Form 4: Progress Software Executive Sundar Subramanian Reports Stock Transactions
SEC Form 4 Filing
EVP/GM Sundar Subramanian reports the vesting of restricted stock units and subsequent tax withholding.
Summary
- Sundar Subramanian, EVP/GM Infrastructure Management at Progress Software Corporation, reported transactions involving common stock and restricted stock units.
- On February 1, 2025, 14,189 restricted stock units vested and converted into common stock.
- These units were granted on January 20, 2022, under the company's 2008 Stock Option and Incentive Plan and 2022 Long Term Incentive Plan, based on performance criteria over a three-year period.
- Also on February 1, 2025, 6,293 shares of common stock were withheld by the company to cover tax obligations related to the vesting of these restricted stock units at a price of $57.23.
- Following these transactions, Subramanian directly owns 26,365 shares of common stock.
Sentiment
Score: 5
Explanation: This is a neutral report on stock transactions, with no inherent positive or negative sentiment.
Industry Context
This filing is a routine disclosure of insider transactions, which are common in publicly traded companies. It provides transparency into the trading activities of company executives.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they involve the vesting of previously granted equity.
Key Dates
| Date | Description |
|---|---|
| January 20, 2022 | Reporting Person was granted 11,239 performance-based restricted stock units |
| November 30, 2024 | End of the three-year performance period for restricted stock units |
| February 1, 2025 | Restricted stock units vested and shares were withheld for taxes |
| February 4, 2025 | Date of the report filing |
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