Akgonul Rifat Kerim 4

What Happened

• Rifat Kerim Akgonul, Chief Product Officer at Pegasystems (PEGA), exercised options and disposed of shares on 2026-03-11. The filing shows an exercise of 30,000 options at $23.64 per share (cost $709,200). To cover taxes and related liabilities, 21,912 shares were withheld/disposed at $43.49 ($952,953). An additional 8,088 shares were sold in the open market at $43.56 ($352,354). The filing also records a 30,000-share derivative conversion (listed at $0), reflecting the option-to-share conversion. Total gross proceeds from the share disposals reported: $952,953 + $352,354 = $1,305,307; exercise cost reported: $709,200.

Key Details

• Transaction date: 2026-03-11.
• Exercise: 30,000 shares at $23.64 = $709,200 (code M).
• Tax withholding/disposition: 21,912 shares at $43.49 = $952,953 (code F).
• Open-market sale: 8,088 shares at $43.56 = $352,354 (code S).
• Derivative conversion: 30,000 shares reported disposed at $0 (reflects conversion from options).
• Footnote: the option exercised is fully vested (F1).
• Shares owned after the transaction: not specified in the filing.
• Filing timeliness: Form 4 filed 2026-03-13 for 2026-03-11 transactions — appears timely (within the standard 2-business-day window).

Context

• This was an option exercise with shares withheld for taxes and a small open-market sale — a common cashless/covering transaction rather than a straightforward buy signal. Transaction codes: M = exercise of derivative/option, F = tax withholding, S = sale. The exercise plus share disposals report realized gross proceeds of about $1.305M and an exercise cost of $709,200 (net ~ $596K before fees and any other taxes).