Stringer David M 4

What Happened

• David M. Stringer, Vice President, Secretary and Chief Legal Officer of Progressive (PGR), had 1,435.527 restricted stock units (RSUs) vest on January 20, 2026. The RSUs converted into 1,435.527 common shares (reported as an exercise/conversion).
• To satisfy tax withholding, 469 of those shares were surrendered/disposed at $201.32 per share, producing $94,419 in proceeds. Net shares retained from the vesting = 1,435.527 − 469 = 966.527 shares.
• This was not an open-market buy or sale for investment purposes but the routine vesting of equity awards and settlement of tax obligations.

Key Details

• Transaction date: January 20, 2026; Form 4 filed January 22, 2026 (timely within the usual 2-business-day window).
• Entries: M = exercise/conversion of derivative (RSU conversion to common shares) for 1,435.527 shares at $0.00; F = tax withholding of 469 shares at $201.32/share (proceeds $94,419).
• Footnotes: RSUs vested on 1/20/2026; each RSU equals a contingent right to one common share; the Form 4 reports the conversion of RSUs into common shares and the disposition/withholding to cover tax liabilities.
• Shares owned after transaction: the filing shows conversion and withholding; net new shares retained from this vesting are 966.527 (1,435.527 vested − 469 withheld).

Context

• This is a routine equity award vesting and tax-withholding event (often called a cashless/surrender settlement) rather than an indicator of a buy or sell decision in the open market.
• For clarity: M indicates conversion/exercise of derivative units (here, RSUs converting to common shares) and F indicates shares used to pay taxes.