Progressive CIO receives additional RSU dividend units

Bauer Jonathan S. reported acquisition or exercise transactions in this Form 4 filing.

Accepted by SEC EDGAR 07/14/2026 - 10:41 AM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Bauer Jonathan S. reported acquisition or exercise transactions in this Form 4 filing.

Progressive Corp reports that Chief Investment Officer Jonathan S. Bauer received a grant of 5.270 Restricted Stock Units through the reinvestment of dividend equivalents. Each unit represents a contingent right to one common share, increasing his directly held RSU-based interest to 12,113.019 units following the transaction.

Insider Trade Summary

Grant/Award: 5.27 shares

Grant/Award 1 txn

Insider Bauer Jonathan S.

Role Chief Investment Officer

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Unit F1, F2, F3	5.27	$0.00	$0.00

Holdings After Transaction: Restricted Stock Unit — 12,113.019 contracts (Direct)

Holdings Before and After: Restricted Stock Unit, 12,107.749 to 12,113.019 contracts (Direct)

Footnotes (3)

1. F1. Each Restricted Stock Unit represents a contingent right to receive one Common Share of the Company's stock.
2. F2. 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. F3. Expiration Date is the same as the Date Exercisable.

Key Figures

RSUs acquired: 5.270 Restricted Stock Units RSU holdings after transaction: 12,113.019 Restricted Stock Units Transaction price per unit: $0.0000

3 metrics

RSUs acquired 5.270 Restricted Stock Units Grant/award acquisition on 2026-07-10 via reinvested dividend equivalents

RSU holdings after transaction 12,113.019 Restricted Stock Units Total directly held RSUs following the reported grant/award acquisition

Transaction price per unit $0.0000 Reported price per Restricted Stock Unit for the derivative acquisition

Key Terms

Restricted Stock Unit, dividend equivalents, contingent right

3 terms

Restricted Stock Unit financial

"Security title is Restricted Stock Unit for the derivative award to the CIO."

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

"Units were acquired upon the reinvestment of dividend equivalents tied to other RSUs."

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."

FAQ

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

What insider transaction did Progressive (PGR) report for Jonathan S. Bauer?

Progressive reported that Chief Investment Officer Jonathan S. Bauer acquired 5.270 Restricted Stock Units. The units were received through reinvestment of dividend equivalents and each represents a contingent right to one common share.

How many Restricted Stock Units does Jonathan S. Bauer hold after this PGR Form 4?

After the reported transaction, Jonathan S. Bauer directly holds 12,113.019 Restricted Stock Units. These units each represent a contingent right to receive one Progressive common share, subject to applicable vesting conditions.

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

Each Restricted Stock Unit represents a contingent right to receive one common share of Progressive’s stock. The units acquired through dividend equivalents will vest at the same time as the related Restricted Stock Units.

How were the new RSUs for Progressive (PGR) Jonathan S. Bauer acquired?

The additional 5.270 RSUs were acquired upon the reinvestment of dividend equivalents. According to the disclosure, these units will vest on the same schedule as the Restricted Stock Units to which the dividend equivalents relate.

Is the reported Progressive (PGR) Form 4 transaction an open-market buy or sale?

No. The filing describes a grant/award acquisition of Restricted Stock Units coded as an A transaction. This reflects compensation-related RSU accumulation through dividend equivalents, not an open-market purchase or sale of common shares.

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

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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^*

Bauer Jonathan S.

(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)
	Chief Investment Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/10/2026

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)
			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
Restricted Stock Unit	(1)	07/10/2026		A		5.27		(2)	(3)	Common	5.27	$0	12,113.019	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	07/14/2026
	** 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)