Form 4: Progress Software EVP Sundar Subramanian Reports Stock Transactions
SEC Form 4
EVP/GM Infrastructure Management Sundar Subramanian reports the vesting of restricted stock units and subsequent withholding of shares for tax obligations.
Summary
- Sundar Subramanian, EVP/GM Infrastructure Management at Progress Software Corporation, reported transactions involving common stock and restricted stock units on April 1, 2024.
- These transactions included the vesting of restricted stock units, which convert into common stock on a one-for-one basis.
- Shares were withheld by Progress Software Corporation to cover tax withholding obligations upon the vesting of these units.
- The reporting person now directly owns 17,195 shares of common stock.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions, and carries a neutral sentiment.
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 have a minor impact on shareholders as they involve the vesting of previously granted stock units and do not represent a significant change in 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 transactions involving common stock and restricted stock units. |
| April 03, 2024 | Date of signature for the report. |
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