ITEM SECOND IRR. TRUST FBO KYLE R. WESTPHAL u/a of JEFFREY R. WESTPHAL dated October 5, 2001

10% Owner of Vertex (VERX) purchases 10,000 shares at $15.05; stock down 64.3% from 52-week high and -23.8% over 90 days.

A 10% owner (ITEM SECOND IRR. TRUST FBO KYLE R. WESTPHAL u/a of JEFFREY R. WESTPHAL) acquired 10,000 shares on 2026-03-09 at $15.05, bringing total holdings to 1,221,100 shares. This contrasts sharply with the insider's documented prior behavior at this ticker: in five prior transactions, all were sells, and all five exhibited negative 90-day returns, indicating well-timed exits before declines. The current purchase occurs as VERX trades at $14.94 (below transaction price) and is -64.3% from its 52-week high, with the stock declining -23.8% over 90 days. The insider's same-ticker history at VERX shows a consistent pattern of selling into strength (100% of prior trades were sells, all well-timed by 90-day performance). This buy—the first recorded purchase—may signal a tactical view, but must be weighed against the broader context: elevated valuation (P/E of 62.25), modest profitability ($4.0M net income on $192.1M revenue), and a price trajectory that is substantially below the insider's prior sell windows.

10% owner Jeffrey R. Westphal's trust sells 72,000 VERX shares (5.6% of holdings) for $4,067,286.28 at $56.48–$56.52 across two days.

A 10% shareholder liquidated 72,000 shares (5.6% of prior holdings) through two separate transactions on consecutive days at prices near the 52-week high of $57.00, raising $4,067,286.28. At the same ticker, the insider's prior 5 trades show mixed timing: a recent August 2024 sale registered a strong 90-day return of +44.4%, but overall only 0 of 1 measurable same-ticker sales were well-timed. The company trades at a P/E of 49.57 while unprofitable on a full-year basis, despite recent revenue growth of +16.4% and positive quarterly net income; current price sits at 52-week highs (+0.0% from high, +6.5% in 30 days). The sale near peak valuations and elevated stock momentum warrants examination of whether this represents portfolio management activity or a broader signal about medium-term stock prospects.

10% Owner ITEM SECOND IRR. TRUST FBO KYLE R. WESTPHAL sold 75,000 shares for $4,125,501.90 at Vertex (VERX) in 2 transactions.

ITEM SECOND IRR. TRUST FBO KYLE R. WESTPHAL, a 10% owner of Vertex (VERX), executed two separate sales totaling 75,000 shares for $4,125,501.90 on December 9-10, 2024, at prices of $55.13 and $54.98 respectively, reducing holdings from 1,358,100 to 1,283,100 shares (a -5.5% reduction). The transactions occurred as the stock trades at $54.90, within 3.6% of its 52-week high of $56.92, and near the transaction price levels, following a robust 30-day gain of +11.4%. At the same ticker (VERX), this insider's prior sales have shown mixed timing outcomes: 2 of 3 measurable trades were well-timed at the 90-day mark, though the most recent prior two sales (November 20-21, 2024) are too recent to assess. The company's fundamentals show revenue of $170,435,000.00 in the latest quarter with annual growth of +16.4%, though it reported negative full-year net income, and trades at a P/E of 47.74. The significance reflects a substantial absolute dollar transaction from a material shareholder during a period of near-52-week highs and recent momentum.

10% owner sells 72,000 shares (5.0% of holdings) for $3.8M at Vertex, bringing post-transaction holdings to 1.36M shares

A 10% owner filed a Form 4 documenting 2 separate sales totaling 72,000 shares for $3,785,736.81 executed at blended average price $52.58 on 2024-11-20 and 2024-11-21. The stock currently trades at $53.44, near its 52-week high and up 26.9% over the prior 30 days and 44.2% over 90 days. The insider retains 1.36M shares (1,358,100 shares) post-transaction, representing a 5.0% reduction from prior holdings. At the same ticker, the insider's prior 4 completed sales show 2 of 4 were well-timed at the 90-day mark. Vertex trades at a P/E of 46.47 and reported annual revenue growth of 16.4%, though the company was unprofitable over its most recent full fiscal year. The sale occurs during strong recent price momentum but the modest reduction (5.0%) and the insider's continued substantial stake (1.36M shares) suggest this does not reflect a fundamental shift in conviction.

10% Owner Jeffrey Westphal sold 158,900 shares of Vertex (VERX) for $5.9M on Aug 26; retains 1.43M shares post-sale.

A significant 10% shareholder, Jeffrey Westphal via trust, sold 158,900 shares (a 10.0% reduction in his VERX position) at $37.27 per share for total proceeds of $5.9M. The transaction occurred at a time when VERX was trading -4.8% from its 52-week high of $40.01, and the stock has declined -2.0% over the following 30 days. The insider retains substantial exposure at 1.43M shares post-transaction. At the same-ticker level, his prior 5 sells at VERX have shown mixed timing outcomes: only 2 of 5 were well-timed (negative 90d returns), whereas his cross-ticker selling record across all tickers shows a 25.00% well-timed rate and average 90d returns of +6.0% (suggesting his VERX sales historically underperform his broader track record). The company itself trades at a P/E of 50.80, is generating positive quarterly net income ($5.2M), but reported negative full-year net income, indicating recent improvement that has not yet fully translated to annual profitability; this creates ambiguity about fundamental inflection.