Efstathios A. Kouninis, Senior Vice President and Chief Accounting Officer at Pegasystems (PEGA), has filed 71 Form 4 transactions, all in the single company. The pattern is one-sided: zero open-market purchases and $1,082,451 in total sales. The recent activity, spanning June through September 2026, shows a steady stream of open-market sales, including $36,677 on September 16, $41,191 on September 3, $36,938 on August 31, and smaller sales on August 10 and August 7 worth $28,466 and $27,778 respectively.
The transaction codes reveal the mechanics behind the selling. Each sale is paired with option exercises (code M) and shares withheld for tax (code F). For example, on September 3, Kouninis exercised options valued at $42,375, sold shares worth $41,191, and had $55,683 withheld for taxes. The same structure appears on August 31, with a $42,375 option exercise, a $36,938 sale, and $54,312 withheld. The option exercises carry a $0 value, indicating they were compensation awards rather than purchases.
The selling is not a one-off event. It recurs on a near-monthly cycle, tied to vesting dates. The June transactions show the same pattern: option exercises on June 4, 5, and 7, each followed by tax withholdings and a $21,003 sale on June 16. Kouninis has not bought a single share of PEGA on the open market across all 71 filings. The direction is consistent: he sells into strength, using the proceeds to cover tax obligations while converting vested options into cash.
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