Number of Units Vesting. The number of Restricted Stock Units (if any) that vest in connection with the Award will be determined by application of the following formula: Number of Units Vesting = Target Award Units (plus related Dividend Equivalent Units) x Performance Factor
(i) The Performance Factor will be determined by the Committee after the expiration of the Evaluation Period based on the fully taxable equivalent total return of the segment(s) of the Company’s fixed-income investment portfolio that constitute(s) Managed Portfolios (the “Fixed-Income Portfolio” or “Portfolio”), in comparison to the total returns of the group of comparable investment firms identified by the Independent Data Source (the “Investment Benchmark”), each calculated for the three calendar years comprising the Evaluation Period. For purposes of this Agreement, the “Independent Data Source” shall be a third party independent data source determined by the Committee and, initially and until further action of the Committee, shall be Investment Metrics. After the end of the Evaluation Period, the Independent Data Source will determine the firms that are included in the Investment Benchmark in accordance with the criteria specified on Exhibit I hereto. The Independent Data Source will also provide to the Company the monthly total return data for each of the Investment Benchmark firms for the three-year period ending on the last day of the Evaluation Period. Investment results for the Fixed-Income Portfolio will be marked to market, including 50% of the benefit of any state premium tax abatements for municipal securities held in the Portfolio that are realized by the Company during the Evaluation Period, in order to calculate the Portfolio’s fully taxable equivalent total return, compounded on a monthly basis, for the Evaluation Period. The investment performance achieved by the Fixed-Income Portfolio for the Evaluation Period will then be compared against the total returns of the firms included in the Investment Benchmark for the same period, also compounded on a monthly basis, as determined by the Company from the monthly performance data supplied by the Independent Data Source for each firm in the Investment Benchmark, to determine where the Fixed-Income Portfolio’s performance falls on a percentile basis when compared to the firms in the Investment Benchmark, as further described in Exhibit II hereto (“Performance Ranking”). The Portfolio’s Performance Ranking will be used to determine a performance sco...
Number of Units Vesting. Provided that the Profitability Requirement has been satisfied, the number of Restricted Stock Units (if any) that vest in connection with the Award will be determined as follows:
i. The Company’s compounded annual rate of growth in “Written Premiums” (defined below) for the Growth Evaluation Period for the Company’s Private Passenger Auto and Commercial Auto businesses (“Company Growth Rate”) will be compared to the compounded annual rate of growth of the Private Passenger Auto and Commercial Auto markets as a whole for the Growth Evaluation Period (“Market Growth Rate”), in each case determined as provided below. If the Company Growth Rate exceeds the Market Growth Rate, the applicable calculation required by the following table will determine the number of Restricted Stock Units vesting:
Number of Units Vesting. Provided that the Profitability Requirement has been satisfied, the number of Restricted Stock Units (if any) that vest in connection with the Award will be determined as follows:
i. The Company’s compounded annual rate of growth in “Written Premiums” (defined below) for the Growth Evaluation Period for the Company’s Private Passenger Auto and Commercial Auto businesses (“Company Growth Rate”) will be compared to the compounded annual rate of growth of the Private Passenger Auto and Commercial Auto markets as a whole for the Growth Evaluation Period (“Market Growth Rate”), in each case determined as provided below. If the Company Growth Rate exceeds the Market Growth Rate, the applicable calculation required by the following table will determine the number of Restricted Stock Units vesting: If the Company Growth Rate exceeds the Market Growth Rate by 3.5 percentage points or more Initial Award Value x 2.50 (i.e., the Maximum Award Value) If the Company Growth Rate exceeds the Market Growth Rate by more than 3 but less than 3.5 percentage points Initial Award Value x (2.00 + (Company Growth Rate-Market Growth Rate-3.00)) Example: Company Growth Rate = 6.0%; Market Growth Rate = 2.7%; Number of Units vesting will equal Initial Award Value x (2.00 + (6.0 – 2.7 – 3.00)) = Initial Award Value x 2.3 If the Company Growth Rate exceeds the Market Growth Rate by more than 2 but less than 3 percentage points Initial Award Value x (1.00 + (Company Growth Rate – Market Growth Rate – 2.00)) Example: Company Growth Rate = 2.50%; Market Growth Rate = 0.10%; Number of Units vesting will equal Initial Award Value x (1.00 + (2.50 - 0.10 - 2.00)) = Initial Award Value x 1.40 If the Company Growth Rate exceeds the Market Growth Rate by exactly 2 percentage points Initial Award Value If the Company Growth Rate exceeds the Market Growth Rate by less than 2 percentage points Initial Award Value x ((Company Growth Rate – Market Growth Rate) / 2.00) Example: Company Growth Rate = 2.50%; Market Growth Rate = 1.10%; Number of Units vesting will equal Initial Award Value x ((2.50 – 1.10) / 2.00) = Initial Award Value x 0.70
ii. If the Company Growth Rate is equal to or less than the Market Growth Rate, or if the Profitability Requirement has not been satisfied with respect to the Award prior to the Expiration Date, none of the Award shall vest, and the Award shall be forfeited in its entirety.
iii. For purposes of these determinations:
A. Subject to the provisions of Subparagraphs B....
Number of Units Vesting. Provided that the Profitability Requirement has been satisfied, the number of Restricted Stock Units (if any) that vest in connection with the Award will be determined as follows:
i. Performance scores reflecting the Company’s compounded annual rate of growth in Earned Premiums (defined below) for the Growth Evaluation Period (“Company Growth Rate”) for each of the Company’s (x) Private Passenger Auto, (y) Commercial Auto and (z) Homeowners Multiple Peril businesses (each a “Business Line” and, collectively, the “Business Lines”) will be compared to the compounded annual rate of growth for the Growth Evaluation Period (the “Market Growth Rate”) of the market for the applicable Business Line, in each case determined as provided below. The performance score for each of Private Passenger Auto, Commercial Auto and Homeowners Multiple Peril will be determined by the following calculation:
Number of Units Vesting. The number of Restricted Stock Units (if any) that vest in connection with the Award will be determined as follows:
i. The number of personal auto policies in force included in the Company’s Agency auto and Direct auto businesses that are a part of the Company’s Personal Lines segment (“Personal Lines Auto”) and that are combined (or “bundled”) with at least one other Progressive Personal Property Insurance Product (as defined below) in force (whether issued at the same time or at different times) will be determined on the last business day of the Performance Period (the “Robinsons Bundled Policies”). For purposes of determining the Robinsons Bundled Policies:
1. if a policyholder has more than one personal auto policy in force, then all Progressive Personal Property Insurance Products attributable to that policyholder shall be deemed to be combined with only one of such personal auto policies in force;
2. all personal auto policies in force held by a policyholder and/or a policyholder’s spouse (including any policy on which any child(ren) of the policyholder and/or spouse is included) shall be treated as one policy in force; and
Number of Units Vesting. Provided that the Profitability Requirement has been satisfied, the number of Restricted Stock Units (if any) that vest in connection with the Award will be determined as follows:
1. The Company’s compounded annual rate of growth in “Written Premiums” (defined below) for the Growth Evaluation Period for the Company’s private passenger auto and commercial auto businesses (“Company Growth Rate”) will be compared to the compounded annual rate of growth of the private passenger auto and commercial auto markets as a whole for the Growth Evaluation Period (“Market Growth Rate”), in each case determined as provided below. If the Company Growth Rate exceeds the Market Growth Rate, the applicable calculation required by the following table will determine the number of Restricted Stock Units vesting: <Growth vesting goals/formulae>
2. If the Company Growth Rate is equal to or less than the Market Growth Rate, or if the Profitability Requirement has not been satisfied with respect to the Award prior to the Expiration Date, none of the Award shall vest, and the Award shall be forfeited in its entirety.
3. For purposes of these determinations:
A. Subject to the provisions of Subparagraphs B., C. and D. below:
Number of Units Vesting. Provided that the Profitability Requirement has been satisfied, the number of Restricted Stock Units (if any) that vest in connection with the Award will be determined as follows:
1. The Company’s compounded annual rate of growth in “Written Premiums” (defined below) for the Evaluation Period for the Company’s private passenger auto and commercial auto businesses (“Company Growth Rate”) will be compared to the compounded annual rate of growth of the private passenger auto and commercial auto markets as a whole for the Evaluation Period (“Market Growth Rate”), in each case determined as provided below. If the Company Growth Rate exceeds the Market Growth Rate, the applicable calculation required by the following table will determine the number of Restricted Stock Units vesting: <Vesting Goals and Formulae>
2. If the Company Growth Rate is equal to or less than the Market Growth Rate, or if the Profitability Requirement has not been satisfied with respect to the Award prior to the Expiration Date, none of the Award shall vest, and the Award shall be forfeited in its entirety;
3. For purposes of these determinations:
A. Subject to any adjustment(s) that may be required by subparagraphs B., C. or D. below:
i. Written Premiums shall mean premiums written directly during the applicable time period for the specified types of business, without taking into account reinsurance.
ii. The Company Growth Rate will be the compounded annual rate of growth in Written Premiums during the Evaluation Period, determined by comparing (a) the annual aggregate Written Premiums of the subsidiaries and affiliates of the Company in their Private Passenger Auto and Commercial Auto businesses for <Last Year of Evaluation Period>, as reported by A.M. Best in its annual report currently know as the “A2 Report,” with (b) such Written Premiums of the subsidiaries and affiliates of the Company for <Comparison Year> as reported in A.M. Best’s A2 Report; and
iii. The Market Growth Rate will be the compounded annual rate of growth in Written Premiums during the Evaluation Period, determined by comparing (a) the aggregate Written Premiums of the Private Passenger Auto market and the Commercial Auto market for <Last Year of Evaluation Period>, as reported in A.M. Best’s A2 Report, with (b) such Written Premiums for <Comparison Year> as reported in A.M. Best’s A2 Report, but excluding (in each case) the applicable Written Premiums of the subsidiaries and affiliates of the Company;
B. If <Compari...
Number of Units Vesting. Provided that the Profitability Requirement has been satisfied, the number of Restricted Stock Units (if any) that vest in connection with the Award will be determined as follows:
(i) Performance scores reflecting the Company’s compounded annual rate of growth in Earned Premiums (defined below) for the Growth Evaluation Period (“Company Growth Rate”) for each of the Company’s (x) Private Passenger Auto and (y) Commercial Auto businesses (each a “Business Line” and, collectively, the “Business Lines”) will be compared to the compounded annual rate of growth for the Growth Evaluation Period (the “Market Growth Rate”) of the market for the applicable Business Line, in each case determined as provided below. The performance score for each of Private Passenger Auto and Commercial Auto will be determined by the following calculation: If the Company Growth Rate for the Business Line exceeds the Market Growth Rate by the Maximum Measure for that Business Line or more 2.50 (i.e., the Maximum Performance Score) If the Company Growth Rate for the Business Line exceeds the Market Growth Rate by more than the Target Measure for that Business Line but less than the Maximum Measure for that Business Line 1 + (Company Growth Rate – Market Growth Rate – 2.00) Example: Private Passenger Auto Company Growth Rate = 2.50%; Private Passenger Auto Market Growth Rate = 0.10%; Performance Score = 1 + (2.50 - 0.10 - 2.00) = 1.40 If the Company Growth Rate for the Business Line exceeds the Market Growth Rate by exactly the Target Measure for that Business Line 1.00 (i.e., Target Performance Score) If the Company Growth Rate for the Business Line exceeds the Market Growth Rate by less than the Target Measure for that Business Line (Company Growth Rate – Market Growth Rate) / Target Measure for that Business Line Example: Private Passenger Auto Company Growth Rate = 1.05%; Private Passenger Auto Market Growth Rate = 0.10%; Performance Score = ((1.05 - 0.10) / 2.00) = 0.48 If the Company Growth Rate for the Business Line is equal to or less than the Market Growth Rate for that Business Line Zero
(ii) The Target Measure and Maximum Measure for each Business Line is as follows: Private Passenger Auto 2 percentage points 3.5 percentage points Commercial Auto 2 percentage points 3.5 percentage points
(iii) The resulting performance score for each of the Business Lines will then be multiplied by a weighting factor, which shall be a fraction or decimal equivalent, determined by dividing the ...
Number of Units Vesting. Provided that the Profitability Requirement has been satisfied, the number of Restricted Stock Units (if any) that vest in connection with the Award will be determined as follows:
i. The number of personal auto policies in force included in the Company’s Agency auto and Direct auto businesses that are a part of the Company’s Personal Lines segment (“Personal Lines Auto”) and that are combined (or “bundled”) with at least one other Progressive Personal Insurance Product (as defined below) (whether issued at the same time or at different times), as a percentage of all personal auto policies in force included in Personal Lines Auto (the “Bundled Percentage”) on the last day of the Performance Period (the “Ending Bundled Percentage”) will be compared to the Bundled Percentage on the last day of the Company’s second fiscal quarter of 2015 (the “Beginning Bundled Percentage”) to determine the Growth in the Bundled Percentage (determined as described in subparagraph ii below). For purposes of determining the Bundled Percentage:
1. if a policyholder has more than one personal auto policy in force, then all Progressive Personal Insurance Products attributable to that policyholder shall be deemed to be combined with only one of such personal auto policies in force;
2. all personal auto policies in force held by a policyholder and/or a policyholder’s spouse (including any policy on which any child(ren) of the policyholder and/or spouse is included) shall be treated as one policy in force; and
Number of Units Vesting. The number of Restricted Stock Units (if any) that vest in connection with the Award will be determined by application of the following formula:
