OBJECTIVE-BASED NON-QUALIFIED STOCK OPTION AGREEMENTObjective- • March 1st, 2011 • Progressive Corp/Oh/ • Fire, marine & casualty insurance
This Agreement (the “Agreement”) is made as of the day of , 20 between The Progressive Corporation, an Ohio corporation (the “Company”), and <NAME> (the “Optionee”). The Company hereby grants Optionee an option (the “Option”) to purchase <TOTAL SHARES> Common Shares, $1.00 par value (the “Common Shares”), of the Company for a per share purchase price of $ (the “Option Price”). The Option has been granted pursuant to The Progressive Corporation 1995 Incentive Plan (the “Plan”) and shall include and be subject to all provisions of the Plan, which are hereby incorporated herein by reference, and shall be subject to the following provisions of this Agreement:
