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
Frey, Eric 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
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)
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
<TABLE>
<CAPTION>
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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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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
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<CAPTION>
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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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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Non-Qualified Stock Op|$15.50 |04-02|J (1|V| | |04-02|04-01|Common Stock|4,100 | |4,100 (3) |D | |
tion | |-96 |) | | | |-96 (|-06 | | | | | | |
| | | | | | |1) | | | | | | | |
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Incentive Stock Option|$15.50 |04-02|J (1|V| | |04-02|04-01|Common Stock|30,900 | |30,900 (4) |D | |
| |-96 |) | | | |-96 (|-06 | | | | | | |
| | | | | | |1) | | | | | | | |
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Non-Qualified Stock Op|$13.50 |08-21|A |V|50,000 |A |03-01|08-01|Common Stock|50,000 | |50,000 |D | |
tion | |-96 | | | | |-96 (|-06 | | | | | | |
| | | | | | |2) | | | | | | | |
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| | | | | | | | | | | | | | |
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</TABLE>
Explanation of Responses:
(1) The reported transaction involves an option which was granted on 04-02-96,
and which provided for vesting
in equal monthly increments over a 60 month period. On 08-21-96 the option was
amended such that the option
will 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.
(2) 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.
(3) On 8-01-96 options to purchase 341 shares were
vested.
(4) On 8-01-96 options to purchase 2574 shares were
vested.
SIGNATURE OF REPORTING PERSON
Eric D. Frey
