3,580 Restricted Stock Units (RSUs) to a key executive, Johanna Roberts, aligning her long-term interests with shareholder value.
• The RSU grant was made under the company's Amended and Restated 2014 Equity Incentive Plan, indicating a continued commitment to equity-based incentives for key personnel.

Negatives

• Disposition of a total of 701 shares (156 + 545) of common stock at $280.07 per share to cover tax withholding obligations, which reduces direct share ownership.

Future Outlook

The granted 3,580 RSUs will vest in annual installments of 1/4 each, beginning on November 15, 2026, contingent on Johanna Roberts' continued service to the company.

Industry Context

This is a routine insider transaction filing, common for executives receiving equity compensation. It reflects standard compensation practices within the medical technology or healthcare industry, where equity grants are used to incentivize and retain key personnel.

Corporate Governance

Stakeholder Impact

• Shareholders: The RSU grant aligns executive interests with long-term shareholder value. The tax-related dispositions are routine and have minimal impact on overall share count.
• Employees: Reflects the company's compensation strategy, potentially signaling stability in executive incentives and retention practices.

Next Steps

• Johanna Roberts will continue to hold the remaining 66,536 shares, with a portion subject to future vesting.
• The granted RSUs will begin vesting on November 15, 2026, with subsequent annual vesting over the following years.

Key Dates

Recommendation

This Form 4 filing details routine compensation-related transactions for an executive, including an RSU grant and tax-related share dispositions. It does not provide new information regarding the company's operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. The transactions are standard practice for executive equity compensation.

Keywords

Penumbra Inc, PEN, Form 4, Insider Trading, Restricted Stock Units, RSU Grant, Tax Withholding, Executive Compensation, Johanna Roberts, Equity Incentive Plan