Walrath Michael 4

What Happened Michael Walrath, CEO of Yext, recorded conversions/exercises of derivative awards and received a grant of restricted stock units (RSUs) on March 20, 2026. The Form 4 shows exercise/conversion entries of 78,125 and 312,500 shares (reported as derivative transactions), plus a grant/award entry for 54,571 RSUs. To satisfy tax obligations on vesting, 211,729 shares were withheld at $4.79 per share, representing $1,014,182. Footnote disclosure indicates that for the first performance period 367,071 performance-based RSUs (PSUs) vested on March 20, 2026 based on roughly 117.46% achievement against a 312,500 target.

Key Details

• Transaction date: March 20, 2026; Form 4 filed March 24, 2026 (filed within the two-business-day requirement).
• Reported acquisitions (derivative conversions/exercises): 78,125 and 312,500 shares (codes M = exercise/conversion).
• Reported award: 54,571 RSUs granted (code A = award/grant).
• Tax withholding: 211,729 shares withheld at $4.79 to cover $1,014,182 in tax liability (code F).
• Footnotes: PSUs are performance-contingent; 367,071 PSUs vested for the first performance period based on achievement for a 312,500 target. RSUs/PSUs convert to one share each if earned (F1, F2, F3). Shares withheld were used to satisfy tax withholding upon vesting (F4).
• Shares owned after the transactions are not specified in the extract provided.

Context

• Code explanations: M = exercise/conversion of derivatives (e.g., options or vested performance units), A = award/grant, F = shares withheld to pay taxes. In this case, some vested/converted shares were net-settled (shares withheld) to cover tax obligations rather than sold on the open market.
• Performance-based RSUs (PSUs) vest only if specified ARR growth and Rule-of-40 targets are met; the filing shows strong performance for the first period that triggered vesting.
• These transactions are largely administrative (vesting and tax withholding) rather than an open-market sale or purchase; they do not by themselves indicate a bullish or bearish view by the insider.