Bleser Philip 4

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.