John Ainsworth - Aug 8, 2023 Form 4 Insider Report for PROGRESS SOFTWARE CORP /MA (PRGS)

Role: EVP/GM App & Data Platform
Signature: YuFan Stephanie Wang, Attorney-in-Fact
Stock symbol: PRGS
Transactions as of: Aug 8, 2023
Transactions value $: -$329,662
Form type: 4
Date filed: 8/10/2023, 05:29 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	+55.25%	$29.25	66K	Aug 8, 2023	Direct	F1
transaction	PRGS	Common Stock	Tax liability	-$1.02M	-16.7K	-25.29%	$60.90	49.3K	Aug 8, 2023	Direct	F1

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	Aug 8, 2023	Common Stock	23.5K	$29.25	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	This Form 4 is being filed to report the exercise of stock options for a total of 23,490 shares, of which: (i) 11,283 shares owned by the Reporting Person were exchanged to cover the cost of the option exercise and (ii) 5,413 shares owned by the Reporting Person were withheld by Progress Software Corporation (the "Company") to pay the tax withholding obligations of the Reporting Person upon exercise of the stock options. As a result of this exercise, the Reporting Person acquired ownership of 6,794 shares of common stock.
F2	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.

Content

This Form 4 is being filed to report the exercise of stock options for a total of 23,490 shares, of which: (i) 11,283 shares owned by the Reporting Person were exchanged to cover the cost of the option exercise and (ii) 5,413 shares owned by the Reporting Person were withheld by Progress Software Corporation (the "Company") to pay the tax withholding obligations of the Reporting Person upon exercise of the stock options. As a result of this exercise, the Reporting Person acquired ownership of 6,794 shares of common stock.

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.