Document:

Exhibit

Exhibit 10.12

	
			
	CONTRATO DE TRABAJO
	 
	EMPLOYMENT CONTRACT

	En Madrid, 12 de diciembre 2013
	 
	In Madrid, on December 12, 2013

	REUNIDOS
	 
	TOGETHER

	Workday BV, con domicile social en Amsteldijk 166, 1079LH Amsterdam con C.R.I. número 53679660 (la “Compañía”), representada en este acto pór D. Shaun 
Redgrave en su calidad de representante legal de la Compañía.
	 
	Workday BV with registered office at Amsteldijk 166, 1079LH Amsterdam, with C.R.I. number 53679660 (the “Company”), represented by Mr. Shaun Redgrave acting as legal representative of the Company.

	D. Luciano Fernandez Gomez mayor de edad, de nactionalidad española, provisto de D.N.I. 11.757.781S, residente en Espana (el “Trabajador” y conjuntamente con la Compañía, las “Partes”).
	 
	Mr. Luciano Fernandez Gomez, of legal age, of Spanish nationality, holder of ID 11.767.7815, and resident in Spain (the “Employee” and together with the Company, the “Parties”).

	MANIFIESTAN
	 
	DECLARE

	I.       Que la Compañía se dedica a proporcionar soluciones de software empresariaI.
	 
	I.   The Company is engaged in providing software solutions for Companies.

	II.   Que es de interés de ambas partes establecer una relacíon laboral que se regulará de acuerdo con las siguientes claúsulas.
	 
	II.   That it is the wish of both parties to establish a common labour relationship which is subject to the following clauses.

	III.  El Trabajador garantiza (i) que puede asumir la presente relacíon laboral con la Compañía y que no existen acuerdos, restrIcciones o términos, verbales o escritos, quo pudieran vulnerar o entrar en conflicto con los términos y condiciones establecidas en el presente contrato o impedir el desarrollo de sus funciones para la Compañía y (ii) que el cumplimiento y desarrollo de sus funciones y obligaciones conforme al contrato no dará lugar a reclamaciones o responsabilidades para la Compañía. En consecuencia, reconoce que si en cualquier momento la Compañía tuviese conocimiento de la existenía de tales restricciones o se produjese cualquiera de las mencionadas reclamaciones, la Compañía podria imponerle [a correspondiente sanción.
	 
	III.   The Employee warrants (i) that he is free take up the present employment relationship with the Company and that there are no agreements, restrictions or terms, whether verbal or written, which could breach or be In conflict with the terms and conditions of your employment with us or prevent or hinder the performance of his duties and (ii) that the obligations pursuant to the Contract will not give rise to any claim against or liability on the part of the Company. As a result, if at any time the Company becomes aware that such restrictions exist or that any such claims are made, he acknowledges that the Company may impose him the corresponding sanction.

	
			
	CLAUSULAS
	 
	CLAUSES

	1.     Duración y períod de prueba.
	 
	1.     Duration and trial period.

	1.1   El Contrato surtira sus efectos a partir del día 1 de Enero de 2014 y con sujeción a la Clausula 15, permanecerá en vigor indefinidamente haste que sea resuelto por cualquiera de las partes.
	 
	1.1   The Contract shall be effective as from January 1, 2014 and, subject to Clause 15 will continue thereafter until terminated by either party.

	2.     Puesto de trabajo
	 
	2.     Position

	2.1    El Trabajador prestará servicios por cuenta y dentro del ámbito de dirección de la Compañía coma Presidente de la región EMEA.
	 
	2.1   The Employee will render his services in name of and within the organization and management of the Company as President EMEA.

	2.2  En el desempeño de su trabajo, el Trabajador se oblige a actuar diligentemente, velando en todo momenta por el interés de la Compañía, realizando cuantas tareas y funciones le sean encomendadas.
	 
	2.2  The Employee commits to render services in a diligent manner, always looking after the Company's Interest and undertaking all tasks and duties entrusted to him.

	
			
	2.3    La ejecución del trabajo convenido se llevara a cabo bajo la dirección de la Compañía, a de las personas que esta puede designer. En particular, el Trabajador reportará a la persona o puesto que en cada momento designe la Compañía.
	 
	2.3  The work agreed shall be carried out under the direction of the Company or the persons who the Company may designate. In particular, the Employee will report to any other Individual or position the Company may determine at any moment.

	3.     Pacto de exclusividad
	 
	3.     Exclusivity commitment

	3.1  De acuerdo con lo establecido en el Código de Conducta de la Compañía si en cualquier momento usted mantiene una relación ye sea laboral, por cuenta propia, coma directivo o consultor que implique que se encuentra trabajando fuera de la Compañía, usted deberá notificarlo or escrito a departamento de recursos humanos de la Compañía para que la misma determine si existe o no un conflicto de intereses. En el caso de que exista un conflicto de intereses, la Compañía le podrá requerir que ponga fin a la citada actividad.
	 
	3.1     In accordance with the Company's Code of Conduct, if you are engaged in any form of employment, self-employment, directorships or consulting work outside of the Company, you must notify the Human Resources Department In writing so that the Company can determine whether a conflict of Interest exists. In the event of a conflict of Interest, the Company may ask that you terminate such outside activity.

	4.     Lugar y horario de trabajo
	 
	4.     Place and hours of work

	4.1   El Trabajador prestará sus servicios desde su lugar de residencia. No obstante, la Compañía a se reserva el derecho a cambiar el centro de trabajo del Trabajador a otros lugares, si ello fuera considerado necesario para el adecuado desarrollo de sus funciones, dentro de los límites que establece el artículo 40 del Estatuto de los Trabajadores.
	 
	4.1  The Employee shall perform his services from his home address. However, the Company reserves the right to change the Employee's workplace to other locations should this be considered necessary for the performance of his duties, within the limits established in article 40 of the Worker's Statute.

	4.2  Sin perjuicio de lo anterior, el Trabajador acepta desplazarse temporalmente a cualquier lugar en España o en el extranjero cuando ello sea necesario para el desempeño de sus funciones.
	 
	4.2   Notwithstanding the above, the Employee accepts to make the necessary trips to any domestic or foreign location should this be considered necessary for the performance of his duties.

	4.3 El horario de trabajo del Trabajador será el actualmente vigente en la Compañía. Sin embargo, teniendo en cuenta la responsabilidad del puesto que desempeña el Trabajador, el horario se aplicara con flexibilidad para el adecuado cumplimiento de las necesidades de negocio, siempre dentro de los limites establecidos por el marco normativo.
	 
	4.3   The Employee's hours of work will be those currently established In the Company. However, in view of the responsibility of the Employee’s position, the timetable will be applied with flexibility In order to guarantee an adequate fulfillment business' needs, always within the limits of the statutory provisions.

	5.     Vacaciones
	 
	5.     Annual leave

	5.1   El Trabajador tendrá derecho a 23 días laborables de vacaciones anuales, además de los festivos correspondientes, pudiéndolos disfrutar en varios períodos, según las necesidades y de acuerdo con la Compañía. Las vacaciones anuales deberán ser planificadas por anticipado y acordadas y aprobadas por la Compañía.
	 
	5.1   The Employee shall be entitled to 23 working days paid holiday per year, plus any public holidays, which can be enjoyed over several periods of time, according to the needs of the Company and as agreed by the Parties. Annual leave has to be planned In advance and agreed and approved by the Company.

	5.2   Este derecho se aplicara de modo prorrateado en el presente alio natural.
	 
	5.2   This right will apply on pro-rata basis in the present calendar year.

	6.     Retribución
	 
	6.     Remuneration

	6.1   Remuneración fija
	 
	6.1   Fixed remuneration

	6.1.1El Trabajador percibirá una remuneratión de 285.000 Euros brutos anuales, que se abonará en 12mensuaridades.
	 
	6.1.1The fixed remuneration of the Employee shall be an annual salary of gross Euros 285,000. This amount shall be payable in 12 monthly installments.

	6.2   Retribución variable
	 
	6.2   Variable remuneration

	
			
	6.2.1 El Trabajador podrá percibir una retribución anual variable de 285.000 euros brutos que será calculada de acuerdo con los objetivos que se fijaran anualmente conforme a lo establecido en la Politica de la Compañía vigente en cada momento. El pago de la retribución variable sera trimestral
	 
	6.2.1 The Employee can qualify for an annual variable remuneration in an amount of gross Euros 285,000 per year, which will be calculated in accordance to the objectives fixed on an annual basis following the Company Policy in force at the time. The payment of the variable remuneration will be quarterly in arrears

	6.2.2 La percepción de esta retribución variable en un determinado ejercicio no consolida ningún derecho a favor del Trabajador a percibirio en los ejercicios sucesivos, sea por el mismo, inferior o superior importe, ya que su concesió está reservada a la libre discrecionalidad de la Compañía en función de sus resultados, los del Grupo y la dedicación, esfuerzo y resultados obtenidos por el Trabajador.
	 
	6.2.2 Payment of this variable remuneration on an specific year will not constitute a right to receive such payments in future years, whether for the same, higher or lower amounts, as its granting is reserved to the Company's absolute discretion depending on the results obtained by the Company and the Group and the dedication, efforts and results obtained by the Employee.

	6.3   Prima de fichaje 
	 
	6.3    Sign-on bonus

	6.3.1 El Trabajador recibirá una centidad de 325.000 Euros brutos como prima de fichaje. El primer 50% de dicha cantidad (es decir, 162,500 euros brutos) se abonará en los 30 días siguientes al inicio de su relación laboral, y al 50% restante se abonará a los 30 días  de que se hayan cumplido 6 meses del inicio de la relación laboral, condiclonado a quo el Trabajador permanezca empleado por is Compallia en ese momenta. DIcha cantidad que la Empresa abona al Trabajador con caracter excepclonal a fin de premier su incorporacion a la Empresa, no se volvera a pager en el futuro y en el supuesto de extincion del presente Contrato, per cualquier cause que se produzca, no sera tomade en consideracion pare calcular la correspondiente Indemnizacion, si es quo la misma resultase legalmente obligatorta, al no retribuir esta prima el trabajo del Trabajador en favor de la Empresa.
	 
	6.3.1 The Employee will be paid the amount of gross Euros 325,000 as a sign on bonus. The first 50% (i.e. gross Euros 162,500) will be payable within 30 days of your commencement of employment and the second 50% will be payable within 30 days of the six month anniversary of your commencement of employment provided that you remain an employee of Workday at that time. This bonus, which is paid to the Employee as an extraordinary award for his Incorporation to the Company, will not be repeated again in the future. In case of termination of the contract, for any cause, this sign on bonus will not be taken into account for the calculation of the severance (if legally applicable), as it does not constitute a payment for the services provided by the Employee.

	6.4   Retribution en especie
	 
	6.4   Remuneration in kind

	6.4.1 Gastos de automóvil

El Trabajador tendra derecho a la cantidad de 16.800 Euros brutos anuales en concept° de gastos de vehiculo.
	 
	6.4.1 Car allowance

The Employee will be entitled to a car allowance amounting to gross Euros 16,800 per year.

	6.4.2 Segura medico privado, seguro de incapacidad y seguro de vida El Trabajadar tendrá derecho a un seguro médico privado, un seguro de incapacidad y un seguro de vida, que serán o blen contratados directamente por la  Compañía en favor del Trabajador, o contratados directamente por el Trabajador y reembolsados al mismo por la Compañía, en los términos y con los limites que se pacten con entre el Trabajador y la Compañía, y de acuerdo con las prácticas habituales de Workday en EMEA.
	 
	6.4.2 Health insurance, disability and life insurance 
The Employee will be entitled to a private health insurance, disability insurance and life insurance, which will be either took by the Company on his benefit, or took directly by the Employee, in which case the Company shall refund the expenses and premiums derived thereof, in accordance with the terms and limits agreed between the Employee and the Company, and with Workday’s standard practices in EMEA.

	
			
	6.4.3 Contribución al Plan de Pensiones

El Trabajador tendrá derecho a una aportación anual a su plan de pensiones por un importe bruto equivalente al 12% de la suma de su salario base (fijado en la cláusula 6.1 anterior) y su remuneración variable (fijada en la cláusula 6.2 anterior), o a una “prima de contibución al Plan de Pensiones”, en el mismo importe bruto -12% de la suma de su salario base fijado en la cláusula 6.1 anterior y su remuneración variable fijada en la cláusula 6.2 anterior- hasta que el plan de pensiones sea constituldo. El cálculo de la aportación del 12% al plan de pensiones de la suma del salario fijo y variable estará siempre referido a los salarios fijo y variables vigentes/actualizados en cada período anual
	 
	6.4.3 Pension contribution

The Employee will be entitled to a yearly pension contribution in his pension plan in the gross amount of 12% of the sum of his base salary (as per clause 6.1.above) and annual bonus (as per clause 6.2. above), or a yearly “pension contribution award” by that same gross amount -12% of the sum of his base salary (as per clause 6.1. above) and annual bonus (as per clause 6.2, above)- until the pension plan is properly set up. This 12% gross amount contribution to the pension plan as a calculation of the sum of the base and annual bonus salary will always be done according to the current/updated salary amounts governing in each yearly period

	6.4    Deducciones
	 
	6.5    Withholdings

	6.3.2De los importes menclonados en la presente Cláusula se deducirán las retenciones a cuenta del Impuesto sobre la Renta de las Personas Físicas, las cuotas de la Seguridad Social a cargo del Trabajador y cualesquiera otras que procedan de acuerdo con la legislación vigente.
	 
	Withholdings on account of Personal Income Tax and Social Security contributions for the Employee, as well as any other established in the applicable legislation, shall be deducted from the compensation agreed upon in this Clause.

	7.    Gastos de viaje y mudanza
	 
	7.     Travel and relocation expenses

	7.1   En sus viajes y desplazamientos y en las atenciones e iniciativas sociales que el desempeño del puesto exija, el Trabajador segulrá, conforme a los criterios generales de la Compañía, el sistema de gastos pagados contra justificación de todos aquellos que resulten adecuados pare el desempeño de sus funclones.
	 
	7.1   In his travels and journeys and in any corporate entertainment functions that may be required for the performance of his duties, the Employee shall follow the Company’s travel expenses reimbursement procedure, providing evidence as to any reasonable expenses that may have been incurred in the performance of his duties.

	7.2   En caso de que el Trabajador sea trasladado a Reino Unido en el curso de su prestación de servicios para la Empresa tendrá derecho a recibir apoyo económico por parte de la misma para cubrir los gastos de alojamiento y colegio, así como los generados por la mudanza o gastos externos de agencia soporte en este traslado, durante dos     años sin que puedan exceder de 392.593 Euros brutos.
	 
	7.2    In case of a relocation of the Employee to the United Kingdom during his rendering of services for the Company he will be entitled to obtain relocation support of two years housing allowance and school expenses, as well as those costs generated by the movement of goods or external agent fees support for the relocation purposes not to exceed gross Euros 392,593.

	8.     Ausencia y enfermedad
	 
	8.     Absence and sickness

	8.1   En caso de ausencia del trabajo por enfermedad o cualquier otra causa inevitable, el Trabajador deberá notificarlo a la Compañía en el primer día de ausencia, sin perjuicio de las correspondientés notificaciones legales y procedimientos aplicables según la normative de la Seguridad Social.  En todo todo caso las razones de la ausencia deberán ser justificadas.
	 
	8.1   In case of absence from work through illness or other unavoidable cause, the Employee must notify it to the Company, on the first day of absence, notwithstanding the relevant applicable statutory notifications and procedures under the Social Security.  In all cases, the reasons for absence must be justified.

	
			
	9.     Seguridad y Salud

El Trabajador se compromete a cumplir y hacer cumplir todas las disposiciones legales y convencionales que en materia de higiene, seguridad y salud en el trabajo que legal o convencionalmente resulten de aplicación en cada momento.
En cumplimiento de lo dispuesto en dichas disposiciones, el Trabajador se compromete expresamente a cooperar plenamente en cualquier tipo de evaluación de riesgos del puesto de trabajo, así coma otras medidas que puedan resultar de aplicación en la oficina de su domicillo particular de conformidad con las referidas disposiciones.
A fin de garantizar el cumplimiento de las obligaciones contenidas en la presente cláusula 9, en caso de que el Trabajador camble de domicilio deberá notificar a la Compañía su nueva dirección en el plaza de 15 días.
	 
	9.     Health and Safety

The Employee agrees to comply and cause others to comply with all hygiene and health and safety labour regulations, legally or conventionally applicable at any time.
In compliance with such regulations, the Employee expressly agrees to fully cooperate in any workplace risk evaluation or other reasonable preventive measures that may be required at his home office under the above mentioned regulations. 
In order to guarantee the fulfilment of the obligations provided for in this clause 9, if the Employee decides to move he will have to notify the Company his new address within 15 days.

	10.   Protección de datos
	 
	10.   Data protection

	10.1 El Trabajador por la presente declara que conoce y acepta que la Compañía u otras Compañías del Grupo Workday tratarán datos relativos a él (que la Compañía podrá recoger por escrito, electrónicamento o de cualquier otro modo) incluyendo, a meros efectos enunciativos, el nombre, dirección particular, número de tarjeta de la seguridad social, permisos de trabajo y residencia, experiencia, salario y beneficios (los “Datos Personales”).
	 
	10.1 The Employee hereby agrees and gives his consent to the processing of personal data by the Company or other companies of the Workday Group relating to the Employee (which the Company may obtain in any form, whether in writing, electronically or otherwise), including but not limited to, the name, address, number of the social security card, residence and work permits, expertise, salary and benefits (“Personal Data”).

	10.2 Los Datos Personales serán incorporados a un fichero cuyo responsible es la Compañía. El domicilio social de la Compañía consta en el encabezamiento del presente contrato.
	 
	10.2 The Personal Data will be included in a data file whose controller is the Company. The Company’s registered address is included in the heading of this contract.

	10.3  Los Datos Personales se tratarán para  gestionar la relación empleador/empleado, incluyendo sin carácter limitativo las siguientes finalidades: salario y revisiones salariales, y otros beneficios (tales como planes de pensiones, seguro de vida, médico y de viajes y planes de opciones sobre acciones), así como con el objeto de mejorar los sistemas de seguridad y cumplimiento de obligaciones contractuales y legales (tales como retenciones de Impuesto sobre la Renta de Personas Fisicas y contribuciones a la Seguridad Social) y mantenimiento de registros de baja por enfermedad y permisos de paternidad a los meros efectos del cumpilmiento de obligaciones laborales y de Seguridad Social.
	 
	10.3 Personal Data is processed for the management of the employer/employee relationship, including, but not limited to the following purposes: the payment and review of salaries and other benefits (such as pension, stock option plans and medical, life and travel insurance), facilitating appraisals, maintaining sickness and absence records, exclusively for the mere accomplishment of labour and Social Security obligations, and also more generally to maintain and improve security systems and ensure compliance with its legal and contractual obligations such as income tax withholdings and social security contributions.

	
			
	10.4 La Compañía solicitará periódicamente al Trabajador la revisión y actualización de los Datos Personales que sobre él se mantengan en el fichero de trabajadores de la Compañía.  No obstante lo anterior, el Trabajador tendrá el derecho a revisar, rectificar y actualizar sus Datos Personales en cualquier momento, a acceder a ellos, cancelarios y a oponerse a cualquier tratamiento que no se encontrase justificado por el mantenimiento de la relación laboral medlante solicitud dirigida al Departamento de Recursos Humanos de la Compañía, a la dirección indicada en el encabezamiento del presente contrato.
	 
	10.4 The Company shall ask from time to time the Employee to review and update the Personal Data held in the Company's employee database. Notwithstanding the foregoing the Employee will have the right to periodically review, rectify and update his Personal Data at any time, have access to them, cancel them and oppose to any processing which was not justified by the employment relationship through request to the Human Resources Department of the Company, sent to the address indicated in the heading of this contract.

	10.5 El Trabajador conoce y acepta expresamente que la Compañía pueda en cualquler memento poner los Datos Personales a disposición de otras Compañías del Grupo Workday en otros países, ya seán compañías localizadas en la Unión Europea o en otros países, algunos de los cuales pueden no ofrecer un nivel de protección equivalente al que existe en la Unión.  Europea, pare fines de gestión de recursos humanos dentro del Grupo Workday.
	 
	10.5 The Employee expressly acknowledges and agrees that the Company may periodically make available the Personal Data to other Companies of the Workday Group in other countries, which may be located in the European Union and elsewhere, including countries that may not offer, an equivalent level of protection to that applicable in the European Union, for purposes of human resources management within the Workday Group.

	10.6 El Trabajador asimismo declare conocer y aceptar que la Cornparlia puede requerir poner los Dates Personales o parte de eilos a disposlcian del personal de Workday que necesite conocer cliches Dates Personales, de las autorldades competentes (I nci uyenclo a u torida des fiscales), futuros empleadores y pote ncia les co mpradores de la Compafila o de cualqulera de sus actives c negoclos, contables, auditereS, abogados y otros asesores externos, y terceros, comp por ejemplo entidades financieras gestoras de planes de opclones sobre acetones, localizados en la Union Europea o en otros paises, algunos de Ios cuales pueden no ofrecer un nivel de proteccion equivalente al que existe en la Union Europea.
	 
	10.6 Moreover, the Employee acknowledges and agrees that the Company may, from time to time, need to make available some or all of the Personal Data to Workday personnel with a need to know such Personal Data, legal and regulatory authorities (including the tax authorities), future employers, potential purchasers of the Company or any of its assets or business, to its accountants, auditors, lawyers and other outside professional advisers and to third parties supplying products or services to the Company, such as stock options brokers, located in the European Union or elsewhere, including countries that may not offer an equivalent level of protection to that applicable in the European Union.

	10.7 A los efectos de este Cláusula, se entenderá por “datos personales” cualquier información relacionada con el Trabajador y necesaria para el cumplimiento de las finalidades del tratamiento anteriormente mencionadas, como su nombre y apellidos, edad, estado civil, datos de contacto personales, número de hijos, datos bancarlos, antigüedad, remuneración, evaluaciones de desempeño, puestos y actividades desempeñadas en la Compañía, curriculum vitae, historial laboral, controles de acceso, participación en cursos de formación, seguros médicos, etc.
	 
	10.7 For the purposes of this Clause “personal data” shall be understood to include all the information relating to the Employee which is necessary to carry out the processing mentioned above, such as his full name, age, marital status, personal contact information, number of children, bank account data, seniority, compensation, performance evaluations, posts and activities carried out in the Company, curriculum vitae, employment history, access control records, participation in training courses, medical Insurance, etc.

	11.   Variación de datos
	 
	11.   Change of details

	
			
	11.1 El Trabajador deberá notificar a la Compañía por escrito cualquier cambio de estado y de datos personales o profesionales que pudleran ser relevantes a los efectos de la relación laboral, o para el cumplimiento de las obligaciones de Seguridad Social o fiscales de la Compañía, en el plazo de un mes desde el acaecimiento del citado camblo. Toda faita de comunicación de esta nueva información eximirá a la Compañía de cualquier responsabilidad y hará que el Trabajador sea responsable de indemnizar a la Compañía por cualquier daño que pudlera corresponderie.
	 
	11.1 The Employee must notify the Company in writing of any change of status, personal or professional details that might be relevant for the purposes of the employment relationship, or for the Company's Social Security or tax obligations, within one month of such change. Any failure to provide this new information shall exempt the Company from liability, and make the Employee responsible for compensating the Company for any damages to which it might be entitled.

	12.   Propiedad intelectual e industrial
	 
	12.   Intellectual property

	12.1 El Trabajador reconoce que los derechos de propiedad industrial e intelectual derivados de los resultados del trabajo realized° por él mismo, solo o en colaboración, durante la vigencia de su contrato y que (I) sean fruto de la actividad explicita o implicitamente constitutiva del mismo o con elle relacionada o (II) en ejecución de sus funciones a (III) sigulendo las instrucciones de la Compañía, pertenecen a la Compañía de forma exclusiva, durante toda su vigencia, en todo su alcance material, en todos los Estados, por el máximo tiempo permitido, en todas las modalidades de explotación y con la facultad de transmitirios a terceros, en cumplimiento con los terminus expresados por la Ley 11/1986 de Patentes, por el RDLeg 1/1996 que aprueba el Texto Refundido de la Ley de Propledad Intelectual y por la normativa especial o sectorial que resulte aplicable.
	 
	12.1 The Employee acknowledges that Rights of Intellectual Property derived from the work performed by him/her, as an individual or in collaboration, throughout, the duration of his/her contract and that (i) are the result of the activities directly or indirectly of subject-matter of the contract or related thereto or (ii) are in execution of his/her duties or (iii) under instruction of the Company, belong exclusively to the Company, throughout the duration of these rights, for the maximum extent, in all jurisdictions, for the maximum period of time permissible, in all modes of exploitation and with the ability to subsequent assignment to third parties, in accordance with the terms expressed in Patent Law 11/1986 (Ley 11/1986 de Patentes), Royal Legislative Decree 1/1996 (Real Decreto Legislative 1/1996) adopting the Modified Text of the law of Intellectual Property (Texto Refundido de la Ley de Propledad Intelectual) and any and all applicable additional or sectoral regulations.

	12.2 El Trabajador deberá prestar su colaboración, sin percibir remuneración adicional a aquella pactada expresamente en este Contrato a descrita en las normas especiales o sectoriales que resulten aplicables, en la medida necesaria para la efectividad de los derechos de la Compañía inciuyendo la firma y otorgamiento de todos aquellos documentos o la realización de todos aquellos actos necesarlos para que la Compañía pueda solicitar u obtener el registro en cualquier Estado de los derechos de propledad industrial e intelectual descritos en el párrafo tercero de esta cláusula.  El Trabajador se abstendrá de cualquier actuación que pueda redundar en detrimento de tales derechos.  Igualmente, el Trabajador no entregará a Workday ningún document o información confidendal pertenenciente a terceras partes.
	 
	12.2 The Employee must guarantee their cooperation/assistance, without receiving additional compensation to that expressly and explicitly agreed upon in this contract or described in other additional or sectoral provisions that may prove applicable, to the degree required for the effectiveness of the rights of the Company including the signing and execution of all such documents or the performance of all such acts necessary for the Company’s ability to seek or obtain in any jurisdiction the registration of Intellectual property rights outlined in the third paragraph of this clause. The Employee shall abstain from any act which may, in any way, adversely affect the attainment and preservation of such rights.  In addition, the Employee will not provide Workday with any documents, records or confidential information belonging to any other parties.

	
			
	12.3 Por derechos de propiedad industrial e intelectual se entenderán (i) patentes, modelos de utilidad, certificados complementarios de protección, obtenclones vegetales, invenclones, diseños industriales, derechos de autor y derechos conexos, bases de datos, marcas y nombres comerciales registrados o no, denominaciones sociales y el derecho a solicitar su registro (ii) derechos sobre nombres de dominlo (iii) secretos comerciales o know-how (iv) solicitudes, extensiones y renovaciones en relación con cualquiera de los derechos anteriores (v) cualquier otro derecho de naturaleza similar o que tenga un efecto equivalente en cualquier Estado y (vi) cualquier licencia a derecho real o contractual sobre cualquier derecho de propiedad intelectual o industrial.
	 
	12.3  Intellectual Property Rights means (i) patents, utility models, supplementary protections certificates, plant varieties, inventions, designs, copyright and related or neighboring rights, database rights, trade marks and related goodwill, trade names and related - goodwill, company names, whether registered or unregistered, and rights to apply for registration; (ii) proprietary rights in domain names; (iii) Know How; (iv) applications, extensions and renewals in relation to any of these rights; (v) all other rights of a similar nature or having an equivalent effect anywhere in the world and (vi) any license or right, contractual or in rem, in any intellectual property right.

	13.   Equipos facilitados al Trabajador
	 
	13.   Equipment provided to the Employee

	13.1 El Trabajador queda obligado a culdar con la máxima diligencia de todos los documentos, herramlentas y materiales que reciba de la Compañía y a conservarios en un buen estado.
	 
	13.1 The Employee must make his best efforts to look after all documents, equipment and materials he may receive from the Company, and to preserve them in good condition.

	13.2 La utilización de los documentos, herramientas y materiales que la Compañía proporcione al Trabajador para el desempeño de su puesto de trabajo será conforme al Código de Conducta de la Compañía.  
	 
	13.2 The use of these tools shall be solely and exclusively for corporate and professional purposes, as a work tool or instrument for the performance of the duties inherent to his work post, in accordance with the Company's Code of Conduct.

	13.3 Dada la condición de herramlentas de trabajo, la Compañía se reserve el derecho a adopter las correspondientes medidas de control, que el Trabajador acepta. En caso de detectarse que el Trabajador realiza un uso indebido de las mismas, o si realiza liamadas, visualizae a descarga, envíe o recibe el material anteriormente descrito utilizando un teléfono o equipo informático proporcionado por la Compañía, se adoptarán las medidas disciplinarias correspondientes, incluyendo -en su caso- el despido. Iguaimente, la Compañía podrá iniciar las acciones correspondientes coma consecuencia de los daños o perjuicios, directos o indirectos, que pudieran derivarse del incumplimiento de las disposiciones en esta materia.
	 
	13.3 By virtue of said work tools status, the Company expressly reserves its right to adopt the corresponding control measures, which the Employee accepts.  In the event that undue use of these work tools by the Employee is detected, if he makes calls, views or downloads, sends or receives the material indicated above using a telephone or computer provided by the Company, the pertinent disciplinary measures may be adopted, including dismissal. Equally, the Company may bring the corresponding action as a result of damages, be they direct or indirect, suffered due to any infringement on this matter.

	14.   Normativa interna y procedimientos
	 
	14.  Company rules and procedures

	14.1  El Trabajador asume la obligación de cumplimiento de las normativas y políticas internas y procedimientas de la Compañía y el Grupo Workday; los cuales bien se ecuentran a disposición del Trabajador tanto en las páginas web internas como públicas de la misma o bien serán comunicados de modo independiente. El Trabajador también asume el cumplimiento de cualquier otra normativa interna que entre en vigor durante la prestación de sus servicios laborales.
	 
	14.1 The Employee undertakes the obligation to be bound by the internal rules, policies and procedures of the Company and the Workday Group, which are posted on Workday's internal or external website or will be communicated to him separately. The Employee also agrees that he will also be bound by any other rules that may come into force during his employment.

	15.   Confidencialidad
	 
	15.   Confidentiality

	
			
	15.1 Las partes asuman y coinciden en que la esencia del negocio de la Compañía se basa en la garantía de una absoluta confidencialidad. El Trabajador se compromete a no revelar a ninguna persona o entidad, durante la vigencia de este Contrato y después de la finalización del mismo, ninguna información referente a los negocios, clientes, operaciones, instalaciones, cuentas o finanzas de la Compañía, el Grupo Workday y/o cualquier Compañía Asociada o perteneciente al Grupo Workday, ni a sus procedimientos, métodos, transacciones, "know-how", o cualquier otro aspecto relacionado con la actividad de dichas entidades que el Trabajador pueda conocer o haya conocido con motivo de la prestación de sus servicios en la Compañía. El Trabajador actuará con la mayor diligencia para evitar la publicación o revelación de cualquier información confidencial referente a esas materias.
	 
	15.1 The parties observe that the principal aspect of the Company's business is based on a guarantee of total confidentiality. The Employee undertakes not to disclose to any person or entity, throughout the term and after the end of this Contract, any information relating to business, customers, operations, installations, accounts or finances of the company, the Workday Group and/or any Associated Company or company belonging to the Group, or its procedures, methods, transactions, “know how”, or any other aspect relating to the activity of these entities which the Employee may know or have known as a result of the provision of his services to the Company, and the Employee shall act with the greatest diligence to avoid the publication or disclosure of any confidential information relating to these matters.

	15.2 Todos los documentos, materiales, archives o cualquier otro artícula de cualquier tipo relacionado con la Compañía, el Grupo Workday y/o cualquier Compañía Asociada o perteneciente al Grupo Workday serán considerados como confidenciales. Al extinguise este Contrato por cualquier razón, el Trabajador se compromete a devolver a la Compañía o, en su caso, a cualquier Compañía Asociada o perteneciente al Grupo Workday, cualquier documento, material o soporte de cualquier tipo que contenga información que pudiera considerarse confidencial y que se encuentre todavia en poder del Trabajador, y renuncia expresamente a cualquier derecho que le corresponda a reteneria.
	 
	15.2 The documents, material, files or any other item of any type related to the Company, the Workday Group and/or any Associated Company or company belonging to the Group shall be deemed confidential. At the termination date of this Contract for any reason, the Employee undertakes to return to the Company or, if appropriate, to any Associated Company or company belonging to the Group, any type of document, material or support containing confidential information and which is in the Employee's possession at the time, and expressly waives any right that may correspond thereto to retain the same.

	15.3 El Trabajador responderá personalmente, por los daños, directos o indirectos que se ocasionen a la Compañía por el incumplimiento de esta Ciáusuia, sin perjuicio del ejercicio de las acciones pertinentes que pueda entabiar la Compañía contra el beneficiario de la información.
	 
	15.3 The Employee shall be personally liable, for any direct or indirect damages to the Company arising from the breach of this Clause, notwithstanding any appropriate action which the Company is entitled to take against the beneficiary of the information.

	16.   Extinción
	 
	16.   Termination

	16.1 Este Contrato se podrá extinguir en los supuestos y condiciones previstos en el Estatuto de Trabajadores y demás legislación aplicable.
	 
	16.1 This Contract may be terminated by either party in accordance to Workers' Statute and other applicable legislation.

	16.2 Indemnización por despido improcedente
	 
	16.2 Severance in case of termination without Fair Cause

	
			
	16.2.1 En el supuesto de despido improcedente del Trabajador por la Compañía en una fecha anterior a que se cumplan 12 meses desde el inicio de la relación laboral del Trabajador, este tendrá derecho a (i) una indemnización por despido equivalente a 300.000 euros brutos, y (ii) la parte de la Prima de Fichaje (establecida en clausula 6.3) a abonar durante el primer año de la relación laboral, que aún no hublese sido abonada. Las cantidades establecidas en el punto (i) y (ii) anterior incluirán y absorberán cualquier cantidad indemnizatoria derivada de la aplicación del Estatuto de los Trabajadores.
	 
	16.2.1 In the event of the Employee's termination by the Company without Fair Cause (“despido improcedente”), on a date less than twelve months from the commencement of the Employee's employment, he will be entitled to (i) a severance payment equal to gross Euros 300,000, plus (ii) the balance of the unpaid sign-on bonus (established In clause 6.3) due in the first year of the Employee's employment. The amounts stated in (i) and (ii) will include and absorb any statutory severance amounts due under the statutory rights contained in the Spanish Workers' Act.

	16.2.2 En el supuesto de despido improcedente del Trabajador por la Compañía en una fecha posterior a que se cumplan 12 meses desde el inicio de la relación laboral del Trabajador, pero anterior a que se cumplan 24 meses desde el inicio de la relación laboral del Trabajador, éste tendrá derecho a  una indemnización por despido equivalente a 300.000 euros brutos, que incluirá y absorberá cualquier cantidad indemnizatoria derivada de la aplicación del Estatuto de los Trabajadores.
	 
	16.2.2 In the event of the Employee's termination by the Company without Fair Cause (“despido improcedente”), on a date greater than twelve months from the commencement of the Employee's employment but less than twenty four months of the Employee's employment, he will be entitled to a severance payment equal to gross Euros 300,000, which will include and absorb any statutory severance 2 amounts due under the statutory rights contained in the Spanish Workers' Act.

	16.2.3 En el supuesto de despido improcedente del Trabajador por la Compañía (sin “Justa Cause”) en una fecha posterior a que se cumplan 24 rneses desde el inicio de la relación laboral del Trabajador, éste tendrá derecho a una indemnización por despido equivalente a la cantidad indemnizatoria derivada de la aplicación del Estatuto de los Trabajadores.
	 
	16.2.3 In the event of the Employee's termination by the Company without Fair Cause (“despido improcedente”), on a date greater than twenty four months of the Employee's employment, he will be entitled to the statutory severance amounts due under the statutory rights contained in the Spanish Workers' Act.

	16.2.4 En el supuesto de despido procedente del Trabajador o dimisión voluntaria, éste no tendrá derecho a cantidad alguna en concepto de indemnización o compensación.
	 
	16.2.4 In the event of the Employee's termination by the Company with Fair Cause (“despido procedente”) or voluntary resignation, the Employee will have no right to any amount as severance.

	16.3 Extinción por cambio de control 

En caso de que se produzca un cambio de control de Workday y la consecuente extinción de la relació laboral (salvo en los supuestos de despido procedente y dimisión voluntaria), el Trabajador tendrá derecho a las cantidades y derechos recogidos en el Plan para el cambia de control establecido por el Consejo de Administración de Workday, que incluirá un pago bruto equivalenta de al menos el 100% de la remuneración fija anual del Trabajador de acuerdo con lo establecido en la dausula 6.1 anterior, y la maduración acelerada del 50% de los “equity awards” del Trabajador pendientes de maduración en el memento de la extinción. 
Los términos y definiciones de la presente clausula serán establecidos en el Plan de cambio de control. 
Las provisiones de la presente clausula para el caso de extinción en el contexto de un cambio de control prevalecerá sobre lo dispuesto en la clausula 16.2, anterior, que quedará sin efecto en dicho supuesto de cambio de control
	 
	16.3 Termination in a change of control

In case of a change of control of Workday and subsequent termination of the Employee (other than termination for fair cause or due to voluntary resignation), he will be entitled to the amounts and rights determined by the change of control plan as set forth by Workdays' Board of Directors, which shall Include no less than a gross payment of 100% of the Employee's yearly fixed remuneration as per Clause 6.1 above, plus the accelerated vesting of 50% of the Employee's unvested equity awards at the moment of termination. 
The exact terms and definitions of this covenant will be defined by the change of control Plan. 
Provisions of the present clause for the event of termination in the context of a change of control shall prevail over the contents of clause 16.2.  above, which shall lose its effects in such event of change of control.

	
			
	16.4 Habida cuenta de la importancia del puesto objeto de este contrato, las partes acuerdan expresamente como condición esencial del presente contrato que en caso de cese voluntario del Trabajador, este se comprometerá a facilitar la translción de sus cometidos a la persona que designe la Compañía colaborando en todo lo necesarlo haste la completa entrega de toda la información necesarla para la adecuada y satisfactoria continuudad para la Compañía. Se estima quo el período máximo de compromiso para ello puede ser de un rnes después del día de cese voluntario
	 
	16.4 Considering the importance of the position of the Employee, it is expressly agreed by both parties as an essential part of this contract that in case of voluntary resignation of the Employee, he will facilitate in any and all matters the transition of the files to the person appointed by the Company until total update and under satisfaction of the Company. It is estimated that the maximum period for this transition can be around a month after the voluntary resignation date.

	16.5 En caso de extinción del Contrato, con independencia de la causa por que se produzca, el Trabajador hará entrega a la Compañía de la documentación y registros de todos tipos relativos a las operaciones efectuadas por la Compañía o referentes a otros clientes de la Compañía, o a las compañias que hayan tenido alguna relación con ésta. El Trabajador no tendrá derecho a retener copia alguna de la mencionada documentación. Asimisma, en caso de extinción del presente Contrato por cualquier cause que se produzca, el Trabajador deberá entregar a la Compañía o a los delegados de la misma todas aquellos objetos que el Trabajador hubiese recibido de la Compañía, entre los cuales, y de forma meramente enunciativa, se incluyen el, teléfono móvil, hardware y software, tarejetas de crédito, llaves de acceso al centro de trabajo, etc., así como cualquier otra propiedad de o relacionada con la Compañía que pudiera estar en posesión o bajo el control del Trabajador.
	 
	16.5 In the event the Contract is terminated for any reason, the Employee shall deliver to the Company any documentation and records of any type relating to the transactions carried out by the Company or related to other clients of the Company or to any companies that have had any relationship with the Company. The Employee shall not be entitled to retain any copies of such documentation. Likewise, in the event of termination of the Contract for any reason, the Employee shall deliver to the Company or its delegates all the objects that the Employee has received from the Company, including but not limited to mobile phone, hardware and software, credit cards, keys to the workplace etc., as well as any other property belonging or relating to the Company which may be in the Employee's possession or control.

	17.   Únice Contrato
	 
	17.  Whole Agreement

	17.1 El presente Contrato constituye la totalidad del entendimiento entre las pates. El resto de manifestaciones, acuerdos, entendimientos y contratos, ya sean escritos o verbales, (en su caso) de servicios entre is Compañía y el Trabajador quedan en este acto anulados y reemplazados.
	 
	17.1 This Agreement constitutes the whole agreement between the parties. All other representations, arrangements, understandings and agreements, whether written or oral, (if any) for service between the Company and the Employee are hereby abrogated and superseded.

	18.   Nulidad parcial
	 
	18.   Severability

	18.1 En el supuesto de que cualquier Cláusula o parte de una Cláusula contenida en este Contrato sea declarada nula o no aplicable por un juzgaclo o tribunal competente, el resto de Cláusulas a parte de las mismas de este Contrato permanecerán en vigor y con plenos efectos, y no se verán afectadas por dicha declaración.
	 
	18.1 In the event of any Clause or part of a Clause contained in this Agreement being declared invalid or unenforceable, by any court of competent jurisdiction, all other Clauses or parts of Clauses contained in this Agreement shall remain in full force and effect and shall not be affected thereby

	19.   Ley Aplicable
	 
	19.   Governing Law

	19.1 Este Contrato se regirá e interpretará en todos los sentidos conforme al Estatuto de los Trabajadores y al resto de legislación aplicable.  
	 
	19.1 This Agreement shall be governed by and construed in all respects in accordance with the Statute of Workers, and other applicable legislation.

	19.2 Cada una de las partes de este Contrato se somete irrevocablemente a la jurisdicción no exclusiva de los Juzgados y Tribunales españoles.
	 
	19.2 Each of the parties hereto hereby irrevocably submits to the non-exclusive jurisdiction of the Spanish Courts.

	20.   Idioma
	 
	20.    Language

	20.1 Este contrato se ha firmado en inglés y en español. En el supuesto de que surja alguna discrepancia entre ambas versiones, prevalecera la versión en inglés.
	 
	20.1 This agreement has been signed in both English and Spanish. In the event any discrepancies should arise between the two versions, the English version shall prevail.

	
			
	Y EN TESTIMONIO DE LO CUAL, las partes habiendo leído detenidamente este documento y en prueba de su conformidad, lo ratifican y firman en tres ejemplares originales, en el lugar y fecha señalados en el encabezamiento, siendo cada copia de identica fuerza.
	 
	AND IN WITNESS WHEREOF, the parties, having read this document carefully, and as evidence of their approval, ratify and sign three copies, each copy having identical weight, in the place and on the date stated at the start of this Contract

	

/s/ Shaun Redgrave
Workday BV 
Representada por
D. Shaun Redgrave

/s/ Luciano Fernandez Gómez
EL TRABAJADOR
D. Luciano Fernandez Gómez
	 
	

/s/ Shaun Redgrave
Workday BV 
Represented by 
Mr. Shaun Redgrave

/s/ Luciano Fernandez Gómez
THE EMPLOYEE
Mr. Luciano Fernandez GómezEX-4.1

 Exhibit 4.1 

THE PROGRESSIVE CORPORATION 
 and

 U.S. BANK NATIONAL ASSOCIATION, as 

Trustee 
 ELEVENTH SUPPLEMENTAL
INDENTURE 
 4.20% Senior Notes due 2048 

THIS ELEVENTH SUPPLEMENTAL INDENTURE, dated as of March 14, 2018, between THE PROGRESSIVE CORPORATION, an Ohio corporation (the
“Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association (“U.S. Bank”), in its capacity as Trustee. 

W I T N E S S E T H: 
 WHEREAS,
the Issuer entered into an Indenture dated as of September 15, 1993 (as supplemented from time to time, the “Indenture”), with the First National Bank of Boston, in its capacity as Trustee, pursuant to which the Issuer may from time
to time issue its unsecured debentures, notes and other evidences of indebtedness in one or more series; and 
 WHEREAS, the Issuer entered
into a First Supplemental Indenture dated as of March 15, 1996, confirming the succession of State Street Bank and Trust Company, a Massachusetts trust company, as trustee under the Indenture; and 

WHEREAS, the Issuer entered into a Second Supplemental Indenture dated as of February 26, 1999; and 

WHEREAS, the Issuer entered into a Third Supplemental Indenture dated as of December 7, 2001; and 

WHEREAS, the Issuer entered into a Fourth Supplemental Indenture dated as of November 21, 2002; and 

WHEREAS, the Issuer entered into a Fifth Supplemental Indenture dated as of June 13, 2007 confirming the succession of U.S. Bank, as
trustee under the Indenture; and 
 WHEREAS, the Issuer entered into a Sixth Supplemental Indenture dated as of August 22, 2011; and

 WHEREAS, the Issuer entered into a Seventh Supplemental Indenture dated as of April 25, 2014; and 

WHEREAS, the Issuer entered into an Eighth Supplemental Indenture dated as of January 26, 2015; and 

WHEREAS, the Issuer entered into a Ninth Supplemental Indenture dated as of August 25, 2016; and 

WHEREAS, the Issuer entered into a Tenth Supplemental Indenture dated as of April 6, 2017; and 

WHEREAS, Article Eight of the Indenture provides for various matters with respect to any series of Securities issued under the Indenture
to be established in an indenture supplemental to the Indenture; and 

 WHEREAS, Section 8.1 of the Indenture provides that the Issuer, when authorized by its Board
of Directors, and the Trustee may from time to time and at any time enter into an indenture supplemental to the Indenture to add on to the covenants of the Issuer certain further covenants, restrictions, conditions or provisions, and to make such
other provisions as such Board of Directors may deem necessary or desirable and which shall not adversely affect the interests of the holders of the Securities. 

NOW THEREFORE: 
 In consideration of the premises
and other good and valuable consideration, the parties hereto mutually covenant and agree as follows: 
 ARTICLE 1 

RELATION TO INDENTURE; DEFINITIONS 

SECTION 1.01. Integral Part. This Eleventh Supplemental Indenture constitutes an integral part of the Indenture. 

SECTION 1.02. General Definitions. For all purposes of this Eleventh Supplemental Indenture: 

(a) capitalized terms used herein without definition shall have the meanings specified in the Indenture; 

(b) all references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this
Eleventh Supplemental Indenture; and 
 (c) the terms “herein”, “hereof”, “hereunder” and other words of
similar import refer to this Eleventh Supplemental Indenture. 
 SECTION 1.03. Definitions. The following definitions shall apply to
this Eleventh Supplemental Indenture: 
 “Consolidated Tangible Net Worth” means, at any date, the total assets appearing on the
consolidated balance sheet of the Issuer and its consolidated subsidiaries as of the end of the then most recent fiscal quarter of the Issuer, prepared in accordance with generally accepted accounting principles, less the sum of (a) the total
liabilities appearing on such balance sheet and (b) intangible assets. “Intangible assets” means, for the purposes of this definition, the value, as shown on or reflected in such balance sheet, of (i) all trade names, trademarks,
licenses, patents, copyrights and goodwill, (ii) organizational costs and (iii) unamortized debt discount and expense, less unamortized premium. 

“Designated Securities” means the series of Securities designated by the Issuer as its “4.20% Senior Notes due 2048.” 

“Designated Subsidiary” means (i) Progressive Casualty Insurance Company, an Ohio corporation, so long as it remains a
subsidiary of the Issuer, (ii) any other consolidated subsidiary of the Issuer, the assets of which constitute 10% or more of the Total Assets, and (iii) any subsidiary that is a successor to all or substantially all of the business or
properties of any such subsidiary. 
 “Depositary” shall have the meaning specified in Section 4.01. 

“DTC” shall have the meaning specified in Section 4.01. 

“Global Security” or “Securities” shall have the meaning specified in Section 4.01. 

  
 2 

 “Total Assets” means, at any date, the total assets appearing on the consolidated
balance sheet of the Issuer and its consolidated subsidiaries as of the end of the then most recent fiscal quarter of the Issuer, prepared in accordance with generally accepted accounting principles. 

ARTICLE 2 
 ADDITIONAL COVENANTS

 SECTION 2.01. Limitation on Liens. The Issuer will not, nor will it permit any Designated Subsidiary to, incur, issue, assume or
guarantee any indebtedness for money borrowed if (i) that indebtedness is secured by a pledge, mortgage, deed of trust or other lien on any shares of stock or indebtedness of any Designated Subsidiary (a “lien”), and (ii) the
aggregate amount of the indebtedness so secured exceeds an amount equal to 15% of the Issuer’s Consolidated Tangible Net Worth, unless the Designated Securities are also secured equally and ratably with such other indebtedness. For purposes of
this restriction, a “lien” will not include the pledge to, or deposit with, any state or provincial insurance regulatory authorities of any investment securities by the Issuer or any of its subsidiaries. 

The foregoing restriction shall not apply to indebtedness secured by: 

(a) Liens on any shares of stock or indebtedness of or acquired from a corporation merged or consolidated with or into, or otherwise acquired
by, the Issuer or a Designated Subsidiary; 
 (b) Liens to secure indebtedness of a Designated Subsidiary to the Issuer or to another
Designated Subsidiary, but only as long as such indebtedness is owned or held by the Issuer or a Designated Subsidiary; and 
 (c) Any
extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any lien referred to in (a) and (b). 

SECTION 2.02. Consolidation, Merger, Sale, Conveyance and Lease. Clause (ii) of Section 9.1 of the Indenture is, with
respect to the Designated Securities, amended to read as follows: 
 “(ii) immediately after giving effect to the transaction, no Event
of Default exists.” 
 ARTICLE 3 

REOPENING OF THE SERIES 
 SECTION
3.01. Reopening of the Series. The Issuer may at any time, without the consent of the holders of the Designated Securities, increase the principal amount of the Designated Securities. 

ARTICLE 4 
 GLOBAL SECURITIES 

SECTION 4.01. Global Securities. The Designated Securities shall be issued in the form of one or more global securities (“Global
Securities”), which shall be deposited on behalf of the purchasers of the Designated Securities represented thereby with U.S. Bank National Association, at its Corporate Trust Office, as custodian for the depositary, The Depository Trust
Company (“DTC”, and such depositary, or any successor thereto, being hereinafter referred to as the “Depositary”), and registered in the name of DTC’s nominee, Cede & Co. (or any successor thereto), for the accounts
of participants in the Depositary. 
 SECTION 4.02. General. Each Global Security shall represent such portion of the outstanding
Designated Securities as shall be specified therein and each shall provide that it shall represent the aggregate principal amount of outstanding Designated Securities from time to time endorsed thereon. 

  
 3 

 The Trustee and any agent thereof shall be entitled to deal with the Depositary, and any nominee
thereof, that is the registered Holder of any Global Security for all purposes of the Indenture relating to such Global Security (including the payment of principal and interest and the giving of instructions or directions by or to the owner or
Holder of a beneficial ownership interest in such Global Security) as the sole Holder of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Trustee or any agent shall have any responsibility or liability
for any acts or omissions of the Depositary with respect to such Global Security, for the records of any such Depositary, including records in respect of beneficial ownership interests in respect of any such Global Security, for any transactions
between the Depositary and any members of, or participants, in the Depositary (“Agent Members”) or between or among the Depositary, any such Agent Member and/or any Holder or owner of a beneficial interest in such Global Security, or for
any transfers of beneficial interests in any such Global Security. Notwithstanding the foregoing, nothing herein shall (1) prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Depositary or (2) impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Security.
Subject to the foregoing, the registered Holder may grant proxies and otherwise authorize any Person to take any action which a Holder is entitled to take under the Indenture or the Designated Securities in accordance with the rules and procedures
of such Depositary. 
 SECTION 4.03. Book Entry Provisions. Each Global Security shall bear a legend substantially to
the following effect: 
 “Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New
York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and such certificate is registered in the name of Cede & Co., or in such other name as requested by an authorized
representative of DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, inasmuch as the registered owner hereof, Cede & Co., has an interest herein.” 

A Global Security may not be transferred, in whole or in part, to any Person other than the Depositary or a nominee or any successor thereof,
and no such transfer to any such other Person may be registered; provided that the foregoing shall not prohibit any transfer of a Designated Security that is issued in exchange for a Global Security but is not itself a Global Security. 

A Global Security shall not be exchanged in whole or in part for a Designated Security registered, and no transfer of a Global Security in
whole or in part shall be registered, in the name of any Person other than the Depositary or one or more nominees thereof; provided that a Global Security may be exchanged for Designated Securities registered in the names of any person
designated by the Depositary in the event that (A) the Depositary has notified the Issuer that it is unwilling or unable to continue as Depositary for such Global Security or such Depositary has ceased to be a “clearing agency”
registered under the Exchange Act, and in either case, a successor Depositary is not appointed by the Issuer within 90 days after receiving such notice or becoming aware that the Depositary has ceased to be a “clearing agency” or
(B) the Issuer determines in its sole discretion to issue Designated Notes in exchange for a Global Security. Any Global Security exchanged pursuant to the preceding sentence shall be so exchanged as directed by the Depositary. Any Designated
Security issued in exchange for a Global Security or any portion thereof shall be a Global Security; provided, however, that any such Security so issued that is registered in the name of a Person other than the Depositary or a nominee
thereof shall not be a Global Security. 
 Designated Securities issued in exchange for a Global Security or any portion thereof that are
not issued as a Global Security shall be issued in definitive, fully registered form, without interest coupons, shall have a principal amount equal to that of such Global Security or portion thereof to be so exchanged and shall be registered in such
names and be in such authorized denominations as the Depositary shall designate. 

  
 4 

 ARTICLE 5 

REDEMPTION OF THE DESIGNATED SECURITIES 

SECTION 5.01. Notice of Redemption. Section 12.2 of the Indenture is, with respect to the Designated Securities, amended by
deleting the words “If any or all of the outstanding Securities of a series are to be redeemed, the Issuer will deliver to the Trustee at least 70 days prior to the date fixed for redemption an Officers’ Certificate stating the date of
redemption and the aggregate principal amount of Securities to be redeemed” from the fourth paragraph therein and substituting in lieu thereof the words “If any or all of the outstanding Designated Securities are to be redeemed, the Issuer
will deliver to the Trustee, at least five (5) days prior to the date on which notice of such redemption is delivered to the holders of such Designated Securities (unless a shorter notice shall be satisfactory to the Trustee), an Officers’
Certificate stating the date of redemption and the aggregate principal amount of Designated Securities to be redeemed.” 
 ARTICLE 6

 MISCELLANEOUS PROVISIONS 

SECTION 6.01. Applicability of this Eleventh Supplemental Indenture. The provisions of this Eleventh Supplemental Indenture will be
applicable solely to the Designated Securities. 
 SECTION 6.02. Adoption, Ratification and Confirmation. The Indenture, as
supplemented by this Eleventh Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed. 
 SECTION 6.03.
Counterparts. This Eleventh Supplemental Indenture may be executed in any number of counterparts, each of which when so executed shall be deemed an original; and all such counterparts shall together constitute but one and the same instrument.

 SECTION 6.04. Governing Law. This Eleventh Supplemental Indenture shall be governed by and construed in accordance with the laws
of the state of New York. 
 SECTION 6.05. Trustee Makes No Representation. The Trustee makes no representation as to the validity or
sufficiency of this Eleventh Supplemental Indenture. The recitals contained herein are made by the Issuer and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Eleventh Supplemental Indenture to be
duly executed as of the day and year first written above. 
  

			
	THE PROGRESSIVE CORPORATION
		
	By:	 	 /s/ Patrick S. Brennan

		 	Name: Patrick S. Brennan
		 	Title: Treasurer

  

			
	 Attest

		
	By:	 	 /s/ Daniel P. Mascaro

		 	Name: Daniel P. Mascaro
		 	Title: Secretary

  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	 /s/ Steven J. Gomes

		 	Name: Steven J. Gomes
		 	Title: Vice President

  

			
	STATE OF OHIO	 	) ss:
	COUNTY OF CUYAHOGA	 	)

 On this                  day
of March, 2018, before me personally came Patrick S. Brennan, to me personally known, who, being by me duly sworn, did depose and say that he is an officer of THE PROGRESSIVE CORPORATION, one of the corporations described in and which executed the
above instrument; that he knows the corporate seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by authority of the Board of Directors of said corporation, and that he signed his name
thereto by like authority. 
  

			
		 	 Notary Public

My commission expires:

	 [Notarial Seal]
  
	 	
	 COMMONWEALTH OF MASSACHUSETTS
  
	 	) ss:
	COUNTY OF SUFFOLK	 	)

 On this                  day
of March, 2018, before me personally came Steven J. Gomes, to me personally known, who, being by me duly sworn, did depose and say that he is a resident of SUFFOLK County, COMMONWEALTH OF MASSACHUSETTS; that he is an authorized officer of U.S. BANK
NATIONAL ASSOCIATION, the corporation described in and which executed the above instrument; and that he signed his name thereto by authority of the Board of Directors of said corporation. 

 

			
		 	 Notary Public

My commission expires:

	 [Notary Seal]
	 	

  
 6

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