Progressive (PGR) Commercial Lines President Karen Bailo Receives Award

What Happened

• Karen Bailo, Commercial Lines President at Progressive (PGR), had 15,030.459 performance-based restricted stock units (RSUs) vest on July 24, 2026 (issued at no purchase price). To cover tax withholding, 6,578 shares were surrendered/disposed at $211.90 per share, generating $1,393,878. Net shares delivered to her after withholding were 8,452.459.

Key Details

• Transaction date: 2026-07-24; Form 4 filed: 2026-07-28 (filed within the two-business-day SEC window).
• Awarded/Acquired: 15,030.459 shares (code A) at $0.00 (RSU vesting).
• Withheld/Disposed: 6,578 shares (code F) at $211.90 = $1,393,878 (tax withholding).
• Net shares received: 8,452.459 (15,030.459 − 6,578).
• Footnote: Shares issued pursuant to vesting of performance-based RSUs granted in 2023, including dividend equivalents (per filing).
• No 10b5-1 plan or late filing indicated in the provided filing. Shares owned after the transaction were not reported in the supplied details.

Context

• This was not a market purchase or sale for investment reasons but the issuance/vesting of performance-based RSUs with shares withheld to satisfy tax obligations — a common administrative step when equity awards vest. The withholding reduced her delivered share count by the stated amount; the transaction itself does not necessarily signal buying or selling intent.