Document:

Exhibit 10(A)

 

EXHIBIT 10(A)

FIRST AMENDMENT TO

THE PROGRESSIVE CORPORATION

DIRECTORS RESTRICTED STOCK DEFERRAL PLAN

          WHEREAS, The Progressive Corporation Directors Restricted Stock Deferral Plan is currently
maintained pursuant to a Plan document dated February 1, 2004; and

          WHEREAS, it is deemed desirable to amend the Plan;

          NOW, THEREFORE, the Plan is hereby amended in the respects hereinafter set forth:

	 	1.	 	Effective September 1, 2005, the second to last sentence of Section 4.5 is hereby
amended and restated in its entirety to provide as follows:
	 
	 	 	 	“ Distribution with respect to the Stock Units credited to a Participant’s Stock Account
under this Plan shall in all cases be satisfied by the delivery by the Company of a number
of Shares equal to the number of Stock Units with respect to which such distribution is
being made, except that any portion of such distribution that is derived from Dividend
Equivalent Amounts or fractional shares shall be satisfied in cash, based on the average of
the high and low trading prices of Shares on the business day immediately preceding such
distribution.”
	 
	 	2.	 	Effective December 1, 2005, the following is hereby added to the Plan at the end of
Section 4.1:
	 
	 	 	 	“Notwithstanding the preceding provisions of this Section 4.1, or any other provisions of
the Plan, each Participant who elected to defer any portion of an Eligible Restricted Stock
Award granted in 2005 may revoke such election. Such revocation shall be in writing on such
forms as the Committee shall prescribe and must be received by the Committee on or before
December 30, 2005.”
	 
	 	3.	 	Except as expressly provided in this Amendment, the terms and provisions of this Plan
shall remain entirely unchanged and continue in full force and effect.

          IN WITNESS WHEREOF, the undersigned has hereunto caused this Amendment to be executed by its
duly authorized representative effective as of the date set forth above.

	 	 	 
	 

	 	THE PROGRESSIVE CORPORATION
	 
	 	 
	 

	 	By: /s/ Charles E. Jarrett
	 

	 	Title: Vice PresidentExhibit 10(B)

 

EXHIBIT 10(B)

FOURTH AMENDMENT TO THE PROGRESSIVE CORPORATION

EXECUTIVE DEFERRED COMPENSATION PLAN

(2003 Amendment and Restatement)

          WHEREAS, The Progressive Corporation Executive Deferred Compensation Plan is currently
maintained pursuant to a 2003 Amendment and Restatement and the First through Third Amendments
thereto (“Plan”); and

          WHEREAS, it is deemed desirable to amend the Plan further;

          NOW, THEREFORE, the Plan is hereby amended in the respects hereinafter set forth:

               1. Effective September 1, 2005, Section 3.4 of the Plan is hereby amended
and restated in its entirety to provide as follows:

3.4 Form of Distribution.

Distributions of Deferrals of Restricted Stock Awards granted in 2005 and later
years shall be made in Stock, with any fractional shares of Stock and any portion of
such distribution that is derived from cash dividends on deferred Restricted Stock
Awards to be made in cash. All other Plan distributions shall be made in cash.

               2. Effective September 1, 2005, the last sentence in Article 3, Section
3.5 shall be deleted and replaced by the following provisions:

          The provisions of Section 3.4 shall apply to all withdrawals under this Section 3.5.

               3. Effective December 1, 2005, the following is hereby added to the Plan
as new paragraph (k) of Section 2.2:

	 	“(k)	 	Notwithstanding the preceding provisions of this Section
2.2 or any other provisions of the Plan, each Eligible Executive who elected to
defer any portion of a Gainsharing Award that became payable or will become
payable in 2005 or 2006 or a Restricted Stock Award granted in 2005 may revoke
such election. Such revocation shall be in writing on such forms as the
Committee shall prescribe and must be received by the Committee on or before
December 30, 2005.

               4. Except as expressly provided in this Amendment, the terms and
provisions of the Plan shall remain entirely unchanged and continue in full force and effect.

          IN WITNESS WHEREOF, the undersigned has hereunto caused this Amendment to be executed by its
duly authorized representative effective as of the date set forth above.

	 	 	 
	 

	 	THE PROGRESSIVE CORPORATION
	 
	 	 
	 

	 	By: /s/ Charles E. Jarrett
	 

	 	Title: Vice PresidentExhibit 10(C)

 

EXHIBIT 10(C)

Form of 

The Progressive Corporation

Directors Restricted Stock Deferral Plan

Revocation Election

This Revocation Election is entered into pursuant to the provisions of The Progressive Corporation
Directors Restricted Stock Deferral Plan (“Plan”). All capitalized terms in this Revocation
Election shall have the meanings ascribed to them in the Plan.

          WHEREAS, the undersigned Participant has previously elected to defer receipt of his/her
Restricted Stock Award granted in April, 2005; and

          WHEREAS, such Participant now desires to revoke such election;

          NOW, THEREFORE, such Participant hereby elects to revoke his/her election to defer the
Restricted Stock Award granted to him/her in April, 2005.

          The undersigned Participant understands that this Revocation Election is subject to the
terms, conditions and limitations of the Plan, as in effect from time to time, in all
respects, and, once received by the Committee, may not be changed or revoked. The undersigned
Participant also understands that this Revocation Election will not become effective unless
received by the Committee on or before December 30, 2005.

	 	 	 	 	 
	 

	 	 	 	 
	Name of Participant:	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	Signature of Participant:	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	Date:Exhiit 10(D)

 

EXHIBIT 10(D)

Form of 

The Progressive Corporation

Executive Deferred Compensation Plan 

Revocation Election

For

Gainsharing Plan Participants

This Revocation Election is entered into pursuant to the provisions of The Progressive Corporation
Executive Deferred Compensation Plan (“Plan”). All capitalized terms in this Revocation Election
shall have the meanings ascribed to them in the Plan.

          WHEREAS, the undersigned Eligible Executive has previously elected to defer receipt of all or
a portion of his 2005 Gainsharing Award or has previously elected to defer receipt of his
Restricted Stock Award granted in March, 2005; and

          WHEREAS, such Eligible Executive now desires to revoke one or more of such elections;

          NOW, THEREFORE, such Eligible Executive hereby elects to revoke one or more of such elections
as follows: (Please check one or more of the boxes below, as desired)

	 	 	 	o I hereby revoke my deferral election relating to my 2005 Gainsharing Award.
	 
	 	 	 	o I hereby revoke my election to defer the time-based Restricted Stock Award
granted to me in March, 2005.
	 
	 	 	 	o I hereby revoke my election to defer the performance-based Restricted Stock
Award granted to me in March, 2005.

          I understand that this Revocation Election is subject to the terms, conditions and
limitations of the Plan, as in effect from time to time, in all respects, and, once received by the
Committee, may not be changed or revoked. I also understand that this Revocation Election will not
become effective unless received by the Committee on or before December 30, 2005.

	 	 	 	 	 
	 

	 	 	 	 
	Name of Eligible Executive:	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	Signature of Eligible Executive:	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	Date:Exhiit 10(E)

 

EXHIBIT 10(E)

Form of

The Progressive Corporation

Executive Deferred Compensation Plan 

Revocation Election

For

Executive Bonus Plan Participants

This Revocation Election is entered into pursuant to the provisions of The Progressive Corporation
Executive Deferred Compensation Plan (“Plan”). All capitalized terms in this Revocation Election
shall have the meanings ascribed to them in the Plan.

          WHEREAS, the undersigned Eligible Executive has previously elected to defer receipt of all or
a portion of his Executive Bonus(es) that became payable or will become payable in 2005 or 2006 or
has previously elected to defer receipt of his Restricted Stock Award granted in March, 2005; and

          WHEREAS, such Eligible Executive now desires to revoke one or more of such elections;

          NOW, THEREFORE, such Eligible Executive hereby elects to revoke one or more of such elections
as follows: (Please check one or more of the boxes below, as desired)

	 	 	 	o I hereby revoke my deferral election relating to the Executive Bonus that
originally became payable to me in January, 2005.
	 
	 	 	 	o I hereby revoke my deferral election relating to the Executive Bonus that may
become payable to me in 2006.
	 
	 	 	 	o I hereby revoke my election to defer the time-based Restricted Stock Award
granted to me in March, 2005.
	 
	 	 	 	o I hereby revoke my election to defer the performance-based Restricted Stock
Award granted to me in March, 2005.

          I understand that this Revocation Election is subject to the terms, conditions and
limitations of the Plan, as in effect from time to time, in all respects, and, once received by the
Committee, may not be changed or revoked. I also understand that this Revocation Election will not
become effective unless received by the Committee on or before December 30, 2005.

	 	 	 	 	 
	 

	 	 	 	 
	Name of Eligible Executive:	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	Signature of Eligible Executive:	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	Date:Exhibit 10(F)

 

EXHIBIT 10(F)

BOARD OF DIRECTORS’ COMPENSATION

	 	 	 	 	 	 	 	 	 
	 	 	2005	 	 	2006	 
	Compensation Component
	 	 	 	 	 	 	 	 
	Retainer
	 	$	10,000	 	 	$	10,000	 
	 
	 	 	 	 	 	 	 	 
	Board Meetings (6 meetings @ $3,700 per meeting)
	 	$	19,200	 	 	$	22,200	 
	Board Telephone Meeting
	 	$	1,500	 	 	$	1,500	 
	 
	 	 	 	 	 	 	 	 
	Management Interaction Day
	 	$	2,000	 	 	$	2,000	 
	Special Meetings
	 	$	1,000	 	 	$	1,000	 
	 
	 	 	 	 	 	 	 	 
	Audit Committee
	 	 	 	 	 	 	 	 
	Committee Member Meetings
	 	$	2,100	 	 	$	2,600	 
	Committee Chair Meetings
	 	$	4,200	 	 	$	4,700	 
	Regularly Scheduled Audit Telephone Meetings/Committee Member
	 	$	1,000	 	 	$	1,000	 
	Regularly Scheduled Audit Telephone Meetings/Committee Chair
	 	$	1,500	 	 	$	1,500	 
	 
	 	 	 	 	 	 	 	 
	Other Committees
	 	 	 	 	 	 	 	 
	Committee Member Meetings
	 	$	2,100	 	 	$	2,600	 
	Committee Chair Meetings
	 	$	2,600	 	 	$	3,100	 
	Telephone Meetings (as needed)
	 	$	500	 	 	$	500	 
	 
	 	 	 	 	 	 	 	 
	Chairman of the Board (Yearly Restricted Stock Grant)
	 	$	200,000	 	 	$	200,000	 
	 
	 	 	 	 	 	 	 	 
	Annual Restricted Stock Value (other than Chairman)
	 	$	100,000	 	 	$	100,000

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