Subramanian Sundar 4
4 · PROGRESS SOFTWARE CORP /MA · Filed Feb 3, 2026
Research Summary
AI-generated summary of this filing
Progress Software (PRGS) EVP Subramanian Sundar Receives Award
What Happened
Subramanian Sundar, EVP & GM Infrastructure Management at Progress Software (PRGS), had 10,154 performance-based restricted stock units vest on Feb 1, 2026. The RSUs converted one-for-one into 10,154 shares. The company withheld 4,504 shares to cover tax withholding (value reported as $182,727 at $40.57/share), leaving Sundar with a net 5,650 shares. The gross value of the vested RSUs at the withholding price was approximately $411,949.
Key Details
- Transaction date: 2026-02-01; Form 4 filed: 2026-02-03 (appears timely).
- Actions reported: M = conversion/exercise of derivatives (10,154 RSUs → 10,154 shares); F = shares withheld for tax (4,504 shares @ $40.57 → $182,727).
- Net shares received/retained by the insider: 5,650 shares (10,154 vested − 4,504 withheld).
- Shares owned after transaction: total holdings after this report are not disclosed in the provided filing.
- Footnotes: RSUs were granted Jan 19, 2023 under the 2022 Long Term Incentive Plan; vesting was based on relative total shareholder return and cumulative operating income for the three-year period ending Nov 30, 2025. RSUs convert one-for-one to common stock.
Context
This was a vesting of performance-based RSUs, not an open-market purchase or sale by the insider. The withholding of shares to satisfy tax obligations (code F) is a routine administrative step and does not, by itself, indicate a change in insider sentiment. The filing shows conversion/exercise of the RSUs (code M) and the share-for-tax withholding (code F).
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1][F2]2026-02-01+10,154→ 39,220 total - Tax Payment
Common Stock
[F3]2026-02-01$40.57/sh−4,504$182,727→ 34,716 total - Exercise/Conversion
Restricted Stock Units
[F2][F1]2026-02-01−10,154→ 0 total→ Common Stock (10,154 underlying)
Footnotes (3)
- [F1]On January 19, 2023, the Reporting Person was granted 11,671 performance-based restricted stock units pursuant to Progress Software Corporation's (the "Company's") 2008 Stock Option and Incentive Plan and 2022 Long Term Incentive Plan. Based on the Company meeting relative total shareholder return and cumulative operating income criteria over the three-year period ending November 30, 2025, the amount shown is the amount of performance-based restricted stock units that vested under the 2022 Long Term Incentive Plan on February 1, 2026.
- [F2]Restricted stock units convert into common stock on a one-for-one basis.
- [F3]Represents shares of common stock withheld by the Company to pay the tax withholding obligations of the Reporting Person upon the vesting of performance-based restricted stock units granted to the Reporting Person on January 19, 2023.