Form 4: Progress Software CEO Yogesh Gupta Reports Stock Transactions
SEC Form 4 Filing
Yogesh Gupta, CEO of Progress Software, reports the vesting of restricted stock units and subsequent tax withholding.
Summary
- On February 1, 2025, Yogesh Gupta, CEO of Progress Software, reported transactions involving Progress Software Corporation common stock.
- 78,036 performance-based restricted stock units vested based on the company meeting certain performance criteria over a three-year period ending November 30, 2024.
- These restricted stock units were granted on January 20, 2022, under the company's 2008 Stock Option and Incentive Plan and 2022 Long Term Incentive Plan.
- The company withheld 37,732 shares of common stock at a price of $57.23 to cover the reporting person's tax obligations.
- Following these transactions, Gupta directly owns 197,135 shares of Progress Software common stock.
Sentiment
Score: 5
Explanation: This is a neutral disclosure of stock transactions related to executive compensation. It doesn't inherently indicate positive or negative sentiment.
Industry Context
This filing is a routine disclosure of insider transactions, which are common for executives who receive stock-based compensation. It provides transparency into the executive's holdings and transactions in the company's stock.
Stakeholder Impact
- The vesting of restricted stock units aligns executive compensation with company performance, potentially benefiting shareholders.
- Tax withholding impacts the executive's personal finances.
Key Dates
| Date | Description |
|---|---|
| January 20, 2022 | Reporting Person was granted 61,812 performance-based restricted stock units |
| November 30, 2024 | End of the three-year performance period for restricted stock units. |
| February 01, 2025 | Restricted stock units vested and shares were withheld for taxes. |
| February 04, 2025 | Date of signature for the Form 4 filing. |
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