Ian Pitt - Jan 20, 2022 Form 4 Insider Report for PROGRESS SOFTWARE CORP /MA (PRGS)

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

Type	Sym	Class	Transaction	Value $	Shares	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	PRGS	Restricted Stock Units	Award	$0	+4.05K	$0.00	4.05K	Jan 20, 2022	Common Stock	4.05K		Direct	F1, F2
transaction	PRGS	Employee Stock Options (Right to buy)	Award	$0	+11.2K	$0.00	11.2K	Jan 20, 2022	Common Stock	11.2K	$44.49	Direct	F3
transaction	PRGS	Restricted Stock Units	Award	$0	+6.74K	$0.00	6.74K	Jan 20, 2022	Common Stock	6.74K		Direct	F1, F4

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

Id	Content
F1	Each restricted stock unit represents a contingent right to receive one share of Progress Software Corporation's (the "Company's") common stock.
F2	Represents restricted stock units granted to the Reporting Person pursuant to the Company's 2008 Stock Option and Incentive Plan. The restricted stock units vest in six equal semiannual installments beginning October 1, 2022, subject to the continued employment of the Reporting Person with the Company.
F3	The stock options vest in eight equal semiannual installments beginning on October 1, 2022, subject to the continued employment of the Reporting Person with the Company.
F4	Represents performance-based restricted stock units granted to the Reporting Person pursuant to the Company's 2008 Stock Option and Incentive Plan. The restricted stock units vest on February 1, 2025, subject to the Company meeting total shareholder return and operating income criteria over the three-year period ending November 30, 2024, and the continued employment of the Reporting Person with the Company.