Sauerland John P 4

What Happened
John P. Sauerland, Chief Financial Officer of Progressive Corporation (PGR), had 6,776.345 restricted stock units (RSUs) vest on January 20, 2026. Those RSUs converted into 6,776.345 common shares (reported as a derivative exercise/conversion). To satisfy tax withholding, 2,339 of those shares were withheld/disposed at $201.32 each, generating $470,887.

Key Details

• Transaction date: January 20, 2026; Form 4 filed January 22, 2026 (appears timely).
• Vested/issued: 6,776.345 RSUs → 6,776.345 common shares (reported as code M, exercise/conversion of derivative).
• Tax withholding/disposition: 2,339 shares surrendered (code F) at $201.32 = $470,887.
• Net new shares retained from this vesting: 4,437.345 shares (6,776.345 − 2,339).
• Footnotes: RSUs represent contingent rights to one share each and vested on Jan 20, 2026; the filing reports shares issued upon vesting and shares withheld for taxes.
• Shares owned after transaction: not specified in the provided excerpt.

Context
This was not an open-market buy or sale for investment purposes but a routine issuance on RSU vesting with shares withheld to cover tax obligations (a common practice). The filing shows conversion of RSUs to shares and a tax-withholding disposition — routine compensation-related insider activity rather than a directional trade signal.