[Form 4] Progressive Corporation Insider Trading Activity

Rhea-AI Filing Summary

Director Edward L. Sanders III filed Form 4 for Shore Bancshares (SHBI) dated 29 Jul 2025.

• Equity award: 2,310 restricted stock units (RSUs) granted at no cost; units cliff-vest on 29 Jul 2026 and convert 1-for-1 into common shares.
• Dividend reinvestment: Common-stock holdings increased through the company’s Dividend Reinvestment Plan; the acquisition is classified as Rule 16a-11 exempt.
• Post-transaction ownership: 68,659 shares held directly, 10,234 via IRA, 5,799 via spouse’s IRA, 6,447 via trust, plus 2,310 RSUs.

No shares were sold. The 2,310-share award equals under 1 % of SHBI’s ~17 million shares outstanding, indicating immaterial dilution. The filing contains no operational, earnings, or guidance updates.

Insights

Corporate Governance Analyst

TL;DR: Routine RSU grant and DRIP purchases; neutral governance signal, negligible dilution.

The filing shows a standard one-year vesting RSU grant to a board member and automatic share accumulation through the dividend reinvestment plan. No dispositions occurred, leaving insider alignment intact. Share count impact is de minimis relative to SHBI’s float, so market reaction should be muted.

Portfolio Manager

TL;DR: Insider adds ~2k shares, maintains 91k+ stake; not investment-thesis altering.

The director’s total beneficial ownership now tops 91,000 shares, reinforcing a long-term commitment but without scale to change valuation metrics. No cash outflow or insider selling means there’s no negative signal; likewise, the small award size offers limited positive read-through. I regard the disclosure as non-impactful for portfolio weighting.

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).

1. Name and Address of Reporting Person^*

Griffith Susan Patricia

(Last) (First) (Middle)

300 NORTH COMMONS BLVD.

(Street)

MAYFIELD VILLAGE OH 44143

(City) (State) (Zip)

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

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

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
07/28/2025

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

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

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

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
Common	07/28/2025		S(1)		30,660	D	$242.1167(2)	506,945.043	D
Common								15,757.628	I	401(k) Plan
Common								19,108	I	Husband's Common
Common								53,737.096	I	Husband's Trust(3)

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

Explanation of Responses:

1. This transaction reported on this Form 4 was made pursuant to a 10b5-1 trading plan adopted by the reporting person as of March 30, 2025.

2. The price reported in Column 4 is the weighted average price. These shares were sold in multiple transactions at prices ranging from $239.220 and $248.726, inclusive. The reporting person undertakes to provide to The Progressive Corporation, any security holder of The Progressive Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. Held in a trust for the benefit of reporting person's spouse.

	/s/ Sarah R. D'Amore, By Power of Attorney	07/30/2025
	** 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.

FAQ

How many restricted stock units did SHBI grant to Director Sanders?

2,310 RSUs were awarded on 07/29/2025.

When do the RSUs awarded to Sanders vest?

They vest in a single tranche on 07/29/2026.

What is Director Sanders’ total SHBI share ownership after the filing?

He now beneficially owns 68,659 direct shares plus 22,480 indirect shares and 2,310 RSUs, totaling about 91,000 shares.

Did the Form 4 report any sale of SHBI shares?

No. The filing shows only acquisitions; no shares were sold.

Is the RSU grant material to existing SHBI shareholders?

At <1 % of outstanding shares, the award’s dilution is immaterial.