Form 4: PegaSystems COO Kenneth Stillwell Reports Stock Transactions Following RSU Vesting

Kenneth Stillwell, COO and CFO of PegaSystems, reports the vesting of restricted stock units (RSUs) and subsequent transactions to cover tax obligations.

Summary

• Kenneth Stillwell, the COO and CFO of PegaSystems, filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
• On March 7, 2024, Stillwell had 4,631 restricted stock units (RSUs) vest, representing 100% vesting from a grant on March 7, 2023.
• Additionally, 10,442 RSUs vested, representing 25% vesting of an original grant of 41,768 RSUs, with the remaining 75% vesting quarterly over the next three years.
• Stillwell disposed of 1,823 shares at $63.37 to cover tax withholding obligations related to the vesting of the first set of RSUs.
• He also disposed of 4,109 shares at $63.37 to cover tax withholding obligations related to the vesting of the second set of RSUs.
• Following these transactions, Stillwell directly owns 26,884 shares of PegaSystems common stock, excluding unvested RSUs and options.
• He also owns 31,326 derivative securities in the form of restricted stock units.

Sentiment

Score: 6

Explanation: The document is a standard SEC filing detailing stock transactions. It doesn't inherently convey positive or negative sentiment, but rather provides factual information about insider activity. The sentiment is neutral to slightly positive as it reflects ongoing compensation and alignment with the company.

Industry Context

Form 4 filings are a routine part of executive compensation and provide transparency into insider transactions. Vesting schedules and tax-related sales are common.

Stakeholder Impact

• The transactions have a minor impact on shareholders as they involve the vesting of previously granted equity compensation.
• Employees may be interested in the details of executive compensation.

Key Dates