Rehmann Rayani - 16 Feb 2022 Form 4 Insider Report for MODEL N, INC.

Role: Chief Strategy & Mktg Officer
Signature: Rehmann Rayani by Errol Hunter, Attorney-in-Fact
Issuer symbol: N/A
Transactions as of: 16 Feb 2022
Net transactions value: -$67,782
Form type: 4
Filing time: 18 Feb 2022, 19:51:58 UTC
Previous filing: 17 Nov 2021
Next filing: 18 May 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MODN	Common Stock	Sale	$19,193	-758	-1.6%	$25.32	47,801	16 Feb 2022	Direct	F1
transaction	MODN	Common Stock	Sale	$14,306	-565	-1.2%	$25.32	47,236	16 Feb 2022	Direct	F1
transaction	MODN	Common Stock	Sale	$5,317	-210	-0.44%	$25.32	47,026	16 Feb 2022	Direct	F1, F2
transaction	MODN	Common Stock	Sale	$12,711	-502	-1.1%	$25.32	46,524	16 Feb 2022	Direct	F1
transaction	MODN	Common Stock	Sale	$16,255	-642	-1.4%	$25.32	45,882	16 Feb 2022	Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	All shares reported as disposed of in this transaction were sold by the Reporting Person in order to pay the federal and state tax withholding obligations resulting from the vesting of the Reporting Person's Restricted Stock Units ("RSUs") and/or performance-based RSUs. The Reporting Person did not sell or otherwise dispose of any of the shares reported in this transaction for any reason other than to cover required taxes.
F2	Reflects a decrease of 204 shares of unvested Performance-Based RSUs ("PB-RSUs") that were cancelled due to the achievement of 64.9% of certain performance criteria related to PB-RSUs granted to the Reporting Person on November 22, 2019.

Content

All shares reported as disposed of in this transaction were sold by the Reporting Person in order to pay the federal and state tax withholding obligations resulting from the vesting of the Reporting Person's Restricted Stock Units ("RSUs") and/or performance-based RSUs. The Reporting Person did not sell or otherwise dispose of any of the shares reported in this transaction for any reason other than to cover required taxes.

Reflects a decrease of 204 shares of unvested Performance-Based RSUs ("PB-RSUs") that were cancelled due to the achievement of 64.9% of certain performance criteria related to PB-RSUs granted to the Reporting Person on November 22, 2019.