Document:

EX-10.15

 Exhibit 10.15 

RESTRICTED STOCK AWARD AGREEMENT 
 (<Year of Grant> Performance-Based Award) 
 This Agreement
(“Agreement”) is made this <Grant Date> by and between <Participant Name> (“Participant”) and The Progressive Corporation (the “Company”). 

1. Award of Restricted Stock. The Company hereby grants to Participant an award (the “Award”) of restricted stock (the
“Restricted Stock”) consisting of <# of Shares> of the Company’s Common Shares, $1 Par Value (“Common Shares”), pursuant and subject to The Progressive Corporation 2003 Incentive Plan, as amended by the First Amendment
to The Progressive Corporation 2003 Incentive Plan (collectively, the “Plan”). 
 2. Condition to
Participant’s Rights under this Agreement. This Agreement shall not become effective, and Participant shall have no rights with respect to the Award or the Restricted Stock, unless and until the Participant has fully executed this Agreement
and delivered it to the Company (in the Company’s discretion, such execution and delivery may be accomplished through electronic means). 
 3. Restrictions; Vesting. The Restricted Stock shall be subject to the restrictions and other terms and conditions set forth in the Plan, which are hereby incorporated herein by reference, and in
this Agreement. Subject to the terms and conditions of the Plan and this Agreement, Participant’s rights in and to the shares of Restricted Stock shall vest on the date <Performance-Based Goals>. 

The shares of Restricted Stock awarded under this Agreement shall vest in accordance with the foregoing unless, prior thereto, the Award
and the applicable shares of Restricted Stock are forfeited or have become subject to accelerated vesting under the terms and conditions of the Plan. Until the shares of Restricted Stock vest, Participant shall not sell, transfer, pledge, assign or
otherwise encumber such shares of Restricted Stock or any interest therein. 
 4. Expiration of Award. Notwithstanding
anything to the contrary in this Agreement, if Participant’s rights in and to the shares of Restricted Stock granted hereunder have not vested in accordance with Section 3 of this Agreement on or before <Expiration Date>, this Award
shall expire on that date. Upon such expiration, the Common Shares issued pursuant to this Agreement shall automatically be forfeited, and Participant shall have no further rights with respect thereto. 

5. Manner In Which Shares Will Be Held. All shares of Restricted Stock awarded to Participant hereunder shall be issued in
book-entry form and held by the Company, or its designee, in such form, and as such, no stock certificates evidencing such shares will be issued or held with respect to such Restricted Stock. Certain terms, conditions and restrictions applicable to
such Restricted Stock will be noted in the records of the Company’s transfer agent and in the book-entry system. At the Company’s discretion, and subject to the provisions of this Paragraph 5, stock certificates evidencing the shares of
Restricted Stock awarded under this Agreement may be issued and registered in the name of Participant. In such event, such certificates shall be delivered to and held in custody by the Company, or its designee, until the restrictions thereon shall
have lapsed or any conditions to the vesting of such Award, or a portion thereof, have been satisfied, and such certificates shall bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Award. 

  
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 Participant hereby irrevocably authorizes the Company and the Compensation Committee of the
Board of Directors (the “Committee”) to take any and all appropriate action with respect to the evidence of Participant’s Restricted Stock, including, without limitation, issuing certificates for such Restricted Stock, issuing such
Restricted Stock in book-entry form, transferring any previously issued certificates into book-entry form, transferring any Restricted Stock (whether held in certificate or book-entry form) into unrestricted form at vesting, or canceling any
Restricted Stock (whether held in certificate or book-entry form) as and when required by this Agreement or the Plan, or undertaking any other action which may be done lawfully by the Company or the Committee in the administration of the Plan and
this Agreement. Participant specifically acknowledges and agrees that such certificates and/or book-entry evidence of Participant’s Restricted Stock may be transferred or cancelled pursuant to this Agreement and the Plan without requiring that
a Stock Power be executed and delivered by Participant or requiring any other action on the part of Participant, and Participant authorizes the Company to undertake each such action without such Stock Powers. 

Participant hereby further irrevocably appoints the Secretary of the Company and any employee of the Company who may be designated by the
Secretary, and each of them, my true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for me and in my name, place and stead, in any and all capacities, to execute and deliver each and every document
(including, without limitation, any such Stock Powers) which may be necessary or appropriate in connection with the issuance, transfer, cancellation or other action taken in connection with the Restricted Stock awarded hereunder pursuant to this
Agreement or the Plan. The rights granted by Participant under this paragraph shall automatically expire as to shares of Restricted Stock awarded hereunder upon the transfer of such shares into unrestricted form at vesting or upon the cancellation
of such shares at any time, as applicable, pursuant to this Agreement and the Plan. 
 6. Rights of Shareholder; Restrictions
on Cash Dividends. Except as otherwise provided in this Agreement or the Plan, Participant shall have, with respect to the shares of Restricted Stock awarded hereunder, all of the rights of a shareholder of the Company, including the right to
vote the shares; provided, however, that notwithstanding the foregoing, Participant’s rights to receive cash dividends on the shares of Restricted Stock awarded hereunder (“Restricted Cash Dividends”) shall be subject to all the terms
and conditions regarding vesting and forfeitability that apply to the shares of Restricted Stock to which such Restricted Cash Dividends relate, as set forth in the Plan and this Agreement, and Participant will be paid such Restricted Cash Dividends
only if the Restricted Stock to which the Restricted Cash Dividends relate vests, and all restrictions with respect thereto lapse. In addition, such Restricted Cash Dividends shall be subject to the terms and conditions set forth in
Section 5(b)(8) of the Plan. 
 7. Shares Non-Transferable. No shares of Restricted Stock shall be transferable by
Participant other than by will or by the laws of descent and distribution. In the event any Award is transferred or assigned pursuant to a court order, such transfer or assignment shall be without liability to the Company, and the Company shall have
the right to offset against such Award any expenses (including attorneys’ fees) incurred by the Company in connection with such transfer or assignment. 
 8. Executive Deferred Compensation Plan. If Participant is eligible, and has made the appropriate election, to defer the Restricted Stock awarded hereunder into The Progressive Corporation
Executive Deferred Compensation Plan (the “Deferral Plan”), upon vesting, the shares of Restricted Stock awarded hereunder shall be considered to be deferred pursuant to the Deferral Plan, subject to and in accordance with the terms and
conditions of the Deferral Plan and any deferral agreement entered into by Participant thereunder. 
 9. Termination of
Employment. Except as otherwise provided in the Plan or as determined by the Committee, if Participant’s employment with the Company is terminated for any reason other than death, Disability or Qualified Retirement, all Restricted Stock
held by Participant which is unvested or subject to restriction at the time of such termination shall be automatically forfeited. 

  
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 10. Taxes. No later than the date as of which an amount first becomes includable in
the gross income of Participant for federal income tax purposes with respect to shares of Restricted Stock awarded under this Agreement, Participant shall pay to the Company, or make arrangements satisfactory to the Committee regarding the payment
of, all federal, state or local taxes or other items of any kind required by law to be withheld with respect to such amount. The obligations of the Company under the Plan shall be conditional on such payment or arrangements and the Company and its
Subsidiaries and Affiliates, to the extent permitted by law, shall have the right to deduct any such taxes from any payment of any kind otherwise due to Participant. At vesting, shares of Restricted Stock awarded hereunder will be valued at Fair
Market Value, as defined in the Plan. 
 Participant must satisfy the minimum statutory tax withholding obligations resulting
from the vesting of shares of Restricted Stock (“Minimum Withholding Obligations”) either (a) by surrendering to Company shares of Restricted Stock which are then vesting in an amount sufficient to satisfy the Minimum Withholding
Obligations, (b) by surrendering to the Company other unrestricted Common Shares of the Company owned by Participant in an amount sufficient to satisfy the Minimum Withholding Obligations, or (c) by paying the appropriate amount in cash
or, if acceptable to the Company, by check or other instrument. Unless Participant advises the Company of his or her election to use an alternative payment method, Participant shall be deemed to have elected to surrender to the Company shares of
Restricted Stock which are then vesting in an amount sufficient to satisfy the Minimum Withholding Obligations. If Participant requests that the Company withhold taxes in addition to the Minimum Withholding Obligations, such additional withholding
must be satisfied by Participant either (x) by paying the appropriate amount in cash or, if acceptable to the Company, by check or other instrument, or (y) provided that Participant has obtained the approval of either the Company or the
Committee (as required under rules adopted by the Committee) prior to the date of vesting, by surrendering unrestricted Common Shares which are not part of the Restricted Stock then vesting and which have then been owned by Participant in
unrestricted for more than six (6) months. 
 Under no circumstances will Participant be entitled to satisfy any such
additional withholding by surrendering shares of Restricted Stock which are then vesting or other Common Shares which have then been owned by Participant in unrestricted form for six months or less. In addition, under no circumstances will
Participant be entitled to satisfy any Minimum Withholding Obligations or additional withholding hereunder by surrendering shares of Restricted Stock which are not then vesting or any Restricted Stock which Participant has elected to defer under
Paragraph 8 hereof. All payments, surrenders of shares, elections or requests for approval hereunder must be made by Participant in accordance with such procedures as may be adopted by the Company in connection therewith, and subject to such rules
as have been or may hereafter be adopted by the Committee with respect thereto. 
 11. Entire Agreement. This Agreement
constitutes the entire agreement between the parties and supersedes and cancels any other agreement, representation or communication, whether oral or in writing, between the parties hereto relating to subject matter hereof, provided that the
Agreement shall be at all times subject to the Plan as provided above. 
 12. Amendment. The Committee, in its sole
discretion, may hereafter amend the terms of this Award, but no such amendment shall be made which would impair the rights of Participant, without Participant’s consent. 
 13. Definitions. Unless otherwise defined in this Agreement, each capitalized term in this Agreement shall have the meaning given to it in the Plan. 

  
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 14. Acknowledgments. Participant hereby: (i) acknowledges receiving a copy of
the Plan Description relating to the Plan, and represents that he or she is familiar with all of the material provisions of the Plan, as set forth in such Plan Description; (ii) accepts this Agreement and the Restricted Stock awarded pursuant
hereto subject to all provisions of the Plan and this Agreement; and (iii) agrees to accept as binding, conclusive and final all decisions and interpretations of the Committee relating to the Plan, this Agreement or the Restricted Stock awarded
hereunder. 
 Participant evidences his or her agreement with the terms and conditions of this Agreement, and his or her
intention to be bound hereby, by electronically accepting the Award granted hereunder pursuant to the procedures adopted by the Company. Upon such acceptance by Participant, this Agreement will be immediately binding and enforceable against
Participant and the Company. 
  

			
	THE PROGRESSIVE CORPORATION
		
	By:	 	/s/ Charles E. Jarrett
	Vice President & Secretary

  
 - 4 -EX-10.62

 Exhibit 10.62 
 THE PROGRESSIVE CORPORATION 
 DIRECTORS DEFERRAL PLAN 

(2008 Amendment and Restatement) 
 1. Purposes of the Plan. 
 The purposes of this Plan are to attract
and retain qualified Directors and to provide incentives to these Directors through the ability to defer their receipt of Fees and by providing Directors with the opportunity to participate in the Company’s growth. 

2. Definitions. 

(a) “Board” means the Board of Directors of the Company. 

(b) “ Change in Control” means a change in the ownership of the Company, a change in effective control of the Company or a
change in the ownership of a substantial portion of the Company’s assets, each as determined in accordance with Section 409A of the Code. 
 (c) “Code” means the Internal Revenue Code of 1986, as amended, and the regulations promulgated pursuant thereto. 
 (d) “Common Shares” means units equivalent in value and dividend rights to Common Shares, $1.00 par value, of the Company. 

(e) “Company” means The Progressive Corporation. 
 (f) “Deferred Account” means the account established by the Company for each Director who elects to defer the Fees payable to him as a Director. 

(g) “Director” means any director of the Company who is not an employee of the Company. 

(h) “Election Agreement” means the written election to defer Fees signed by the Director and in the form provided by the Chief
Financial Officer of the Company. 
 (i) “Fees” means any fees payable in cash to a Director by reason of his or her
serving on the Board and includes both “Retainer Fees” and “Meeting and Service Fees.” “Retainer Fees” means those Fees which are payable in cash to a Director by reason of his or her serving on the Board (without
regard to attendance at meetings). “Meeting and Service Fees” means those Fees which are payable in cash to a Director (i) by reason of his or her attendance at meetings of the Board or any committee thereof, or (ii) for
participation in meetings of the Company’s management, or other Board-related activities, for which such Director is entitled to receive compensation, as determined in the sole discretion of the Chairman of the Board. 

(j) “Market Price” means the average of the high and low price at which a share of the Company’s Common Stock, $1.00 par
value, is traded on the NYSE on a given date. 
 (k) “Member” means any Director who has at any time deferred the
receipt of Fees in accordance with this Plan. 
 (l) “Plan” means The Progressive Corporation Directors Deferral Plan
(2008 Amendment and Restatement), as set forth herein and as it may be amended from time to time. 
 (m) “Term” means
the duration of the term for which a Director is elected. 
 (n) “Year” means the calendar year. 

(o) Whenever appropriate, words used herein in the singular may be read as the plural and the plural may be read as the singular.

 (p) Masculine pronouns used herein shall be deemed to refer to both women and men. 

  
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 3. Election to Defer Fees. 

(a) Eligibility. 
 A Director may elect to defer receipt of all or a portion of his Fees for any Year in accordance with Paragraph 3(b) hereof. 
 (b) Time of Election. 
 A Director desiring to defer all or a portion of his
Fees for the upcoming Year must submit an Election Agreement to the Chief Financial Officer of the Company no later than the last day of the Year prior to the Year for which the election is to be effective. 

Any Director who was not a Director during the previous Year may make an election to defer all or a portion of the Fees for the Year in
which the Director is elected to the Board by delivering an Election Agreement to the Chief Financial Officer of the Company within thirty (30) days of such election to the Board. A Director fulfilling the above requirements shall be considered
a “Member” for purposes of this Plan. 
 (c) Duration and Nature of Election. 

Subject to the following sentence, a Member’s election to defer Fees shall continue in effect from Year to Year unless modified or
revoked by the Member through written notice to the Chief Financial Officer of the Company prior to the beginning of the Year for which the revocation or modification is to apply. Modifications or revocations shall not apply retroactively, and once
a Member has made, or is deemed to have made, an election to defer all or a portion of his Fees for a given Year, such election may not be modified or revoked. 
 4. The Amount and Date of Deferral. 
 The Election Agreement of the
Member shall indicate the amount of Fees to be deferred and the date to which the Fees are to be deferred. The deferral of Retainer Fees shall be subject to Paragraph 7 hereof; the deferral of Meeting and Service Fees shall be to the earlier of
(1) the date selected by the Member in an Election Agreement, which date shall not be earlier than six months and one day after the date on which such Fees are credited to the Member’s Deferred Account or (2) the date of the death of
the Member. Subject to the preceding sentence, a Member may (i) select a lump-sum distribution or a series of distributions or installments and (ii) choose the date on which the lump sum shall be paid or the installments shall commence.
The installments may not be more frequent than quarterly and may not consist of more than forty (40) quarterly or ten (10) annual installments. All payments will be made on or promptly after the first business day of a calendar quarter. In
the case of the death of the Member, distribution of the deferred Fees shall be made in accordance with Paragraph 8. 

  
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 5. Deferral Accounts. 
 (a) Accounts. 
 The Company shall establish and preserve one or more
accounts for each Member. A Member shall designate on the Election Agreement whether to have the account valued on the basis of the Common Shares of the Company in accordance with Paragraph 5(b) hereof or on the basis of cash in accordance with
Paragraph 5(c) hereof. A Member may defer a portion of his Fees into each type of account. The Company may establish separate accounts for a Member to properly account for amounts deferred under the two alternatives or during different years. An
account valued on the basis of the Company’s Common Shares shall be known as a “Stock Account” and an account valued on the basis of cash shall be known as a “Cash Account.” Amounts held in a Stock Account may not be
transferred to a Cash Account and vice versa. 
 (b) Stock Account. 

Each Member’s Stock Account shall be credited as follows: 
 (i) Fees. On the last day of each calendar quarter, the Stock Account shall be credited with the number of Common Shares (whole or fractional, rounded to the nearest thousandth of a share)
determined by dividing (A) the sum of the Fees that the Member elects to defer (or that he or she is deemed to have elected to defer under Paragraph 7 hereof) to his or her Stock Account that otherwise would have been paid to him or her during
the quarter, by (B) the Market Price of the Company’s Common Shares, $1.00 par value, on the last business day of such quarter. 
 (ii) Dividends. Except as provided in the final sentence of Paragraph 6 

hereof, on the date on which a dividend is paid on (or any other distribution is made on account of) the Company’s Common Shares,
$1.00 par value, the Stock Account shall be credited with the number of Common Shares (whole or fractional, rounded to the nearest thousandth of a share) determined by dividing (A) the dollar amount that the Member would have received with
respect to the number of Common Shares held in his or her Stock Account on the applicable record date if such Common Shares had been actual shares of the Company’s Common Shares, $1.00 par value, by (B) the Market Price of the
Company’s Common Shares, $1.00 par value, on the date on which such dividend is paid. 
 (c) Cash Account.

 If a Member elects to have a portion of his Fees deferred into a Cash Account, there will be credited to his Cash Account, on
the last day of each quarter, an amount equal to the sum of (i) the Fees he elects to defer to his Cash Account which otherwise would have been paid to him during the quarter and (ii) interest on the balance in the Cash Account on the
first day of such quarter at a rate based on the rate of interest offered by National City Bank, Cleveland, Ohio, on the last business day of such quarter on new three-month certificates of deposit. 

  
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	 	(d)	Claims of General Creditors. 

 All compensation deferred and amounts credited to the Cash and Stock Accounts under this Plan shall remain a part of the general assets of the Company. Accordingly, the compensation deferred under this
Plan is subject to the claims of the Company’s general creditors. 
 6. Payment of Accounts. 

The accounts established and maintained for each Member shall be distributed in a lump sum or installments. The selection of the
distribution date(s) and the method of distribution are to be indicated on the Election Agreement to be submitted by the Member. 

A Member may elect to change the distribution date(s) and method of distribution set forth in an Election Agreement governing fees
deferred in past years. Each such change must be made in writing and on such forms as the Company shall specify. Each such change must be delivered to the Company at least one (1) year prior to the distribution date being changed and shall
delay the payment or commencement of the distribution for a period of at least five (5) years following the date such distribution otherwise would have been made or would have commenced. In the case of a distribution to be made in installments,
the provisions of this paragraph shall apply to each installment payment as if each such installment payment were a separate distribution. 
 Changes in the method of and time for payment of the amount of an account may be effected as to Fees deferred for future Years by notifying the Chief Financial Officer in writing prior to the beginning of
the Year for which the modification is to apply in accordance with Paragraph 3 above. 
 Notwithstanding the foregoing, if a
Change in Control occurs, each Member’s entire account balance shall be distributed to such Member within thirty (30) days following the Change in Control. 
 With respect to all distributions to be made under the Plan, the following rules shall apply: 
 (i) All distributions, whether from a Stock Account or a Cash Account, shall be paid in cash subject to withholding or deduction by the Company of any taxes, contributions, payments and assessments which
the Company is now or may hereafter be required or authorized by law to withhold or deduct from distributions; 
 (ii) The amount
of the distribution from the Stock Account shall be valued based on the Market Price of the Company’s Common Shares, $1.00 par value, on the last business day of the calendar quarter immediately preceding the distribution date; and 

(iii) The amount of the distribution from the Cash Account shall be valued based on the value of the Cash Account on the last business day
of the calendar quarter immediately preceding the distribution date. 
 In the event a Member elects to receive installment
payments, the following rules shall apply: 
 (i) The balance of the Stock Account shall be credited, pursuant to Paragraph 5(b)
above, with additional Common Shares upon the payment of dividends until the Stock Account is completely distributed; 
  

  
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 (ii) The balance of the Cash Account shall be credited, pursuant to Paragraph 5(c) above,
with interest quarterly until the Cash Account is completely distributed; and 
 (iii) The amount of each installment shall be
determined by dividing the value of the Stock Account, the Cash Account, or both, by the number of installments remaining to be paid to the Member. 
 Notwithstanding anything to the contrary contained herein, if: 
  

	 	(a)	a Member would otherwise be entitled to have an amount equal to a dividend (or other distribution) credited to his or her Stock Account under Paragraph 5(b) hereof in
respect of Common Shares held in such Stock Account on the record date for such dividend (or other distribution); 

  

	 	(b)	the cash equivalent of such Common Shares (or a portion of such Common Shares) was distributed hereunder to the Member after the record date but before the payment date
for such dividend (or other distribution); and 

  

	 	(c)	such distribution from the Stock Account was either a lump sum distribution or the final payment of an installment distribution hereunder, 

then the amount equal to such dividend (or other distribution) in respect of the Common Shares that were so distributed shall not be
credited to the Member’s Stock Account, and such amount shall be distributed to the Member in cash as soon as practicable after the payment date for such dividend. 
 7. Minimum Deferral. 
 Retainer Fees shall be deferred as
provided in this Paragraph 7. Absent the filing by a Director of an Election Agreement deferring into a Stock Account all Retainer Fees which are payable to such Director until a date which is on or after the Retainer Fee Minimum Deferral Date (as
herein defined), the Director shall be deemed to have filed an election deferring such Fees until the Retainer Fee Minimum Deferral Date, electing to have such Fees deposited to a Stock Account and indicating that such Fees shall be distributed in a
lump sum on the first day of the calendar quarter immediately following the Retainer Fee Minimum Deferral Date. For purposes hereof, the Retainer Fee Minimum Deferral Date shall be the later of (a) the date which is six (6) months and one
day after the date upon which the Retainer Fees are credited to a Stock Account or (b) the date of the expiration of the Director’s then current Term. 
 8. Death of Member. 
 A Member may, in the
Election Agreement described in Paragraph 3 above, provide that, in the event of his death prior to the date or dates on which his account balance is distributable, the account balance shall be distributed to his estate or designated beneficiary in
a single distribution. This election shall be made at the time of the election contemplated by Paragraph 3 above. If no such election is made, the account balance shall be distributed to the estate of the deceased Member in a single distribution as
soon as administratively feasible following the Member’s death.  

  
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 9. Valuation of Accounts. 

Each account shall be valued as of the last day of each calendar quarter until payment of the account in full to the Member in accordance
with Paragraph 6. Each Member shall receive a statement of his accounts not less than annually. 
 10. Capital Changes.

 In the event of any change in the number of outstanding Common Shares, $1.00 par value, of the Company by reason of any
stock dividend or split, recapitalization, merger, consolidation, spin-off, reorganization, combination or exchange of shares or a similar corporate change, the Board shall determine, in its sole discretion, the extent to which such change equitably
requires an adjustment in the number of Common Shares held in the Stock Accounts and such adjustment shall be made by the Company and shall be conclusive and binding on all Members of the Plan. 

11. Deferred Vesting of Common Shares. 
 Retainer Fees credited to a Member’s Stock Account (whether as a result of filing an election under Paragraph 3(b) or a deemed election under Paragraph 7) shall not vest upon their being credited to
the Member’s Stock Account, but shall become vested only upon the expiration of the Term of such Director to which the Fees relate or upon such Director’s earlier death, resignation due to disability or removal without cause. If a Director
ceases to be a Director for any reason other than death, resignation due to disability or removal without cause, the Director shall forfeit all Retainer Fees credited to his Stock Account during his unexpired Term, along with any dividends
attributable thereto, and the Member’s Stock Account shall be reduced accordingly. 
 12. Administration. 

This Plan shall be administered by the Board or by an appropriate Committee of Directors selected by the Board. The Board or the
appropriate Committee shall have the sole right and authority to interpret and construe the provisions of this Plan, and its decisions on any matter or dispute arising under the Plan shall be binding and conclusive upon the Members. If a Member is
part of the Board or Committee that administers this Plan, he shall not participate in any deliberations or actions of the Board or such Committee relating exclusively to his membership or participation in this Plan. 

13. Termination. 
 Notwithstanding any other provision of the Plan, the Board may terminate the Plan at any time for any reason without any liability to any Member, beneficiary or other person for any such termination or
for any other action taken pursuant to this Paragraph 13. Following termination of the Plan, and notwithstanding the provisions of any Election 

  
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Agreement entered into prior to such termination, no additional deferrals may be made hereunder, but all existing Deferred Accounts shall be administered in accordance with the Plan, as in effect
immediately prior to termination, and shall be distributed in accordance with the terms of the Plan and the applicable Election Agreements, unless and 
 until the Board elects to accelerate distributions as provided below. Subject to the limitations and conditions provided for in this Paragraph 13, at any time on or after the effective date of termination
of the Plan, the Board, in its sole discretion, may elect to accelerate the distribution with respect to all Deferred Accounts to the extent permitted under Section 409A of the Code; provided, that (a) the termination of the Plan is not
proximate to a downturn of the Company’s financial health; (b) the Company terminates and liquidates all plans, programs, agreements, and other arrangements (“Other Program”) that must be aggregated with the Plan in accordance
with Treasury Regulation Section 1.409A-1(c) if a Member participated in the Other Program; and (c) the Company shall not adopt a new Other Program that would be required to be aggregated with the Plan in accordance with Treasury
Regulation Section 1.409A-1(c) if a Member participated in the Other Program within three (3) years following termination of the Plan. Such accelerated distributions shall be made in a lump sum at a time selected by the Company in
accordance with Section 409A of the Code; provided, that no accelerated distributions, other than those that could be made under the terms of the Plan absent its termination, shall be made earlier than twelve (12) months from the date that
the Company takes all actions necessary to irrevocably terminate the Plan and cause all distributions to be made thereunder and all distributions shall be made no later than twenty-four (24) months from the date the Company takes all actions
necessary to irrevocably terminate the Plan and cause all distributions to be made thereunder. Upon completion of distributions to all Members, or beneficiaries, as the case may be, no Member, beneficiary or person claiming under or through them,
will have any claims in respect of the Plan. 
 14. Non-alienation. 

The amounts credited to any accounts maintained under the Plan may not be pledged, assigned, or transferred by the Director for whom such
account is maintained or by any other individual, and any purported pledge, assignment, or transfer shall be void and unenforceable. 

15. Claims of Other Persons. 
 The provisions of the Plan shall in no event be construed as giving any person, firm or corporation any legal or equitable right as against the Company or any subsidiary, or the officers, employees, or
directors of the Company or any subsidiary, except any such rights as are specifically provided for in the Plan or are hereafter created in accordance with the terms and provisions of the Plan. 

16. Severability. 
 The invalidity and unenforceability of any particular provision of the Plan shall not affect any other provision hereof, and the Plan shall be construed in all respects as if such invalid or unenforceable
provisions were omitted herefrom. 

  
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 17. Governing Law. 
 The provisions of the Plan shall be governed by and construed in accordance with the laws of the State of Ohio. 
 IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its duly authorized officer as of the              day of
            , 2007, effective January 1, 2008. 
  

			
	THE PROGRESSIVE CORPORATION
		
	By:	 	 
		
	Title:	 	 

  
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