Form 4: Progressive Director Acquires Phantom Stock Units

Progressive Corp. Director Roger N. Farah acquired 9,276.53 phantom stock units through dividend reinvestment, increasing his beneficial ownership.

Summary

• Roger N. Farah, a Director of Progressive Corp./OH/ (PGR), acquired 9,276.5299 phantom stock units.
• The acquisition occurred on January 8, 2026, through the reinvestment of dividend equivalents.
• These phantom stock units have a conversion ratio of 1 for 1 with common stock and were acquired at a price of $0.
• Following this transaction, Roger N. Farah beneficially owns a total of 154,239.3628 derivative securities.
• The units will be paid out in cash at a time elected by the reporting person or as determined by the plan.

Sentiment

Score: 5

Explanation: The filing is a routine insider transaction report, reflecting a director's acquisition of phantom stock through dividend reinvestment. This is a neutral event, indicating continued alignment but not a significant change in company fundamentals or outlook.

Positives

• The acquisition of phantom stock units through dividend reinvestment indicates continued alignment of a director's interests with those of shareholders.

Future Outlook

The acquired phantom stock units will be paid out in cash at a time elected by the reporting person or as determined in accordance with the plan.

Industry Context

This filing is a routine insider transaction report (Form 4) for a director of a publicly traded insurance company. Such filings are standard disclosures required by the SEC to provide transparency on changes in beneficial ownership by company insiders.

Stakeholder Impact

• Shareholders: Increased beneficial ownership by a director can be viewed as a positive signal of management's alignment with shareholder interests, though this is a routine dividend reinvestment rather than a direct open-market purchase.

Next Steps

• Payment of the phantom stock units in cash at a future date elected by the reporting person or as determined by the plan.

Key Dates

Keywords

Progressive Corp, PGR, Form 4, Insider Transaction, Phantom Stock, Director, Beneficial Ownership, Dividend Reinvestment