Document:

EX-4.5

 

Exhibit No. 4.5

THE PROGRESSIVE CORPORATION

and

STATE STREET BANK AND TRUST COMPANY, as

Successor Trustee

FOURTH SUPPLEMENTAL INDENTURE

6.25% Senior Notes due 2032

     THIS FOURTH SUPPLEMENTAL INDENTURE, dated as of November 21, 2002, between THE PROGRESSIVE
CORPORATION, an Ohio corporation (the “Issuer”) and STATE STREET BANK AND TRUST COMPANY, a
Massachusetts trust company (“SSB”), in its capacity as Successor 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
by the First Supplemental Indenture, dated as of March 15, 1996, 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 Supplemental Indenture, dated as of March 15, 1996,
confirming the succession of SSB as trustee under the Indenture; and

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

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

     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(c) 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.

     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 Fourth Supplemental Indenture constitutes an integral part
of the Indenture.

     SECTION 1.02. General Definitions. For all purposes of this Fourth 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 Fourth Supplemental Indenture; and

     (c) the terms “herein”, “hereof”, “hereunder” and other words of similar import refer to this
Fourth Supplemental Indenture.

     SECTION 1.03. Definitions. The following definitions shall apply to this Fourth 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 “6.25% Senior Notes due 2032”.

1

 

     "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.

     "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. The Issuer will not
consolidate or merge with or into any other Person or Persons, or sell, convey or lease all or
substantially all of its property to any other Person, unless:

     (a) the Person formed by such consolidation, or into which the Issuer is
merged or which acquires or leases all or substantially all of the property of the Issuer, is a
corporation or other entity organized under the laws of the United States, any state
thereof or the District of Columbia, and such Person expressly assumes the Issuer’s obligations
under the Designated Securities and the Indenture; and

     (b) immediately after giving effect to the transaction, no Event of Default exists.

     This restriction shall not apply if the Issuer is the Person that survives any such
transaction.

     In the event of a conflict between any provision in this Section and any provision in Article
9 of the Indenture, Article 9 of the Indenture shall govern.

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

MISCELLANEOUS PROVISIONS

     SECTION 4.01. Applicability of this Fourth Supplemental Indenture. The provisions of this
Fourth Supplemental Indenture will be applicable solely to the Designated Securities.

     SECTION 4.02. Adoption, Ratification and Confirmation. The Indenture, as supplemented by this
Fourth Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed.

     SECTION 4.03. Counterparts. This Fourth 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 4.04. Governing Law. This Fourth Supplemental Indenture shall be governed by and
construed in accordance with the laws of the state of New York.

2

 

     IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental
Indenture to be duly executed and their respective corporate seals to be hereunto fixed and
attested as of the day and year first written above.

THE PROGRESSIVE CORPORATION

By: /s/ Stephen D. Peterson

Stephen D. Peterson

Treasurer

Attest:

By: /s/ Charles E. Jarrett

Charles E. Jarrett

Secretary

STATE STREET BANK AND TRUST

COMPANY, as Successor Trustee

By: /s/ Patrick E. Thebadou

Name: Patrick E. Thebadou

Title: Vice President

Attest:

By: /s/ Dori Anne Seakas

Name: Dori Anne Seakas

Title: Officer

	 	 	 
	STATE OF OHIO

COUNTY OF CUYAHOGA

	 	) ss:

)

     On this            th day of November, 2002, before me personally came Stephen D. Peterson, to me
personally known, who, being by me duly sworn, did depose and say that he is a resident of Cuyahoga
County, Ohio; 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]

	 	 	 
	STATE OF MASSACHUSETTS

COUNTY OF SUFFOLK

	 	) ss:

)

     On this            th day of November, 2002, before me personally came
        , to me personally known, who, being by me duly sworn, did depose and say that he is a
resident of Bristol County, Massachusetts; that he is an authorized officer of STATE STREET BANK
AND TRUST COMPANY, 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 instruments is
such corporate seal; that it was so affixed by authority of the Board of Directors of said
corporation, and that she signed her name thereto by like authority.

Notary Public

My commission expires:

[Notary Seal]

3EX-4.6

 

Exhibit No. 4.6

THE PROGRESSIVE CORPORATION

AND

U.S. BANK NATIONAL ASSOCIATION,

as Successor Trustee

FIFTH SUPPLEMENTAL INDENTURE

Dated as of June 13, 2007

 

 

     THIS FIFTH SUPPLEMENTAL INDENTURE, dated as of June 13, 2007 by and 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 Successor Trustee (in such capacity, the
“Successor Trustee”).

WITNESSETH:

     WHEREAS, the Issuer entered into an Indenture, dated as of September 15, 1993 (the
“Indenture”), with The First National Bank of Boston, in its capacity as Trustee (in such capacity,
the “Original 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;

     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 (“SSB”) as Trustee under the
Indenture (in such capacity, the “Original Successor Trustee”);

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

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

     WHEREAS, the Issuer and the Original Successor Trustee entered into a Fourth Supplemental
Indenture, dated November 21, 2002;

     WHEREAS, U.S. Bank has acquired substantially all of the corporate trust business of the
Original Successor Trustee; and

     WHEREAS, the parties hereto wish to confirm the succession of U.S. Bank as Trustee under the
Indenture.

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

     1. Pursuant to Section 6.11 of the Indenture, U.S. Bank, by virtue of its succession to
substantially all of the corporate trust business of SSB, is the Successor Trustee under the
Indenture.

     2. U.S. Bank represents and warrants that (a) to the best of its knowledge, it is qualified
under Section 310(b) of the Trust Indenture Act of 1939 and (b) it is eligible to serve as
Successor Trustee under the provisions of Section 6.8 of the Indenture. U.S. Bank hereby accepts
its appointment as Successor Trustee.

 

 

     3. The
Issuer hereby confirms the removal of SSB and the appointment of U.S. Bank as the Successor Trustee, and further confirms that all rights and powers of the Trustee under
the Indenture have vested in the Successor Trustee.

     4. The definition of “Corporate Trust Office” in Section 1.1 of the Indenture shall be deleted
and the following shall be added in its place:

“Corporate Trust Office” means the office of the Trustee at which
the corporate trust business of the Trustee shall, at any particular
time, be principally administered, which office is currently located
at One Federal Street, Boston, Massachusetts 02110.

     5. In all other ways the Indenture is hereby ratified and confirmed.

 

 

	 	 	 	 	 	 	 
	 	 	THE PROGRESSIVE CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	/s/ Thomas A. King 	 	 
	 

	 	 	 	 

Thomas A. King
	 	 
	 

	 	 	 	Treasurer	 	 

[Corporate Seal]

Attest:

	 	 	 	 	 
	By

	 	/s/ Charles E.
Jarrett  

Charles E. Jarrett
	 	 
	 

	 	Secretary	 	 

	 	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Paul D. Allen  

Paul D. Allen
	 	 
	 

	 	 	 	Vice President	 	 

[Corporate Seal]

Attest:

	 	 	 	 	 
	By

	 	/s/ Alison D. B.
Nadeau  

Name: Alison D. B. Nadeau
	 	 
	 

	 	Title: Vice President	 	 

 

 

	 	 	 	 	 	 	 
	STATE OF OHIO

	 	 	)

)	 	 	ss.:
	COUNTY OF CUYAHOGA

	 	 	)	 	 	 

     On this 12th day of June, 2007, before me personally came Thomas A. King, to me personally
known, who, being by me duly sworn, did depose and say that he is a resident of ___
County, Ohio; 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 June, 2007, before me personally came Paul D. Allen, to me personally
known, who, being by me duly sworn, did depose and say that he is a resident of ___
County, Massachusetts; that he is an authorized officer of U.S. BANK NATIONAL ASSOCIATION, 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]

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