Form 4: Pega Systems COO Kenneth Stillwell Reports Stock Transactions
SEC Form 4 Filing
Kenneth Stillwell, COO and CFO of Pega Systems, reports the sale and acquisition of company stock and restricted stock units on September 3, 2024, according to a Form 4 filing with the SEC.
Summary
- Kenneth Stillwell, the COO and CFO of Pega Systems, filed a Form 4 with the SEC detailing changes in his beneficial ownership of the company's stock.
- On September 3, 2024, Stillwell sold 3,000 shares of common stock at a price of $70.41 per share, pursuant to a pre-arranged trading plan.
- He also acquired shares through the vesting of restricted stock units (RSUs).
- Specifically, 1,175 RSUs vested from a grant on March 1, 2023, 576 RSUs vested from a grant on March 2, 2022, and 697 RSUs vested from a grant on March 3, 2021.
- A total of 463, 227 and 275 shares were tendered to the issuer to satisfy tax withholding obligations at a price of $70.88.
- Following these transactions, Stillwell directly owns 16,680 shares of Pega Systems common stock and holds derivative securities including 16,605 restricted stock units.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing detailing stock transactions by a company executive. It doesn't inherently convey positive or negative sentiment, but rather provides factual information about insider trading activity.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the trading activities of company insiders. These filings are closely watched by investors for signals about management's confidence in the company's prospects.
Stakeholder Impact
- Shareholders may be interested in the trading activity of company insiders as an indicator of management's view of the company's value.
- The transactions have a minor impact on the overall float of Pega Systems stock.
Key Dates
| Date | Description |
|---|---|
| 03/03/2021 | Original grant date for 13,931 restricted stock units, with 20% vesting on March 3, 2021, and the remaining 80% vesting in equal quarterly installments over the remaining four years. |
| 03/02/2022 | Original grant date for 11,527 restricted stock units, with 20% vesting on March 2, 2022, with the remaining 80% vesting in equal quarterly installments over the remaining four years. |
| 03/01/2023 | Original grant date for 23,508 restricted stock units, with 20% vesting on March 1, 2023 with the remaining 80% vesting in equal quarterly installments over the remaining four years. |
| 11/08/2023 | Date Mr. Stillwell adopted a pre-arranged trading plan under Rule 10b5-1 of the Securities Exchange Act of 1934. |
| 09/03/2024 | Date of the reported transactions, including stock sales and RSU vesting. |
| 09/04/2024 | Date of the Form 4 filing. |
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