Form 4: PEGA CEO Alan Trefler Sells Shares Under 10b5-1 Plan

Pegasystems CEO and Chairman Alan Trefler sold 29,672 shares of common stock across two transactions in February 2026, executed under a pre-arranged 10b5-1 trading plan.

Summary

• Alan Trefler, CEO and Chairman of Pegasystems Inc. (PEGA), sold a total of 29,672 shares of common stock.
• On February 17, 2026, Trefler sold 11,742 shares at a weighted average price of $45.12 per share, with prices ranging from $45.00 to $45.37.
• On February 18, 2026, Trefler sold an additional 17,930 shares at a weighted average price of $45.03 per share, with prices ranging from $45.00 to $45.26.
• These sales were conducted pursuant to a pre-arranged Rule 10b5-1 trading plan adopted by Mr. Trefler on November 11, 2025.
• Following these transactions, Mr. Trefler directly beneficially owns 44,319,782 shares of common stock.
• He also indirectly beneficially owns shares through various trusts: 8,703,426 shares via Alan N. Trefler Grantor Retained Annuity Trust II of 2024, 2,071,585 shares via The Trefler 2025 Trust, 10,879,283 shares via Alan N. Trefler Grantor Retained Annuity Trust I of 2024, and 10,876,525 shares via Alan N. Trefler Irrevocable Non-GST Trust of 2022.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event. While an insider sale, its execution under a pre-arranged 10b5-1 plan mitigates any negative sentiment, indicating a planned diversification rather than a reaction to new information.

Industry Context

StockSavvy.ai notes that insider sales executed under a Rule 10b5-1 plan are common practice for executives to diversify holdings and manage liquidity without concerns of trading on material non-public information. This type of transaction is generally viewed as a routine event rather than a signal of management's negative outlook on the company's future, especially given the significant remaining direct and indirect holdings of Mr. Trefler.

Stakeholder Impact

• Shareholders may observe a slight decrease in direct insider ownership, though the overall beneficial ownership remains substantial.
• The pre-arranged nature of the sale under a 10b5-1 plan suggests minimal impact on market perception regarding the company's immediate prospects.

Key Dates

Recommendation

The insider sale by CEO Alan Trefler, while notable, was conducted under a pre-arranged 10b5-1 trading plan. This suggests a planned diversification of personal assets rather than a reaction to new material information, thus not providing a strong signal for a change in investment thesis. Given the routine nature of such transactions, a 'hold' recommendation is appropriate, maintaining current positions while monitoring broader company performance and market conditions.

Keywords

Pegasystems, PEGA, Alan Trefler, Insider Sale, Form 4, 10b5-1 Plan, Common Stock, Beneficial Ownership, CEO, Chairman