Form 4: Progress Software CIO Ian Pitt Reports Stock Transactions
SEC Form 4 Filing
Chief Information Officer Ian Pitt of Progress Software Corporation reports the vesting of restricted stock units and subsequent tax withholding.
Summary
- On April 1, 2025, Ian Pitt, the Chief Information Officer of Progress Software Corporation, reported transactions involving common stock and restricted stock units.
- Pitt acquired shares through the vesting of restricted stock units and simultaneously disposed of shares to cover tax withholding obligations.
- The transactions involved the vesting of 675, 681, and 666 restricted stock units, each convertible to one share of common stock.
- A total of 615 shares were withheld by Progress Software to cover tax obligations at a price of $56.16 per share.
- Following these transactions, Pitt directly owns 9,020 shares of Progress Software common stock and 2,664 restricted stock units.
Sentiment
Score: 5
Explanation: This is a routine filing reflecting standard executive compensation practices, neither particularly positive nor negative.
Industry Context
Form 4 filings are a routine part of executive compensation and provide transparency into insider transactions, which are closely monitored by investors.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units that vest over time, aligning executive interests with long-term shareholder value.
- Companies like Microsoft, Oracle, and Salesforce also use RSUs as part of their compensation strategy for key employees.
- The vesting schedules and tax withholding practices are standard across the industry.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they reflect standard executive compensation practices.
- Employees holding RSUs may be affected by similar vesting and tax withholding events.
Key Dates
| Date | Description |
|---|---|
| January 20, 2022 | Reporting Person was granted 4,046 restricted stock units pursuant to the Company's 2008 Stock Option and Incentive Plan. |
| October 1, 2022 | Restricted stock units granted on January 20, 2022 vest in six equal semiannual installments beginning this date. |
| January 19, 2023 | Reporting Person was granted 4,085 restricted stock units pursuant to the Company's 2008 Stock Option and Incentive Plan. |
| October 1, 2023 | Restricted stock units granted on January 19, 2023 vest in six equal semiannual installments beginning this date. |
| January 18, 2024 | Reporting Person was granted 3,995 restricted stock units pursuant to the Company's 2008 Stock Option and Incentive Plan. |
| October 1, 2024 | Restricted stock units granted on January 18, 2024 vest in six equal semiannual installments beginning this date. |
| April 1, 2025 | Date of the reported transactions involving common stock and restricted stock units. |
| April 3, 2025 | Date of signature for the report. |
Keywords
Progress Software, Ian Pitt, Chief Information Officer, Form 4, Restricted Stock Units, Stock Options, Beneficial Ownership, Tax Withholding, PRGS
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