Otto N. Frenzel IV - Jun 1, 2021 Form 4 Insider Report for Protective Insurance Corp (PTVCA/B)

Role: Director
Signature: John R. Barnett on behalf of Otto N. Frenzel IV
Stock symbol: PTVCA/B
Transactions as of: Jun 1, 2021
Transactions value $: -$935,775
Form type: 4
Date filed: 6/3/2021, 05:18 PM

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PTVCA/B	Class A Common Stock	Disposed to Issuer	-$73K	-3.13K	-100%	$23.30^*	0	Jun 1, 2021	Direct	F1
transaction	PTVCA/B	Class B Common Stock	Disposed to Issuer	-$863K	-37K	-100%	$23.30^*	0	Jun 1, 2021	Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Otto N. Frenzel IV is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	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) 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.

Content

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) 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.