Akgonul Rifat Kerim, Chief Product Officer at Pegasystems, has filed 77 Form 4 transactions, all in PEGA stock. The pattern is one-sided: no open-market purchases and no acquisitions, against roughly $2.96 million in open-market sales. The selling is concentrated in a handful of dates, with the largest single sale on March 16, 2026, at $329,503.66, followed by $352,353.72 on March 11, 2026. Two smaller sales occurred on May 19, 2026 ($151,575.75) and August 25, 2026 ($57,766.17 and $44,200).
The rest of the activity is mechanical. Kerim exercised options on March 11 and March 16, 2026, each valued at $709,200, and simultaneously had shares withheld to cover taxes, with those F-code transactions valued at $952,952.88 and $971,524.16 respectively. The same pattern repeats monthly: option exercises with zero dollar value paired with tax-withholding sales in the $20,000 to $41,000 range on the first, fourth, fifth, and seventh of each month from June through September 2026.
The recent five transactions, all in September 2026, are exclusively M and F codes. No S-code sales have appeared since August 25, 2026. The data shows a compensation cycle, not a directional bet. Kerim has not bought a single share on the open market across all 77 filings, and the only cash he has received came from scheduled sales tied to option exercises.
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