[Form 4] Waystar Holding Corp. Insider Trading Activity

Rhea-AI Filing Summary

Waystar Holding Corp. insider filing: Gregory R. Packer, Chief Legal Officer, was granted 78,321 restricted stock units (RSUs) on 08/18/2025. Each RSU represents a contingent right to one share of Waystar common stock upon settlement. The RSUs vest over four years, with 40% vesting in year 3 and 60% vesting in year 4. The filing reports 131,147 shares beneficially owned following the transaction, which includes unvested RSUs. The grant was reported on Form 4 and carries a reported price of $0 (typical for RSU grants). The filing is signed by Mr. Packer on 08/19/2025.

Positive

• Grant of 78,321 RSUs disclosed, providing clear information on executive compensation
• Vesting schedule specified (40% in year 3, 60% in year 4), clarifying timing of future equity issuance
• Total beneficial ownership disclosed (131,147 shares), including unvested RSUs, improving transparency

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: An executive RSU grant aligns long-term incentives but is a routine, non-cash compensation event disclosed under Section 16.

The 78,321 RSU award vests in later years (no near-term vesting), which suggests retention-focused compensation. The filing clearly states vesting schedule and that reported beneficial ownership (131,147 shares) includes unvested RSUs, providing transparency on potential future dilution and insider alignment with shareholders. No additional transactions or cash sales are disclosed.

Compensation Analyst

TL;DR: This is a time-based RSU grant with backloaded vesting, emphasizing long-term retention rather than immediate liquidity.

The RSU structure (40% in year 3, 60% in year 4) defers value to later periods, which may retain executive tenure. The Form 4 reports zero price, consistent with RSUs rather than purchased shares; the document also notes total beneficial ownership including unvested awards (131,147). No exercise prices or derivative instruments are reported.

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
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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^*

PACKER GREGORY R

(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 Legal officer

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025

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	08/18/2025		A		78,321	A(1)	$0	131,147(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

Explanation of Responses:

1. Reflects a grant of restricted stock units ("RSUs") which vest over 4 years, with 40% vesting in year 3 and 60% vesting in year 4. Each RSU represents a contingent right to receive one share of common stock, $0.01 par value per share (the "Common Stock") upon settlement.

2. Includes unvested RSUs.

Remarks:

	/s/ Gregory R Packer	08/19/2025
	** 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.

FAQ

What did Gregory R. Packer report on Form 4 for WAY?

He reported a grant of 78,321 restricted stock units (RSUs) on 08/18/2025 and that he beneficially owns 131,147 shares following the transaction.

How do the RSUs granted to Mr. Packer vest?

The RSUs vest over four years with 40% vesting in year 3 and 60% vesting in year 4 as stated in the filing.

Does the Form 4 show a purchase price for the RSUs?

The filing reports a price of $0, which is typical for RSU grants that are not purchased.

Is the reported beneficial ownership figure inclusive of unvested awards?

Yes, the filing states that the 131,147 shares amount includes unvested RSUs.

When was the Form 4 signed by the reporting person?

The Form 4 bears the signature of Gregory R. Packer dated 08/19/2025.