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Filing Details

Accession Number:: 0001140361-16-079822
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2016-09-14 17:15:52
Reporting Period:: 2016-09-12

Filing Date:: 2016-09-14
Accepted Time:: 2016-09-14 17:15:52
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
876167	Progress Software Corp	PRGS	Services-Prepackaged Software (7372)	042746201

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1320769	Praesidium Investment Management Company, Llc	1411 Broadway - 29Th Floor New York NY 10018	No	No	Yes	No
1662082	Kevin Oram	1411 Broadway - 29Th Floor New York NY 10018	No	No	Yes	No
1662083	Peter Uddo	1411 Broadway - 29Th Floor New York NY 10018	No	No	Yes	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2016-09-12	900,000	$28.11	5,807,017	No	4	S	Indirect	See Footnotes

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	See Footnotes

Footnotes

On September 12, 2016, Praesidium Investment Management Company, LLC ("Praesidium") in a single transaction sold to an unaffiliated third party 900,000 shares of common stock of Progress Software Corporation (the "Issuer") on behalf of certain third party accounts it manages (the "Managed Accounts") and certain investment fund vehicles (the "Investment Fund Vehicles") for which Praesidium serves as investment manager.
Since the reporting persons filed their Form 3 with the Securities and Exchange Commission on January 11, 2016, Praesidium has terminated an investment management agreement for a certain managed account that held 15,439 shares of the Issuer's common stock and 63,868 shares of the Issuer's Common Stock were withdrawn by the account owners of certain managed accounts. The reporting persons therefore no longer have a pecuniary interest in such shares.
Praesidium may be deemed to beneficially own 5,488,666 shares of common stock of the Issuer held in the Managed Accounts (the "Managed Account Shares") and 318,351 shares of common stock of the Issuer held in the accounts of the Investment Fund Vehicles (the "Investment Fund Vehicle Shares") because Praesidium may be deemed to exercise investment power over such shares. Kevin Oram and Peter Uddo may be deemed to beneficially own the Managed Account Shares and the Investment Fund Vehicle Shares because they may be deemed to control Praesidium as the managing members of Praesidium.
(continued from footnote 3) Praesidium, Mr. Oram and Mr. Uddo may be deemed to have a pecuniary interest in the Managed Account Shares due to Praesidium's right to receive performance fees subject to certain hurdles and/or benchmarks. Further, Praesidium, Mr. Oram and Mr. Uddo may be deemed to have a pecuniary interest in the Investment Fund Vehicle Shares due to their indirect right to receive a performance fee and/or performance allocation, as applicable, subject to certain hurdles and/or benchmarks. Each of Praesidium, Mr. Oram and Mr. Uddo disclaims beneficial ownership of the reported securities of the Issuer except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that any of Praesidium, Mr. Oram or Mr. Uddo is the beneficial owner of such securities for Section 16 or any other purpose.