TREFLER ALAN 4

What Happened

• Alan Trefler, a founder and reported 10% owner of Pegasystems Inc. (PEGA), sold a total of 90,000 shares in open-market transactions on January 21–22, 2026, generating about $4,436,267 in proceeds. Individual reported lots included 18,092 @ $47.73; 7,824 @ $48.61; 7,172 @ $49.78; 11,790 @ $50.79; 122 @ $51.35; 7,694 @ $48.75; and 37,306 @ $49.73. These are sales (not purchases), which are often routine liquidity transactions rather than positive signals.

Key Details

• Transaction dates: Jan 21–22, 2026; Form 4 filed Jan 23, 2026 (appears timely).
• Reported sale prices (individual lots): $47.73–$51.35; filing footnotes note weighted-average ranges spanning about $47.28–$51.27 for grouped trades.
• Total shares sold: 90,000; total proceeds: ~$4.44 million.
• Shares owned after the transactions: Not stated in the provided filing.
• Notable footnote: Sales were made pursuant to a pre-arranged Rule 10b5-1 trading plan adopted Nov 6, 2024 (indicates pre-scheduled sales).
• Filing timeliness: No late-filing indication included in the supplied data.

Context

• As a 10% owner (founder), Trefler’s sales are significant by dollar amount but were executed under a 10b5-1 plan—which typically means the trades were pre-planned and not necessarily tied to recent company developments. Retail investors should view these as insider liquidity events rather than an explicit endorsement or rejection of company prospects.