Form 4: Progress Software EVP Loren Jarrett Reports Stock Transactions
SEC Form 4
EVP/GM Digital Experience at Progress Software, Loren Jarrett, reports the vesting of restricted stock units and subsequent tax withholding, resulting in changes to beneficial ownership of common stock.
Summary
- On April 1, 2025, Loren Jarrett, EVP/GM Digital Experience at Progress Software, reported transactions involving common stock.
- These transactions included the vesting of restricted stock units (RSUs) and the subsequent withholding of shares to cover tax obligations.
- Specifically, 1,124 RSUs vested, converting into common stock at a one-for-one basis.
- Additionally, 1,167 RSUs vested on two separate occasions, also converting into common stock.
- Shares were withheld to cover tax obligations at a price of $56.16 per share.
- These transactions resulted in an adjustment to the reporting person's beneficial ownership of Progress Software common stock.
Sentiment
Score: 5
Explanation: This is a neutral report on stock transactions. It doesn't inherently indicate positive or negative sentiment about the company's performance.
Industry Context
This filing is a routine disclosure of insider transactions, which is common for publicly traded companies. It provides transparency into the stock activities of company executives.
Stakeholder Impact
- Shareholders may be interested in tracking insider transactions as an indicator of management's confidence in the company.
- The transactions have a minor impact on the total number of outstanding shares.
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 | Restricted stock units granted on January 18, 2024 began to vest in six equal semiannual installments. |
| April 1, 2025 | Date of reported transactions: vesting of RSUs and tax withholding. |
| April 3, 2025 | Date of Form 4 filing. |
Keywords
Progress Software, PRGS, Form 4, Beneficial Ownership, Restricted Stock Units, Stock Transactions, Insider Trading, Loren Jarrett
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