Waystar insider Form 4: 3,400 options exercised and shares sold

Rhea-AI Filing Summary

Waystar Holding Corp. (WAY) filed a Form 4 showing its Chief Marketing Officer exercising stock options and selling the resulting shares. On 11/25/2025, the officer exercised 3,400 stock options at an exercise price of $18.19 per share, acquiring the same number of common shares. On the same day, those 3,400 common shares were sold at a price of $37 per share. After these transactions, the officer beneficially owned 193,261 shares of common stock, which includes unvested restricted stock units. The remaining stock option position was 28,750 options following the reported activity. These trades occurred automatically under a Rule 10b5-1(c) trading plan adopted on November 20, 2024.

Insider Trade Summary

Exercise and Sale: 3,400 shares ($64K approx. pre-tax spread)

Exercise and Sale 3 txns

Insider Miller Melissa F. (Missy)

Role Chief Marketing Officer

Sold 3,400 shs ($126K)

Approx. gross sale proceeds $126K

Approx. exercise cost $62K

Approx. pre-tax spread $64K

Type	Security	Shares	Price	Value
Exercise	Stock Options (right to buy)	3,400	$0.00	$0.00
Exercise	Common Stock	3,400	$18.19	$62K
Sale	Common Stock	3,400	$37.00	$126K

Holdings After Transaction: Stock Options (right to buy) — 28,750 shares (Direct); Common Stock — 193,261 shares (Direct)

Footnotes (3)

1. F1. These transactions occurred automatically pursuant to a plan adopted by the Reporting Person on November 20, 2024 that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
2. F2. Includes unvested RSUs.
3. F3. Options granted August 17, 2020 of which 50% of the option vests in five substantially equal annual installments commencing on August 17, 2021 and the remaining 50% of the option vests upon achievement of certain specified performance-based vesting criteria.

FAQ

What insider transaction did Waystar (WAY) disclose in this Form 4?

Waystar (WAY) disclosed that its Chief Marketing Officer exercised 3,400 stock options at $18.19 per share and sold 3,400 common shares at $37 per share on 11/25/2025.

How many Waystar (WAY) shares does the officer own after the transaction?

After the reported transactions, the officer beneficially owned 193,261 shares of Waystar common stock, and this total includes unvested RSUs.

What stock options were involved in the Waystar (WAY) Form 4 filing?

The filing shows the exercise of 3,400 stock options with an exercise price of $18.19 per share, originally granted on August 17, 2020, leaving 28,750 options outstanding.

Was the Waystar (WAY) insider trade made under a Rule 10b5-1 plan?

Yes. The transactions occurred automatically under a plan adopted on November 20, 2024 that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

What is the officer’s role at Waystar (WAY)?

The reporting person is an officer of Waystar Holding Corp., serving as the company’s Chief Marketing Officer.

What are the key dates in this Waystar (WAY) Form 4?

Key dates are the 11/25/2025 transaction date, the November 20, 2024 adoption date of the Rule 10b5-1 plan, and the August 17, 2020 stock option grant date.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 11/26/2025 - 10:12 AM Learn about SEC filing dates

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).

X

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^*

Miller Melissa F. (Missy)

(Last) (First) (Middle)

1550 DIGITAL DRIVE, #300

(Street)

LEHI UT 84043

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Waystar Holding Corp. [ WAY ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
11/25/2025

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

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

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

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/25/2025		M		3,400	A	$18.19	196,661(1)(2)	D
Common Stock	11/25/2025		S		3,400	D	$37	193,261(1)(2)	D

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options (right to buy)	$18.19	11/25/2025		M			3,400	(3)	08/17/2030	Common Stock	3,400	$0	28,750(1)	D

Explanation of Responses:

1. These transactions occurred automatically pursuant to a plan adopted by the Reporting Person on November 20, 2024 that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

2. Includes unvested RSUs.

3. Options granted August 17, 2020 of which 50% of the option vests in five substantially equal annual installments commencing on August 17, 2021 and the remaining 50% of the option vests upon achievement of certain specified performance-based vesting criteria.

Remarks:

	/s/ Gregory R. Packer, as Attorney-in-Fact	11/26/2025
	** 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.