Progressive Corp.’s quarterly report reveals the company gave CEO Glen Renwick $4.5 million in stock awards, according to CBS MarketWatch.
The stock was split evenly into restricted stocks based on performance and stock that could be exercised upon at a given time.
Overall, the Mayfield Village, Ohio-based vehicle insurer gave restricted stock worth about $35 million to managers and senior managers last month.
The time-based restricted stock awards vest on Jan. 1, 2006, 2007 and 2008, in equal installments.
The performance-based awards are founded on company-set thresholds for profitability and growth objectives. The awards forfeit on Dec. 31, 2012 if the preset objectives are not met, the filing said.
Was this article valuable?
Here are more articles you may enjoy.
California Sees Two More Property Insurers Withdraw From Market 
California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme 
Supreme Court Makes It Easier to Sue for Job Discrimination 
Progressive Records Five-Fold Increase in Q1 Net Income 
