[Form 4] Progressive Corporation Insider Trading Activity

Rhea-AI Filing Summary

Shore Bancshares (SHBI) Form 4: Director David S. Jones reported routine equity activity dated 07/29/2025.

• Equity grant: Jones received 2,310 restricted stock units (RSUs) at $0 cost (Code “A”). Each RSU converts to one common share and vests in a single tranche on 07/29/2026.
• Dividend reinvestment: An exempt acquisition under the Dividend Reinvestment Plan increased direct common-stock holdings; exact share count change is not itemized, but direct ownership now stands at 11,644 shares.
• Indirect holdings: 1,241 shares via IRA; 37,192 via Southern Drywell, Inc.; 9,279 via Jones of Annapolis, Inc.; and 10,315 via Sonne Capital LLC.

No derivatives were disposed of and no sales occurred. After the RSU award, Jones’s derivative position totals 2,310 RSUs; aggregate ownership (direct + indirect + RSUs) equals 71,981 shares.

The filing is typical director compensation and does not signal a change in corporate outlook or control.

Insights

Financial Analyst

TL;DR Routine 2,310-share RSU grant marginally lifts insider alignment; immaterial to SHBI’s valuation, neutral for investors.

The Form 4 shows a standard equity award under the company’s compensation plan. While insider ownership rises modestly, the 2,310 shares represent a negligible fraction of SHBI’s outstanding float, so dilution and signaling effects are minimal. No open-market buying or selling occurred, and the RSUs vest over one year, indicating short deferral. Investors may view continued participation in the DRIP and concentrated indirect holdings as commitment, but the event is not financially material. Overall impact: neutral.

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^*

Murphy John Jo

(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)

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

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)		2,218	D	$249.24	47,941.811	D
Common								15,162.584	I	401(k) Plan

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 20, 2025.

	/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 director David S. Jones receive?

Jones was granted 2,310 RSUs on 07/29/2025.

When do the newly granted RSUs to David S. Jones vest?

All 2,310 RSUs vest on 07/29/2026, exactly one year after the grant date.

What is David S. Jones’s direct share ownership after the filing?

His direct ownership totals 11,644 SHBI common shares following the reported transactions.

Which entities hold Jones’s indirect SHBI shares and how many?

Indirectly held shares: 1,241 via IRA; 37,192 via Southern Drywell, Inc.; 9,279 via Jones of Annapolis, Inc.; 10,315 via Sonne Capital LLC.

Did David S. Jones sell any SHBI shares in this Form 4?

No. The filing shows only acquisitions via RSUs and dividend reinvestment; no sales were reported.