Progressive (NYSE: PGR) director swaps 1,301 shares for deferred units
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Progressive Corp director Roger N. Farah reported compensation-related equity adjustments, not open-market trading. He disposed of 1,301 Common Shares back to the issuer and simultaneously received 1,301 Phantom Stock Units on a 1-for-1 basis under a deferred compensation plan.
Farah also acquired 79.091 additional Phantom Stock Units through reinvestment of dividend equivalents. These units will be settled later, either in an equal number of Common Shares or in cash, at the time he elected or as otherwise provided under the plan. Following these awards, his direct phantom unit balance increased to 155,619.4537 units.
Positive
- None.
Negative
- None.
Insider Trade Summary
3 transactions reported
Mixed
3 txns
Insider
FARAH ROGER N
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Phantom Stock Unit (rest. Stock) | 1,301 | $0.00 | -- |
| Grant/Award | Phantom Stock Unit (rest. Stock) | 79.091 | $0.00 | -- |
| Disposition | Common | 1,301 | $0.00 | -- |
Holdings After Transaction:
Phantom Stock Unit (rest. Stock) — 155,540.363 shares (Direct);
Common — 0 shares (Direct)
Footnotes (1)
- The reporting person elected to defer receipt of previously granted restricted Common Shares upon vesting thereof. This Form 4 reports the disposition of such restricted shares in exchange for an equal number of units under the applicable deferred compensation plan. 1 for 1. These units will be paid out in an equal number of Common Shares at the time elected by the reporting person or at such other time determined in accordance with the plan. Expiration Date is the same as the Date Exercisable. 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.
Key Figures
Phantom units from share deferral: 1,301 units
Dividend equivalent units: 79.091 units
Phantom units after transactions: 155,619.4537 units
+2 more
5 metrics
Phantom units from share deferral
1,301 units
Units received for deferring previously granted restricted Common Shares on April 10, 2026
Dividend equivalent units
79.091 units
Phantom Stock Units acquired via reinvestment of dividend equivalents
Phantom units after transactions
155,619.4537 units
Total direct Phantom Stock Units following April 10, 2026 transactions
Common Shares disposed to issuer
1,301 shares
Common Shares returned to issuer in exchange for Phantom Stock Units
Transaction price per unit
$0.0000
Reported price per Phantom Stock Unit in compensation-related awards
Key Terms
Phantom Stock Unit (rest. Stock), deferred compensation plan, dividend equivalents, Disposition to issuer, +1 more
5 terms
Phantom Stock Unit (rest. Stock) financial
"security_title: "Phantom Stock Unit (rest. Stock)""
deferred compensation plan financial
"units under the applicable deferred compensation plan"
A deferred compensation plan is an arrangement where an employer agrees to pay part of an employee’s pay or bonus at a later date instead of immediately, often to reduce current tax bills or to tie rewards to long-term performance. For investors it matters because these promises create future cash obligations and influence executive incentives and retention; they can affect a company’s reported liabilities, cash flow planning and the risk profile if the business faces financial trouble.
dividend equivalents financial
"acquired upon the reinvestment of dividend equivalents"
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.
Disposition to issuer financial
"transaction_code_description: "Disposition to issuer""
FAQ
What insider transactions did Progressive (PGR) director Roger N. Farah report?
Roger N. Farah reported compensation-related equity adjustments, not market trades. He exchanged 1,301 Common Shares for 1,301 Phantom Stock Units and received 79.091 additional units from dividend equivalent reinvestment, all under Progressive’s deferred compensation plan on April 10, 2026.
Did Roger N. Farah buy or sell Progressive (PGR) stock on the open market?
The filing shows no open-market buying or selling. Farah disposed of 1,301 Common Shares to the issuer in exchange for an equal number of Phantom Stock Units, reflecting a deferral of previously granted restricted shares under a compensation plan, not a market trade.
How many Phantom Stock Units did Roger N. Farah receive from Progressive (PGR)?
Farah acquired 1,301 Phantom Stock Units in exchange for restricted Common Shares and 79.091 units from dividend equivalent reinvestment. After these transactions, his direct Phantom Stock Unit holdings increased to 155,619.4537 units under Progressive’s deferred compensation arrangements.
What is the purpose of the Phantom Stock Units reported for Progressive (PGR)?
The Phantom Stock Units reflect deferred compensation. Farah elected to defer previously granted restricted Common Shares into units that will later be paid out in an equal number of Common Shares or in cash, at the time he elected or as allowed by the plan.
How will Roger N. Farah’s Phantom Stock Units in Progressive (PGR) be settled?
The filing states that 1,301 Phantom Stock Units will be paid out in an equal number of Common Shares at Farah’s elected time or as the plan provides, while the 79.091 units from dividend equivalents will be paid out in cash on a similar deferred schedule.