UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Lepkowski, Robert J.
222 Sixteenth Street
Wilmette, IL 60091
USA
2. Issuer Name and Ticker or Trading Symbol
Progress Software Corporation
PRGS
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
September 1998
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
Director
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
___________________________________________________________________________________________________________________________________|
Common Stock |09/18/|M | |2,500 |A | | | | |
|98 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock |09/18/|S | |2,500 |D |$25.00 |1500 (1) |D | |
|98 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
___________________________________________________________________________________________________________________________________|
Nonqualified Stock Opt|$11.25 |09/18|M | |2,500 (2) |D |02/01|04/22|Common Stock| 2,500 | |5,000 (2) (3|D | |
ion | |/98 | | | | |/92 |/02 | |(2) | |) | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Nonqualified Stock Opt|$14.37 (|07/13|J (2|V|10,000 (2) |A |02/01|12/30|Common Stock|10,000 | |30,000 (2) |D | |
ion |2) |/98 |) | | | |/94 |/03 | |(2) | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
Explanation of Responses:
(1) On June 17, 1998, the Company declared a 3-for-2 stock split effected in
the form of a stock dividend payable to holders of record of common
stock on June 29, 1998. On the payment date, July 13, 1998 each holder of
common stock of the Company received one additional share of common
stock of the Company for every two shares held. Table I reflects an adjustment
to the number of shares of common stock held by the reporting
person as a result of the stock
split.
(2) On the payment date of July 13, 1998, pursuant to the anti-dilution
provisions in the Company's stock option plans, each option granted by the
Company prior to June 29, 1998 was adjusted to reflect the stock split effected
in the form of a stock dividend. The adjustments in Table II involve the
price of each option, the number of shares underlying such options, and the
number of derivative securities beneficially owned at the end of month.
(3) The option vests in equal monthly increments over a 36 month period
commencing February 1, 1992. On 10/01/98, options to purchase 5,000
shares were
vested.
SIGNATURE OF REPORTING PERSON
Robert J. Lepkowski
DATE
October 9, 1998
