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
Benton, David H., Jr.
29 Medway Branch
Norfolk, MA 02056
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 1998
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
<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>
Common Stock |08/19/|M | |1,000 |A |$9.00 | | | |
|98 | | | | | | | | |
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Common Stock |08/19/|S | |1,000 |D |$23.75 |293 (1) | | |
|98 | | | | | | | | |
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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>
Incentive Stock Option|$9.00 |8/19/|M | |1,000 |D |03/01|04/01|Common Stock|1,000 | |3,050 (3) |D | |
| |98 | | | | |/96 (|/06 | | | | | | |
| | | | | | |2) | | | | | | | |
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Incentive Stock Option|$11.33 (|7/13/|J (4|V|650 (4) |A |05/01|06/20|Common Stock|650 (4)| |1,950 (4) |D | |
|4) |98 |) | | | |/95 |/04 | | | | | | |
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Incentive Stock Option|$14.41 (|7/13/|J (4|V|880 (4) |A |03/01|01/10|Common Stock|880 (4)| |2,640 (4) |D | |
|4) |98 |) | | | |/95 |/05 | | | | | | |
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Incentive Stock Option|$14.41 (|7/13/|J (4|V|440 (4) |A |03/01|05/11|Common Stock|440 (4)| |1,320 (4) |D | |
|4) |98 |) | | | |/95 |/05 | | | | | | |
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Incentive Stock Option|$9.00 (4|7/13/|J (4|V|1,850 (4) |A |03/01|04/01|Common Stock|1,850 (| |3,050 (4) |D | |
|) |98 |) | | | |/96 |/06 | |4) | | | | |
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Incentive Stock Option|$9.00 (4|7/13/|J (4|V|1,250 (4) |A |03/01|08/20|Common Stock|1,250 (| |3,750 (4) |D | |
|) |98 |) | | | |/96 |/06 | |4) | | | | |
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Incentive Stock Option|$11.58 (|7/13/|J (4|V|1,150 (4) |A |01/01|12/02|Common Stock|1,150 (| |3,450 (4) |D | |
|4) |98 |) | | | |/97 |/06 | |4) | | | | |
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Incentive Stock Option|$9.41 (4|7/13/|J (4| |2,000 (4) |A |04/01|03/02|Common Stock|2,000 (| |6,000 (4) |D | |
|) |98 |) | | | |/98 |/07 | |4) | | | | |
| | | |V| | | | | | | | | | |
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Incentive Stock Option|$14.41 (|7/13/|J (4|V|2,500 (4) |A |03/01|02/02|Common Stock|2,500 (| |7,500 (4) |D | |
|4) |98 |) | | | |/98 |/08 | |4) | | | | |
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| | | | | | | | | | | | | | |
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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 addtional 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)
Options vest in equal monthly increments over a 60 month
period commencing March 1, 1996. (3) On 9/1/98, options to purchase 368
shares were vested.
(4) 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 stock dividend. Each of the options reported herein were
previously reported. 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
August.
SIGNATURE OF REPORTING PERSON
David H. Benton, Jr.
