Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0104
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
  Mayer Max Alan
 2. Date of Event Requiring Statement (Month/Day/Year)
11/24/2008		 3. Issuer Name and Ticker or Trading Symbol
PEGASYSTEMS INC [PEGA]
(Last)
(First)
(Middle)
101 MAIN STREET		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Senior Vice President
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

CAMBRIDGE, MA 02142		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 4,022
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Stock Units 03/13/2009(1) 03/13/2018 Common Stock 5,566 $ 0 D  
Stock Option 12/13/2008(2) 12/13/2017 Common Stock 16,000 $ 12 D  
Restricted Stock Units 12/13/2008(3) 12/13/2017 Common Stock 8,000 $ 0 D  
Stock Option 12/08/2005(4) 12/08/2015 Common Stock 100,000 $ 8.67 D  
Stock Option 02/04/2005(5) 11/04/2014 Common Stock 10,000 $ 7.115 D  
Stock Option 11/09/2004(6) 08/09/2014 Common Stock 10,000 $ 6.2 D  
Stock Option 08/01/2004(7) 05/01/2014 Common Stock 80,000 $ 8.6 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Mayer Max Alan
101 MAIN STREET
CAMBRIDGE, MA 02142		       Senior Vice President  

Signatures

/s/ Shawn Hoyt, Esq., as Attorney-In-Fact for Max Alan Mayer 12/05/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) All RSUs vest 100% on March 13, 2009.
(2) All options vest 20% on December 13, 2008 and 80% in equal quarterly installments over next five years.
(3) All RSUs vest 20% on December 13, 2008 and 80% in equal quarterly installments over next five years.
(4) All options vested 100% on December 8, 2005.
(5) All options vest on a five year quarterly vesting schedule beginning on the date of grant, with the first vesting date occurring on February 4, 2005.
(6) All options vest on a five year quarterly vesting schedule beginning on the date of grant, with the first vesting date occurring on November 9, 2004.
(7) All options vest on a five year quarterly vesting schedule beginning on the date of grant, with the first vesting date occurring on August 1, 2004.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.