Quigg Andrew J 4

What Happened

• Andrew J. Quigg, Chief Strategy Officer at Progressive (PGR), had 4,756.815 restricted stock units (RSUs) vest on January 20, 2026. Those RSUs converted into the same number of common shares (reported as derivative exercise/conversion, code M) at no exercise price ($0.00).
• To satisfy tax withholding obligations (code F), 1,459 shares were surrendered/withheld at a reported value of $201.32 per share, totaling $293,726. The remaining ~3,297.815 shares were retained by Quigg.

Key Details

• Transaction date: January 20, 2026 (Form 4 filed Jan 22, 2026 — appears timely).
• RSUs vested/converted: 4,756.815 shares (code M), $0 exercise price.
• Tax withholding: 1,459 shares withheld (code F) at $201.32/share = $293,726.
• Net shares retained from the vesting event: ~3,297.815 shares.
• Footnotes: RSUs represent contingent rights to receive one common share each; units vested on Jan 20, 2026. The filing reports issuance upon vesting and the disposition (withholding) to cover taxes.
• Shares owned after transaction: Not specified in the provided excerpt of the Form 4.

Context

• This was an RSU vesting event, not an open-market purchase or sale. The surrender of shares was a tax-withholding action (common, not a market sale) rather than a disposition indicating bearish sentiment.
• For retail investors, such transactions are routine compensation-related events; they signal management receiving equity but do not by themselves indicate a change in insider conviction.