Progressive (NYSE: PGR) director shifts stock into deferred units
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Progressive Corporation director Lawton W. Fitt reported routine compensation-related changes in holdings. Fitt disposed of 1,986 Common Shares back to the issuer and, in a non-cash exchange, received an equal number of Phantom Stock Units under a deferred compensation plan.
Footnotes explain this reflects an election to defer previously granted restricted Common Shares, with a 1-for-1 conversion into units. Additional 74.1771 Phantom Stock Units were acquired through reinvested dividend equivalents. After these transactions, Fitt holds 145,950.9365 Phantom Stock Units and 9,389 Common Shares directly.
Positive
- None.
Negative
- None.
Insider Trade Summary
3 transactions reported
Mixed
3 txns
Insider
FITT LAWTON W
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Phantom Stock Unit (rest. Stock) | 1,986 | $0.00 | -- |
| Grant/Award | Phantom Stock Unit (rest. Stock) | 74.177 | $0.00 | -- |
| Disposition | Common | 1,986 | $0.00 | -- |
Holdings After Transaction:
Phantom Stock Unit (rest. Stock) — 145,876.759 shares (Direct);
Common — 9,389 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
Restricted shares deferred: 1,986 Common Shares
Dividend-based units acquired: 74.1771 Phantom Stock Units
Phantom units after transaction: 145,950.9365 units
+2 more
5 metrics
Restricted shares deferred
1,986 Common Shares
Disposed to issuer and exchanged for Phantom Stock Units
Dividend-based units acquired
74.1771 Phantom Stock Units
Units from reinvestment of dividend equivalents
Phantom units after transaction
145,950.9365 units
Total Phantom Stock Units following the reported awards
Common Shares after transaction
9,389 shares
Director’s direct Common Share holdings after disposition
Transaction price per share
$0.0000
Reported for Phantom Stock Unit grant entries
Key Terms
Phantom Stock Unit, deferred compensation plan, dividend equivalents, disposition to issuer
4 terms
Phantom Stock Unit financial
"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
"Disposition to issuer"
FAQ
What insider transaction did Progressive (PGR) director Lawton W. Fitt report?
Lawton W. Fitt reported a routine compensation-related change, exchanging 1,986 restricted Common Shares for an equal number of Phantom Stock Units under a deferred compensation plan, plus receiving additional units from dividend reinvestment, rather than executing any open-market buy or sell transactions.
How many Progressive (PGR) Phantom Stock Units did the director acquire?
The director acquired 1,986 Phantom Stock Units in exchange for previously granted restricted Common Shares and an additional 74.1771 units through reinvestment of dividend equivalents, all under the company’s deferred compensation structure linked to Common Shares.
What are Phantom Stock Units in the Progressive (PGR) filing?
Phantom Stock Units are deferred compensation units linked to Progressive’s Common Shares. According to the filing, each unit is on a 1-for-1 basis with Common Shares and will be paid out later in shares or cash, as specified by the applicable plan terms.
What are the director’s holdings after this Progressive (PGR) Form 4?
After the reported transactions, the director holds 145,950.9365 Phantom Stock Units and 9,389 Common Shares directly. These figures reflect the deferral of restricted Common Shares into units and the addition of units from reinvested dividend equivalents under the compensation plan.
How will the Progressive (PGR) Phantom Stock Units be settled for the director?
The filing states that Phantom Stock Units acquired from restricted shares will be paid out in an equal number of Common Shares at the time elected by the director, while units from dividend equivalents will be paid out in cash according to the deferred compensation plan.