Joyce Carl G 4

What Happened

• Joyce Carl G, Chief Accounting Officer of Progressive (PGR), had 486.118 restricted stock units (RSUs) vest on January 20, 2026. The RSUs were converted to 486.118 common shares (reported as exercise/conversion of a derivative, code M). To satisfy tax withholding, 172 of those shares were surrendered/sold at $201.32 per share, generating $34,627 (reported under code F).
• Net retained from this vesting: 314.118 shares (486.118 converted minus 172 withheld/sold). The filing reports both the derivative conversion and the tax-withholding disposition.

Key Details

• Transaction date: January 20, 2026 (reported on Form 4 filed January 22, 2026).
• Conversion: 486.118 RSUs converted to 486.118 common shares (exercise/conversion, code M) at $0.00 per share (RSUs vesting).
• Tax withholding/disposition: 172 shares disposed at $201.32 per share for total proceeds of $34,627 (code F).
• Footnotes: RSUs vested on Jan 20, 2026; each RSU equals one common share; the Form 4 reflects conversion of RSUs into shares and the withholding of shares to cover taxes.
• Timeliness: Form 4 was filed within the normal 2-business-day window (timely).

Context

• This was a routine vesting and tax-withholding event—not an open-market sale for investment purposes. For derivative transactions like RSU vesting, code M often denotes conversion of a contingent award into common shares; code F indicates shares withheld/surrendered to pay taxes. These filings document compensation-related equity activity and do not, by themselves, indicate insider views on the company’s stock.