Progress Software (PRGS) Chief Accounting Officer converts RSUs, pays tax withholding
Rhea-AI Filing Summary
Domenic LoCoco, Chief Accounting Officer of Progress Software Corporation (PRGS), reported multiple transactions on 10/01/2025. Several restricted stock units (RSUs) vested and converted into common stock on a one-for-one basis at $0 conversion price, resulting in incremental share acquisitions. The company withheld shares to satisfy tax withholding obligations at an effective price of $44.21 per withheld share. Following the reported transactions, the Reporting Person directly beneficially owned 7,958 shares of common stock. The Form 4 is filed by one reporting person and was signed by an attorney-in-fact on 10/03/2025.
Positive
- RSU vesting increased the Reporting Person's direct ownership through conversion of restricted stock units into common stock
- Beneficial ownership remains disclosed and updated to 7,958 shares, maintaining transparency
Negative
- Shares were withheld to satisfy tax withholding obligations, reducing the net increase in free-floating shares
- Withholding occurred at $44.21, indicating a cash-equivalent tax settlement rather than a market purchase
Insights
Insider received vested RSUs and paid tax withholdings by surrendering shares.
The filing discloses that on 10/01/2025 the Reporting Person had multiple RSU vesting events that converted to common stock (885, 807, 924 RSUs shown). Conversions are recorded at a $0 price because they are vest-to-stock events, not open-market purchases.
The company withheld shares to cover tax obligations, shown as dispositions executed at $44.21 per share. After these transactions, the Reporting Person directly held 7,958 shares.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Units | 885 | $0.00 | -- |
| Exercise | Restricted Stock Units | 807 | $0.00 | -- |
| Exercise | Restricted Stock Units | 924 | $0.00 | -- |
| Exercise | Common Stock | 885 | $0.00 | -- |
| Tax Withholding | Common Stock | 260 | $44.21 | $11K |
| Exercise | Common Stock | 807 | $0.00 | -- |
| Tax Withholding | Common Stock | 237 | $44.21 | $10K |
| Exercise | Common Stock | 924 | $0.00 | -- |
| Tax Withholding | Common Stock | 272 | $44.21 | $12K |
Footnotes (1)
- Restricted stock units convert into common stock on a one-for-one basis. Includes 267 shares of common stock acquired by the Reporting Person on March 31, 2025 and 82 shares of common stock acquired by the Reporting Person on June 30, 2025 through Progress Software Corporation's (the "Company's") Employee Stock Purchase Plan. Represents shares of common stock withheld by the Company to pay the tax withholding obligations of the Reporting Person upon the vesting of restricted stock units granted to the Reporting Person on January 19, 2023. Represents shares of common stock withheld by the Company to pay the tax withholding obligations of the Reporting Person upon the vesting of restricted stock units granted to the Reporting Person on January 18, 2024. Represents shares of common stock withheld by the Company to pay the tax withholding obligations of the Reporting Person upon the vesting of restricted stock units granted to the Reporting Person on January 23, 2025. On January 19, 2023, the Reporting Person was granted 5,311 restricted stock units pursuant to the Company's 2008 Stock Option and Incentive Plan (as amended and restated, the "Plan"). The restricted stock units vest in six equal semiannual installments beginning October 1, 2023, subject to the continued employment of the Reporting Person with the Company. On January 18, 2024, the Reporting Person was granted 4,842 restricted stock units pursuant to the Plan. The restricted stock units vest in six equal semiannual installments beginning October 1, 2024, subject to the continued employment of the Reporting Person with the Company. On January 23, 2025, the Reporting Person was granted 5,544 restricted stock units pursuant to the Plan. The restricted stock units vest in six equal semiannual installments beginning October 1, 2025, subject to the continued employment of the Reporting Person with the Company.
