FARAH ROGER N 4

What Happened

• Roger N. Farah, a director of Progressive Corporation (PGR), did not sell shares for cash. On April 10, 2026 he disposed of 1,301 vested restricted Common Shares back to the issuer (reported as a disposition at $0) and, in the same transaction, was credited with 1,301 deferred compensation units (acquisition at $0). He also received an additional 79.091 units (acquisition at $0), representing reinvested dividend equivalents. No cash changed hands in the reported exchange.

Key Details

• Transaction date: April 10, 2026. Form filed April 14, 2026 (timely).
• Reported entries: Disposition (D) of 1,301 restricted shares @ $0; Acquisition (A) of 1,301 deferred units @ $0; Acquisition (A) of 79.091 deferred units @ $0.
• Shares owned after transaction: Not stated in the provided excerpt of the Form 4.
• Footnotes: F1—Farah elected to defer receipt of vested restricted shares in exchange for equal number of units under the deferred compensation plan; F2—1-for-1 conversion; F3—those units will be paid out in an equal number of Common Shares when elected or as plan dictates; F5—units from reinvested dividend equivalents will be paid in cash when elected.
• Filing timeliness: Filed on Apr 14, 2026; given the Apr 10 transaction date, this filing meets the usual two-business-day reporting window.

Context

• This was not an open-market sale or purchase. It’s an internal conversion of vested restricted shares into deferred compensation units (derivative securities) that will be delivered later as shares or cash per plan elections. For retail investors, such conversions are routine compensation elections by insiders and do not by themselves signal a buy or sell decision in the public market.