Ian Johnston - Sep 7, 2023 Form 4 Insider Report for Performant Financial Corp (PFMT)

Role
Vice President and Chief Accounting Officer
Signature
/s/ Ian A. Johnston
Stock symbol
PFMT
Transactions as of
Sep 7, 2023
Transactions value $
-$52,871
Form type
4
Date filed
9/11/2023, 07:32 PM
Previous filing
Aug 18, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PFMT Common Stock, par value $0.0001 per share Options Exercise $0 +31.4K +13.28% $0.00 268K Sep 7, 2023 Direct
transaction PFMT Common Stock, par value $0.0001 per share Tax liability -$25.9K -10.8K -4.02% $2.41 257K Sep 7, 2023 Direct F1
transaction PFMT Common Stock, par value $0.0001 per share Options Exercise $0 +12.5K +4.86% $0.00 269K Sep 7, 2023 Direct
transaction PFMT Common Stock, par value $0.0001 per share Tax liability -$10.4K -4.32K -1.6% $2.41 265K Sep 7, 2023 Direct F1
transaction PFMT Common Stock, par value $0.0001 per share Options Exercise $0 +19.8K +7.47% $0.00 285K Sep 7, 2023 Direct
transaction PFMT Common Stock, par value $0.0001 per share Tax liability -$16.5K -6.85K -2.4% $2.41 278K Sep 7, 2023 Direct F1

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 PFMT Restricted Stock Units Options Exercise $0 -31.4K -100% $0.00* 0 Sep 7, 2023 Common Stock 31.4K Direct F2, F3
transaction PFMT Restricted Stock Units Options Exercise $0 -12.5K -33.33% $0.00 25K Sep 7, 2023 Common Stock 12.5K Direct F2, F4
transaction PFMT Restricted Stock Units Options Exercise $0 -19.8K -25% $0.00 59.4K Sep 7, 2023 Common Stock 19.8K Direct F2, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id Content
F1 Shares surrendered to pay tax liability due on vesting of Restricted Stock Units.
F2 Each restricted stock unit represents a contingent right to receive one share of PFMT's common stock. The units were awarded at no cost to the Reporting Person.
F3 Restricted Stock Unit award was granted on July 30, 2020. The restricted stock unit award vested at a rate of 1/3 annually on the first, second, and third anniversaries of July 30, 2020, provided that the Reporting Person remained in continuous service through each vest date.
F4 Restricted Stock Unit award was granted on August 13, 2021. The restricted stock unit award vests at a rate of 25% annually on the first, second, third, and fourth anniversaries of August 14, 2021, provided that the Reporting Person remains in continuous service through each vest date.
F5 Restricted Stock Unit award was granted on August 8, 2022. The restricted stock unit award vests at a rate of 25% annually on the first, second, third, and fourth anniversaries of August 15, 2022, provided that the Reporting Person remains in continuous service through each vest date.

Remarks:

Vice President and Chief Accounting Officer