PROGRESS SOFTWARE CORP /MA — Director's Dealing 2020

Apr 3, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PROGRESS SOFTWARE CORP /MA (PRGS)
CIK: 0000876167
Period of Report: 2020-04-01

Reporting Person: QUINN GARY (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-04-01	Common Stock	M	1310	—	Acquired	12073	Direct
2020-04-01	Common Stock	F	642	$31.11	Disposed	11431	Direct
2020-04-01	Common Stock	M	691	—	Acquired	12122	Direct
2020-04-01	Common Stock	F	339	$31.11	Disposed	11783	Direct
2020-04-01	Common Stock	M	1029	—	Acquired	12812	Direct
2020-04-01	Common Stock	F	504	$31.11	Disposed	12308	Direct
2020-04-01	Common Stock	M	1008	—	Acquired	13316	Direct
2020-04-01	Common Stock	F	494	$31.11	Disposed	12822	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-04-01	Restricted Stock Units	$	M	1310	Disposed		Common Stock (1310.0)	Direct
2020-04-01	Restricted Stock Units	$	M	691	Disposed		Common Stock (691.0)	Direct
2020-04-01	Restricted Stock Units	$	M	1029	Disposed		Common Stock (1029.0)	Direct
2020-04-01	Restricted Stock Units	$	M	1008	Disposed		Common Stock (1008.0)	Direct

Footnotes

F1: Restricted stock units convert into common stock on a one-for-one basis.

F2: Represents shares of common stock withheld by Progress Software Corporation (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 September 29, 2017.

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 12, 2018.

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 October 15, 2018.

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 22, 2019.

F6: On September 29, 2017, the Reporting Person was granted 7,860 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 April 1, 2018, subject to the continued employment of the Reporting Person with the Company.

F7: On January 12, 2018, the Reporting Person was granted 4,143 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, 2018, subject to the continued employment of the Reporting Person with the Company.

F8: On October 15, 2018, the Reporting Person was granted 6,175 restricted stock units pursuant to the Company's 2008 Stock Option and Incentive Plan. One-third of the restricted stock units vest beginning October 1, 2019 and the remaining restricted stock units vest in four equal semiannual installments beginning April 1, 2020, subject to the continued employment of the Reporting Person with the Company.

F9: On January 22, 2019, the Reporting Person was granted 6,047 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, 2019, subject to the continued employment of the Reporting Person with the Company.