Bleser Philip 4
4 · PROGRESSIVE CORP/OH/ · Filed Apr 14, 2026
Research Summary
AI-generated summary of this filing
Progressive (PGR) Director Philip Bleser Exchanges Restricted Shares for Deferred Units
What Happened
Philip Bleser, a director of Progressive Corporation (PGR), did not sell shares for cash; instead he elected to defer receipt of 739 vested restricted common shares. On 2026-04-10 the filing shows a disposition to the issuer of 739 restricted shares (reported as $0.00) and two corresponding acquisitions of derivative units: 739 deferred units and 12.712 dividend-reinvested units (both reported at $0.00). No cash changed hands — this was an internal exchange of equity for plan units under the company’s deferred compensation plan.
Key Details
- Transaction date: April 10, 2026; Form 4 filed April 14, 2026 (within the normal filing window).
- Disposition: 739 restricted Common Shares to issuer (code D) at $0.00 (non-cash exchange).
- Acquisitions: 739 deferred units (1-for-1) and 12.712 units acquired via reinvested dividend equivalents (both reported as grants, code A, $0.00).
- Value: Reported dollar value $0 for all items — reflects internal conversion into plan units, not a market sale or purchase.
- Shares owned after transaction: Not specified in the provided filing excerpt.
- Relevant footnotes: F1 indicates Bleser elected to defer receipt of vested restricted shares; F2 notes the 1-for-1 conversion; F3 states the dividend-reinvested units will be paid in cash when elected or per plan; F5 indicates deferred units may be paid out as an equal number of common shares when elected.
Context
This is a routine, non-cash deferral of vested restricted stock into a company deferred compensation/share unit plan and not an open-market sale or purchase. Such transactions reflect personal tax/compensation elections rather than a straightforward buy/sell signal about the insider’s view of the stock.
Insider Transaction Report
- Disposition to Issuer
Common
[F1]2026-04-10−739→ 0 total - Award
Phantom Stock Unit (rest. Stock)
[F2][F3][F4]2026-04-10+12.712→ 24,273.095 total→ Common (12.712 underlying) - Award
Phantom Stock Unit (rest. Stock)
[F2][F5][F4]2026-04-10+739→ 25,012.095 total→ Common (739 underlying)
Footnotes (5)
- [F1]The reporting person elected to defer receipt of previously granted restricted Common Shares upon vesting thereof. This Form 4 reports the disposition of such restricted shares in exchange for an equal number of units under the applicable deferred compensation plan.
- [F2]1 for 1
- [F3]These units, which were acquired upon the reinvestment of dividend equivalents, will be paid out in cash at the time elected by the reporting person or at such other time determined in accordance with the plan.
- [F4]Expiration Date is the same as the Date Exercisable.
- [F5]These units will be paid out in an equal number of Common Shares at the time elected by the reporting person or at such other time determined in accordance with the plan.