[Form 4] Progressive Corporation Insider Trading Activity

Rhea-AI Filing Summary

The Vanguard Group filed a Schedule 13G reporting a passive, beneficial ownership of 6,694,799 SELLAS Life Sciences (SLS) common shares, equal to 6.7 % of the outstanding class, as of 30 June 2025. The position is held largely through warrants; Vanguard cites that the CUSIP used is assigned to SLS’s ordinary shares, but the underlying securities are warrants.

Voting vs. dispositive power:

• Sole voting power: 0 shares
• Shared voting power: 92,960 shares
• Sole dispositive power: 6,568,778 shares
• Shared dispositive power: 126,021 shares

The filing confirms the stake is held in the ordinary course of business, with no intent to influence control. Vanguard classifies itself as an investment adviser (Item 3-e). Signature by Ashley Grim, Head of Global Fund Administration, is dated 29 July 2025.

Key takeaways: Vanguard is now a >5 % holder, potentially enhancing SLS’s institutional ownership profile and trading liquidity; however, its negligible voting power limits immediate governance impact.

Positive

• Institutional endorsement: A respected global asset manager now holds 6.7 % of SLS, potentially increasing investor confidence and secondary-market liquidity.

Negative

• Limited voting power: Vanguard controls only 92,960 voting shares versus 6.69 M economic shares, curbing any immediate governance support for management or shareholders.
• Warrant structure uncertainty: Economic exposure via warrants could be divested or expire without converting, introducing conversion-timing risk.

Insights

Portfolio Manager

TL;DR Vanguard's passive 6.7 % warrant-based stake boosts institutional ownership but offers little voting clout—market-friendly yet governance-neutral.

Vanguard’s entry places a top-tier asset manager on SLS’s register, improving perception of liquidity and institutional endorsement. Because the holdings are warrants, Vanguard controls economic exposure without full voting rights; only ~93 k shares carry shared votes. Passive 13G status signals no activist intent, reducing takeover speculation. Overall, modestly positive for market sentiment but unlikely to alter strategic direction.

Corporate Governance Analyst

TL;DR Economic stake sizeable, governance influence minimal; passive filing suggests limited board-level implications.

With zero sole voting power and sub-0.1 % shared voting power, Vanguard cannot materially sway shareholder resolutions. The warrant structure may convert later, but until exercised, board influence remains negligible. Investors should not expect policy shifts or proxy support deriving from this position. The filing nonetheless obliges SLS to track Vanguard under SEC beneficial ownership rules, and any future conversions would require updated disclosures.

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^*

Bauer Jonathan S.

(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)
	Chief Investment Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/25/2025

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	07/25/2025		A(1)		4,486.613	A	$0	31,183.516	D
Common	07/25/2025		F		2,095	D	$249.44	29,088.516	D
Common								115.141	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. These shares were issued pursuant to the vesting of performance-based restricted stock unit awards made in 2022, including dividend equivalents accrued since the grant date.

	/s/ Sarah R. D'Amore, By Power of Attorney	07/29/2025
	** 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 SLS shares does Vanguard own according to the Schedule 13G?

Vanguard reports 6,694,799 shares (in warrant form) beneficially owned.

What percentage of SELLAS Life Sciences (SLS) does Vanguard’s stake represent?

The filing states a 6.7 % beneficial ownership of the outstanding common stock.

What is the effective date of Vanguard’s reportable transaction?

The date of event triggering the filing is 30 June 2025.

Does Vanguard have voting control over the SLS shares?

Vanguard has 0 sole and 92,960 shared voting shares, indicating very limited voting power.

Why are Vanguard’s holdings described as warrants instead of ordinary shares?

The filing notes the reported securities are in warrant form; the CUSIP used refers to the ordinary shares for identification.

Is Vanguard’s position intended to influence SLS management?

No. Vanguard certifies the stake was acquired in the ordinary course and not to change or influence control.