Summary
This 8-K filing from The Progressive Corporation (PGR) primarily concerns an amendment to its 2010 Equity Incentive Plan. The Executive Committee of the Board of Directors approved the First Amendment on March 3, 2010, which modifies certain performance criteria for equity awards to senior employees, including named executive officers. This amendment is subject to shareholder approval at the upcoming Annual Meeting of Shareholders in April 2010. The company's 2010 Proxy Statement will provide a detailed summary of the amended plan provisions.
Key Highlights
- 1The Progressive Corporation's Executive Committee approved the First Amendment to the 2010 Equity Incentive Plan.
- 2The amendment focuses on modifying performance criteria for equity-based awards.
- 3The eligible recipients for these awards include senior employees and named executive officers.
- 4The Equity Incentive Plan, as amended, requires shareholder approval at the April 2010 Annual Meeting.
- 5Details of the amended plan will be provided in the company's 2010 Proxy Statement.
- 6The filing is categorized under Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers).