Sundar Subramanian - 01 Feb 2022 Form 4 Insider Report for PROGRESS SOFTWARE CORP /MA (PRGS)

Role
EVP/GM DevSecOps
Signature
Stephen H. Faberman, Attorney-in-Fact
Issuer symbol
PRGS
Transactions as of
01 Feb 2022
Net transactions value
-$214,539
Form type
4
Filing time
03 Feb 2022, 16:16:53 UTC
Previous filing
24 Jan 2022
Next filing
05 Apr 2022
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PRGS Common Stock Options Exercise $0 +10,927 +143% $0.000000 18,595 01 Feb 2022 Direct F1, F2
transaction PRGS Common Stock Tax liability $214,539 -4,671 -25% $45.93 13,924 01 Feb 2022 Direct 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 PRGS Restricted Stock Units Options Exercise $0 -10,927 -100% $0.000000* 0 01 Feb 2022 Common Stock 10,927 Direct F1, F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On September 30, 2019, the Reporting Person was granted 7,883 performance-based restricted stock units pursuant to Progress Software Corporation's (the "Company's") 2008 Stock Option and Incentive Plan and 2019 Long Term Incentive Plan. Based on the Company meeting relative total shareholder return and cumulative operating income criteria over the three-year period ending November 30, 2021, the amount shown is the amount of performance-based restricted stock units that vested under the 2019 Long Term Incentive Plan on February 1, 2022.
F2 Restricted stock units convert into common stock on a one-for-one basis.
F3 Represents shares of common stock withheld by the Company to pay the tax withholding obligations of the Reporting Person upon the vesting of performance-based restricted stock units granted to the Reporting Person on September 30, 2019.