TRUPANION, INC. — Director's Dealing 2016

May 31, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TRUPANION INC. (TRUP)
CIK: 0001371285
Period of Report: 2016-05-26

Reporting Person: LEVITAN DAN (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-26	Common Stock	J	847787	—	Disposed	4708259	Indirect
2016-05-26	Common Stock	J	8478	—	Acquired	8478	Indirect
2016-05-26	Common Stock	J	116243	—	Disposed	645566	Indirect
2016-05-26	Common Stock	J	35970	—	Disposed	199761	Indirect
2016-05-26	Common Stock	J	359	—	Acquired	8837	Indirect
2016-05-26	Common Stock	J	8837	—	Disposed	0	Indirect
2016-05-26	Common Stock	J	1033	—	Acquired	1033	Indirect
2016-05-26	Common Stock	J	20252	—	Acquired	20252	Direct

Footnotes

F1: Maveron Equity Partners III, L.P. ("Maveron Equity") made pro rata distributions for no consideration of 847,787 shares of common stock of the issuer to its partners on May 26, 2016.

F2: Shares are owned directly by Maveron Equity. The reporting person, together with Clayton Lewis, Peter McCormick and Jason Stoffer, are members of Maveron General Partner III LLC ("Maveron GP"), which is the general partner of Maveron Equity, and may be deemed to share voting and investment power over the securities held by Maveron Equity. The reporting person disclaims beneficial ownership over such securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

F3: Shares acquired and owned directly by Maveron GP in connection with the distribution of such shares to the partners of Maveron Equity. The reporting person disclaims beneficial ownership over such securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

F4: MEP Associates III, L.P. ("Maveron Associates") made pro rata distributions for no consideration of 116,243 shares of common stock of the issuer to its partners on May 26, 2016.

F5: Shares are owned directly by Maveron Associates. The reporting person, together with Clayton Lewis, Peter McCormick and Jason Stoffer, are members of Maveron GP, which is the general partner of Maveron Associates, and may be deemed to share voting and investment power over the securities held by Maveron Associates. The reporting person disclaims beneficial ownership over such securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

F6: Maveron III Entrepreneurs Fund, L.P. ("Maveron Entrepreneurs") made pro rata distributions for no consideration of 35,970 shares of common stock of the issuer to its partners on May 26, 2016.

F7: Shares are owned directly by Maveron Entrepreneurs. The reporting person, together with Clayton Lewis, Peter McCormick and Jason Stoffer, are members of Maveron GP, which is the general partner of Maveron Entrepreneurs, and may be deemed to share voting and investment power over the securities held by Maveron Entrepreneurs. The reporting person disclaims beneficial ownership over such securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

F8: Shares acquired and owned directly by Maveron GP in connection with the distribution of such shares to the partners of Maveron Entrepreneurs. The reporting person disclaims beneficial ownership over such securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

F9: Maveron GP made pro rata distributions for no consideration of 8,837 shares of common stock of the issuer to its members on May 26, 2016.

F10: Shares owned directly by Maveron GP.

F11: Shares acquired by Maveron LLC in connection with the distribution of such shares to the partners of Maveron Equity and Maveron Entrepreneurs.

F12: Shares are owned directly by Maveron LLC. The reporting person is a member of Maveron LLC, and may be deemed to share voting and investment power over the securities held by Maveron LLC. The reporting person disclaims beneficial ownership over such securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

F13: Shares acquired by the reporting person in connection with the distribution of such shares to the partners of Maveron GP and Maveron Associates.