Progress Software Corporation (the “Company”) files this Current Report on Form 8-K to report that the Company has eliminated the role of Michael Benedict, Chief Product Officer of Company and, as a result, Mr. Benedict’s employment with the Company will terminate on November 11, 2016.

In connection with the termination of his employment, the Company will provide Mr. Benedict with severance and other benefits applicable to executive officers of the Company under the Company’s severance plan. Per the terms of the Company’s severance plan, upon the execution by Mr. Benedict of a standard release of claims, he will be entitled to receive the following severance and other benefits: (a) the payment of cash severance equal to twelve (12) months of their total target cash compensation, which will be paid over twelve (12) months, (b) the continuation, for a period of twelve (12) months, of benefits that are substantially equivalent to the benefits (medical, dental, vision and life insurance) that were in effect immediately prior to termination, and (c) twelve (12) months of acceleration of restricted stock units and stock options.

The release of claims will also include non-competition, non-disparagement and related covenants. The non-competition covenant will be in effect for one year following the termination of employment.

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