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.
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