ANTHONY FOLGER - 09 Jan 2023 Form 4 Insider Report for PROGRESS SOFTWARE CORP /MA (PRGS)

Role: Chief Financial Officer
Signature: YuFan Stephanie Wang, Attorney-in-Fact
Issuer symbol: PRGS
Transactions as of: 09 Jan 2023
Net transactions value: -$621,008
Form type: 4
Filing time: 23 Jan 2023, 16:22:16 UTC
Previous filing: 05 Oct 2022
Next filing: 03 Feb 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PRGS	Common Stock	Sale	$621,008	-11,863	-72%	$52.35	4,603	09 Jan 2023	Direct	F1, F2

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	+15,173		$0.000000	15,173	19 Jan 2023	Common Stock	15,173		Direct	F3, F4
transaction	PRGS	Employee Stock Options (Right to buy)	Award	$0	+36,087		$0.000000	36,087	19 Jan 2023	Common Stock	36,087	$51.41	Direct	F5
transaction	PRGS	Restricted Stock Units	Award	$0	+25,287		$0.000000	25,287	19 Jan 2023	Common Stock	25,287		Direct	F3, F6

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

Explanation of Responses:

Id	Content
F1	The trading activity reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on October 11, 2022.
F2	This transaction was executed in multiple trades at prices ranging from $51.85 to $52.67 per share. The price reported represents the weighted average sale price of these trades. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the shares sold at each separate price.
F3	Each restricted stock unit represents a contingent right to receive one share of Progress Software Corporation's (the "Company's") common stock.
F4	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.
F5	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.
F6	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.