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
Reidy, Richard D.
14 Oak Park
Bedford, MA 01730
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
03/31/1999
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Vice President, Product Development
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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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)| |
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Common Stock |03/25/|M | |1,950 |A |$9.0000 | | | |
|99 | | | | | | | | |
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Common Stock |03/25/|S | |1,950 |D |$31.2500 | | | |
|99 | | | | | | | | |
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Common Stock |03/25/|M | |9,375 |A |$9.4167 | | | |
|99 | | | | | | | | |
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Common Stock |03/25/|S | |9,375 |D |$31.2500 | | | |
|99 | | | | | | | | |
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Common Stock |03/31/|M | |200 |A |$10.8333 | | | |
|99 | | | | | | | | |
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Common Stock |03/31/|S | |200 |D |$34.4375 |269 |D | |
|99 | | | | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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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)| |
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Incentive Stock Option|$9.0000 |03/25|M | |375 |D |3/01/|08/21|Common Stock|375 | |1,375 (2) |D | |
| |/99 | | | | |96 (1|/06 | | | | | | |
| | | | | | |) | | | | | | | |
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Incentive Stock Option|$9.0000 |03/25|M | |1,575 |D |3/01/|08/21|Common Stock|1,575 | |8,399 (4) |D | |
| |/99 | | | | |96 (3|/06 | | | | | | |
| | | | | | |) | | | | | | | |
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Nonqualified Stock Opt|$9.4167 |03/25|M | |2,344 |D |3/01/|03/03|Common Stock|2,344 | |3,281 (6) |D | |
ion | |/99 | | | | |97 (5|/07 | | | | | | |
| | | | | | |) | | | | | | | |
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Incentive Stock Option|$9.4167 |03/25|M | |7,031 |D |3/01/|03/03|Common Stock|7,031 | |9,844 (7) |D | |
| |/99 | | | | |97 (5|/07 | | | | | | |
| | | | | | |) | | | | | | | |
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Nonqualified Stock Opt|$10.8333|03/31|M | |200 |D |8/01/|07/24|Common Stock|200 | |104,800 (9) |D | |
ion | |/99 | | | | |97 (8|/07 | | | | | | |
| | | | | | |) | | | | | | | |
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Nonqualified Stock Opt|$25.6250|02/10|A |V|40,000 |A |3/01/|02/10|Common Stock|40,000 | |40,000 (11) |D | |
ion | |/99 | | | | |99 (1|/09 | | | | | | |
| | | | | | |0) | | | | | | | |
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Nonqualified Stock Opt|$25.6250|02/10|A |V|4,000 |A |1/01/|02/10|Common Stock|4,000 | |4,000 (13) |D | |
ion | |/99 | | | | |06 (1|/09 | | | | | | |
| | | | | | |2) | | | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) The option vests in equal monthly increments over a 60 month period
commencing March 1, 1996. (2) On 4/1/99, options to purchase
125
shares were vested. (3) The option vests in equal monthly
increments over a 60 month period commencing August 1, 1996.
(4) On 4/1/99, options to purchase 525 shares were vested. (5)
The option vests in equal monthly increments over a 60 month period
commencing May 1, 1997. (6) On 4/1/99, options to purchase 94 shares
were vested. (7) On 4/1/99, options to purchase 282 shares
were vested. (8) The option vests in equal monthly increments over
a 60 month period commencing August 1, 1997. (9) On 4/1/99,
options to purchase 35,393 shares were vested. (10) The option
vests in equal monthly increments over a 60 month period commencing
March 1, 1999. (11) On 4/1/99, options to purchase 1,334 shares were
vested. (12) The option vests in full on January 1, 2005.
Accelerated vesting of the option may occur if the Company's Apptivity Product
Unit achieves certain revenue goals. (13) On 4/1/99, no options
were vested.
SIGNATURE OF REPORTING PERSON
Richard D. Reidy
DATE
04/06/1999
