FOLGER ANTHONY 4
4 · PROGRESS SOFTWARE CORP /MA · Filed Apr 3, 2026
Research Summary
AI-generated summary of this filing
Progress Software (PRGS) CFO Anthony Folger Receives RSU Shares
What Happened
Anthony Folger, Chief Financial Officer of Progress Software (PRGS), had restricted stock units (RSUs) convert into common stock on April 1, 2026. Three conversions totaled 8,042 shares issued to him (no cash paid for the conversion). To satisfy tax-withholding obligations, the company withheld 3,568 of those shares and disposed of them at $24.96 per share, generating approximately $89,057 in tax withholding. Net shares delivered to Folger after withholding were the converted total minus withheld shares.
Key Details
- Transaction date: April 1, 2026. Form 4 filed April 3, 2026 (timely filing).
- Conversions (code M): 2,529 + 2,464 + 3,049 = 8,042 shares converted from RSUs (acquired at $0 cash cost).
- Withholding/dispositions (code F): 1,122 + 1,093 + 1,353 = 3,568 shares withheld at $24.96 each = $89,057 total to cover tax withholding.
- Shares owned after transaction: not disclosed in the filing.
- Footnotes: F1–F4 confirm RSUs convert 1:1 and the withheld shares were used to pay taxes; F5–F7 detail the original RSU grants (Jan 19, 2023; Jan 18, 2024; Jan 23, 2025) and typical six-installment vesting schedules.
- Transaction codes: M = exercise/conversion of derivative (RSU conversion); F = shares withheld/disposed to cover tax withholding.
Context
This was a routine RSU vesting and tax-withholding event, not an open-market purchase or a voluntary sale by the insider. Such withholding is common when equity awards vest and does not, by itself, indicate a change in the insider’s view of the company.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1]2026-04-01+2,529→ 51,331 total - Tax Payment
Common Stock
[F2]2026-04-01$24.96/sh−1,122$28,005→ 50,209 total - Exercise/Conversion
Common Stock
[F1]2026-04-01+2,464→ 52,673 total - Tax Payment
Common Stock
[F3]2026-04-01$24.96/sh−1,093$27,281→ 51,580 total - Exercise/Conversion
Common Stock
[F1]2026-04-01+3,049→ 54,629 total - Tax Payment
Common Stock
[F4]2026-04-01$24.96/sh−1,353$33,771→ 53,276 total - Exercise/Conversion
Restricted Stock Units
[F1][F5]2026-04-01−2,529→ 0 total→ Common Stock (2,529 underlying) - Exercise/Conversion
Restricted Stock Units
[F1][F6]2026-04-01−2,464→ 4,929 total→ Common Stock (2,464 underlying) - Exercise/Conversion
Restricted Stock Units
[F1][F7]2026-04-01−3,049→ 12,196 total→ Common Stock (3,049 underlying)
Footnotes (7)
- [F1]Restricted stock units convert into common stock on a one-for-one basis.
- [F2]Represents shares of common stock withheld by Progress Software Corporation (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.
- [F3]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.
- [F4]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.
- [F5]On January 19, 2023, the Reporting Person was granted 15,173 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.
- [F6]On January 18, 2024, the Reporting Person was granted 14,785 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.
- [F7]On January 23, 2025, the Reporting Person was granted 18,293 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.