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In a regulatory filing late Tuesday, Progress (Nasdaq: said it accelerated the vestingy periodsof Alsop’s portfolio of stock options, which totalp more than 1.9 million, following the June 30 terminationh of his employment. The company said the move will likely result ina $5 million While many of Alsop’s options are underwater, or carryg strike prices that are above the company’s Tuesdayh close of $20.42 a his option holdings as of Nov. 30 are still worth roughly $4.7 million today, basec on regulatory filings. Alsop also stands to collect a portionb of his annual whichtotaled $350,000 in 2008, and accrued but unusede vacation. In March, Bedford, Mass.
, Progress promoted its chief operating officer, Richard Reidy, to the positionb of presidentand CEO. He also was nominated for electio toProgress Software’s board of directors, pending approval at the company’z annual meeting. The move came at a disappointing time for the which failed to meet its revenur or profit projections for the quarterended Feb. 28 amid a slowdown in IT spendinh andunfavorable currency-exchange rates. Progress postexd a 72 percent drop in firsyt quarter profitto $3.7 Revenue was down 1 percent to $120.9 million. Reidyy joined the company in 1985 and has heldseveral senior-levepl executive positions.
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