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WEX Inc.·4

Mar 18, 6:52 PM ET

Narula Jagtar 4

4 · WEX Inc. · Filed Mar 18, 2026

Research Summary

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WEX (WEX) CFO Jagtar Narula Receives RSU/MSU Awards; Shares Withheld

What Happened
Jagtar Narula, Chief Financial Officer of WEX Inc., had restricted stock units (RSUs) and market share units (MSUs) vest/convert into common shares and also received new equity awards. On March 17, 2026, converted award units (recorded as derivative exercises at $0.00) resulted in share issuance, and WEX automatically withheld shares to cover withholding taxes: 562 shares (tax value $88,116) and 592 shares (tax value $92,820), totaling $180,936. On March 16, 2026, Narula was granted additional award units totaling 9,823 and 7,367 share equivalents (derivative awards).

Key Details

  • Transaction dates: Grants on 2026-03-16; vesting/conversion and tax withholding on 2026-03-17. Filing date: 2026-03-18 (timely).
  • Prices recorded: conversions/exercises at $0.00 (M = exercise/conversion of RSU/MSU); tax-withheld shares recorded at $156.79 per share (F), producing $88,116 and $92,820 withholding amounts. Total tax withholding = $180,936.
  • Shares shown in filing: conversions of 1,265 and 1,333 units (M); tax-withheld disposals of 562 and 592 shares (F); grants of 9,823 and 7,367 derivative units (A).
  • Shares owned after the transactions: not specified in the provided extract of the filing.
  • Notable footnotes: tax withholding was done via automatic share withholding (F1, F2); RSUs and MSUs converted 1-for-1 into shares on vesting (F3, F6); MSU payout is performance-based with a 60%–200% payout factor and one-third vesting annually (F5–F8).
  • Transaction codes: M = exercise/conversion of derivative award; F = shares withheld to satisfy tax liabilities; A = grant/award. No indication the filing was late.

Context

  • These entries reflect award vesting/conversion and routine employer tax-withholding rather than an open-market sale or purchase. The $0.00 “price” for M-line items indicates conversion of restricted/performance units into stock, not a cash purchase. The withheld-share disposals are a common cashless method employers use to satisfy tax obligations on vested awards.
  • Such award vesting and withholding are standard compensation events and are not, by themselves, a directional buy/sell signal.

Insider Transaction Report

Form 4
Period: 2026-03-16
WEX Inc.WEX
Narula Jagtar
Chief Financial Officer
Transactions
  • Exercise/Conversion

    Common Stock

    2026-03-17+1,265→ 26,672 total
  • Tax Payment

    Common Stock

    [F1]
    2026-03-17$156.79/sh−562$88,116→ 26,110 total
  • Exercise/Conversion

    Common Stock

    2026-03-17+1,333→ 27,443 total
  • Tax Payment

    Common Stock

    [F2]
    2026-03-17$156.79/sh−592$92,820→ 26,851 total
  • Exercise/Conversion

    Restricted Stock Units

    [F3][F4]
    2026-03-17−1,265→ 2,532 total
    Exercise: $0.00→ Common Stock (1,265 underlying)
  • Exercise/Conversion

    Market Share Units

    [F5][F6][F7]
    2026-03-17−1,333→ 2,464 total
    → Common Stock (1,333 underlying)
  • Award

    Restricted Stock Units

    [F4]
    2026-03-16+9,823→ 9,823 total
    Exercise: $0.00→ Common Stock (9,823 underlying)
  • Award

    Market Share Units

    [F5][F8][F7]
    2026-03-16+7,367→ 7,367 total
    → Common Stock (7,367 underlying)
Footnotes (8)
  • [F1]Represents the number of shares automatically withheld by WEX for the payment of taxes in connection with the vesting of Restricted Stock Units ("RSUs") on March 17, 2026.
  • [F2]Represents the number of shares automatically withheld by WEX for the payment of taxes in connection with the vesting of Market Share Units ("MSUs") on March 17, 2026.
  • [F3]RSUs vested on March 17, 2026 and each RSU converted into one share of common stock.
  • [F4]One-third of RSUs vest each year on the first, second and third anniversaries of the date of grant.
  • [F5]Each MSU, a form of performance-based restricted share unit, converts into the number of shares of common stock determined by applying a payout factor to the target number of MSUs vesting on a given date. The payout factor is a ratio of the volume weighted average closing price per share over the 10 trading days immediately preceding (and excluding) the vesting date divided by the volume weighted average closing price per share over the 10 trading days immediately preceding (and excluding) the grant date. The minimum payout factor that must be achieved to earn a payout is 60% and the maximum payout factor is 200%.
  • [F6]Represents the number of MSUs that vested in the first tranche of the MSU award granted on March 17, 2025, based on a 105.38% payout factor, and were converted into an equal number of shares of common stock.
  • [F7]One-third of the MSU award vests on each of the first, second and third anniversaries of the date of grant and converts into shares of common stock based on a payout factor, provided that if the payout factor is not at least 60% on an applicable vesting date, the MSUs eligible to vest on such date will be forfeited.
  • [F8]Represents the target number of shares underlying the MSU award granted on March 16, 2026.
Signature
/s/ Matthew Finkelstein, as Attorney-in-Fact for Jagtar Narula|2026-03-18

Documents

1 file
  • 4
    wk-form4_1773874341.xmlPrimary

    FORM 4