Trefler Leon 4

What Happened

• Leon Trefler, Chief of Clients and Markets at Pegasystems (PEGA), had restricted stock units (RSUs) convert to common shares on 2026-03-01 and 2026-03-02. A total of 1,558 RSUs converted (1,174 on Mar 1 and 384 on Mar 2) at $0 exercise price. To cover tax withholding, 286 shares were surrendered on Mar 1 for $12,507 and 94 shares on Mar 2 for $4,111 (price used: $43.73). Net shares received after withholding: 1,178. This is a vesting/tax-withholding event (routine), not an open-market purchase or sale for investment.

Key Details

• Transaction dates and prices:
  • 2026-03-01: 1,174 RSUs converted to shares (acquired at $0); 286 shares withheld for taxes at $43.73 ($12,507).
  • 2026-03-02: 384 RSUs converted to shares (acquired at $0); 94 shares withheld for taxes at $43.73 ($4,111).
• Total converted: 1,558 RSUs → 1,558 shares; total withheld for taxes: 380 shares (total withholding value reported $16,618).
• Net shares delivered to insider: 1,178 shares.
• Footnotes from the filing:
  • F1: Each restricted stock unit equals one share upon vesting.
  • F2: 20% of the RSUs vested on the Date Exercisable reported; the remaining 80% vest in equal quarterly installments over the following four years.
• Transaction codes: M = conversion/exercise of derivative (RSU vesting); F = payment of tax liability via share withholding.
• Filing: Report filed 2026-03-03 for transactions on 2026-03-01 and 2026-03-02 — appears to be timely (Form 4 is generally due within two business days).
• Shares owned after the transaction: not specified in the provided filing excerpt.

Context

• This was a vesting event converting RSUs into shares, with shares withheld to satisfy tax obligations (a common, routine practice). Because this was not an open-market sale or purchase but a tax-withholding conversion, it should not be interpreted as a directional buy/sell signal about the insider’s market view.