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PROGRESS SOFTWARE CORP /MA — Director's Dealing 2024
Feb 2, 2024
31754_dirs_2024-02-02_0c926683-b86d-44c7-9e99-194da1ffc10f.zip
Director's Dealing
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SEC Form 4 — Statement of Changes in Beneficial Ownership
Issuer: PROGRESS SOFTWARE CORP /MA (PRGS)
CIK: 0000876167
Period of Report: 2024-01-31
Reporting Person: FOLGER ANTHONY (Chief Financial Officer)
Non-Derivative Transactions
| Date | Security | Code | Shares | Price | A/D | Holdings After | Ownership |
|---|---|---|---|---|---|---|---|
| 2024-01-31 | Common Stock | M | 7500 | $31.49 | Acquired | 31365 | Direct |
| 2024-01-31 | Common Stock | S | 7500 | $57.312 | Disposed | 23865 | Direct |
| 2024-02-01 | Common Stock | M | 37164 | — | Acquired | 61029 | Direct |
| 2024-02-01 | Common Stock | F | 16483 | $57.14 | Disposed | 44546 | Direct |
| 2024-02-02 | Common Stock | S | 7500 | $57.4064 | Disposed | 37046 | Direct |
Derivative Transactions
| Date | Security | Exercise Price | Code | Shares | A/D | Expiration | Underlying | Ownership |
|---|---|---|---|---|---|---|---|---|
| 2024-01-31 | Employee Stock Options (Right to buy) | $31.49 | M | 7500 | Disposed | 2027-03-29 | Common Stock (7500) | Direct |
| 2024-02-01 | Restricted Stock Units | $ | M | 37164 | Disposed | Common Stock (37164) | Direct |
Footnotes
F1: The trading activity reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on October 17, 2023.
F2: This transaction was executed in multiple trades at prices ranging from $57.135 to $57.58 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.
F3: On January 19, 2021, the Reporting Person was granted 19,954 performance-based restricted stock units pursuant to Progress Software Corporation's (the "Company's") 2008 Stock Option and Incentive Plan and 2019 Long Term Incentive Plan. Based on the Company meeting relative total shareholder return and cumulative operating income criteria over the three-year period ending November 30, 2023, the amount shown is the amount of performance-based restricted stock units that vested under the 2019 Long Term Incentive Plan on February 1, 2024.
F4: Restricted stock units convert into common stock on a one-for-one basis.
F5: Represents shares of common stock withheld by the Company to pay the tax withholding obligations of the Reporting Person upon the vesting of performance-based restricted stock units granted to the Reporting Person on January 19, 2021.
F6: This transaction was executed in multiple trades at prices ranging from $57.11 to $57.92 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.
F7: Options were granted to the Reporting Person on March 30, 2020 under the Company's 2008 Stock Option and Incentive Plan. As of October 1, 2023, 44,095 options were vested and exercisable.