PEGA insider ownership: who sold, why, and what they still hold

What stands out

Three officers sold $9.4M with no disclosed plan: Kenneth Stillwell ($6.4M), Rifat Akgonul ($1.8M) and Leon Trefler ($1.2M). The filings don't state a reason.Kenneth Stillwell: largest such sale, Mar 10, 2026 · Rifat Akgonul: largest such sale, Mar 11, 2026 · Leon Trefler: largest such sale, Oct 23, 2025

A share of stake is shown for 0 of the 6 officers and directors who sold. 13 are left out

Left out: Alan Trefler, Richard Jones, Kenneth Stillwell, Leon Trefler, Rifat Akgonul, Sharon Rowlands, John Higgins, Dianne Ledingham, Peter Gyenes, Christopher Lafond, Larry Weber, Rohit Ghai and Efstathios Kouninis (share of stake is being verified).

Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Their share of stake is being verified and is not shown yet; amounts and trading plans are below.

Alan Trefler

C.E.O. & Chairman, Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$21.8MDisclosed plan

Kenneth Stillwell

COO, CFO

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$6.8M5% planned 95% no plan disclosed

Rifat Akgonul

Chief Product Officer

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$2.0M12% planned 88% no plan disclosed

Leon Trefler

Chief of Clients and Markets

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$1.2MNo plan disclosed

Efstathios Kouninis

SVP, Chief Accounting Officer

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$851KNo plan disclosed

All 6 sellers

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planNo plan disclosedOne dollar scale for every month; the tallest bar is labeled

Recent activity

Past 30 days, Sep 17, 2026 to Oct 16, 2026

Oct 1, 2026Dianne Ledingham sold 1K shares ($34K) under a disclosed trading plan.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Dianne Ledingham Director	1,000	$34.15	n/a	n/a	Oct 1, 2026	Oct 5, 2026

"% of total stake" is the shares in an event against all the vested shares the person held that day, across every share class and holding entity, after that day's vesting. "n/a" means the person's holdings are not confirmed, or the row is a purchase. "Holdings record incomplete" means more shares were sold than the filings show the person held that day, so a percentage would be wrong.

Outside holders, reported separately

Richard Jones and Alan Trefler reported no open-market sales in the past 12 months. Large shareholders and the funds or companies that board members represent are not part of management, so they are left out of the figures above.

Details

Common questions

Why are Pegasystems Inc insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 69% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 31% had no disclosed plan. A trading plan schedules sales in advance.

Are any Pegasystems Inc insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

The evidence

Who sold6 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
Alan Trefler C.E.O. & Chairman, Director	$21.8M 390K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Kenneth Stillwell COO, CFO	$6.8M 142K shares	Not confirmed share of stake is being verified. Why	5% under a disclosed plan 95% no plan disclosed
Rifat Akgonul Chief Product Officer	$2.0M 48K shares	Not confirmed share of stake is being verified. Why	12% under a disclosed plan 88% no plan disclosed
Leon Trefler Chief of Clients and Markets	$1.2M 22K shares	Not confirmed share of stake is being verified. Why	No plan disclosed
Efstathios Kouninis SVP, Chief Accounting Officer	$851K 16K shares	Not confirmed share of stake is being verified. Why	No plan disclosed
Dianne Ledingham Director	$72K 2K shares	Not confirmed share of stake is being verified. Why	Disclosed plan

Sold by a charitable foundation the insider reports: Jone Family Foundation, Jones Family Foundation, reported by Richard Jones; Trefler Family Foundation, Trefler Foundation, reported by Alan Trefler. A foundation's shares are not the insider's own stake, so they are left out of the figures above.

The full ownership picture0 of 13 officers and directors confirmed

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 16, 2025

Sold

Held Oct 16, 2026

Still held

Alan Trefler

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Alan Trefler are complete.

C.E.O. & Chairman, Director

n/a

−390K

n/a

Vesting, gifts, unvested awards and holding lines for Alan Trefler

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Alan Trefler are complete; balances and unit counts will be added when the check is finished.

−316Kgifted (net of own trusts)

−2Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
483,272	$23.64	Mar 7, 2033	$5.1M
502,514	$31.05	Mar 5, 2034	$1.6M
450,018	$38.81	Mar 4, 2035	$0
455,581	$45.01	Mar 3, 2036	$0

Estimate: options held × ($34.15 − strike price), using the most recent insider trade price on Form 4 (Oct 1, 2026), not a market close.

Richard Jones

Director

n/a

Vesting, gifts, unvested awards and holding lines for Richard Jones

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Richard Jones are complete; balances and unit counts will be added when the check is finished.

−3.7Kgifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
7,938	$34.59	Aug 15, 2034	$0
5,168	$52.66	Aug 15, 2035	$0
7,947	$32.32	Aug 15, 2036	$15K

Estimate: options held × ($34.15 − strike price), using the most recent insider trade price on Form 4 (Oct 1, 2026), not a market close.

Kenneth Stillwell

COO, CFO

n/a

−142K

n/a

Vesting, gifts, unvested awards and holding lines for Kenneth Stillwell

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Kenneth Stillwell are complete; balances and unit counts will be added when the check is finished.

−6Kgifted (net of own trusts)

−165Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
25,920	$16.95	Nov 2, 2032	$446K
88,044	$31.05	Mar 5, 2034	$273K
96,000	$31.05	Mar 5, 2034	$298K
128,578	$38.81	Mar 4, 2035	$0
113,896	$45.01	Mar 3, 2036	$0

Estimate: options held × ($34.15 − strike price), using the most recent insider trade price on Form 4 (Oct 1, 2026), not a market close.

Leon Trefler

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. See the filing Sales and other transactions for Leon Trefler are complete.

Chief of Clients and Markets

n/a

−22K

n/a

Vesting, gifts, unvested awards and holding lines for Leon Trefler

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Leon Trefler are complete; balances and unit counts will be added when the check is finished.

−7.4Kgifted (net of own trusts)

−27Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
42,528	$23.64	Mar 7, 2033	$447K
70,000	$23.64	Mar 7, 2033	$736K
70,436	$31.05	Mar 5, 2034	$218K
101,500	$31.05	Mar 5, 2034	$315K
64,290	$38.81	Mar 4, 2035	$0
56,948	$45.01	Mar 3, 2036	$0

Estimate: options held × ($34.15 − strike price), using the most recent insider trade price on Form 4 (Oct 1, 2026), not a market close.

Rifat Akgonul

Chief Product Officer

n/a

−48K

n/a

Vesting, gifts, unvested awards and holding lines for Rifat Akgonul

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Rifat Akgonul are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−107Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
115,364	$16.95	Nov 2, 2032	$2.0M
12,454	$23.64	Mar 7, 2033	$131K
60,000	$23.64	Mar 7, 2033	$631K
70,436	$31.05	Mar 5, 2034	$218K
87,000	$31.05	Mar 5, 2034	$270K
64,290	$38.81	Mar 4, 2035	$0
50,000	$26.24	Jun 5, 2032	$396K
13,908	$29.48	Mar 5, 2028	$65K
25,190	$32.18	Mar 6, 2029	$50K
56,948	$45.01	Mar 3, 2036	$0

Estimate: options held × ($34.15 − strike price), using the most recent insider trade price on Form 4 (Oct 1, 2026), not a market close.

Sharon Rowlands

Director

n/a

Vesting, gifts, unvested awards and holding lines for Sharon Rowlands

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Sharon Rowlands are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
7,938	$34.59	Aug 15, 2034	$0
5,168	$52.66	Aug 15, 2035	$0
7,947	$32.32	Aug 15, 2036	$15K

Estimate: options held × ($34.15 − strike price), using the most recent insider trade price on Form 4 (Oct 1, 2026), not a market close.

John Higgins

Chief, Client &Partner Success

n/a

Vesting, gifts, unvested awards and holding lines for John Higgins

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for John Higgins are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−22Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
129,536	$16.95	Nov 2, 2032	$2.2M
36,454	$23.64	Mar 7, 2033	$383K
70,000	$23.64	Mar 7, 2033	$736K
70,436	$31.05	Mar 5, 2034	$218K
101,500	$31.05	Mar 5, 2034	$315K
64,290	$38.81	Mar 4, 2035	$0
56,948	$45.01	Mar 3, 2036	$0

Estimate: options held × ($34.15 − strike price), using the most recent insider trade price on Form 4 (Oct 1, 2026), not a market close.

Dianne Ledingham

Director

n/a

−2K

n/a

Vesting, gifts, unvested awards and holding lines for Dianne Ledingham

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Dianne Ledingham are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
7,938	$34.59	Aug 15, 2034	$0
5,168	$52.66	Aug 15, 2035	$0
7,947	$32.32	Aug 15, 2036	$15K

Estimate: options held × ($34.15 − strike price), using the most recent insider trade price on Form 4 (Oct 1, 2026), not a market close.

Peter Gyenes

Director

n/a

Vesting, gifts, unvested awards and holding lines for Peter Gyenes

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Peter Gyenes are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
7,938	$34.59	Aug 15, 2034	$0
5,168	$52.66	Aug 15, 2035	$0
7,947	$32.32	Aug 15, 2036	$15K

Estimate: options held × ($34.15 − strike price), using the most recent insider trade price on Form 4 (Oct 1, 2026), not a market close.

Christopher Lafond

Director

n/a

Vesting, gifts, unvested awards and holding lines for Christopher Lafond

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Christopher Lafond are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
7,938	$34.59	Aug 15, 2034	$0
5,168	$52.66	Aug 15, 2035	$0
7,947	$32.32	Aug 15, 2036	$15K

Estimate: options held × ($34.15 − strike price), using the most recent insider trade price on Form 4 (Oct 1, 2026), not a market close.

Larry Weber

Director

n/a

Vesting, gifts, unvested awards and holding lines for Larry Weber

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Larry Weber are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
7,938	$34.59	Aug 15, 2034	$0
5,168	$52.66	Aug 15, 2035	$0
7,947	$32.32	Aug 15, 2036	$15K

Estimate: options held × ($34.15 − strike price), using the most recent insider trade price on Form 4 (Oct 1, 2026), not a market close.

Rohit Ghai

Director

n/a

Vesting, gifts, unvested awards and holding lines for Rohit Ghai

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Rohit Ghai are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
2,182	$51.24	Jan 16, 2035	$0
5,168	$52.66	Aug 15, 2035	$0
7,947	$32.32	Aug 15, 2036	$15K

Estimate: options held × ($34.15 − strike price), using the most recent insider trade price on Form 4 (Oct 1, 2026), not a market close.

Efstathios Kouninis

SVP, Chief Accounting Officer

n/a

−16K

n/a

Vesting, gifts, unvested awards and holding lines for Efstathios Kouninis

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Efstathios Kouninis are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−16Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
6,800	$16.95	Nov 2, 2032	$117K
11,250	$23.64	Mar 7, 2033	$118K
38,088	$31.05	Mar 5, 2034	$118K
5,000	$31.05	Mar 5, 2034	$16K
12,858	$38.81	Mar 4, 2035	$0
11,390	$45.01	Mar 3, 2036	$0

Estimate: options held × ($34.15 − strike price), using the most recent insider trade price on Form 4 (Oct 1, 2026), not a market close.

Holdings and share of stake for Pegasystems Inc are being verified, so no balances, unit counts or percentages are shown. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings.

What explains the selling$32.8M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $32.8M across 619,937 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

Disclosed plan · $22.5M · 69%

31%

The lighter segment is sales with no plan disclosed in the filing ($10.3M), including tax-related sales outside a plan.

No plan disclosed · $10.3M

Sales with no 10b5-1 plan and no tax reference in the filing. $6.4M of it is Kenneth Stillwell. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Kenneth Stillwell, Mar 10, 2026

Taxes

340,053 shares ($17.7M) were withheld by the company for taxes, which isn't a market sale.

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
Alan Trefler C.E.O. & Chairman, Director	390K	$21.8M	100%	67%	Oct 21, 2025 to Feb 18, 2026
Kenneth Stillwell COO, CFO	142K	$6.8M	5%	21%	Oct 24, 2025 to Sep 11, 2026
Rifat Akgonul Chief Product Officer	48K	$2.0M	12%	6%	Dec 8, 2025 to Sep 11, 2026
Leon Trefler Chief of Clients and Markets	22K	$1.2M	0%	4%	Oct 23, 2025 to Mar 10, 2026
Efstathios Kouninis SVP, Chief Accounting Officer	16K	$851K	0%	3%	Oct 23, 2025 to Sep 16, 2026
Dianne Ledingham Director	2K	$72K	100%	0.2%	Sep 15, 2026 to Oct 1, 2026

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$8.1M	$5.4M	$0	$2.6M
Nov 2025	$6.1M	$5.3M	$0	$711K
Dec 2025	$6.3M	$5.5M	$0	$834K
Jan 2026	$4.7M	$4.7M	$0	$0
Feb 2026	$1.7M	$1.4M	$0	$302K
Mar 2026	$3.3M	$43K	$0	$3.3M
Apr 2026	$43K	$43K	$0	$0
May 2026	$483K	$0	$0	$483K
Jun 2026	$52K	$0	$0	$52K
Jul 2026	$0	$0	$0	$0
Aug 2026	$195K	$0	$0	$195K
Sep 2026	$1.8M	$38K	$0	$1.7M
Oct 2026	$34K	$34K	$0	$0

Is this normal? Selling year by year5 earlier years to compare with

More than usual: about 1.8x the 5-year average. 6 insiders sold; the average is 5 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 16, 2026 Latest 12 months	620K	6	$32.8M
Oct 16, 2025 1 year earlier	1.18M	7	$54.6M
Oct 16, 2024 2 years earlier	305K	5	$9.9M
Oct 17, 2023 3 years earlier	32K	4	$774K
Oct 17, 2022 4 years earlier	18K	3	$859K
Oct 17, 2021 5 years earlier	152K	6	$10.4M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty13 officers and directors not confirmed

Holdings and share of stake are being verified. Balances, unit counts and every share-of-stake figure for Pegasystems Inc are held back until that check is finished. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings and are complete.

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology2,408 filings on record, 111 filed in the 12-month period, and how we read them

All 2,408 Forms 3, 4 and 5 on record for Pegasystems Inc (SEC CIK 1013857), filed from Jul 3, 2003 to Oct 5, 2026; 111 of them were filed in the 12 months this page covers, retrieved from SEC EDGAR on Oct 16, 2026. Prices are the ones reported in each filing, often weighted averages. 1 filing was left out because Pegasystems Inc filed them as an owner of another company's stock.

Probable 2-for-1 stock split on or before Apr 1, 2014 (split date stated in a footnote). Splits aren't reported as transactions; 10 holding lines changed by exactly this ratio, so earlier share counts are restated.

Probable 2-for-1 stock split on or before Jun 20, 2025 (split date stated in a footnote). Splits aren't reported as transactions; 16 holding lines changed by exactly this ratio, so earlier share counts are restated.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (23)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
Michael Pyle	Mar 9, 2022	64,950 shares, last reported balance as of Mar 8, 2022
Hayden Stafford	Mar 4, 2022	18,172 shares, last reported balance as of Mar 2, 2022
Douglas Kra	Mar 9, 2021	85,216 shares, last reported balance as of Mar 9, 2021
Ronald Hovsepian	Aug 19, 2020	7,142 shares, last reported balance as of Aug 17, 2020
James Ohalloran	Jun 15, 2020	251,552 shares, last reported balance as of Jun 11, 2020
Steven Kaplan	Jun 8, 2018	89,552 shares, last reported balance as of Jun 6, 2018
William Wyman	Mar 23, 2018	42,262 shares, last reported balance as of Mar 21, 2018
Rafeal Brown	Nov 4, 2015	46,238 shares, last reported balance as of Nov 2, 2015
Craig Dynes	Mar 19, 2013	1,356 shares, last reported balance as of Mar 17, 2013
Craig Conway	Jul 19, 2011	21,324 shares, last reported balance as of Mar 26, 2011
Max Mayer	Feb 25, 2010	26,056 shares, last reported balance as of Feb 24, 2010
Edward Hughes	Aug 13, 2008	No balance on record
Alexander Darbeloff	Jun 2, 2008	8,439,912 shares, last reported balance as of May 29, 2008
James Reilly	Nov 6, 2007	336,392 shares, last reported balance as of Nov 2, 2007
Shawn Hoyt	Jun 1, 2006	44 shares, last reported balance as of May 30, 2006
Christopher Sullivan	May 16, 2006	No balance on record
Edward Maybury	Apr 5, 2006	179,600 shares, last reported balance as of Apr 3, 2006
William Keough	Jun 3, 2005	60,000 shares, last reported balance as of Jun 3, 2005
Edward Roberts	Feb 11, 2005	400,000 shares, last reported balance as of Mar 1, 2004
Henry Ancona	Jan 5, 2005	200,000 shares, last reported balance as of Nov 4, 2004
Michael Wallrich	Nov 24, 2004	560,000 shares, last reported balance as of Nov 15, 2004
Kenneth Olson	Jun 2, 2004	1,094,100 shares, last reported balance as of Jun 1, 2004
Joseph Friscia	Dec 3, 2003	No balance on record

Spotted something wrong on this page? Report an error. We check every report against the SEC filing and list what we fix in the corrections log.

Pegasystems Inc insiders sold $32.8M in the past 12 months. How much of their stake is that?

What stands out

Who sold, and how much of their stake

Selling by month

Recent activity

Outside holders, reported separately

Common questions

Why are Pegasystems Inc insiders selling?

Are any Pegasystems Inc insiders buying?

The evidence

No plan disclosed · $10.3M

Taxes

Sales by month