Rehmann Rayani - Feb 16, 2023 Form 4 Insider Report for MODEL N, INC. (MODN)

Role: Chief Strategy & Mktg Officer
Signature: Rehmann Rayani by Errol Hunter, Attorney-in-Fact
Stock symbol: MODN
Transactions as of: Feb 16, 2023
Transactions value $: -$148,044
Form type: 4
Date filed: 2/21/2023, 06:48 PM
Previous filing: Dec 2, 2022
Next filing: May 18, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MODN	Common Stock	Sale	-$18.9K	-540	-0.83%	$35.04	64.8K	Feb 16, 2023	Direct	F1
transaction	MODN	Common Stock	Sale	-$90.8K	-2.59K	-4%	$35.04	62.2K	Feb 16, 2023	Direct	F1, F2
transaction	MODN	Common Stock	Sale	-$16.9K	-481	-0.77%	$35.04	61.8K	Feb 16, 2023	Direct	F1
transaction	MODN	Common Stock	Sale	-$21.5K	-614	-0.99%	$35.04	61.1K	Feb 16, 2023	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	Includes an additional 52 shares of common stock issued upon vesting of Performance-Based RSUs ("PB-RSUs") granted to the Reporting Person on December 4, 2020 in connection with the achievement of 101.1% of certain performance criteria related to the Reporting Person's PB-RSUs.

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.

Includes an additional 52 shares of common stock issued upon vesting of Performance-Based RSUs ("PB-RSUs") granted to the Reporting Person on December 4, 2020 in connection with the achievement of 101.1% of certain performance criteria related to the Reporting Person's PB-RSUs.