Tensile Capital Management LP - Oct 25, 2022 Form 4 Insider Report for Vertex, Inc. (VERX)

Role: 10%+ Owner
Signature: Tensile Capital Partners Master Fund LP, by: Tensile Capital GP, LLC, its General Partner, /s/ Arthur Young, Managing Partner
Stock symbol: VERX
Transactions as of: Oct 25, 2022
Transactions value $: $5,887,500
Form type: 4
Date filed: 10/27/2022, 04:22 PM
Previous filing: Aug 5, 2022
Next filing: Apr 21, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	VERX	Class A common stock	Exercise of in-the-money or at-the-money derivative security	$5.89M	+750K	+14.37%	$7.85	5.97M	Oct 25, 2022	By Tensile Capital Partners Master Fund LP	F1, F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	VERX	Stock Option (Right to Buy)	Exercise of in-the-money or at-the-money derivative security	$0	-1	-100%	$0.00^*	0	Oct 25, 2022	Class A Common Stock	750K	$7.85	Direct

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The shares are held directly by Tensile Capital Partners Master Fund LP. The reporting persons ("Reporting Persons") are Douglas J. Dossey, Arthur C. Young, Tensile Capital Management LP, Tensile Capital Management GP LLC, Tensile Capital GP LLC and Tensile Capital Partners Master Fund LP.
F2	The general partner and investment adviser of Tensile Capital Partners Master Fund LP are Tensile Capital GP LLC and Tensile Capital Management LP, respectively. The general partner of Tensile Capital Management LP is Tensile Capital Management GP LLC.
F3	Douglas J. Dossey and Arthur C. Young are the controlling principals of Tensile Capital Management LP, Tensile Capital Management GP LLC, and Tensile Capital GP LLC. Each of the Reporting Persons may be deemed to share beneficial ownership of the shares with Tensile Capital Partners Master Fund LP. Each of the Reporting Persons disclaim beneficial ownership of the shares, except to the extent of such person's pecuniary interest therein, if any. This report shall not be deemed an admission that any of the Reporting Persons is the beneficial owner of the shares for purposes of Section 16 of the Securities and Exchange Act of 1934 or for any other purpose.