PROGRESS SOFTWARE CORP /MA — Director's Dealing 2021

Apr 5, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PROGRESS SOFTWARE CORP /MA (PRGS)
CIK: 0000876167
Period of Report: 2021-04-01

Reporting Person: Jarrett Loren (General Manager, DevTools)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-04-01	Common Stock	M	691	—	Acquired	14539	Direct
2021-04-01	Common Stock	F	300	$44.3543	Disposed	14239	Direct
2021-04-01	Common Stock	M	1029	—	Acquired	15268	Direct
2021-04-01	Common Stock	F	447	$44.3543	Disposed	14821	Direct
2021-04-01	Common Stock	M	1008	—	Acquired	15829	Direct
2021-04-01	Common Stock	F	437	$44.3543	Disposed	15392	Direct
2021-04-01	Common Stock	M	742	—	Acquired	16134	Direct
2021-04-01	Common Stock	F	322	$44.3543	Disposed	15812	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-04-01	Restricted Stock Units	$	M	691	Disposed		Common Stock (691.0)	Direct
2021-04-01	Restricted Stock Units	$	M	1029	Disposed		Common Stock (1029.0)	Direct
2021-04-01	Restricted Stock Units	$	M	1008	Disposed		Common Stock (1008.0)	Direct
2021-04-01	Restricted Stock Units	$	M	742	Disposed		Common Stock (742.0)	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 January 12, 2018.

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 October 15, 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 January 22, 2019.

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 21, 2020.

F6: 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.

F7: 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.

F8: 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.

F9: On January 21, 2020, the Reporting Person was granted 4,453 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, 2020, subject to the continued employment of the Reporting Person with the Company.