Progressive (PGR) CIO granted additional RSUs from dividend equivalents

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Progressive Corp (PGR) Chief Investment Officer receives small RSU dividend award. On April 10, 2026, Chief Investment Officer Jonathan S. Bauer acquired 6.153 Restricted Stock Units through the reinvestment of dividend equivalents. Each unit represents a contingent right to receive one common share, increasing his direct RSU holdings to 12,107.749 units. These new units will vest at the same time as the related underlying RSUs, making this a routine, compensation-linked adjustment rather than an open-market stock purchase or sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Bauer Jonathan S.

Role Chief Investment Officer

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Unit	6.153	$0.00	--

Holdings After Transaction: Restricted Stock Unit — 12,107.749 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: 6.153 units RSU holdings after transaction: 12,107.749 units RSU-to-share ratio: 1 unit : 1 common share

3 metrics

RSUs granted 6.153 units Restricted Stock Units acquired April 10, 2026 via dividend equivalents

RSU holdings after transaction 12,107.749 units Direct RSU position following the April 10, 2026 award

RSU-to-share ratio 1 unit : 1 common share Each Restricted Stock Unit represents one Progressive common share

Key Terms

Restricted Stock Unit, dividend equivalents, contingent right

3 terms

Restricted Stock Unit financial

"security_title: "Restricted Stock Unit""

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

"acquired upon the reinvestment of dividend equivalents, will vest"

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

"represents a contingent right to receive one Common Share"

Form 4 Insider Transactions: What Each Field Means →

04/14/2026 - 10:54 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^*

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)
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		6.153		⁽²⁾	⁽³⁾	Common	6.153	$0	12,107.749	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) report for Jonathan S. Bauer?

Progressive reported that Chief Investment Officer Jonathan S. Bauer received 6.153 Restricted Stock Units on April 10, 2026. These units came from dividend equivalent reinvestment and are part of his compensation, not an open-market trade, and will vest with the related RSU awards.

Was the April 2026 Progressive (PGR) insider transaction a stock purchase or sale?

The April 2026 transaction was neither an open-market purchase nor a sale. Jonathan S. Bauer acquired 6.153 Restricted Stock Units as a grant tied to dividend equivalents, classified as a compensation-related award, rather than a discretionary buy or sell in the market.

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

Following the April 10, 2026 award, Jonathan S. Bauer directly holds 12,107.749 Restricted Stock Units. This total includes the additional 6.153 units received via dividend equivalent reinvestment, which will vest at the same time as the underlying RSU grants.

What does each Restricted Stock Unit represent for Progressive (PGR) insiders?

Each Progressive Restricted Stock Unit represents a contingent right to receive one common share of the company’s stock. The units typically vest over time or upon meeting conditions, converting into actual common shares only once the vesting requirements are satisfied by the recipient.

Why did Jonathan S. Bauer receive 6.153 new RSUs at Progressive (PGR)?

He received 6.153 new Restricted Stock Units due to the reinvestment of dividend equivalents tied to his existing RSU awards. These additional units mirror cash dividends on common shares and will vest on the same schedule as the related underlying Restricted Stock Units.