BEARMAN ASHER 4

What Happened

• Asher Bearman, Chief Legal Officer of Trupanion (TRUP), had restricted stock units (RSUs) convert to common stock on February 25, 2026. A total of 305 RSUs vested (180 + 125).
• To satisfy tax withholding obligations, the issuer withheld 116 shares (68 + 48) at $26.70 per share, generating proceeds of $1,816 and $1,282 respectively (total $3,098). The RSU conversions show $0 exercise price, consistent with RSUs converting one-for-one into common shares.
• This was not an open-market sale by the reporting person; it appears to be routine tax withholding upon vesting.

Key Details

• Transaction date: February 25, 2026; Form 4 filed February 27, 2026 (appears timely).
• Vesting/conversion: 305 RSUs converted to 305 common shares (180 + 125).
• Shares withheld for taxes: 116 shares at $26.70 each (68 and 48) — total tax withholding value $3,098.
• Net new shares retained by the insider from this vesting: 189 shares (305 vested minus 116 withheld).
• Footnotes: F1 — RSUs convert 1:1 to common stock. F2 — Withholding disclosed is issuer action to satisfy tax remittance and does not represent a sale by the reporting person. F3/F4 — describe original RSU grant schedules (2022 and 2023 grants).
• Shares owned after transaction: Not specified in the provided filing.

Context

• These entries reflect RSU vesting and issuer withholding for taxes (a common, routine event), not an open-market sale or purchase. The conversion shows no exercise price (typical for RSUs). For retail investors, such withholdings are administrative and don’t necessarily signal insider sentiment about the company’s shares.