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Progressive (PGR) Insider Update: Snyder Receives Dividend Phantom Shares

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Progressive Corporation (PGR) – Form 4 filing

On 11-Jul-2025, Director Barbara R. Snyder reported the acquisition of 8.5211 Phantom Stock Units through automatic dividend-equivalent reinvestment under a company plan. Each unit is economically equivalent to one share of Progressive common stock and will be settled in cash at a future date elected by the director. Following the transaction, Snyder now beneficially owns 21,042.2213 Phantom Stock Units. No open-market purchases or sales of common shares were disclosed, and no non-derivative holdings changed.

The filing represents a routine, low-volume administrative adjustment rather than a strategic share transaction. There is no cash outlay, no change in voting power, and no immediate dilution to existing shareholders. As such, the event is unlikely to influence PGR’s share price or investment thesis.

Positive

  • None.

Negative

  • None.

Insights

TL;DR: Routine dividend reinvestment adds 8.5 phantom units; immaterial impact.

This Form 4 records a standard accrual of phantom stock units for Director Barbara Snyder. The A transaction code confirms the units were acquired, not sold. Because the units are cash-settled and represent less than 0.001% of PGR’s outstanding shares, the filing has no dilution or signaling effect. Such administrative updates are common each quarter when dividend equivalents are credited. Investors can safely treat the disclosure as non-impactful to valuation or governance considerations.

Insider Snyder Barbara R
Role Director
Type Security Shares Price Value
Grant/Award Phantom Stock Unit (rest. Stock) 8.521 $0.00 --
Holdings After Transaction: Phantom Stock Unit (rest. Stock) — 21,042.221 shares (Direct)
Footnotes (1)
  1. 1 for 1 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. Expiration Date is the same as the Date Exercisable.
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Form 4 Insider Transactions: What Each Field Means →
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*
Snyder Barbara R
(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
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
07/11/2025
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
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
Phantom Stock Unit (rest. Stock) $0(1) 07/11/2025 A 8.5211 (2) (3) Common 8.5211 $0 21,042.2213 D
Explanation of Responses:
1. 1 for 1
2. 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.
3. Expiration Date is the same as the Date Exercisable.
/s/ Sarah R. D'Amore, By Power of Attorney 07/15/2025
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What did Progressive (PGR) disclose in the July 2025 Form 4?

Director Barbara R. Snyder acquired 8.5211 phantom stock units via dividend reinvestment on 11-Jul-2025.

Does the Form 4 involve open-market buying or selling of PGR common shares?

No. The filing only reports acquisition of cash-settled phantom units; no common shares were bought or sold.

How many phantom stock units does Snyder now hold after the transaction?

Her beneficial ownership increased to 21,042.2213 phantom stock units.

Will the acquisition of 8.5 phantom units affect Progressive’s share count?

No. Phantom units are cash-settled and do not create new shares, so there is no dilution.

Why is the transaction price listed as $0?

Dividend-equivalent reinvestments in deferred plans are non-cash transactions; the director pays no consideration.