Document:

Form of 6 5/8% Senior Notes due 2029

 Exhibit 4.5 
 Form of 6-5/8% Senior Notes due 2029 
 (FACE OF
SECURITY) 
 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. 
  

			
	REGISTERED	 	REGISTERED
	NO. R-            	 	$                    

 CUSIP No. 743315 AJ 2 
 THE PROGRESSIVE CORPORATION 
 6-5/8% SENIOR NOTE DUE
2029 
 THE PROGRESSIVE CORPORATION, an Ohio corporation (the “Issuer”), for value received, hereby promises to pay to
CEDE & Co., c/o The Depository Trust Company, 55 Water Street, New York, New York 10041 or registered assigns, at the office or agency of the Issuer at the office of the Trustee in Boston, Massachusetts, the principal sum of
                    
($                    ) on March 1, 2029, in such coin or currency of the United States of America as at the time of payment shall
be legal tender for the payment of public and private debts, and to pay interest semiannually on March 1 and September 1 of each year, commencing on September 1, 1999, on said principal sum at said office or agency, in like coin or
currency, at the rate per annum specified in the title of this Note, from the March 1 or the September 1, as the case may be, next preceding the date of this Note to which interest has been paid, unless the date hereof is a date to which
interest has been paid, in which case from the date of this Note, or unless no interest has been paid on the Notes, in which case from March 1, 1999, until payment of said principal sum has been made or duly provided for; provided, that payment
of interest may be made at the option of the Issuer by check mailed to the address of the person entitled thereto as such address shall appear on the Security Register. Notwithstanding the foregoing, if the date hereof is after the fifteenth day of
March or September, as the case may be, and before the following March 1 or September 1, this Note shall bear interest from such March 1 or September 1; provided, that if the Issuer shall default in the payment of interest due on
such March 1 or September 1, then this Note shall bear interest from the next preceding March 1 or September 1, to which interest has been paid or, if no interest has been paid on this Note, from March 1, 1999. The interest
so payable on any March 1 or September 1 will, subject to certain exceptions provided in the Indenture referred to on the reverse hereof, be paid to the person in whose name this Note is registered at the close of business on
February 15 or August 15, as the case may be, next preceding such March 1 or September 1. 
 Reference is made to the
further provisions of this Note set forth on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Trustee under the Indenture referred to on the reverse
hereof. 
 IN WITNESS WHEREOF, The Progressive Corporation has caused this instrument to be signed by its duly authorized officers and has
caused its corporate seal to be affixed hereto or imprinted hereon. 
  

									
		 		 	THE PROGRESSIVE CORPORATION
				
	[CORPORATE SEAL]	 		 	By:	 	 
		 		 		 		 	W. Thomas Forrester
		 		 		 		 	Treasurer
					
	Attest:	 	 	 		 		 	 
		 	David M. Schneider	 		 		 	
		 	Secretary	 		 		 	

 Dated:
                     
  

 1 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities, of the series designated herein, referred to in the within-mentioned Indenture. 
  

			
	 STATE STREET BANK AND TRUST COMPANY
 as Trustee

		
	By:	 	 
		 	Authorized Signatory

  

 2 

 (BACK OF SECURITY) 
 THE PROGRESSIVE CORPORATION 
 6-5/8% SENIOR NOTE DUE
2029 
 This Note is one of a duly authorized issue of debentures, notes, bonds or other evidences of indebtedness of the Issuer
(hereinafter called the “Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to an indenture dated as of September 15, 1993, as heretofore supplemented and amended (herein called the
“Indenture”), between the Issuer and State Street Bank and Trust Company, as Trustee (herein called the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the
rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer and the Holders of the Securities. The Securities may be issued in one or more series, which different series may be issued in various aggregate
principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any), may be subject to different sinking, purchase or analogous funds (if any) and may otherwise
vary as in the Indenture provided. This Note is one of a series designated as the 6-5/8% Senior Notes Due 2029 of the Issuer, limited in aggregate principal amount to $300,000,000. 
 In case an Event of Default, as defined in the Indenture, with respect to the 6-5/8% Senior Notes Due 2029 shall have occurred and be continuing, the principal hereof may be declared, and upon such
declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 
 The
Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the Holders of not less than 66-2/3% in aggregate principal amount of the Securities at the time Outstanding (as defined in the Indenture) of all series to be
affected (voting as one class), evidenced as in the Indenture provided, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or
modifying in any manner the rights of the Holders of the Securities of each such series; provided, however, that no such supplemental indenture shall (i) extend the final maturity of any Security, or reduce the principal amount thereof, or
reduce the rate or extend the time of payment of any interest thereon, or impair or affect the rights of any Holder to institute suit for the payment thereof, without the consent of the Holder of each Security so affected or (ii) reduce the
aforesaid percentage of Securities, the Holders of which are required to consent to any such supplemental indenture, without the consent of the Holder of each Security so affected. It is also provided in the Indenture that, with respect to certain
defaults or Events of Default regarding the Securities of any series, prior to any declaration accelerating the maturity of such Securities, the Holders of a majority in aggregate principal amount Outstanding of the Securities of such series may on
behalf of the Holders of all the Securities of such series waive any such past default or Event of Default and its consequences. The preceding sentence shall not, however, apply to a default in the payment of the principal of or premium, if any, or
interest on any of the Securities. Any such consent or waiver by the Holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Note and any Note
which may be issued in exchange or substitution herefor, irrespective of whether or not any notation thereof is made upon this Note or such other Note. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and
interest on this Note in the manner, at the respective times, at the rate and in the coin or currency herein prescribed. 
 The Notes are
issuable in registered form without coupons in denominations of $1,000 and any integral multiple of $1,000 at the office or agency of the Issuer at the office of the Trustee in Boston, Massachusetts, and in the manner and subject to the limitations
provided in the Indenture, but without the payment of any service charge. Notes may be exchanged for a like aggregate principal amount of Notes of other authorized denominations. 
 The Notes of the series designated as the 6-5/8% Senior Notes due 2029 are subject to redemption upon not more than 60 or less than 30 days’ notice by mail, at any time or from time to time, in whole
or in part, at the option of the Issuer on any date (a “Redemption Date”), at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed or (ii) a “Make Whole Amount,”
calculated as described below, plus, in either case, accrued and unpaid interest on the principal amount being redeemed to such Redemption Date; provided that installments of interest on Notes which are due and payable on an interest payment date
falling on or prior to the relevant Redemption Date shall be payable to the Holders of such Notes, registered as such at the close of business on the relevant record date, according to the terms and the provisions of the Indenture. 
 The “Make Whole Amount” means an amount equal to the sum of the present values of the Remaining Scheduled Payments discounted to such Redemption
Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the Treasury Rate plus 25 basis points. 
 “Remaining Scheduled Payments” means the remaining scheduled payments of the principal and interest that would be due on the Note being redeemed after the relevant Redemption Date; provided, however, that if the redemption date is
not a scheduled interest payment date, the amount of the next succeeding scheduled interest payment on such Note will be reduced by the amount of interest accrued on such Note to such Redemption Date. 
  

 3 

 “Treasury Rate” means, with respect to any Redemption Date for the Notes, the rate per annum equal
to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such
Redemption Date. The Treasury Rate shall be calculated on the third Business Day immediately preceding the Redemption Date. 
 “Comparable
Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes. 
 “Independent Investment Banker” means Donaldson, Lufkin & Jenrette Securities Corporation or, if such firm is unwilling or unable to select the Comparable Treasury Issue, an independent
investment banking institution of national standing appointed by the Trustee after consultation with the Issuer. 
 “Comparable Treasury
Price” means with respect to any Redemption Date for the Notes the average of three Reference Treasury Dealer Quotations obtained by the Trustee for such Redemption Date. 
 “Reference Treasury Dealer” means: (i) Donaldson, Lufkin & Jenrette Securities Corporation and its successor; provided, however, that if the foregoing shall cease to be a primary
U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer will substitute therefore another nationally-recognized investment banking firm that is a Primary Treasury Dealer, and (ii) any other two
Primary Treasury Dealers selected by the Issuer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by
such Reference Treasury Dealer at 3:30 p.m. New York City time, on the third Business Day preceding such Redemption Date. 
 In the event of
redemption of this Note in part only, a new Note or Notes of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
 Upon due presentment for registration of transfer of this Note at the office or agency of the Issuer at the office of the Trustee in Boston, Massachusetts,
a new Note or Notes of authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without charge except for any tax or other
governmental charge imposed in connection therewith. 
 The Issuer, the Trustee and any authorized agent of the Issuer or the Trustee may deem
and treat the registered Holder hereof as the absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving payment of, or on account of,
the principal hereof and, subject to the provisions on the face hereof, interest hereon, and for all other purposes, and neither the Issuer nor the Trustee nor any authorized agent of the Issuer or the Trustee shall be affected by notice to the
contrary. 
 No recourse under or upon any obligation, covenant or agreement of the Issuer in the Indenture or any indenture supplemental
thereto or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, shareholder, officer or director, as such, of the Issuer or of any successor corporation, either directly or through
the Issuer or any successor corporation, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released
by the acceptance hereof and as part of the consideration for the issue hereof. 
 Terms used herein which are defined in the Indenture shall
have the respective meanings assigned thereto in the Indenture. 
  

 4 

 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF ASSIGNEE 
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS

 INCLUDING POSTAL ZIP CODE OF ASSIGNEE) 
 the within Note and all rights thereunder, hereby irrevocably constituting and appointing attorney to transfer said Note on the books of the Issuer, with full power of substitution in the premises.

  

							
				
	Dated	 	 	 		 	 
		 		 		 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or
any change whatever.

  

 5Form of 1995 Incentive Plan Restricted Stock Award Agreement (Time)

 Exhibit 10.9 
 THE PROGRESSIVE CORPORATION 
 1995 INCENTIVE PLAN

 RESTRICTED STOCK AWARD AGREEMENT 
 (<Year of Grant> Time-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 1995 Incentive Plan (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 according to the following schedule: 
  

	 	a.	One-third of the shares of Restricted Stock shall vest on <Vesting Date>. 

  

	 	b.	One-third of the shares of Restricted Stock shall vest on <Vesting Date>. 

  

	 	c.	The final one-third of the shares of Restricted Stock shall vest on <Vesting Date>. 

 The shares of Restricted Stock awarded under this Agreement shall vest in accordance with the schedule set forth above unless, prior to the
vesting date set forth above, 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.
Manner In Which Shares Will Be Held. Subject to the provisions of this Paragraph 4, stock certificates evidencing the shares of Restricted Stock awarded under this Agreement shall be registered in the name of Participant and 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. Such certificates shall bear an appropriate
legend referring to the terms, conditions and restrictions applicable to such Award. 
 In the discretion of the Company, any or
all shares of Restricted Stock awarded to Participant hereunder may be issued in, or after issuance may be transferred to, book-entry form and held by the Company, or its designee, in such form. In such event, no stock certificates evidencing such
shares will be held, the applicable restrictions will be noted in the records of the Company’s transfer agent and in the book-entry system. 
 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 the 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. 
  

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 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. 
 5. Rights of Shareholder. 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 and the right to receive any dividends as declared by the Company’s Board of Directors. 
 6. 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. 
 7. 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 (see Section 8 below), all Restricted Stock held by Participant which is
unvested or subject to restriction at the time of such termination shall be automatically forfeited. 
 8. Qualified
Retirement. If Participant’s employment with the Company (or any of its Subsidiaries or Affiliates) terminates due to a Qualified Retirement (as defined below), the following provisions shall apply (subject in all cases to Section 8(c)
hereof): 
  

	 	a.	If and to the extent that any Award Installment (as defined below) is vested as of the Qualified Retirement Date (as defined below), all shares of Restricted Stock held
by Participant in connection with such Award Installment shall be free of applicable restrictions and delivered to Participant (subject to the provisions of the Plan and this Agreement). 

  

	 	b.	If and to the extent that any Award Installment is not vested as of such Qualified Retirement Date, such Award Installment (i) shall remain in effect with respect
to fifty percent (50%) of the Common Shares covered thereby and, as to such shares, shall immediately vest on Participant’s Qualified Retirement Date, and shall thereafter be free of applicable restrictions and delivered to the Participant
(subject to the provisions of the Plan and this Agreement), and (ii) shall terminate, effective as of the Qualified Retirement Date, with respect to the remaining fifty percent (50%) of the Common Shares covered by such Award Installment.

  

	 	c.	If the Committee determines that Participant is or has engaged in any Disqualifying Activity (as defined below), then (i) to the extent that the Restricted Stock
awarded hereunder has vested as of the Disqualification Date (as defined below), Participant shall have the right to receive all shares of Restricted Stock which are vested as of such date (subject to the provisions of the Plan and this Agreement)
and (ii) to the extent that the Restricted Stock awarded hereunder has not vested as of the Disqualification Date, the Award shall terminate, and all related shares of Restricted Stock shall be forfeited, as of such date. Any determination by
the Committee, which may act upon the recommendation of the Chief Executive Officer or other senior officer of the Company, that Participant is or has engaged in any Disqualifying Activity, and as to the Disqualification Date, shall be final and
conclusive. 

  

	 	d.	For purposes of Section 8, the following terms are defined as follows: 

  

	 	i.	Qualified Retirement – any termination of Participant’s employment with the Company or its Subsidiaries or Affiliates for any reason (other than death,
Disability or an involuntary termination for Cause) if, at or immediately prior to the date of such termination, Participant satisfies both of the following conditions: 

  

	 	A.	Participant is 55 years of age or older; and 

  

 - 2 - 

	 	B.	the sum of Participant’s age and completed years of service as an employee of the Company or its Subsidiaries or Affiliates (disregarding fractions in both cases)
shall total 70 or more. 

  

	 	ii.	Qualified Retirement Date – the date as of which Participant’s employment with the Company or its Subsidiaries or Affiliates shall terminate pursuant
to a Qualified Retirement. 

	 	iii.	Disqualifying Activity – means any of the following acts or activities: 

  

	 	A.	directly or indirectly serving as a principal, shareholder, partner, director, officer, employee or agent of, or as a consultant, advisor or in any other capacity to,
any business or entity which competes with the Company or its Subsidiaries or Affiliates in any business or activity then conducted by the Company or any of its Subsidiaries or Affiliates to an extent deemed material by the Committee; or

  

	 	B.	any disclosure by Participant, or any use by Participant for his or her own benefit or for the benefit of any other person or entity (other than the Company or its
Subsidiaries or Affiliates), of any confidential information or trade secret of the Company or any of its Subsidiaries or Affiliates without the consent of the Company; or 

  

	 	C.	any material violation of any of the provisions of the Company’s Code of Business Conduct and Ethics (“Code of Conduct”) or any agreement between
Participant and the Company; or 

  

	 	D.	making any other disclosure or taking any other action which is determined by the Committee to be materially detrimental to the business, prospects or reputation of the
Company or any of its Subsidiaries or Affiliates; or 

  

	 	E.	Participant fails, in any material respect, to perform his or her assigned responsibilities as an employee of the Company or any of its Subsidiaries or Affiliates, as
determined by the Committee, in its sole judgment, after consulting with the Chief Executive Officer. 

 The
ownership of less than 2% of the outstanding voting securities of a publicly traded corporation which competes with the Company or any of its Subsidiaries or Affiliates shall not constitute a Disqualifying Activity. 
  

	 	iv.	Cause – means a felony conviction of Participant or the failure of Participant to contest prosecution for a felony, or Participant’s willful misconduct
or dishonesty, any of which, in the judgment of the Committee, is harmful to the business or reputation of the Company or any Subsidiary or Affiliate; or any material violation of the Code of Conduct or any agreement between Participant and the
Company. 

  

	 	v.	Disqualification Date – the earliest date as of which Participant engaged in any Disqualifying Activity, as determined by the Committee.

  

	 	vi.	Award Installment – means each installment of the Award with a separate vesting date as set forth in Section 3 hereof. 

 9. 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. 
  

 - 3 - 

 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 the Participant in
unrestricted form 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. 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. 

10. Dividends. Participant acknowledges and agrees that the Company will pay, or cause to be paid, any cash dividends payable in
respect of Restricted Stock through such method(s) of payment as the Company deems advisable, on or promptly after the date established by the Board of Directors for the payment of such cash dividend to holders of the Company’s Common Shares
(the “Dividend Payment Date”), including, but not limited to: (i) payment by the Company’s transfer agent through the procedures established generally for shareholders of record; or (ii) payment by the Company to
Participants directly either through the Company’s payroll system in the first payroll check which is issued to the Participant after the Dividend Payment Date or by appropriate check, draft or automatic deposit. 
 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. 
 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

  

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