Stephen H. Faberman - Feb 1, 2022 Form 4 Insider Report for PROGRESS SOFTWARE CORP /MA (PRGS)

Role
Chief Legal Officer
Signature
Stephen H. Faberman
Stock symbol
PRGS
Transactions as of
Feb 1, 2022
Transactions value $
-$284,628
Form type
4
Date filed
2/3/2022, 04:19 PM
Previous filing
Jan 24, 2022
Next filing
Apr 5, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PRGS Common Stock Options Exercise $0 +14K +14.82% $0.00 108K Feb 1, 2022 Direct F1, F2
transaction PRGS Common Stock Tax liability -$285K -6.2K -5.73% $45.93 102K Feb 1, 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 -14K -100% $0.00* 0 Feb 1, 2022 Common Stock 14K 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 10,078 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.