SEC Contract Filing

Filing Date: 2017-03-01

Document Content:
<DOCUMENT>
<TYPE>EX-10.100
<SEQUENCE>12
<FILENAME>exhibit10100123116.htm
<DESCRIPTION>EXHIBIT 10.100
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
 <!-- Document created using Wdesk 1 -->
 <!-- Copyright 2017 Workiva -->
 <title>Exhibit</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<div><a name="sC3A4556A73D0CE4902B28760F2BDF0D2"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Exhibit 10.100</font></div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017 PROGRESSIVE CAPITAL </font></div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;text-decoration:underline;">MANAGEMENT ANNUAL INCENTIVE PLAN</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;text-decoration:underline;">The Plan</font><font style="font-family:inherit;font-size:8pt;">.</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:8pt;">&#32;The Progressive Corporation and its subsidiaries (collectively "Progressive" or the &#8220;Company&#8221;) have adopted the 2017 Progressive Capital Management Annual Incentive Plan (the &#8220;Plan&#8221;) as part of their compensation program for the Company&#8217;s investment professionals for the Company&#8217;s 2017 fiscal year (the &#8220;Plan year&#8221;). The Plan is performance-based, is not a form of commission compensation, and is administered under the direction of the Compensation Committee of the Board of Directors of The Progressive Corporation (the &#8220;Compensation Committee&#8221; or &#8220;Committee&#8221;). Payment under the Plan, if any, is based on Company performance as defined by the Plan, not individual employee performance. References in this Plan to the Company&#8217;s portfolio mean the respective portfolios of the Company&#8217;s subsidiaries and affiliates that are actively managed by Progressive Capital Management Corp., and references in this Plan to the Company&#8217;s investment results mean the investment results of those portfolios only.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:-48px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:48px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company&#8217;s investment professionals invest the funds of the Company in accordance with investment guidelines approved from time to time by the Investment and Capital Committee of the Board of Directors. Those guidelines address such matters as minimum average credit quality and the duration of the portfolio, as well as limitations on the extent to which the portfolio can be concentrated in individual issuers. Compliance with the guidelines is routinely monitored and variations therefrom must be reported to, and approved by, the Investment and Capital Committee.</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;text-decoration:underline;">Participants.</font><font style="font-family:inherit;font-size:8pt;">&#32;&#32;Progressive employees who are assigned primarily to the Company&#8217;s capital management function, including the Company&#8217;s Chief Investment Officer (&#8220;CIO&#8221;), are eligible to be selected for participation in the Plan. Eligible employees in addition to the CIO will be selected by the CIO in consultation with the Chief Executive Officer (&#8220;CEO&#8221;) or Chief Human Resource Officer (&#8220;CHRO&#8221;) (the &#8220;Designated Executives&#8221;) to participate in the Plan. Participants may also participate in other Gainsharing, bonus or incentive compensation plans maintained by Progressive, if so determined by the Designated Executives (or in the case of the CIO or any other executive officer, by the Compensation Committee). Other eligible employees of the Company may be selected for participation in the Plan for or at any time during the Plan year by the Designated Executives. In such cases, the Designated Executives will determin