Domenic LoCoco - Jan 18, 2024 Form 4 Insider Report for PROGRESS SOFTWARE CORP /MA (PRGS)

Role
Chief Accounting Officer
Signature
YuFan Stephanie Wang, Attorney-in-Fact
Stock symbol
PRGS
Transactions as of
Jan 18, 2024
Transactions value $
-$285,085
Form type
4
Date filed
1/22/2024, 04:22 PM
Previous filing
Nov 9, 2023
Next filing
Feb 2, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PRGS Common Stock Options Exercise $228K +4.5K +155.28% $50.69 7.4K Jan 18, 2024 Direct F1
transaction PRGS Common Stock Sale -$257K -4.5K -60.83% $57.00 2.9K Jan 18, 2024 Direct 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 Employee Stock Options (Right to buy) Options Exercise -$257K -4.5K -100% $57.00 0 Jan 18, 2024 Common Stock 4.5K $50.69 Direct F3
transaction PRGS Restricted Stock Units Award $0 +4.84K $0.00 4.84K Jan 18, 2024 Common Stock 4.84K Direct F4, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id Content
F1 Includes 105 shares of common stock acquired by the Reporting Person on December 31, 2023 through Progress Software Corporation's (the "Company's") Employee Stock Purchase Plan.
F2 The trading activity reported on this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 9, 2023.
F3 Options were granted to the Reporting Person on January 12, 2018 under the Company's 2008 Stock Option and Incentive Plan. As of April 1, 2022, 4,503 shares were vested and exercisable.
F4 Each restricted stock unit represents a contingent right to receive one share of the Company's common stock.
F5 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, 2024, subject to the continued employment of the Reporting Person with the Company.