Progressive (PGR) Commercial Lines President adds RSUs from dividend equivalents

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Bailo Karen reported acquisition or exercise transactions in this Form 4 filing.

Progressive Corp (PGR) Commercial Lines President Karen Bailo received a small grant of 7.328 Restricted Stock Units (RSUs) through dividend reinvestment. Each RSU represents a contingent right to receive one Progressive common share. After this grant, she holds a total of 14,417.354 RSUs directly. These additional units will vest at the same time as the related RSUs, so they follow the same long-term compensation schedule rather than reflecting an open-market stock purchase or sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Bailo Karen

Role Commercial Lines President

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Unit	7.328	$0.00	--

Holdings After Transaction: Restricted Stock Unit — 14,417.354 shares (Direct)

Footnotes (1)

Each Restricted Stock Unit represents a contingent right to receive one Common Share of the Company's stock. These units, which were acquired upon the reinvestment of dividend equivalents, will vest at the same time as the Restricted Stock Units to which they relate. Expiration Date is the same as the Date Exercisable.

Key Figures

RSUs granted: 7.328 units Total RSU holdings: 14,417.354 units RSU-to-share ratio: 1 RSU : 1 share

3 metrics

RSUs granted 7.328 units Restricted Stock Units acquired via dividend equivalent reinvestment on April 10, 2026

Total RSU holdings 14,417.354 units Restricted Stock Units held directly by Karen Bailo after the transaction

RSU-to-share ratio 1 RSU : 1 share Each RSU represents a contingent right to receive one Progressive common share

Key Terms

Restricted Stock Unit, dividend equivalents, contingent right

3 terms

Restricted Stock Unit financial

"Each Restricted Stock Unit represents a contingent right to receive one Common Share of the Company's stock."

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

dividend equivalents financial

"These units, which were acquired upon the reinvestment of dividend equivalents, will vest at the same time as the Restricted Stock Units to which they relate."

Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.

contingent right financial

"Each Restricted Stock Unit represents a contingent right to receive one Common Share of the Company's stock."

Form 4 Insider Transactions: What Each Field Means →

04/14/2026 - 10:52 AM

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^*

Bailo Karen

(Last)

(First)

(Middle)

300 NORTH COMMONS BLVD.

(Street)

MAYFIELD VILLAGE

OHIO

44143

(City)

(State)

(Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/10/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	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)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Unit	⁽¹⁾	04/10/2026		A		7.328		⁽²⁾	⁽³⁾	Common	7.328	$0	14,417.354	D

Explanation of Responses:

1. Each Restricted Stock Unit represents a contingent right to receive one Common Share of the Company's stock.

2. These units, which were acquired upon the reinvestment of dividend equivalents, will vest at the same time as the Restricted Stock Units to which they relate.

3. Expiration Date is the same as the Date Exercisable.

	/s/ Allyson L. Bach, By Power of Attorney	04/14/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Progressive (PGR) disclose for Karen Bailo?

Progressive disclosed that Commercial Lines President Karen Bailo received 7.328 Restricted Stock Units. These RSUs were acquired through the reinvestment of dividend equivalents and form part of her existing equity compensation, rather than an open-market stock purchase or sale.

How many Restricted Stock Units does Karen Bailo hold after this Form 4 for PGR?

After this transaction, Karen Bailo holds 14,417.354 Restricted Stock Units. This total includes the new 7.328 units granted via dividend equivalent reinvestment, all held directly as part of her long-term equity compensation from Progressive.

What does each Restricted Stock Unit represent in the Progressive (PGR) filing?

Each Restricted Stock Unit represents a contingent right to receive one Progressive common share. The units do not involve cash payment now but convert into common shares if and when the vesting conditions specified by the company are satisfied.

How were the new RSUs for Karen Bailo at Progressive (PGR) created?

The 7.328 new RSUs were acquired upon reinvestment of dividend equivalents tied to existing RSUs. Instead of paying cash dividends, Progressive credited additional units, which will vest on the same schedule as the underlying Restricted Stock Units they relate to.

Do the new Progressive (PGR) RSUs for Karen Bailo vest immediately?

The new RSUs do not vest immediately. The filing states that units acquired from dividend equivalent reinvestment will vest at the same time as the Restricted Stock Units to which they relate, aligning them with the original long-term vesting schedule.