Item 5.02. Departure of Directors or Principal Officers? Election of Directors?
Appointment of Principal Officers? Compensatory Arrangements of Certain
Officers.
Effective as of September 20, 2022, Progress Software Corporation (the
"Company") promoted Ms. YuFan Stephanie Wang to succeed Mr. Stephen H. Faberman
as Executive Vice President, Chief Legal Officer and Secretary. Ms. Wang, age
40, joined the Company in May 2022. Prior to joining the Company, Ms. Wang
worked from 2014 to 2022 at W. P. Carey Inc. (NYSE: WPC), a publicly-traded real
estate investment trust, where she most recently held the role of Senior Vice
President and Deputy Chief Legal Officer. Ms. Wang previously practiced in the
corporate departments of Clifford Chance US LLP and Proskauer Rose LLP. Ms. Wang
will continue to be covered by the same compensatory plans and arrangements as
she had been prior to this appointment, including receipt of an annual base
salary, participation in the Company's annual bonus plan and equity grants.
Mr. Faberman is on leave in order to attend to a disability and Ms. Wang will
assume his responsibilities. Mr. Faberman will continue to be employed with the
company in a non-executive position and his removal from his executive position
effective as of September 20, 2022 was not due to any disagreement with the
Company or any matters relating to the Company's operations or financial
performance.
Item 7.01. Regulation FD Disclosure
On September 26, 2022, the Company issued a press release announcing the
appointment of Ms. Wang to succeed Mr. Faberman, a copy of which is attached as
Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
Exhibit No. Description
Press release issued by Progress Software Corporation dated September
99.1 26 , 2022
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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