Subramanian Sundar 4

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.