Form 4: Trupanion Director Converts RSUs to Common Stock

Trupanion Director Darryl Rawlings converted 946 restricted stock units into common stock on November 25, 2025, as part of a pre-planned transaction.

Summary

• Darryl Rawlings, a Director of Trupanion, Inc. (TRUP), converted 946 Restricted Stock Units (RSUs) into 946 shares of common stock.
• This transaction occurred on November 25, 2025, and was reported on November 26, 2025.
• The conversion was executed pursuant to a Rule 10b5-1 plan, indicating a pre-scheduled, non-discretionary transaction.
• Following this conversion, Darryl Rawlings directly holds 34,723 shares of Trupanion common stock.
• The RSUs converted were part of an original grant of 15,132 units on February 28, 2022, subject to a vesting schedule.

Sentiment

Score: 5

Explanation: This Form 4 reports a routine, pre-scheduled conversion of restricted stock units into common stock by a director, which is a standard compensation event and does not indicate any significant positive or negative operational or financial developments for the company.

Positives

• Director Darryl Rawlings continues to hold a significant number of common shares (34,723) in Trupanion, demonstrating ongoing alignment with shareholder interests.
• The transaction was executed under a Rule 10b5-1 plan, indicating a pre-scheduled, non-discretionary conversion rather than a transaction based on new material non-public information.

Future Outlook

The remaining Restricted Stock Units (RSUs) granted on February 28, 2022, will continue to vest quarterly at a rate of 1/16th of the total shares, subject to Darryl Rawlings' continued service through each vest date.

Industry Context

This filing reports a routine insider transaction specific to Trupanion and its director, Darryl Rawlings, and does not provide broader industry context or trends.

Stakeholder Impact

• Shareholders: A minor, routine increase in the number of outstanding common shares due to the RSU conversion, which is a planned part of equity compensation.
• Management/Director: Darryl Rawlings' direct ownership of common stock increases, further aligning his interests with long-term shareholder value.

Next Steps

• Continued quarterly vesting of remaining Restricted Stock Units (RSUs) for Darryl Rawlings, subject to continued service.

Key Dates

Recommendation

This Form 4 details a routine, pre-scheduled conversion of restricted stock units by a director, which is a standard compensation event and does not provide new material information to warrant a change in investment recommendation. The transaction was executed under a Rule 10b5-1 plan, indicating it was not based on discretionary timing or new insights.

Keywords

Trupanion, TRUP, Form 4, insider transaction, RSU conversion, common stock, Darryl Rawlings, director, beneficial ownership