Akgonul Rifat Kerim 4

What Happened
Akgonul Rifat Kerim, Chief Product Officer of Pegasystems (PEGA), exercised 30,000 stock options on 2026-03-16 (exercise code M) at $23.64 per share for a cash cost of $709,200. To cover taxes and realize proceeds, 22,406 shares were surrendered/withheld for tax (code F) at $43.36 each (value $971,524) and 7,594 shares were sold in the open market (code S) at $43.39 each (proceeds $329,504). The filing also shows the option-to-share conversion entry (30,000 @ $0.00) reflecting the derivative exercise. Footnote: the option exercised was fully vested.

Key Details

• Transaction date: 2026-03-16; filing date: 2026-03-17 (filed promptly).
• Exercise: 30,000 options @ $23.64 = $709,200 (code M).
• Tax withholding: 22,406 shares @ $43.36 = $971,524 (code F).
• Open-market sale: 7,594 shares @ $43.39 = $329,504 (code S).
• Total proceeds from disposals: $1,301,028.
• Shares owned after transaction: not provided in the supplied filing.
• Footnote: the option was fully vested. Codes: M=option exercise, F=tax withholding, S=open-market sale.

Context
This is effectively a cashless exercise: options were exercised and some shares were surrendered/ sold immediately to cover the exercise cost and tax withholding. Such transactions are common as a way for insiders to exercise vested options without providing additional cash; they do not by themselves indicate a change in the executive’s view of the company.