Summary
Progressive Corporation (PGR) announced on March 26, 2007, through an 8-K filing, that its Compensation Committee approved restricted stock awards to executive officers and other employees under its 2003 Incentive Plan. These awards were split into two categories: time-based restricted stock and performance-based restricted stock, with different vesting schedules and conditions. The time-based awards are designed to vest in three equal installments on January 1st of 2010, 2011, and 2012. The performance-based awards are contingent upon the company achieving specific financial targets: net premiums earned of $19.0 billion or more and an average combined ratio of 96 or less over twelve consecutive fiscal months. These performance-based awards have a deadline of December 31, 2016, after which they will expire if the criteria are not met. The filing also details specific awards granted to named executive officers, noting the retirement of W. Thomas Forrester as CFO and the appointment of Brian C. Domeck.
Key Highlights
- 1Progressive Corporation (PGR) awarded restricted stock to executives and employees under its 2003 Incentive Plan.
- 2Awards include both time-based and performance-based restricted stock.
- 3Time-based awards vest in three equal installments in 2010, 2011, and 2012.
- 4Performance-based awards require achieving $19.0 billion in net premiums earned and an average combined ratio of 96 or less within a 12-month period.
- 5Performance-based awards have a forfeiture deadline of December 31, 2016.
- 6Specific award amounts for key executives like Glenn M. Renwick are disclosed.
- 7The filing notes the retirement of CFO W. Thomas Forrester and the appointment of Brian C. Domeck, who also received awards.