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[Form 4] Performant Healthcare, Inc. Insider Trading Activity

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
4
Rhea-AI Filing Summary

On 07/28/2025, Performant Healthcare Inc. (PFMT) director Eric Yanagi filed a Form 4 showing receipt of 35,616 restricted stock units (RSUs), coded “J,â€� issued as standard board compensation at $0 cost. Each RSU converts to one common share and vests on the earlier of the company’s 2026 annual meeting or a change-of-control event.

After the grant, the filing lists 381,835 shares held directly by Yanagi and 3,261,675 shares held indirectly via Mill Road Capital II, L.P., for which Yanagi helps direct voting and disposition. Contractual terms give Mill Road the economic benefit of the RSUs, and Yanagi disclaims any direct pecuniary interest beyond his indirect stake.

The transaction is a non-cash, routine equity award rather than an open-market purchase or sale, so it carries limited immediate valuation or liquidity implications for PFMT shareholders.

Il 28/07/2025, il direttore di Performant Healthcare Inc. (PFMT), Eric Yanagi, ha presentato un Modulo 4 che mostra la ricezione di 35.616 unità azionarie vincolate (RSU), codificate come “J�, emesse come compenso standard del consiglio di amministrazione a costo zero. Ogni RSU si converte in un'azione ordinaria e matura al più presto tra l'assemblea annuale della società del 2026 o un evento di cambio di controllo.

Dopo l'assegnazione, la dichiarazione indica 381.835 azioni detenute direttamente da Yanagi e 3.261.675 azioni detenute indirettamente tramite Mill Road Capital II, L.P., per la quale Yanagi contribuisce a dirigere il voto e la disposizione. I termini contrattuali conferiscono a Mill Road il beneficio economico delle RSU, mentre Yanagi rinuncia a qualsiasi interesse pecuniario diretto oltre alla sua partecipazione indiretta.

La transazione è un assegnazione azionaria di routine non monetaria e non un acquisto o vendita sul mercato aperto, pertanto comporta implicazioni limitate in termini di valutazione immediata o liquidità per gli azionisti di PFMT.

El 28/07/2025, el director de Performant Healthcare Inc. (PFMT), Eric Yanagi, presentó un Formulario 4 que muestra la recepción de 35,616 unidades de acciones restringidas (RSU), codificadas como “J�, emitidas como compensación estándar del consejo a costo cero. Cada RSU se convierte en una acción común y se consolida en la fecha que ocurra primero entre la reunión anual de la empresa en 2026 o un evento de cambio de control.

Después de la concesión, el documento lista 381,835 acciones en propiedad directa de Yanagi y 3,261,675 acciones en propiedad indirecta a través de Mill Road Capital II, L.P., para la cual Yanagi ayuda a dirigir el voto y la disposición. Los términos contractuales otorgan a Mill Road el beneficio económico de las RSU, y Yanagi renuncia a cualquier interés pecuniario directo más allá de su participación indirecta.

La transacción es una concesión de acciones rutinaria no monetaria en lugar de una compra o venta en el mercado abierto, por lo que tiene implicaciones limitadas en cuanto a valoración inmediata o liquidez para los accionistas de PFMT.

2025ë…� 7ì›� 28ì�, Performant Healthcare Inc.(PFMT) ì´ì‚¬ ì—릭 야나ê¸�(Eric Yanagi)ê°€ 표준 ì´ì‚¬íš� ë³´ìƒìœ¼ë¡œ 발행ë� 35,616ê°œì˜ ì œí•œ ì£¼ì‹ ë‹¨ìœ„(RSU)ë¥� ì·¨ë“í–ˆìŒì� 나타내는 Form 4ë¥� 제출했습니다. ì´ëŠ” 0달러 비용으로 발행ë˜ì—ˆìœ¼ë©°, ê°� RSUëŠ� 보통ì£� 1주로 전환ë˜ë©° 회사ì� 2026ë…� ì—°ë¡€ íšŒì˜ ë˜ëŠ” ê²½ì˜ê¶� ë³€ê²� ì´ë²¤íŠ� ì¤� 먼저 ë„래하는 시ì ì—� 권리가 확정ë©ë‹ˆë‹�.

ë¶€ì—� í›� 제출 서류ì—는 야나기가 ì§ì ‘ 보유í•� 381,835ì£�와 야나기가 투표 ë°� 처분 ì§€ì‹œì— ê´€ì—¬í•˜ëŠ� Mill Road Capital II, L.P.ë¥� 통해 ê°„ì ‘ì ìœ¼ë¡� 보유í•� 3,261,675ì£�ê°€ 기재ë˜ì–´ 있습니다. 계약 ì¡°ê±´ì—� ë”°ë¼ Mill Roadê°€ RSUì� 경제ì � ì´ìµì� 가지ë©�, 야나기는 ê°„ì ‘ ì§€ë¶� ì™¸ì— ì§ì ‘ì ì¸ 금전ì � ì´ìµì€ ì—†ìŒì� 명시했습니다.

ì� 거래ëŠ� 현금ì� 수반ë˜ì§€ 않는 ì¼ìƒì ì¸ ì£¼ì‹ ë³´ìƒìœ¼ë¡œ, 공개 시장ì—서ì� 매매가 아니므ë¡� PFMT 주주들ì—ê²� 즉ê°ì ì¸ ê°€ì¹� í‰ê°€ë‚� 유ë™ì„±ì— í� ì˜í–¥ì� 미치지 않습니다.

Le 28/07/2025, le directeur de Performant Healthcare Inc. (PFMT), Eric Yanagi, a déposé un formulaire 4 indiquant la réception de 35 616 unités d'actions restreintes (RSU), codées « J », émises en tant que rémunération standard du conseil d'administration à coût nul. Chaque RSU se convertit en une action ordinaire et devient acquise à la première échéance entre l'assemblée générale annuelle 2026 de la société ou un événement de changement de contrôle.

Après l'attribution, le dépôt indique 381 835 actions détenues directement par Yanagi et 3 261 675 actions détenues indirectement via Mill Road Capital II, L.P., pour laquelle Yanagi aide à diriger le vote et la disposition. Les termes contractuels confèrent à Mill Road le bénéfice économique des RSU, et Yanagi décline tout intérêt pécuniaire direct au-delà de sa participation indirecte.

La transaction constitue une attribution d'actions de routine sans contrepartie en numéraire plutôt qu'un achat ou une vente sur le marché ouvert, elle a donc des implications limitées en termes de valorisation immédiate ou de liquidité pour les actionnaires de PFMT.

Am 28.07.2025 reichte der Direktor von Performant Healthcare Inc. (PFMT), Eric Yanagi, ein Formular 4 ein, das den Erhalt von 35.616 Restricted Stock Units (RSUs) zeigt, codiert als „J�, ausgegeben als standardmäßige Vorstandsvergütung zu 0 $ Kosten. Jede RSU wandelt sich in eine Stammaktie um und wird fällig bei der früheren der beiden Ereignisse: der Hauptversammlung 2026 des Unternehmens oder einem Kontrollwechselereignis.

Nach der Zuteilung listet die Einreichung 381.835 direkt gehaltene Aktien von Yanagi und 3.261.675 indirekt gehaltene Aktien über Mill Road Capital II, L.P., bei der Yanagi bei der Stimmabgabe und Veräußerung mitwirkt. Vertragliche Bedingungen gewähren Mill Road die wirtschaftlichen Vorteile der RSUs, während Yanagi jede direkte finanzielle Beteiligung über seinen indirekten Anteil hinaus ablehnt.

Die Transaktion ist eine nicht-monetäre, routinemäßige Aktienzuteilung und kein Kauf oder Verkauf am offenen Markt, daher hat sie nur begrenzte unmittelbare Bewertungs- oder Liquiditätsauswirkungen für die PFMT-Aktionäre.

Positive
  • None.
Negative
  • None.

Insights

TL;DR – Routine director RSU grant; negligible market impact.

The filing merely documents board-level compensation. No cash changed hands and Yanagi’s post-transaction ownership remains dominated by the 3.26 M shares already held indirectly through Mill Road Capital. The added 35.6 K RSUs (<0.1% of PFMT’s 97 M shares outstanding) is immaterial to float or insider-ownership trends. Because the economic benefit passes to Mill Road, there is no signal of personal bullishness. Overall, the disclosure neither strengthens nor weakens the investment thesis and should be viewed as neutral housekeeping.

Il 28/07/2025, il direttore di Performant Healthcare Inc. (PFMT), Eric Yanagi, ha presentato un Modulo 4 che mostra la ricezione di 35.616 unità azionarie vincolate (RSU), codificate come “J�, emesse come compenso standard del consiglio di amministrazione a costo zero. Ogni RSU si converte in un'azione ordinaria e matura al più presto tra l'assemblea annuale della società del 2026 o un evento di cambio di controllo.

Dopo l'assegnazione, la dichiarazione indica 381.835 azioni detenute direttamente da Yanagi e 3.261.675 azioni detenute indirettamente tramite Mill Road Capital II, L.P., per la quale Yanagi contribuisce a dirigere il voto e la disposizione. I termini contrattuali conferiscono a Mill Road il beneficio economico delle RSU, mentre Yanagi rinuncia a qualsiasi interesse pecuniario diretto oltre alla sua partecipazione indiretta.

La transazione è un assegnazione azionaria di routine non monetaria e non un acquisto o vendita sul mercato aperto, pertanto comporta implicazioni limitate in termini di valutazione immediata o liquidità per gli azionisti di PFMT.

El 28/07/2025, el director de Performant Healthcare Inc. (PFMT), Eric Yanagi, presentó un Formulario 4 que muestra la recepción de 35,616 unidades de acciones restringidas (RSU), codificadas como “J�, emitidas como compensación estándar del consejo a costo cero. Cada RSU se convierte en una acción común y se consolida en la fecha que ocurra primero entre la reunión anual de la empresa en 2026 o un evento de cambio de control.

Después de la concesión, el documento lista 381,835 acciones en propiedad directa de Yanagi y 3,261,675 acciones en propiedad indirecta a través de Mill Road Capital II, L.P., para la cual Yanagi ayuda a dirigir el voto y la disposición. Los términos contractuales otorgan a Mill Road el beneficio económico de las RSU, y Yanagi renuncia a cualquier interés pecuniario directo más allá de su participación indirecta.

La transacción es una concesión de acciones rutinaria no monetaria en lugar de una compra o venta en el mercado abierto, por lo que tiene implicaciones limitadas en cuanto a valoración inmediata o liquidez para los accionistas de PFMT.

2025ë…� 7ì›� 28ì�, Performant Healthcare Inc.(PFMT) ì´ì‚¬ ì—릭 야나ê¸�(Eric Yanagi)ê°€ 표준 ì´ì‚¬íš� ë³´ìƒìœ¼ë¡œ 발행ë� 35,616ê°œì˜ ì œí•œ ì£¼ì‹ ë‹¨ìœ„(RSU)ë¥� ì·¨ë“í–ˆìŒì� 나타내는 Form 4ë¥� 제출했습니다. ì´ëŠ” 0달러 비용으로 발행ë˜ì—ˆìœ¼ë©°, ê°� RSUëŠ� 보통ì£� 1주로 전환ë˜ë©° 회사ì� 2026ë…� ì—°ë¡€ íšŒì˜ ë˜ëŠ” ê²½ì˜ê¶� ë³€ê²� ì´ë²¤íŠ� ì¤� 먼저 ë„래하는 시ì ì—� 권리가 확정ë©ë‹ˆë‹�.

ë¶€ì—� í›� 제출 서류ì—는 야나기가 ì§ì ‘ 보유í•� 381,835ì£�와 야나기가 투표 ë°� 처분 ì§€ì‹œì— ê´€ì—¬í•˜ëŠ� Mill Road Capital II, L.P.ë¥� 통해 ê°„ì ‘ì ìœ¼ë¡� 보유í•� 3,261,675ì£�ê°€ 기재ë˜ì–´ 있습니다. 계약 ì¡°ê±´ì—� ë”°ë¼ Mill Roadê°€ RSUì� 경제ì � ì´ìµì� 가지ë©�, 야나기는 ê°„ì ‘ ì§€ë¶� ì™¸ì— ì§ì ‘ì ì¸ 금전ì � ì´ìµì€ ì—†ìŒì� 명시했습니다.

ì� 거래ëŠ� 현금ì� 수반ë˜ì§€ 않는 ì¼ìƒì ì¸ ì£¼ì‹ ë³´ìƒìœ¼ë¡œ, 공개 시장ì—서ì� 매매가 아니므ë¡� PFMT 주주들ì—ê²� 즉ê°ì ì¸ ê°€ì¹� í‰ê°€ë‚� 유ë™ì„±ì— í� ì˜í–¥ì� 미치지 않습니다.

Le 28/07/2025, le directeur de Performant Healthcare Inc. (PFMT), Eric Yanagi, a déposé un formulaire 4 indiquant la réception de 35 616 unités d'actions restreintes (RSU), codées « J », émises en tant que rémunération standard du conseil d'administration à coût nul. Chaque RSU se convertit en une action ordinaire et devient acquise à la première échéance entre l'assemblée générale annuelle 2026 de la société ou un événement de changement de contrôle.

Après l'attribution, le dépôt indique 381 835 actions détenues directement par Yanagi et 3 261 675 actions détenues indirectement via Mill Road Capital II, L.P., pour laquelle Yanagi aide à diriger le vote et la disposition. Les termes contractuels confèrent à Mill Road le bénéfice économique des RSU, et Yanagi décline tout intérêt pécuniaire direct au-delà de sa participation indirecte.

La transaction constitue une attribution d'actions de routine sans contrepartie en numéraire plutôt qu'un achat ou une vente sur le marché ouvert, elle a donc des implications limitées en termes de valorisation immédiate ou de liquidité pour les actionnaires de PFMT.

Am 28.07.2025 reichte der Direktor von Performant Healthcare Inc. (PFMT), Eric Yanagi, ein Formular 4 ein, das den Erhalt von 35.616 Restricted Stock Units (RSUs) zeigt, codiert als „J�, ausgegeben als standardmäßige Vorstandsvergütung zu 0 $ Kosten. Jede RSU wandelt sich in eine Stammaktie um und wird fällig bei der früheren der beiden Ereignisse: der Hauptversammlung 2026 des Unternehmens oder einem Kontrollwechselereignis.

Nach der Zuteilung listet die Einreichung 381.835 direkt gehaltene Aktien von Yanagi und 3.261.675 indirekt gehaltene Aktien über Mill Road Capital II, L.P., bei der Yanagi bei der Stimmabgabe und Veräußerung mitwirkt. Vertragliche Bedingungen gewähren Mill Road die wirtschaftlichen Vorteile der RSUs, während Yanagi jede direkte finanzielle Beteiligung über seinen indirekten Anteil hinaus ablehnt.

Die Transaktion ist eine nicht-monetäre, routinemäßige Aktienzuteilung und kein Kauf oder Verkauf am offenen Markt, daher hat sie nur begrenzte unmittelbare Bewertungs- oder Liquiditätsauswirkungen für die PFMT-Aktionäre.

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).
1. Name and Address of Reporting Person*
Yanagi Eric

(Last) (First) (Middle)
328 PEMBERWICK ROAD

(Street)
GREENWICH CT 06831

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Performant Healthcare Inc [ PFMT ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
07/28/2025
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, $0.0001 par value 07/28/2025 J(1) 35,616 A $0 381,835 D
Common Stock, $0.0001 par value 3,261,675 I(2) See footnote
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. Represents the Reporting Person's acquisition of an indirect pecuniary interest in restricted stock units ("RSUs") granted by the issuer to Mr. Yanagi in accordance with Rule 16b-3(d) (as described in transaction code "A") as compensation for serving as a member of the issuer's board of directors. Each RSU represents the right to receive one share of the issuer's common stock, and the RSUs will vest on the earlier of the issuer's 2026 annual meeting of stockholders or a change of control. Pursuant to a pre-existing contractual obligation, Mill Road Capital Management, LLC, an affiliate of the Reporting Person that does not have Section 13(d) beneficial ownership of any securities of the issuer, has the right to receive the economic benefit of the reported shares and, accordingly, Mr. Yanagi has no direct pecuniary interest in such shares. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein, if any.
2. The shares reported are directly held by Mill Road Capital II, L.P. (the "Fund"). Mr. Yanagi is a management committee director of Mill Road Capital II GP LLC, which is the sole general partner of the Fund and has sole authority to vote (or direct the vote of), and to dispose (or direct the disposal) of, these shares on behalf of the Fund. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein, if any.
/s/ Eric Yanagi 07/28/2025
** 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

How many PFMT shares did Eric Yanagi acquire on 07/28/2025?

He received 35,616 restricted stock units, each convertible into one PFMT share.

What is the cost basis of the RSUs granted to Eric Yanagi?

The RSUs were awarded at $0 cost as board compensation.

When will the newly granted RSUs to Eric Yanagi vest?

They vest on the earlier of the company’s 2026 annual meeting or a change of control.

How many PFMT shares does Eric Yanagi now own directly and indirectly?

Post-grant he reports 381,835 shares directly and 3,261,675 shares indirectly through Mill Road Capital II, L.P.

Does the Form 4 indicate open-market buying or selling by the insider?

No. It discloses a non-cash RSU grant; there were no open-market transactions.
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