At what price was the 2,698-share grant to Don C. Watters at MMI recorded?

The 2,698-share grant to Don C. Watters was recorded at $27.79 per share. This reflects the value used for the reported equity award, rather than a reported open-market trade price or proceeds from any stock sale.

Director Don Watters (NYSE: MMI) receives 2,698-share equity grant

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Marcus & Millichap, Inc. director Don C. Watters reported an equity award of 2,698 shares of common stock on April 30, 2026, granted at $27.79 per share. The filing describes this as a grant, award, or other acquisition rather than an open-market purchase.

These granted shares shall vest on the first anniversary of the grant date. Following the award, Watters directly holds 15,902 common shares. Separately, a revocable trust holds 8,337 common shares, and as trustee he may be deemed to have beneficial ownership of those indirect holdings.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Watters Don C.

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	2,698	$27.79	$75K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 15,902 shares (Direct, null); Common Stock — 8,337 shares (Indirect, By Trust)

Footnotes (1)

The shares shall vest on the first anniversary of the date of grant. The Don C. Watters and Susan W. Watters Revocable Trust dated 10/20/1998 holds these shares and Mr. Watters, as trustee, may be deemed to have beneficial ownership over these shares.

Key Figures

Share grant: 2,698 shares Grant price: $27.79 per share Direct holdings after grant: 15,902 shares +1 more

4 metrics

Share grant 2,698 shares Common stock grant to director on April 30, 2026

Grant price $27.79 per share Value used for awarded common shares

Direct holdings after grant 15,902 shares Common stock directly owned by Don C. Watters

Indirect trust holdings 8,337 shares Common stock held by revocable trust where he is trustee

Key Terms

Grant, award, or other acquisition, Revocable Trust, beneficial ownership, vest

4 terms

Grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

Revocable Trust financial

"The Don C. Watters and Susan W. Watters Revocable Trust dated 10/20/1998 holds these shares"

A revocable trust is a legal arrangement where the person who creates it keeps control and can change or cancel the trust at any time, while naming who will manage and receive the assets later. Think of it like a flexible folder for your investments and property that can be relabeled or reworked as circumstances change; it matters to investors because it determines how ownership is recorded, how easily assets transfer on incapacity or death, and whether holdings bypass public probate proceedings.

beneficial ownership financial

"Mr. Watters, as trustee, may be deemed to have beneficial ownership over these shares"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

vest financial

"The shares shall vest on the first anniversary of the date of grant"

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

Form 4 Insider Transactions: What Each Field Means →

05/04/2026 - 07:32 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a 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). See Instruction 10.

1. Name and Address of Reporting Person^*

Watters Don C.

(Last)

(First)

(Middle)

C/O MARCUS & MILLICHAP, INC.

23975 PARK SORRENTO, SUITE 400

(Street)

CALABASAS

CALIFORNIA

91302

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Marcus & Millichap, Inc. [ MMI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/30/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/30/2026		A		2,698⁽¹⁾	A	$27.79	15,902	D
Common Stock								8,337	I	By Trust⁽²⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The shares shall vest on the first anniversary of the date of grant.

2. The Don C. Watters and Susan W. Watters Revocable Trust dated 10/20/1998 holds these shares and Mr. Watters, as trustee, may be deemed to have beneficial ownership over these shares.

	/s/ Mark Cortell, as Attorney-in-Fact for Don C. Watters	05/04/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Don C. Watters report at Marcus & Millichap (MMI)?

Don C. Watters reported receiving an award of 2,698 Marcus & Millichap common shares. The transaction is coded as a grant or award, indicating a compensation-related share acquisition rather than an open-market stock purchase or sale.

How many Marcus & Millichap (MMI) shares does Don C. Watters hold after this Form 4 grant?

After the grant, Don C. Watters directly holds 15,902 Marcus & Millichap common shares. In addition, a revocable trust associated with him holds 8,337 shares, over which he may be deemed to have beneficial ownership as trustee.

When do the newly granted Marcus & Millichap (MMI) shares to Don C. Watters vest?

The newly granted shares to Don C. Watters vest on the first anniversary of the grant date. This one-year vesting schedule means he earns full ownership over time, typical of compensation-related stock awards for company directors.

Are Don C. Watters’ trust-held MMI shares direct or indirect ownership?

The trust-held Marcus & Millichap shares are reported as indirect ownership. A revocable trust holds 8,337 common shares, and as trustee, Don C. Watters may be deemed to have beneficial ownership, but they are distinguished from his directly held shares.