Protective Insurance (PTVCA) executive Schmiedt returned to the company 40 shares at $23.30

Insider transactions reported

Patrick Schmiedt (executive at Protective Insurance Corporation, PTVCA) reported that they returned to the company 40 shares at $23.30 on Jun 1, 2021. After these transactions the filing shows 0 shares held directly and 0 shares held directly.

Reporting person

Schmiedt Patrick

Holdings before and after

• Class A Common Stock: 40 to 0 direct
• Class B Common Stock: 20,559 to 0 direct

Footnotes from the filing

1. 1. Pursuant to the Agreement and Plan of Merger, dated as of February 14, 2021 (the Merger Agreement ), by and among Protective Insurance Corporation (the Company ), The Progressive Corporation ( Progressive ) and Carnation Merger Sub Inc., a wholly-owned indirect subsidiary of Progressive ( Merger Sub ), at the effective time (the Effective Time ) of the merger of Merger Sub with and into the Company, which Effective Time occurred on June 1, 2021, each outstanding share of the Company's Class A Common Stock and Class B Common Stock (other than certain excluded shares and the outstanding time-based restricted stock awards granted under the Company's equity incentive plan (the Company RSAs )) was cancelled and automatically converted into the right to receive an amount in cash equal to $23.30, without interest and less any applicable withholding taxes.
2. 2. Includes the following Company RSAs: 12,369 restricted shares that were to vest on January 1, 2023 and 7,500 restricted shares that were to vest on July 1, 2023.
3. 3. Pursuant to the Merger Agreement, immediately prior to the Effective Time, the restrictions on each of these Company RSAs automatically lapsed and each Company RSA was canceled and automatically converted into the right to receive an amount in cash equal to the product of (i) the total number of shares of the Company's Class B Common subject to the Company RSA, multiplied by (ii) an amount in cash, without interest, equal to $23.30, plus any cash dividends or cash dividend equivalents accrued on such Company RSA, less any applicable withholding taxes.

Transaction codes in this filing

Sale back to the company:

Code D marks a disposition back to the company under an exempt plan, as opposed to a sale in the market.

FAQ