Trefler Leon 4

What Happened
Leon Trefler, Chief of Clients and Markets at Pegasystems (PEGA), had 2,658 restricted stock units (RSUs) convert to common shares on 2026-03-07 (reported on Form 4 filed 2026-03-10). The RSUs show an exercise/conversion price of $0.00 (typical for RSUs). To cover tax withholding, 648 of the shares were surrendered at an indicated withholding price of $47.24 per share for a reported tax payment of $30,612. Net shares delivered to Trefler from this vesting event were 2,010 shares (2,658 converted less 648 withheld).

Key Details

• Transaction date: 2026-03-07; Form 4 filed: 2026-03-10.
• Conversion: 2,658 RSUs → 2,658 shares (code M, exercise/conversion of derivative).
• Tax withholding: 648 shares surrendered (code F) at $47.24/share for $30,612 reported.
• Net shares received: 2,010.
• Shares owned after the transaction: not disclosed in the filing.
• Footnotes: F1 clarifies each RSU equals one share upon vesting. F2 states the award vests 25% on the Date Exercisable (this tranche) and the remaining 75% vests in equal quarterly amounts over the next 3 years.
• No indication in the filing of a 10b5-1 plan or that the filing was late.

Context
This was a vesting/conversion of RSUs with a net-share (cashless) tax withholding — a common, routine event for executive equity awards rather than an open-market buy or sell. Because RSUs convert at no cash exercise price, the withholding simply satisfies tax obligations; it should not be read as a directional market bet.