Impactive Capital, the activist fund whose co-founder Lauren Taylor Wolfe sits on WEX's board, sold 234,577 WEX shares for $42.6 million on Nov. 5 and 6, a regulatory filing showed, cutting its stake by 13.7%.

It is Impactive's first sale since a May settlement ended its proxy fight and put Taylor Wolfe on the board, and the shares went for about 20% more than WEX's closing price on the last trading day before that deal was announced.

Impactive's funds sold 200,000 shares at $181.00 on Nov. 5 and 34,577 at $184.19 the next day, leaving 1,472,880 shares. The filing says the sales were not made under a prearranged trading plan, and gives no reason for them. Impactive's earlier ownership disclosures put the average cost of its holding at about $159 a share.

The fund has trimmed before. In the first week of February, days before it formally nominated its board slate, Impactive sold 488,000 shares at $148 to $155, describing those sales as portfolio rebalancing and "not an indication" of its view on WEX's prospects. The two rounds together have reduced its holding by about a third.

The size of what remains matters under the May 3 cooperation agreement. Impactive can propose a replacement if any of the three directors added under the deal leaves the board, a right that lasts only until shortly before the 2027 director-nomination window, and only while its net long position stays at or above the lesser of 3% of WEX's outstanding shares or 1,040,044 shares. With WEX's share count down to about 32.9 million, the 3% test is now the lower bar, at roughly 986,000 shares; the 1.47 million Impactive still reports clear it by nearly 490,000.