TRUPANION, INC. — Director's Dealing 2020

May 14, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TRUPANION, INC. (TRUP)
CIK: 0001371285
Period of Report: 2020-05-11

Reporting Person: BEARMAN ASHER (Chief Strategy Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-05-11	Common Stock	M	1308	—	Acquired	10422	Direct
2020-05-11	Common Stock	F	318	$30.13	Disposed	10104	Direct
2020-05-11	Common Stock	S	2000	$30.3727	Disposed	8104	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-05-11	Common Stock	$	A	1308	Acquired	2020-05-11	Common Stock (1308.0)	Direct
2020-05-11	Common Stock	$	M	1308	Disposed	2020-05-11	Common Stock (1308.0)	Direct

Footnotes

F1: These shares were granted by the Issuer, at the election of the Reporting Person, in lieu of a cash bonus. As such, the shares were fully vested on the date of grant, with the net settled amount subject to a 2-year holding period requirement.

F2: Restricted stock units convert into common stock on a one-for-one basis.

F3: This Form 4 discloses the shares of common stock that have been withheld by the issuer to satisfy its income tax withholding and remittance obligations in connection with the vesting of the restricted stockunits, and does not represent a sale by the reporting person.

F4: These shares were sold by reporting person for tax purposes.

F5: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $30.30 to $30.45 per share, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote (4).

F6: The RSU was fully vested on date of grant.