Progressive director adds 1,459 phantom stock units via dividends

Progressive Corp (PGR) director Philip Bleser reported an automatic grant of additional deferred compensation tied to company stock.

Rhea-AI Filing Summary

Progressive Corp (PGR) director Philip Bleser reported an automatic grant of additional deferred compensation tied to company stock. On January 8, 2026, he acquired 1,459.1098 Phantom Stock Units at $0 per unit through the reinvestment of dividend equivalents under a company plan. Each unit is described as a 1-for-1 equivalent to a share of common stock and will be paid out in cash at a time elected by Bleser or otherwise determined under the plan. Following this transaction, he held a total of 24,260.3834 Phantom Stock Units directly.

Insider Trade Summary

Grant/Award: 1,459.1098 shares

Grant/Award 1 txn

Insider Bleser Philip

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Unit (rest. Stock)	1,459.1098	$0.00	$0.00

Holdings After Transaction: Phantom Stock Unit (rest. Stock) — 24,260.3834 contracts (Direct)

Footnotes (3)

1. F1. 1 for 1
2. F2. These units, which were acquired upon the reinvestment of dividend equivalents, will be paid out in cash at the time elected by the reporting person or at such other time determined in accordance with the plan.
3. F3. Expiration Date is the same as Date Exercisable.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Progressive (PGR) disclose in this Form 4?

The filing reports that director Philip Bleser acquired 1,459.1098 Phantom Stock Units on January 8, 2026 through the reinvestment of dividend equivalents under a company plan.

What security did Philip Bleser acquire related to Progressive (PGR)?

He acquired Phantom Stock Units (restricted stock), which are deferred compensation units described as having a 1-for-1 relationship to Progressive common stock.

Did Philip Bleser pay cash for the Phantom Stock Units of Progressive (PGR)?

No. The 1,459.1098 Phantom Stock Units were acquired at a reported price of $0 per unit, as they were received through the reinvestment of dividend equivalents under the plan.

How many Phantom Stock Units does Philip Bleser hold after this transaction in Progressive (PGR)?

After the reported transaction, Philip Bleser beneficially owned 24,260.3834 Phantom Stock Units, held directly.

How and when will the Phantom Stock Units for Progressive (PGR) be paid out?

The filing states that these units will be paid out in cash at the time elected by the reporting person or at another time determined in accordance with the applicable plan.

Are the Phantom Stock Units of Progressive (PGR) standard options with an exercise price and expiration?

No. The Phantom Stock Units have a reported conversion value of $0 and are described as cash-settled deferred units, with a note that the Expiration Date is the same as the Date Exercisable under the plan.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 01/12/2026 - 11:19 AM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bleser Philip

(Last) (First) (Middle)

300 NORTH COMMONS BLVD.

(Street)

MAYFIELD VILLAGE OH 44143

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PROGRESSIVE CORP/OH/ [ PGR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/08/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

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. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction 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)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction 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 (Month/Day/Year)		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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock Unit (rest. Stock)	$0(1)	01/08/2026		A		1,459.1098		(2)	(3)	Common	1,459.1098	$0	24,260.3834	D

Explanation of Responses:

1. 1 for 1

2. These units, which were acquired upon the reinvestment of dividend equivalents, will be paid out in cash at the time elected by the reporting person or at such other time determined in accordance with the plan.

3. Expiration Date is the same as Date Exercisable.

	/s/ Allyson L. Bach, By Power of Attorney	01/12/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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 Number.