Loren Jarrett - Apr 20, 2023 Form 4 Insider Report for PROGRESS SOFTWARE CORP /MA (PRGS)

Role
EVP/GM Digital Experience
Signature
YuFan Stephanie Wang, Attorney-in-Fact
Stock symbol
PRGS
Transactions as of
Apr 20, 2023
Transactions value $
-$1,244,139
Form type
4
Date filed
4/24/2023, 04:28 PM
Previous filing
Apr 4, 2023
Next filing
Oct 3, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PRGS Common Stock Options Exercise $687K +23.5K +122.17% $29.25 42.7K Apr 20, 2023 Direct
transaction PRGS Common Stock Sale -$1.33M -23.5K -54.99% $56.58 19.2K Apr 20, 2023 Direct F1, F2
transaction PRGS Common Stock Options Exercise $673K +13.3K +69.02% $50.69 32.5K Apr 20, 2023 Direct
transaction PRGS Common Stock Sale -$751K -13.3K -40.84% $56.57 19.2K Apr 20, 2023 Direct F1, F3
transaction PRGS Common Stock Sale -$524K -9.27K -48.2% $56.57 9.96K Apr 20, 2023 Direct F1, F4

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 Options Exercise $0 -23.5K -100% $0.00* 0 Apr 20, 2023 Common Stock 23.5K $29.25 Direct F5
transaction PRGS Employee Stock Options Options Exercise $0 -13.3K -100% $0.00* 0 Apr 20, 2023 Common Stock 13.3K $50.69 Direct F6
* 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 The trading activity reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on January 20, 2023.
F2 This transaction was executed in multiple trades at prices ranging from $56.27 to $56.855 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 This transaction was executed in multiple trades at prices ranging from $56.17 to $56.85 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.
F4 This transaction was executed in multiple trades at prices ranging from $56.19 to $56.85 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.
F5 Options were granted to the Reporting Person on February 17, 2017 under the Company's 2008 Stock Option and Incentive Plan. As of April 1, 2021, 23,490 options were vested and exercisable.
F6 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, 13,271 options were vested and exercisable.