Jennifer Ortiz - Jan 19, 2023 Form 4 Insider Report for PROGRESS SOFTWARE CORP /MA (PRGS)

Role: EVP, Corporate Marketing
Signature: YuFan Stephanie Wang, Attorney-in-Fact
Stock symbol: PRGS
Transactions as of: Jan 19, 2023
Transactions value $: $0
Form type: 4
Date filed: 1/23/2023, 04:19 PM
Previous filing: Nov 18, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	PRGS	Common Stock						5.73K	Jan 19, 2023	Direct	F1

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	Award	$0	+3.79K		$0.00	3.79K	Jan 19, 2023	Common Stock	3.79K		Direct	F2, F3
transaction	PRGS	Employee Stock Options (Right to buy)	Award	$0	+9.02K		$0.00	9.02K	Jan 19, 2023	Common Stock	9.02K	$51.41	Direct	F4
transaction	PRGS	Restricted Stock Units	Award	$0	+6.32K		$0.00	6.32K	Jan 19, 2023	Common Stock	6.32K		Direct	F2, F5

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

Explanation of Responses:

Id	Content
F1	Includes 89 shares of common stock acquired by the Reporting Person on December 31, 2022 through Progress Software Corporation's (the "Company's") Employee Stock Purchase Plan.
F2	Each restricted stock unit represents a contingent right to receive one share of the Company's common stock.
F3	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, 2023, subject to the continued employment of the Reporting Person with the Company.
F4	Represents stock options granted to the Reporting Person pursuant to the Company's 2008 Stock Option and Incentive Plan. The stock options vest in eight equal semiannual installments beginning on October 1, 2023, subject to the continued employment of the Reporting Person with the Company.
F5	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, 2026, subject to the Company meeting total shareholder return and operating income criteria over the three-year period ending November 30, 2025, and the continued employment of the Reporting Person with the Company.