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
Miller, Mary B.
20 Strawberry Lane
N. Reading, MA 01864
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
August 1996
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)
Principal Accounting Officer
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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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|$15.50 |04-02|H (1|V|6,000 |D |03-01|04-01|Common Stock|6,000 | |0 | | |
| |-96 |) | | | |-96 (|-06 | | | | | | |
| | | | | | |1) | | | | | | | |
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Incentive Stock Option|$13.50 |04-02|A |V|6,000 |A |03-01|04-01|Common Stock|6,000 | |6,000 (3) |D | |
| |-96 | | | | |-96 (|-06 | | | | | | |
| | | | | | |2) | | | | | | | |
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Incentive Stock Option|$13.50 |08-21|A |V|2,500 |A |03-01|08-01|Common Stock|2,500 | |2,500 (5) |D | |
| |-96 | | | | |-96 (|-06 | | | | | | |
| | | | | | |4) | | | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
(1)Cancellation of option in connection with grant of replacement
option.
(2)The reported transaction involved the repricing and the amendment of the
vesting terms of an existing option
which provided for vesting in equal monthly increments over a 60 month period.
On 8-21-96 the replacement option
was repriced from $15.50 to $13.50, and the vesting terms were amended such
that vesting will continue to occur
in equal monthly increments over a 60 month period; but the vesting of the
option may accelerate if certain financial
performance criteria are
met.
(3) On 8-31-96 options to purchase 600 shares were
vested.
(4) Options vest in equal monthly increments over a 60 month period; provided
that the vesting of the option may
accelerate if certain financial performance criteria are met.
(5) On 8-31-96 options
to purchase 250 shares were
vested.
SIGNATURE OF REPORTING PERSON
Mary B. Miller
DATE
11-15-96
