Form 4: Thryv CEO Joe Walsh Reports Stock Transactions

Thryv Holdings CEO Joe Walsh reported the acquisition of 144,578 restricted stock units and the disposition of shares for tax withholding purposes.

Summary

• Joe Walsh, Chairman and CEO of Thryv Holdings, Inc. (THRY), reported changes in his beneficial ownership of common shares.
• On January 5, 2026, Mr. Walsh disposed of 873 common shares at $5.81 and 1,054 common shares at $5.81 to satisfy tax withholding obligations related to restricted stock unit vesting.
• On January 6, 2026, an additional 15,049 common shares were disposed of at $5.98 for tax withholding purposes.
• On January 5, 2026, Mr. Walsh acquired 144,578 restricted stock units (RSUs) at a price of $0.
• These RSUs were granted under the Issuer's 2020 Incentive Award Plan.
• One-third of the acquired RSUs will vest in January 2027, with the remaining two-thirds vesting in equal monthly installments thereafter.
• Following these transactions, Mr. Walsh directly beneficially owns 736,084 common shares and indirectly owns 1,625,206 common shares through a trust.

Sentiment

Score: 5

Explanation: The filing reports routine insider transactions related to equity compensation, which is a neutral event. The acquisition of RSUs is a positive alignment of interests, while the disposition for tax withholding is a standard, non-discretionary event.

Positives

• The acquisition of 144,578 restricted stock units aligns management's long-term interests with those of shareholders, demonstrating continued commitment to the company's performance.

Negatives

• The disposition of 16,976 common shares (873 + 1,054 + 15,049) was solely for tax withholding purposes related to RSU vesting and is a routine, non-discretionary event, not indicative of a negative outlook.

Risks

• The value of the restricted stock units is subject to the future performance of Thryv Holdings' common stock.
• Future dilution could occur as these restricted stock units vest and convert into common shares, although this is a standard component of equity compensation plans.

Future Outlook

The acquired restricted stock units are scheduled to vest one-third in January 2027, with the remaining two-thirds vesting in equal monthly installments thereafter, indicating a long-term incentive structure for the CEO.

Industry Context

This Form 4 filing reports routine insider transactions, specifically the grant and vesting of equity compensation, which is a common practice across industries to incentivize and retain key executives. It does not provide broader industry trend analysis.

Stakeholder Impact

• Shareholders: The grant of restricted stock units aligns the CEO's interests with long-term shareholder value creation. The disposition for tax purposes is a minor, routine event with negligible impact.
• Employees: The equity compensation structure for the CEO may reflect broader compensation strategies within the company.

Next Steps

• The vesting of the restricted stock units will occur, with one-third in January 2027 and the remainder in equal monthly installments thereafter.

Key Dates

Keywords

Thryv Holdings, THRY, Joe Walsh, Form 4, Insider Transaction, Restricted Stock Units, RSU, Equity Compensation, Beneficial Ownership, CEO, Director