Yogesh K. Gupta - Feb 1, 2022 Form 4 Insider Report for PROGRESS SOFTWARE CORP /MA (PRGS)

Role
Chief Executive Officer, Director
Signature
Stephen H. Faberman, Attorney-in-Fact
Stock symbol
PRGS
Transactions as of
Feb 1, 2022
Transactions value $
-$1,483,906
Form type
4
Date filed
2/3/2022, 04:17 PM
Previous filing
Jan 24, 2022
Next filing
Apr 21, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PRGS Common Stock Options Exercise $0 +72.8K +258.05% $0.00 101K Feb 1, 2022 Direct F1, F2
transaction PRGS Common Stock Tax liability -$1.48M -32.3K -31.96% $45.93 68.8K Feb 1, 2022 Direct F3
holding PRGS Common Stock 100K Feb 1, 2022 By Irrevocable Trust F4

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 -72.8K -100% $0.00* 0 Feb 1, 2022 Common Stock 72.8K Direct F1, F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On January 22, 2019, the Reporting Person was granted 52,549 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 January 22, 2019.
F4 These shares are held in a trust for the benefit of the reporting person's spouse and children. The reporting person's spouse is trustee of the trust. The reporting person disclaims beneficial ownership of these securities, and the inclusion of these securities in this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.