Statement of Changes in Beneficial Ownership (4)

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response... 0.5
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* KOUNINIS EFSTATHIOS A	2. Issuer Name and Ticker or Trading Symbol PEGASYSTEMS INC [ PEGA ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) VP of Finance & CAO
(Last) (First) (Middle) C/O PEGASYSTEMS INC., ONE ROGERS STREET	3. Date of Earliest Transaction (MM/DD/YYYY) 3/2/2021
(Street) CAMBRIDGE, MA 02142 (City) (State) (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common stock	3/2/2021		M		171 ⁽¹⁾	A	$0	861	D
Common stock	3/2/2021		F		51	D	$136.08	810	D
Common stock	3/3/2021		M		642 ⁽²⁾	A	$0	1452	D
Common stock	3/3/2021		F		157	D	$130.45	1295	D
Common stock	3/3/2021		M		307 ⁽³⁾	A	$0	1602	D
Common stock	3/3/2021		F		75	D	$130.45	1527 ⁽⁴⁾	D

*Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)*
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units ⁽⁵⁾	$0.0	3/2/2021		M			171 ⁽¹⁾	3/2/2018	⁽⁶⁾	Common stock	171.0	$0	682	D
Restricted Stock Units ⁽⁵⁾	$0.0	3/2/2021		A		461 ⁽⁷⁾		3/2/2022	⁽⁶⁾	Common stock	461.0	$0	461	D
Restricted Stock Units ⁽⁵⁾	$0.0	3/2/2021		A		1057 ⁽⁸⁾		3/2/2022	⁽⁶⁾	Common stock	1057.0	$0	1057	D
Stock Options	$130.45	3/2/2021		A		3615 ⁽⁹⁾		3/2/2022	3/2/2031	Common stock	3615.0	$0	3615	D
Restricted Stock Units ⁽⁵⁾	$0.0	3/3/2021		M			642 ⁽²⁾	3/3/2021	⁽⁶⁾	Common stock	642.0	$0	0	D
Restricted Stock Units ⁽⁵⁾	$0.0	3/3/2021		M			307 ⁽³⁾	3/3/2021	⁽⁶⁾	Common stock	307.0	$0	1226	D

Explanation of Responses:
(1)	Represents a 5% vesting on March 2, 2021. The original grant was 3,410 restricted stock units, with 20% vesting on March 2, 2018, and the remaining 80% vesting in equal quarterly installments over the remaining four years.
(2)	Represents 100% vesting on March 3, 2021. The original grant was 1,195 restricted stock units, which were granted on March 3, 2020. As part of the Company's 2020 Corporate Incentive Compensation Plan(CICP), Mr. Kouninis elected to receive half of his annual bonus in RSUs.
(3)	Represents 20% vesting on March 3, 2021. The original grant was 1,533 restricted stock units, with the remaining 80% vesting in equal quarterly installments over the next four years.
(4)	Does not include shares of common stock subject to unvested restricted stock units and/or options awards.
(5)	Each restricted stock unit represents the right to receive, following vesting, one share of the issuer's common stock.
(6)	Once vested, the shares of common stock are not subject to expiration.
(7)	Represents election by the individual, as part of the Company's Corporate Incentive Plan (CICP), to receive half of their annual bonus in RSUs, based upon the Company's stock price as of March 2, 2021. All RSUs vest 100% on March 2, 2022, subject to attainment of the CICP performance threshold funding for the year ending December 31, 2021.
(8)	RSUs will vest 20% on March 2, 2022, with the remaining 80% vesting in equal quarterly installments over the remaining four years.
(9)	Options will vest 20% on March 2, 2022, with the remaining 80% vesting in equal quarterly installments over the remaining four years.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
KOUNINIS EFSTATHIOS A C/O PEGASYSTEMS INC. ONE ROGERS STREET CAMBRIDGE, MA 02142			VP of Finance & CAO