Yogesh K. Gupta - Aug 3, 2023 Form 4 Insider Report for PROGRESS SOFTWARE CORP /MA (PRGS)

Role
Chief Executive Officer, Director
Signature
YuFan Stephanie Wang, Attorney-in-Fact
Stock symbol
PRGS
Transactions as of
Aug 3, 2023
Transactions value $
-$2,270,558
Form type
4
Date filed
8/4/2023, 08:49 PM
Previous filing
Aug 2, 2023
Next filing
Oct 3, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PRGS Common Stock Options Exercise $4.33M +150K +118.41% $28.98 276K Aug 3, 2023 Direct F1, F2
transaction PRGS Common Stock Tax liability -$6.61M -109K -39.65% $60.38 166K Aug 3, 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 Employee Stock Options Options Exercise $0 -150K -100% $0.00* 0 Aug 3, 2023 Common Stock 150K $28.98 Direct F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 This Form 4 is being filed to report the exercise of stock options for a total of 149,573 shares, of which: (i) 71,793 shares owned by the Reporting Person were exchanged to cover the cost of the option exercise and (ii) 37,606 shares owned by the Reporting Person were withheld by Progress Software Corporation (the "Company") to pay the tax withholding obligations of the Reporting Person upon exercise of the stock options. As a result of this exercise, the Reporting Person acquired ownership of 40,174 shares of common stock.
F2 Includes 584 shares of common stock acquired by the Reporting Person on March 31, 2023 through the Company's Employee Stock Purchase Plan.
F3 Options were granted to the Reporting Person on February 23, 2017 under the Company's 2008 Stock Option and Incentive Plan. As of April 1, 2021, 149,573 options were vested and exercisable.