Form 4: Progress Software EVP/GM Loren Jarrett Reports Stock Transactions
SEC Form 4
Loren Jarrett, EVP/GM Digital Experience at Progress Software, reports the vesting of restricted stock units and subsequent tax withholding, resulting in changes to their beneficial ownership of common stock.
Summary
- On October 1, 2024, Loren Jarrett, EVP/GM Digital Experience at Progress Software, reported transactions involving restricted stock units (RSUs) converting into common stock.
- These transactions included the vesting of RSUs granted on January 20, 2022, January 19, 2023, and January 18, 2024.
- A portion of the newly vested shares was withheld by Progress Software to cover tax obligations.
- The reporting person's direct ownership of common stock changed as a result of these transactions.
- After the reported transactions, Jarrett directly owns 15,190 shares of Progress Software common stock and 5,837 restricted stock units.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions. It doesn't inherently convey positive or negative sentiment, but rather provides factual information.
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 trading activities of company insiders.
Stakeholder Impact
- The transactions may have a minor impact on shareholders due to the increase in outstanding shares, but the effect is likely minimal.
Key Dates
| Date | Description |
|---|---|
| January 20, 2022 | Reporting Person was granted 6,744 restricted stock units. |
| October 1, 2022 | Restricted stock units granted on January 20, 2022 began to vest in six equal semiannual installments. |
| January 19, 2023 | Reporting Person was granted 7,003 restricted stock units. |
| October 1, 2023 | Restricted stock units granted on January 19, 2023 began to vest in six equal semiannual installments. |
| January 18, 2024 | Reporting Person was granted 7,004 restricted stock units. |
| October 1, 2024 | Transactions involving vesting of restricted stock units and tax withholding occurred. |
| October 1, 2024 | Restricted stock units granted on January 18, 2024 began to vest in six equal semiannual installments. |
| October 03, 2024 | Date of signature for the Form 4 filing. |
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