Subramanian Sundar 4
4 · PROGRESS SOFTWARE CORP /MA · Filed Mar 12, 2026
Research Summary
AI-generated summary of this filing
Progress Software (PRGS) EVP Sundar Exercises Options and Sells Shares
What Happened
- Sundar Subramanian, EVP & GM, Infrastructure Management at Progress Software (PRGS), exercised a total of 4,020 option-derived shares (2,420 on 2026-03-10 and 1,600 on 2026-03-11) at $38.06 per share (total cash paid ≈ $153,001). He then sold 23,194 shares in open-market transactions on 2026-03-10 and 2026-03-11, generating roughly $874,260 in proceeds (sales executed at weighted average prices of $37.48, $38.19 and $38.28 for the reported tranches).
Key Details
- Transaction dates: exercises on 2026-03-10 (2,420) and 2026-03-11 (1,600); sales on 2026-03-10 (16,427 and 5,167) and 2026-03-11 (1,600).
- Exercise price / cash paid: $38.06 per share; total ≈ $153,001 for 4,020 shares.
- Sale proceeds: ~ $615,684 (16,427 @ $37.48), $197,328 (5,167 @ $38.19), $61,248 (1,600 @ $38.28); total ≈ $874,260.
- Shares owned after transaction: not disclosed in the provided filing excerpt.
- Notable footnotes: sales were effected under a preexisting Rule 10b5-1 trading plan adopted Oct 27, 2025 (F1). Reported sale tranches were executed across price ranges; weighted-average prices are reported and the filer will provide detailed per-trade prices on request (F2–F4). Options were originally granted 9/30/2019; as of 10/1/2023, 14,617 options were vested and exercisable (F5).
- Timeliness: Filing dated 2026-03-12 for transactions on 2026-03-10–03-11 — appears timely (Form 4 is generally due within two business days).
Context
- These filings show a common pattern: an executive exercised option-derived shares and sold them shortly thereafter. The Form 4 records both the option exercise (derivative conversion) and the subsequent open-market sales. Because sales were made under a preexisting 10b5-1 plan, they were executed according to a prescribed schedule rather than ad hoc trades.
- This is factual reporting of transactions, not an explanation of motivation; purchases typically carry more explicit bullish signal than routine option exercises followed by sales.
Insider Transaction Report
Form 4
Subramanian Sundar
EVP/GM Infrastructure Mgmt
Transactions
- Exercise/Conversion
Common Stock
2026-03-10$38.06/sh+2,420$92,105→ 37,136 total - Sale
Common Stock
[F1][F2]2026-03-10$37.48/sh−16,427$615,684→ 20,709 total - Sale
Common Stock
[F1][F3]2026-03-10$38.19/sh−5,167$197,328→ 15,542 total - Exercise/Conversion
Common Stock
2026-03-11$38.06/sh+1,600$60,896→ 17,142 total - Sale
Common Stock
[F1][F4]2026-03-11$38.28/sh−1,600$61,248→ 15,542 total - Exercise/Conversion
Employee Stock Options (Right to buy)
[F5]2026-03-10−2,420→ 12,197 totalExercise: $38.06Exp: 2026-09-29→ Common Stock (2,420 underlying) - Exercise/Conversion
Employee Stock Options (Right to buy)
[F5]2026-03-11−1,600→ 10,597 totalExercise: $38.06Exp: 2026-09-29→ Common Stock (1,600 underlying)
Footnotes (5)
- [F1]The sale reported in this Form 4 was effected pursuant to a preexisting Rule 10b5-1 trading plan adopted by the Reporting Person on October 27, 2025, prior to the recent volatility in Progress Software Corporation's (the "Company's") stock price and in compliance with all applicable laws and regulations. The sale is reported on two rows due to being executed in multiple trades across a price range that exceeded $1.
- [F2]This tranche of the sale was executed in multiple trades at prices ranging from $36.87 to $37.86 per share. The price reported represents the weighted average sale price of these trades. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the shares sold at each separate price.
- [F3]This tranche of the sale was executed in multiple trades at prices ranging from $37.87 to $38.26 per share. The price reported represents the weighted average sale price of these trades. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the shares sold at each separate price.
- [F4]This tranche of the sale was executed in multiple trades at prices ranging from $38.18 to $38.51 per share. The price reported represents the weighted average sale price of these trades. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the shares sold at each separate price.
- [F5]Options were granted to the Reporting Person on September 30, 2019 under the Company's 2008 Stock Option and Incentive Plan (the "Plan"). As of October 1, 2023, 14,617 options were vested and exercisable.
Signature
Anthony Folger, Attorney-in-Fact|2026-03-12