Form 4: Progyny EVP Sells Shares Under Pre-Arranged 10b5-1 Plan

Progyny's EVP and General Counsel, Allison Swartz, reported the sale of 599 common shares and the withholding of 339 shares for taxes, both executed on September 4, 2025, under a pre-arranged 10b5-1 trading plan.

Summary

• Allison Swartz, Executive Vice President and General Counsel of Progyny, Inc., reported transactions involving the company's common stock.
• On September 4, 2025, 339 shares were withheld for tax obligations upon the vesting of restricted stock units at a price of $23.54 per share.
• Also on September 4, 2025, 599 shares of common stock were sold at a price of $23.53 per share.
• The sale of 599 shares was conducted pursuant to a Rule 10b5-1 trading plan, which was entered into on May 13, 2025.
• Following these reported transactions, Allison Swartz beneficially owns 77,407 shares of Progyny common stock.

Sentiment

Score: 5

Explanation: The filing details routine insider transactions (tax withholding and a sale under a pre-arranged 10b5-1 plan) by an executive. These are generally considered neutral as they are often for personal financial planning and not indicative of new material information.

Positives

• The sale of shares was executed under a pre-arranged Rule 10b5-1 trading plan, indicating the transaction was scheduled in advance and not based on new, non-public information.

Negatives

• An executive selling shares can sometimes be perceived negatively by the market, although the existence of a 10b5-1 plan mitigates concerns about opportunistic trading.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: The sale represents a minor reduction in insider ownership, but the pre-arranged 10b5-1 plan mitigates concerns that the sale is based on new, negative information, thus having a limited impact on shareholder sentiment.

Key Dates

Recommendation

This Form 4 filing reports routine insider transactions, specifically tax withholding and a pre-scheduled sale under a 10b5-1 plan. Such transactions are typically for personal financial management and do not provide new material information that would warrant a change in investment recommendation. Therefore, a 'hold' recommendation is appropriate as this filing alone does not alter the fundamental investment thesis.

Keywords

Progyny, PGNY, Insider Transaction, Form 4, Stock Sale, Executive Compensation, 10b5-1 Plan, Allison Swartz