[Form 4] Waystar Holding Corp. Insider Trading Activity

Rhea-AI Filing Summary

Christopher L. Schremser, Chief Technology Officer of Waystar Holding Corp. (WAY), executed stock option activity and an offsetting sale on 08/11/2025 under a pre-established trading plan. He exercised 8,623 stock options with an exercise price of $4.14 and received 8,623 shares. Those same 8,623 shares were sold in multiple transactions at a weighted-average price of $34.4882 (range: $34.28 to $34.80).

The transactions were made pursuant to a 10b5-1(c) plan adopted on December 6, 2024. After these transactions the reporting person beneficially owned 438,044 shares of common stock and continued to hold 103,486 stock options; the options involved are stated to be vested.

Positive

• Transactions executed under a 10b5-1(c) plan, indicating they were prearranged (plan adopted December 6, 2024).
• Options involved are vested, per the filing footnote.
• Reporting person retains material holdings: 438,044 shares and 103,486 stock options after the transactions.

Negative

• Insider sold 8,623 shares, a disclosed reduction in beneficial ownership.
• Beneficial common stock ownership decreased from 446,667 to 438,044 shares following the sale.

Insights

Financial Analyst

TL;DR: Routine option exercise and immediate sale under a 10b5-1 plan; modest net change in reported holdings.

The disclosure shows CTO Christopher Schremser exercised 8,623 options at a $4.14 strike and sold the resulting shares at a weighted-average of $34.4882. The transactions were automatic under a 10b5-1 plan, which indicates the trades were prearranged rather than ad hoc. Reported beneficial ownership declined from 446,667 (after exercise) to 438,044 shares following the sale, while 103,486 options remain outstanding and are reported vested. For investors, this is a disclosure of insider liquidity rather than a change in corporate strategy.

Corporate Governance Expert

TL;DR: Pre-established plan and vested options reduce governance concerns; insider retains substantial equity and option exposure.

The Form 4 indicates the exercise and sale were executed pursuant to a 10b5-1(c) plan adopted on December 6, 2024, reducing the likelihood that these trades reflect opportunistic timing. Footnotes state the sale prices ranged from $34.28 to $34.80 and that the options were vested. Post-transaction holdings show ongoing direct ownership of 438,044 shares plus 103,486 options, leaving the reporting person materially invested in the company despite the disposition disclosed.

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^*

Schremser Christopher L.

(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 Technology Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/11/2025

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	08/11/2025		M		8,623	A	$4.14	446,667(1)	D
Common Stock	08/11/2025		S		8,623	D	$34.4882(2)	438,044(1)	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)	$4.14	08/11/2025		M			8,623	(3)	11/01/2027	Common Stock	8,623	$0	103,486	D

Explanation of Responses:

1. These transactions occurred automatically pursuant to a plan adopted by the Reporting Person on December 6, 2024 that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

2. The price reported in Column 4 is a weighted average price. These shares of common stock, par value $0.01 per share ("Common Stock") of Waystar Holding Corp. (the "Issuer") were sold in multiple transactions ranging from $34.28 to $34.80, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares of Common Stock sold at each separate price in the range set forth in this footnote.

3. These options are currently vested.

Remarks:

	/s/ Gregory R. Packer, as Attorney-in-Fact	08/12/2025
	** 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 Waystar (WAY) insider Christopher Schremser do?

He exercised 8,623 stock options at a $4.14 exercise price and sold the resulting 8,623 shares at a weighted-average price of $34.4882.

Were the trades by the WAY insider preplanned?

Yes. The filing states the transactions occurred automatically under a 10b5-1(c) trading plan adopted on December 6, 2024.

How many shares does the reporting person own after these transactions?

After the reported transactions the reporting person beneficially owned 438,044 shares of common stock.

How many stock options does the reporting person still hold?

The filing reports 103,486 stock options beneficially owned following the transactions, and the options are stated to be vested.

At what prices were the shares sold?

The weighted-average sale price was $34.4882, with individual sales ranging from $34.28 to $34.80, per the filing footnote.