DREYER EMILY 4

What Happened
Emily Dreyer, Chief Revenue Officer of Trupanion, reported that 1,825 restricted stock units (RSUs) vested and converted into common stock on February 25, 2026 (1,482 + 343). To satisfy income tax withholding, the issuer withheld 443 shares (360 + 83) at $26.70 per share, totaling about $11,828. After withholding, Dreyer received a net of 1,382 shares. The withholding is reported as issuer remittance and is not an open-market sale by the reporting person.

Key Details

• Transaction date: February 25, 2026; Form 4 filed February 27, 2026 (timely).
• Conversion/exercise: 1,482 RSUs and 343 RSUs converted to common stock (codes M).
• Tax withholding (code F): 360 shares withheld @ $26.70 = $9,612; 83 shares withheld @ $26.70 = $2,216; total ≈ $11,828.
• Net shares delivered to Dreyer: 1,825 vested − 443 withheld = 1,382 shares.
• Shares owned after transaction: not specified in the filing.
• Footnotes: RSUs convert one-for-one into common stock (F1). Filing notes the withheld shares satisfy the issuer’s tax withholding/remittance obligations and do not represent a sale by the reporting person (F2). The RSUs stem from grants on Feb 28, 2022 (23,707 RSUs; vest schedule described in F3) and Aug 14, 2023 (5,489 RSUs; vest schedule described in F4).

Context
This was RSU vesting with share withholding for taxes — a routine administrative action rather than an open-market sale or purchase. Withholding of shares to cover taxes is common and typically does not signal the insider’s view on the company’s stock.