STILLWELL KENNETH 4

What Happened

• Kenneth Stillwell, Pegasystems' COO and CFO, had 5,220 restricted stock units (RSUs) convert to common shares on March 7, 2026. No cash exercise price was paid (conversion reported at $0). To cover tax withholding, 2,055 of those shares were surrendered at an implied value of $47.24 per share for a total withholding of $97,078, leaving a net 3,165 shares delivered to him.

Key Details

• Transaction date: 2026-03-07.
• Primary events reported:
  • M (exercise/conversion of derivative): 5,220 RSUs converted to 5,220 shares @ $0.00 (acquired).
  • F (tax withholding/payment): 2,055 shares withheld/disposed @ $47.24 = $97,078.
  • A secondary M entry shows the conversion/derivative disposition bookkeeping for the 5,220 shares.
• Shares owned after transaction: not specified in the filing.
• Footnotes: F1 explains each RSU converts to one share at vesting. F2 notes this award vests 25% at the Date Exercisable (this vesting event) with the remaining 75% vesting in equal quarterly installments over the next three years.
• No indication in the filing that this was a late report.

Context

• This was an RSU vesting event rather than an open-market buy or sell. The surrender of 2,055 shares is a standard tax-withholding practice (cashless share withholding) and not an independent sale signal. Purchases would generally be more indicative of bullish insider conviction; vesting and withholding are routine compensation mechanics.