Form 4: Progress Software EVP Converts RSUs, Boosts Stake

Progress Software's EVP/GM Digital Experience, Loren Jarrett, converted restricted stock units into common stock and increased direct beneficial ownership to 13,833 shares.

Summary

• Loren Jarrett, EVP/GM Digital Experience at Progress Software Corp (PRGS), reported transactions on October 1, 2025.
• Jarrett acquired a total of 4,043 shares of common stock through the conversion of restricted stock units (RSUs) at a price of $0 per share.
• Concurrently, 1,957 shares of common stock were disposed of at $44.21 per share to satisfy tax withholding obligations related to the RSU vesting.
• The transactions resulted in a net increase of 2,086 shares in Jarrett's direct beneficial ownership.
• Following these transactions, Jarrett directly beneficially owns 13,833 shares of Progress Software common stock.
• Remaining restricted stock units include 1,168 from the January 19, 2023 grant, 3,503 from the January 18, 2024 grant, and 8,546 from the January 23, 2025 grant.

Sentiment

Score: 6

Explanation: The filing indicates routine, pre-scheduled vesting of executive compensation, leading to an increase in insider ownership, which is generally a positive signal of alignment. The disposition of shares for tax purposes is standard practice.

Positives

• EVP/GM Digital Experience Loren Jarrett increased direct beneficial ownership of common stock by 2,086 shares.
• The vesting of restricted stock units indicates continued long-term incentive alignment between management and shareholders.

Negatives

• A portion of vested shares (1,957 shares) was sold to cover tax withholding obligations, which is a common practice but reduces the immediate increase in direct ownership.

Stakeholder Impact

• Shareholders: Increased insider ownership can be viewed positively as it aligns management's interests with shareholders. The routine nature of the transaction suggests stability in executive compensation.
• Employees: The vesting of RSUs demonstrates the company's commitment to its long-term incentive plans for executives.

Next Steps

• Continued semiannual vesting of remaining restricted stock units from the January 19, 2023 grant (1,168 units remaining).
• Continued semiannual vesting of remaining restricted stock units from the January 18, 2024 grant (3,503 units remaining).
• Continued semiannual vesting of remaining restricted stock units from the January 23, 2025 grant (8,546 units remaining).

Key Dates

Keywords

Progress Software, PRGS, Loren Jarrett, Insider Trading, Form 4, Restricted Stock Units, RSU Vesting, Executive Compensation, Stock Ownership