Form 4: Progress Software Corp Executive Wang Yufan Stephanie Reports Stock Transactions
SEC Form 4 Filing
Chief Legal Officer Wang Yufan Stephanie reports acquisition and disposal of Progress Software Corp stock and restricted stock units related to vesting.
Summary
- On April 1, 2024, Wang Yufan Stephanie, Chief Legal Officer of Progress Software Corporation, reported transactions involving common stock and restricted stock units.
- These transactions included the vesting of restricted stock units and the subsequent withholding of shares to cover tax obligations.
- Specifically, 460 and 1,070 restricted stock units vested, converting into common stock on a one-for-one basis.
- A total of 226 and 525 shares were withheld by the company to satisfy tax obligations related to the vesting of these units.
- Following these transactions, Wang Yufan Stephanie directly owns 779 shares of common stock and 4,280 restricted stock units.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions, with no inherent positive or negative sentiment.
Industry Context
This filing is a routine disclosure related to executive compensation and stock-based awards, common in publicly traded companies.
Comparison to Industry Standards
- Stock-based compensation is a common practice in the tech industry to align executive incentives with company performance.
- Vesting schedules and tax withholding practices are generally standardized across companies offering restricted stock units.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they relate to executive compensation and do not represent a significant change in ownership.
Key Dates
| Date | Description |
|---|---|
| June 30, 2022 | Reporting Person was granted 2,760 restricted stock units. |
| April 1, 2023 | Start date for vesting of 2,760 restricted stock units in six equal semiannual installments. |
| January 19, 2023 | Reporting Person was granted 6,419 restricted stock units. |
| October 1, 2023 | Start date for vesting of 6,419 restricted stock units in six equal semiannual installments. |
| April 1, 2024 | Date of reported transactions: vesting of restricted stock units and withholding of shares for taxes. |
| April 3, 2024 | Date of signature for the Form 4 filing. |
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