Form 4: PegaSystems COO Kenneth Stillwell Sells Shares Under Pre-Arranged Trading Plan
SEC Form 4 Filing
Kenneth Stillwell, COO and CFO of PegaSystems, sold shares of common stock on July 1, 2024, under a pre-arranged trading plan.
Summary
- On July 1, 2024, Kenneth Stillwell, the COO and CFO of PegaSystems, sold shares of the company's common stock.
- The sales were executed under a pre-arranged trading plan adopted on November 8, 2023, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.
- A total of 904 shares were sold at a weighted average price of $59.25, with individual prices ranging from $58.90 to $59.61.
- An additional 1,096 shares were sold at a weighted average price of $60.22, with individual prices ranging from $60.06 to $60.53.
- Following these transactions, Stillwell directly owns 22,197 shares of PegaSystems common stock.
- This figure excludes shares subject to unvested restricted stock units and/or options awards but includes shares acquired on June 30, 2024, through the company stock purchase plan.
Sentiment
Score: 5
Explanation: The document is a routine SEC filing related to stock sales by an executive under a pre-arranged plan. It doesn't inherently indicate positive or negative sentiment.
Industry Context
Sales by insiders are a common occurrence and are often pre-planned to avoid accusations of trading on inside information. The use of a 10b5-1 plan allows corporate insiders to sell company stock over a predetermined period.
Comparison to Industry Standards
- Executive stock sales are a regular part of corporate compensation and financial planning.
- Similar sales are often seen at companies like Salesforce (CRM) and Workday (WDAY), where executives use pre-arranged trading plans to manage their equity holdings.
- The volume and frequency of these sales are generally in line with industry standards for executive compensation and diversification strategies.
Stakeholder Impact
- The stock sales may have a minor impact on shareholders, potentially creating slight downward pressure on the stock price in the short term.
- The sales do not appear to have a significant impact on employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 2023-11-08 | Date of adoption of the pre-arranged trading plan by Mr. Stillwell. |
| 2024-06-30 | Date shares were acquired pursuant to the company stock purchase plan. |
| 2024-07-01 | Date of the reported stock sales. |
| 2024-07-03 | Date of the Form 4 filing. |
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