Stephen H. Faberman - 01 Feb 2022 Form 4 Insider Report for PROGRESS SOFTWARE CORP /MA (PRGS)

Role: Chief Legal Officer
Signature: Stephen H. Faberman
Issuer symbol: PRGS
Transactions as of: 01 Feb 2022
Net transactions value: -$284,628
Form type: 4
Filing time: 03 Feb 2022, 16:19:07 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	+13,970	+15%	$0.000000	108,214	01 Feb 2022	Direct	F1, F2
transaction	PRGS	Common Stock	Tax liability	$284,628	-6,197	-5.7%	$45.93	102,017	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	-13,970	-100%	$0.000000^*	0	01 Feb 2022	Common Stock	13,970		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.