SEC Contract Filing

Filing Date: 2022-05-02

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>pgr-2022331exhibit101.htm
<DESCRIPTION>EX-10.1
<TEXT>
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<title>Document</title></head><body><div id="ia9375fb4d4eb4b109cb0140368d500cd_33"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit 10.1</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;text-decoration:underline">RESTRICTED STOCK UNIT AWARD AGREEMENT</font></div><div style="text-align:center;text-indent:108pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">(2022 Time-Based Award)</font></div><div><font><br></font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">This Agreement (&#8220;Agreement&#8221;) is made this &#60;Grant Date&#62; (&#8220;Grant Date&#8221;) by and between &#60;Participant Name&#62; (&#8220;Participant&#8221;) and The Progressive Corporation (the &#8220;Company&#8221;).</font></div><div><font><br></font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:27pt;text-decoration:underline">Definitions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">. Unless otherwise defined or expressly given a different meaning in this Agreement, each capitalized term in this Agreement shall have the meaning given to it in The Progressive Corporation 2015 Equity Incentive Plan (the &#8220;Plan&#8221;).</font></div><div><font><br></font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:27pt;text-decoration:underline">Award of Restricted Stock Units</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">. The Company grants to Participant an award (the &#8220;Award&#8221;) consisting of &#60;# of Units&#62; restricted stock units (the &#8220;Restricted Stock Units&#8221; or &#8220;Units&#8221;), pursuant to, and subject to, the terms of the Plan.</font></div><div><font><br></font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:27pt;text-decoration:underline">Condition to Participant&#8217;s Rights under this Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">. This Agreement shall not become effective, and Participant shall have no rights with respect to the Award or any Restricted Stock Units, unless and until Participant has fully executed this Agreement and delivered it to the Company. In the Company&#8217;s sole discretion, such execution and delivery may be accomplished through electronic means. If this Agreement has not been executed and delivered by Participant by 11&#58;59 p.m., Mayfield Village, Ohio time on the last day of the month immediately following the month in which the Grant Date occurs, then this Award shall be forfeited in its entirety.</font></div><div><font><br></font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:27pt;text-decoration:underline">Restrictions&#59; Vesting</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">. Subject to the terms and conditions of the Plan and this Agreement, including the provisions of Paragraph 8 below, Participant&#8217;s rights in and to the Units shall vest, if at all, according to the following schedule (with such modifications as may be necessary or appropriate, in the Company&#8217;s sole discretion, to eliminate or minimize fractional Units from the following vesting schedule)&#58;</font></div><div><font><br></font></div><div style="text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">(a) One-third of the Units shall vest on January 21, 2025&#59;</font></div><div style="text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">(b) One-third of the Units shall vest on January 20, 2026&#59; and</font></div><div style="text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">(c) One-third of the Units shall vest on January 19, 2027&#59;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">provided, however, that if any such date is not a Business Day then the vesting date for that Award Installment shall be the