Anthony Folger - Jan 9, 2023 Form 4 Insider Report for PROGRESS SOFTWARE CORP /MA (PRGS)

Role
Chief Financial Officer
Signature
YuFan Stephanie Wang, Attorney-in-Fact
Stock symbol
PRGS
Transactions as of
Jan 9, 2023
Transactions value $
-$621,008
Form type
4
Date filed
1/23/2023, 04:22 PM
Previous filing
Oct 5, 2022
Next filing
Feb 3, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PRGS Common Stock Sale -$621K -11.9K -72.05% $52.35 4.6K Jan 9, 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 +15.2K $0.00 15.2K Jan 19, 2023 Common Stock 15.2K Direct F3, F4
transaction PRGS Employee Stock Options (Right to buy) Award $0 +36.1K $0.00 36.1K Jan 19, 2023 Common Stock 36.1K $51.41 Direct F5
transaction PRGS Restricted Stock Units Award $0 +25.3K $0.00 25.3K Jan 19, 2023 Common Stock 25.3K 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.