Trefler Leon 4

What Happened
Leon Trefler, Chief of Clients & Markets at Pegasystems (PEGA), had 2,202 restricted stock units (RSUs) convert into common shares on 2026-03-05 (no exercise price). Of the 2,202 shares, 537 shares were withheld to satisfy tax liabilities at $47.05 per share (value withheld ≈ $25,266). That leaves a net delivery of 1,665 shares to Trefler; the gross market value of the vested shares at $47.05 was about $103,604.

Key Details

• Transaction date: 2026-03-05; Form 4 filed: 2026-03-09. No late-filing flag provided in the data.
• Conversions/Vesting: 2,202 RSUs converted to 2,202 common shares (Transaction code M; $0.00 exercise price).
• Tax withholding: 537 shares disposed to cover taxes (Transaction code F) at $47.05/share = $25,266.
• Net shares delivered to insider: 1,665 shares (2,202 − 537). Estimated net value ≈ $78,338.
• Shares owned after transaction: Not reported in the supplied filing details.
• Footnotes: F1 — each RSU equals one share at vesting. F2 — vesting schedule: 25% vests on the initial exercisable date, remaining 75% vests in equal quarterly installments over the following three years.
• Type of activity: Routine RSU vesting with shares withheld for taxes (cashless withholding), not an open-market sale.

Context
This was a standard RSU vesting event: the RSUs converted to shares with a portion withheld to satisfy tax obligations. Such withholdings are administrative and do not necessarily indicate a change in the insider’s view of the company.