Form 4: Progressive CEO Susan Griffith Reports Significant Stock Vesting and Tax-Related Sale

Progressive Corporation's President and CEO, Susan Patricia Griffith, reported the vesting of over 111,000 performance-based restricted stock units and a subsequent sale of nearly 50,000 shares for tax purposes.

Summary

• Susan Patricia Griffith, President and CEO of Progressive Corp/OH/ (PGR), reported transactions on July 25, 2025.
• Acquired 111,142.442 shares of common stock at a price of $0, resulting from the vesting of performance-based restricted stock unit awards granted in 2022, including accrued dividend equivalents.
• Disposed of 49,823 shares of common stock at a price of $249.44 per share, typically for tax withholding purposes related to the vesting.
• Following these transactions, direct beneficial ownership stands at 537,605.043 shares.
• Indirect beneficial ownership includes 15,757.628 shares in a 401(k) Plan, 19,108 shares in Husband's Common, and 53,737.096 shares in Husband's Trust.

Sentiment

Score: 7

Explanation: The filing indicates the successful vesting of performance-based restricted stock units, which is a positive sign of executive performance and compensation. The subsequent sale is a routine tax-related transaction and does not imply negative sentiment.

Positives

• Acquisition of 111,142.442 shares of common stock through the vesting of performance-based restricted stock units, indicating achievement of performance targets set in 2022.
• The vesting included dividend equivalents accrued since the grant date, adding to the total shares received.

Negatives

• Disposition of 49,823 shares of common stock at $249.44 per share, likely for tax obligations arising from the vesting event, which reduces direct shareholding.

Industry Context

This filing is a routine disclosure of executive stock transactions, common across all publicly traded companies, and does not reflect specific industry trends beyond standard executive compensation practices.

Stakeholder Impact

• Shareholders: The vesting of performance awards indicates that executive performance targets were met, which could be viewed positively. The tax-related sale is a routine event and does not significantly alter the executive's overall stake or commitment.

Key Dates

Recommendation

This Form 4 details routine executive compensation events (vesting of restricted stock units and subsequent tax-related sale). It does not provide new information about the company's financial performance, strategic direction, or market position that would warrant a change in investment recommendation. The transactions are expected and do not signal a significant shift in insider sentiment or company prospects.

Keywords

Progressive Corporation, PGR, SEC Form 4, Insider Trading, Stock Vesting, Restricted Stock Units, Performance Awards, CEO Stock, Executive Compensation, Share Ownership