Form 4: Pegasystems COO, CFO Kenneth Stillwell Reports Stock Option Vesting
SEC Form 4
Kenneth Stillwell, COO and CFO of Pegasystems, reports the vesting of stock options related to performance criteria met in fiscal year 2024.
Summary
- Kenneth Stillwell, the COO and CFO of Pegasystems, filed a Form 4 detailing changes in beneficial ownership.
- The report indicates the vesting of stock options granted on March 7, 2023, and March 5, 2024, due to the satisfaction of performance criteria for the fiscal year ended December 31, 2024.
- Specifically, 31,326 shares vested from an option granted on March 7, 2023, with an exercise price of $47.27.
- Additionally, 30,000 shares vested from another option granted on March 7, 2023, also with an exercise price of $47.27.
- Furthermore, 10,000 shares vested from an option granted on March 5, 2024, with an exercise price of $62.1.
- Following these transactions, Stillwell directly owns 14,466 shares of common stock.
- He also holds options for 31,326, 30,000, and 10,000 shares from the grants on March 7, 2023, and March 5, 2024, respectively.
Sentiment
Score: 7
Explanation: The document indicates that performance criteria were met, leading to the vesting of stock options, which is generally a positive sign. However, it's a routine filing and doesn't provide extensive information about the company's overall performance.
Positives
- The vesting of stock options indicates that Pegasystems met certain performance criteria for the fiscal year ended December 31, 2024, suggesting positive performance.
Industry Context
This filing is a routine disclosure related to executive compensation and is common for publicly traded companies. It provides transparency into the equity holdings of key executives.
Stakeholder Impact
- The vesting of stock options aligns management's interests with those of shareholders, potentially incentivizing them to drive company performance.
Key Dates
| Date | Description |
|---|---|
| 03/07/2023 | Date of grant for stock options to purchase 41,768 and 40,000 shares. |
| 12/31/2023 | Fiscal year end for performance criteria related to 25% vesting of options granted on March 7, 2023. |
| 03/05/2024 | Date of grant for stock options to purchase 40,000 shares. |
| 12/31/2024 | Fiscal year end for performance criteria related to 75% vesting of options granted on March 7, 2023, and 25% vesting of options granted on March 5, 2024. |
| 02/12/2025 | Date of transaction (vesting of stock options). |
| 03/07/2025 | Date options granted on March 7, 2023, become exercisable. |
| 03/05/2025 | Date options granted on March 5, 2024, become exercisable. |
| 03/07/2033 | Expiration date for options granted on March 7, 2023. |
| 03/05/2034 | Expiration date for options granted on March 5, 2024. |
Keywords
Form 4, Stock Options, Vesting, Pegasystems, PEGA, Kenneth Stillwell, COO, CFO, Beneficial Ownership
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