Yogesh K. Gupta - 01 Oct 2024 Form 4 Insider Report for PROGRESS SOFTWARE CORP /MA (PRGS)

Role
Chief Executive Officer, Director
Signature
YuFan Stephanie Wang, Attorney-in-Fact
Issuer symbol
PRGS
Transactions as of
01 Oct 2024
Net transactions value
-$1,192,435
Form type
4
Filing time
03 Oct 2024, 16:17:07 UTC
Previous filing
02 Aug 2024
Next filing
17 Oct 2024
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PRGS Common Stock Options Exercise $0 +6,181 +4.2% $0.000000 151,951 01 Oct 2024 Direct F1, F2
transaction PRGS Common Stock Tax liability $198,918 -2,989 -2% $66.55 148,962 01 Oct 2024 Direct F3
transaction PRGS Common Stock Options Exercise $0 +6,808 +4.6% $0.000000 155,770 01 Oct 2024 Direct F1
transaction PRGS Common Stock Tax liability $219,083 -3,292 -2.1% $66.55 152,478 01 Oct 2024 Direct F4
transaction PRGS Common Stock Options Exercise $0 +7,349 +4.8% $0.000000 159,827 01 Oct 2024 Direct F1
transaction PRGS Common Stock Tax liability $236,519 -3,554 -2.2% $66.55 156,273 01 Oct 2024 Direct F5
transaction PRGS Common Stock Sale $537,916 -8,028 -5.1% $67.00 148,245 01 Oct 2024 Direct F6, F7

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 Options Exercise $0 -6,181 -50% $0.000000 6,182 01 Oct 2024 Common Stock 6,181 Direct F1, F8
transaction PRGS Restricted Stock Units Options Exercise $0 -6,808 -25% $0.000000 20,425 01 Oct 2024 Common Stock 6,808 Direct F1, F9
transaction PRGS Restricted Stock Units Options Exercise $0 -7,349 -17% $0.000000 36,746 01 Oct 2024 Common Stock 7,349 Direct F1, F10
* 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 Restricted stock units convert into common stock on a one-for-one basis.
F2 Includes 584 shares of common stock acquired by the Reporting Person on March 31, 2024 through Progress Software Corporation's (the "Company") Employee Stock Purchase Plan.
F3 Represents shares of common stock withheld by the Company to pay the tax withholding obligations of the Reporting Person upon the vesting of restricted stock units granted to the Reporting Person on January 20, 2022.
F4 Represents shares of common stock withheld by the Company to pay the tax withholding obligations of the Reporting Person upon the vesting of restricted stock units granted to the Reporting Person on January 19, 2023.
F5 Represents shares of common stock withheld by the Company to pay the tax withholding obligations of the Reporting Person upon the vesting of restricted stock units granted to the Reporting Person on January 18, 2024.
F6 The trading activity reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 11, 2023.
F7 This transaction was executed in multiple trades at prices ranging from $$66.71 to $67.48 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.
F8 On January 20, 2022, the Reporting Person was granted 37,087 restricted stock units pursuant to the Company's 2008 Stock Option and Incentive Plan. The restricted stock units vest in six equal semiannual installments beginning October 1, 2022, subject to the continued employment of the Reporting Person with the Company.
F9 On January 19, 2023, the Reporting Person was granted 40,849 restricted stock units 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.
F10 On January 18, 2024, the Reporting Person was granted 44,095 restricted stock units 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.