TRUPANION, INC. — Director's Dealing 2019

May 20, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TRUPANION, INC. (TRUP)
CIK: 0001371285
Period of Report: 2019-05-17

Reporting Person: LEVITAN DAN (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-05-17	Common Stock	J	254336	—	Disposed	850828	Indirect
2019-05-17	Common Stock	J	2543	—	Acquired	7204	Indirect
2019-05-17	Common Stock	J	34873	—	Disposed	116660	Indirect
2019-05-17	Common Stock	J	10791	—	Disposed	36098	Indirect
2019-05-17	Common Stock	J	108	—	Acquired	7312	Indirect
2019-05-17	Common Stock	J	1533	—	Disposed	5779	Indirect
2019-05-17	Common Stock	J	131	—	Acquired	4398	Indirect
2019-05-17	Common Stock	J	5492	—	Acquired	73487	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	38000	Indirect

Footnotes

F1: Maveron Equity Partners III, L.P. ("Maveron Equity") made pro rata distributions for no consideration of 254,336 shares of common stock of the issuer to its partners on May 17, 2019.

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 34,873 shares of common stock of the issuer to its partners on May 17, 2019.

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 10,791 shares of common stock of the issuer to its partners on May 17, 2019.

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 distributed for no consideration 1,533 shares of common stock of the issuer to its members on May 17, 2019.

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 Associates.

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 Associates.

F14: Shares are held by a trust the holdings of which are attributable to the reporting person.