Document:

EX-4.8

 Exhibit 4.8 
 SECOND AMENDMENT TO TRUST AGREEMENT BETWEEN 
 FIDELITY MANAGEMENT TRUST
COMPANY AND 
 THE PROGRESSIVE CORPORATION 

THIS SECOND AMENDMENT, dated as of the 1st day of August, 2007, and effective as set forth below, by and between Fidelity Management Trust Company (the
“Trustee”) and The Progressive Corporation (the “Sponsor”), 
 WITNESSETH 

WHEREAS, the Trustee and the Sponsor heretofore entered into a Trust Agreement dated July 1, 2005 with regard to The Progressive
Retirement Security Program (the “Plan”), and 
 WHEREAS, the Trustee and the Sponsor now desire to amend said Trust
Agreement as provided for in Section 13 thereof, 
 NOW THEREFORE, in consideration of the above premises, the Trustee and
the Sponsor hereby amend the Trust Agreement by 
  

	 	(1)	Amending and restating Section 1(ee), in its entirety, as follows 

  

	 	(ee)	“Plan Administration Manual” 

  

	 	(1)	“Plan Administration Manual” shall mean the document which sets forth the administrative and recordkeeping duties and procedures to be followed by the Trustee
in administering the Plan, as such document may be amended and in effect from time to time. A copy of the version of the Plan Administration Manual in effect as of July 11, 2007, is attached hereto as Exhibit 1 for the purpose of
establishing a starting point from which to track any future amendments to the Plan Administration manual. The Plan Administration Manual may only be amended in accordance with the procedures set forth in paragraph (2) below. An amendment to
the Trust Agreement will not be required. 

  

	 	(2)	Trustee shall provide the Administrator with notice of any proposed amendment to the Plan Administration Manual, and the Administrator shall have the opportunity to
review and comment on such proposed amendment. The Trustee and the Administrator shall work together to resolve any discrepancies in the proposed amendment and revise it accordingly. Upon receipt of a written acknowledgement that the Administrator
is in agreement with the proposed amendment, the Trustee shall amend the Plan Administration Manual accordingly, and shall notify the Administrator of the effective date of the posting of the revised Plan Administration Manual to Plan Sponsor
Webstation. Trustee shall retain an electronic copy of each revised Plan Administration Manual for archival purposes. 

 IN WITNESS WHEREOF, the Trustee and the Sponsor have caused this Second Amendment to be
executed by their duly authorized officers effective as of the day and year first above written. By signing below, the undersigned represent that they are authorized to execute this document on behalf of the respective parties. Notwithstanding any
contradictory provision of the agreement that this document amends, each party may rely without duty of inquiry on the foregoing representation. 
  

									
	THE PROGRESSIVE CORPORATION	 		 	FIDELITY MANAGEMENT TRUST COMPANY
					
	By:	 	/s/ Charles E. Jarrett	 		 	By:	 	/s/ Stephanie Nick
		 	Its authorized signatory	 		 		 	Its authorized signatory
					
	Name:	 	Charles E. Jarrett	 		 	Name:	 	Stephanie Nick
					
	Title:	 	Secretary	 		 	Title:	 	Vice President
					
	Date:	 	August 21, 2007	 		 	Date:	 	September 6, 2007

  
 2EX-4.9

 Exhibit 4.9 
 THIRD AMENDMENT TO TRUST AGREEMENT BETWEEN 
 FIDELITY MANAGEMENT TRUST
COMPANY AND 
 THE PROGRESSIVE CORPORATION 

THIS THIRD AMENDMENT, dated as of the 21st day of December, 2007, by and between Fidelity Management Trust Company (the “Trustee”) and The Progressive
Corporation (the “Sponsor”); 
 WITNESSETH: 
 WHEREAS, the Trustee and the Sponsor heretofore entered into a Trust Agreement dated July 1, 2005 with regard to The Progressive Retirement Security Program (the “Plan”); and 

WHEREAS, the Trustee and the Sponsor now desire to amend said Trust Agreement as provided for in Section 13 thereof; 

NOW THEREFORE, in consideration of the above premises, effective December 21, 2007, but only with respect to Plan contributions made
on or after that date and with respect to the earnings thereon, the Trustee and the Sponsor hereby amend the Trust Agreement by: 

(1) Restating the last sentence of Schedule “C”, in its entirety, as follows: 

In accordance with Section 5(c) of the Trust Agreement, the Sponsor hereby directs the Trustee that if the Trustee fails to receive a
proper direction from a Participant regarding the investment of such Participant’s accounts, the assets of such Participant’s individual accounts shall be invested in the applicable Vanguard Target Retirement Fund pursuant to the table set
forth below. 
 The following table specifies the eleven (11) Participant Date of Birth ranges for each of the eleven
(11) corresponding Vanguard Target Retirement Funds: 
  

			
	 Participant Date of Birth
	  	Fund
	 12/31/1936 or earlier
	  	Vanguard Target Retirement Income Fund
	 1/1/1937 – 12/31/1942
	  	Vanguard Target Retirement 2005 Fund
	 1/1/1943 – 12/31/1947
	  	Vanguard Target Retirement 2010 Fund
	 1/1/1948 – 12/31/1952
	  	Vanguard Target Retirement 2015 Fund
	 1/1/1953 – 12/31/1957
	  	Vanguard Target Retirement 2020 Fund
	 1/1/1958 – 12/31/1962
	  	Vanguard Target Retirement 2025 Fund
	 1/1/1963 – 12/31/1967
	  	Vanguard Target Retirement 2030 Fund
	 1/1/1968 – 12/31/1972
	  	Vanguard Target Retirement 2035 Fund
	 1/1/1973 – 12/31/1977
	  	Vanguard Target Retirement 2040 Fund
	 1/1/1978 – 12/31/1982
	  	Vanguard Target Retirement 2045 Fund
	 1/1/1983 or later
	  	Vanguard Target Retirement 2050 Fund

 The Sponsor further understands and agrees that the Trustee will continue to default a Participant’s
future contributions into the applicable Vanguard Target Retirement Fund until such time that the Trustee receives a proper direction from the Participant. Furthermore, if the Sponsor does not provide a Participant’s date of birth, the Sponsor
directs the Trustee to default the Participant into the Vanguard Target Retirement Income Fund. Unless the Named Fiduciary directs otherwise, in the case of unallocated Plan assets, and the termination or reallocation of an investment option, the
Plan’s default investment shall be Managed Income Portfolio II. 

 IN WITNESS WHEREOF, the Trustee and the Sponsor have caused this Third Amendment to be executed by their
duly authorized officers effective as of the day and year first above written. By signing below, the undersigned represent that they are authorized to execute this document on behalf of the respective parties. Notwithstanding any contradictory
provision of the agreement that this document amends, each party may rely without duty of inquiry on the foregoing representation. 
  

					
	THE PROGRESSIVE CORPORATION	 		 	FIDELITY MANAGEMENT TRUST COMPANY
			
	By:                            
                                         
                               	 		 	By:
                                         
                                         
              
	        Its authorized signatory	 		 	        Its authorized signatory
			
	Name:                             
                                         
                        	 		 	Name:                             
                                         
                      
			
	Title:                            
                                         
                            	 		 	Title:                            
                                         
                         
			
	Date:                             
                                         
                           	 		 	Date:EX-4.10

 Exhibit 4.10 
 FOURTH AMENDMENT TO TRUST AGREEMENT BETWEEN 
 FIDELITY MANAGEMENT TRUST
COMPANY AND 
 THE PROGRESSIVE CORPORATION 
 THIS FOURTH AMENDMENT, dated as of the nineteenth day of May, 2008, and otherwise effective as recorded herein, by and between Fidelity Management Trust Company (the “Trustee”) and The
Progressive Corporation (the “Sponsor”); 
 WITNESSETH: 

WHEREAS, the Trustee and the Sponsor heretofore entered into a Trust Agreement dated July 1, 2005 with regard to The Progressive
Retirement Security Program (the “Plan”); and 
 WHEREAS, the Trustee and the Sponsor now desire to amend said Trust
Agreement as provided for in Section 13 thereof; 
 NOW THEREFORE, in consideration of the above premises, the Trustee and
the Sponsor hereby amend the Trust Agreement by: 
  

	 	(1)	Effective January 1, 2008, restating Schedule “B”, Fee Schedule, in its entirety, as attached hereto. 

IN WITNESS WHEREOF, the Trustee and the Sponsor have caused this Fourth Amendment to be executed by their duly authorized officers
effective as of the day and year first above written. By signing below, the undersigned represent that they are authorized to execute this document on behalf of the respective parties. Notwithstanding any contradictory provision of the agreement
that this document amends, each party may rely without duty of inquiry on the foregoing representation. 
  

					
	THE PROGRESSIVE CORPORATION	 		 	FIDELITY MANAGEMENT TRUST COMPANY
			
	By:                            
                                         
                               	 		 	By:
                                         
                                         
              
	        Its authorized signatory	 		 	        Its authorized signatory
			
	Name:                             
                                         
                        	 		 	Name:                             
                                         
                      
			
	Title:                            
                                         
                            	 		 	Title:                            
                                         
                         
			
	Date:                             
                                         
                           	 		 	Date:                             
                                         
                        

 SCHEDULE “B” – Fee Schedule 

 

			
	Annual Participant Fee:	  	Effective January 1, 2008 through September 30, 2008:
		
		  	$0 per Participant.
		
		  	Effective October 1, 2008
		
		  	$8 per Participant*, billed and payable quarterly.
		
	Loan Fee:	  	Establishment fee of $35.00 per loan account; annual fee of $15.00 per loan account.
		
	Minimum Required Distribution:	  	$25.00 per Participant per MRD Withdrawal.
		
	In-Service Withdrawals by Phone:	  	$20.00 per withdrawal.
		
	Return of Excess Contribution Fee:	  	$25.00 per Participant, one-time charge per calculation and check generation.
		
	Non-Fidelity Mutual Funds:	  	Fees paid directly to Fidelity Investments Institutional Operations Company, Inc. (FIIOC) or its affiliates by Non-Fidelity Mutual Fund vendors shall be posted and updated quarterly
on Plan Sponsor Webstation at http://psw.fidelity.com or a successor site.
		
	Stock Administration Fee:	  	$0

  

	•	 	 Other Fees: separate charges may apply for optional non-discrimination testing, extraordinary expenses resulting from large numbers of simultaneous
manual transactions, from errors not caused by Fidelity, reports not contemplated in this Agreement, corporate actions, audit support in excess of the standard and customary hours allotted for the annual financial statement audit, or the provision
of communications materials in hard copy which are also accessible to participants via electronic services in the event that the provision of such material in hard copy would result in an additional expense deemed to be material. The Administrator
may withdraw reasonable administrative fees from the Trust by written direction to Fidelity. 

  

	*	This fee will be imposed pro rata for each calendar quarter, or any part thereof, that it remains necessary to keep a Participant’s account(s) as part of
the Plan’s records, e.g., vested, deferred, forfeiture, top-heavy and terminated Participants who must remain on file through calendar year-end for 1099-R reporting purposes. 

 

	•	 	 A budget of $100,000 for communications shall be established on an annual basis. 

Note: These fees are based on the Plan characteristics, asset configuration, net cash flow, fund selection and number of Participants existing as
of the date of this agreement. In the event that one or more of these factors changes significantly, fees may be subject to change after discussion and mutual agreement of the parties. Significant changes in the legal and regulatory environment
would also prompt discussion and potential fee changes. 

													
	THE PROGRESSIVE CORPORATION	 		 	FIDELITY MANAGEMENT TRUST COMPANY
					
	By:	 	  
	 		 	By:	 	  

		 	Authorized Signatory	 	Date	 		 		 	FMTC Authorized Signatory	 	 Date

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