Form 4: Progress Software EVP/GM Digital Experience, Loren Jarrett, Reports Stock Transactions
SEC Form 4 Filing
Loren Jarrett, EVP/GM Digital Experience at Progress Software, reports the vesting of restricted stock units and subsequent withholding of shares for tax obligations.
Summary
- On April 1, 2024, Loren Jarrett, EVP/GM Digital Experience at Progress Software, reported transactions involving common stock and restricted stock units.
- These transactions included the vesting of restricted stock units and the subsequent withholding of shares by Progress Software to cover tax obligations.
- Specifically, 939, 1,124, and 1,167 restricted stock units vested, converting into common stock on a one-for-one basis.
- The company withheld 455, 544, and 565 shares of common stock at a price of $52.97 to satisfy tax withholding requirements related to the vesting of restricted stock units granted on January 19, 2021, January 20, 2022 and January 19, 2023 respectively.
- Following these transactions, Jarrett directly owns 23,367 shares of Progress Software common stock and 4,669 restricted stock units.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions, and does not inherently convey positive or negative sentiment. It's a neutral disclosure of information.
Industry Context
This Form 4 filing is a routine disclosure of insider transactions, which are common for executives who receive stock-based compensation. It provides transparency to investors regarding the trading activities of company insiders.
Comparison to Industry Standards
- Stock-based compensation is a common practice in the software industry, used to align executive incentives with company performance.
- Companies like Adobe, Salesforce, and Oracle also utilize restricted stock units as part of their compensation packages.
- The vesting schedules and tax withholding practices described in this filing are typical for RSU grants.
Stakeholder Impact
- The transactions have a minor impact on the total outstanding shares of Progress Software.
- The filing provides transparency to shareholders regarding executive compensation and stock ownership.
Key Dates
| Date | Description |
|---|---|
| January 19, 2021 | Reporting Person was granted 5,634 restricted stock units. |
| October 1, 2021 | Vesting start date for restricted stock units granted on January 19, 2021. |
| January 20, 2022 | Reporting Person was granted 6,744 restricted stock units. |
| October 1, 2022 | Vesting start date for restricted stock units granted on January 20, 2022. |
| January 19, 2023 | Reporting Person was granted 7,003 restricted stock units. |
| October 1, 2023 | Vesting start date for restricted stock units granted on January 19, 2023. |
| April 01, 2024 | Date of stock transactions (vesting of RSUs and withholding of shares). |
| April 03, 2024 | Date of Form 4 filing. |
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