Davis Justin T. - 09 May 2023 Form 4 Insider Report for KAR Auction Services, Inc. (KAR)

Role: President of BacklotCars
Signature: Charles S. Coleman, Attorney-in-Fact
Issuer symbol: KAR
Transactions as of: 09 May 2023
Net transactions value: -$65,083
Form type: 4
Filing time: 11 May 2023, 18:04:30 UTC
Previous filing: 06 Mar 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	KAR	Common Stock	Options Exercise	$0	+15,000	+3.7%	$0.000000	422,502	09 May 2023	Direct	F1
transaction	KAR	Common Stock	Tax liability	$65,083	-4,313	-1%	$15.09	418,189	09 May 2023	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	KAR	Restricted Stock Units	Options Exercise	$0	-15,000	-33%	$0.000000	30,000	09 May 2023	Common Stock	15,000		Direct	F3, F4

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

Explanation of Responses:

Id	Content
F1	Each restricted stock unit is convertible into a share of common stock on a 1-for-1 basis. The restricted stock units vested in common stock on May 9, 2023.
F2	Shares withheld by the Company to satisfy tax withholding requirements.
F3	Each restricted stock unit is convertible into a share of common stock on a 1-for-1 basis.
F4	These restricted stock units remain subject to a time-vesting requirement and are scheduled to vest and settle in common stock as follows: one-third of these restricted stock units vested on May 9, 2023, one-third of these restricted stock units vest on May 9, 2024 and the remaining one-third of these restricted stock units vest on May 9, 2025, assuming continued employment through the applicable vesting date.