Form 4: Pega Systems VP of Finance Exercises Stock Options, Disposes Shares for Tax Obligations
SEC Form 4 Filing
Efstathios A. Kouninis, VP of Finance & CAO at Pega Systems, exercised restricted stock units and disposed of shares to cover tax obligations on March 7, 2024.
Summary
- On March 7, 2024, Efstathios A. Kouninis, VP of Finance & CAO at Pega Systems, exercised restricted stock units (RSUs) converting them into common stock.
- He exercised 1,325 RSUs representing 100% vesting from a grant on March 7, 2023, and 665 RSUs representing 25% vesting from a grant of 2,660 RSUs.
- Kouninis disposed of 356 shares at $63.37 to satisfy tax withholding obligations related to the vesting of the 1,325 RSUs.
- He also disposed of 162 shares at $63.37 to satisfy tax withholding obligations related to the vesting of the 665 RSUs.
- Following these transactions, Kouninis directly owns 1,199 shares and 1,702 shares of Pega Systems common stock, respectively.
- He also holds 1,995 restricted stock units.
Sentiment
Score: 5
Explanation: The document reflects routine insider transactions related to stock options and tax obligations, indicating a neutral sentiment.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates the VP of Finance & CAO exercised vested stock options and sold a portion of the acquired shares to cover tax liabilities, a common practice.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders, as they are related to executive compensation and tax obligations.
Key Dates
| Date | Description |
|---|---|
| 03/07/2023 | Original grant date of 1,325 restricted stock units. |
| 03/07/2024 | Transaction date: Exercise of restricted stock units and disposal of shares for tax obligations. |
| 03/11/2024 | Date of Form 4 filing. |
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