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.
New Florida Property-Tax Cut May Bring an Unwanted Side Effect 
Florida Appeals Court Bars Release of ‘Trade Secret’ Info in Heritage Claims Litigation 
Manufacturers Hammer IBHS Over 15-Year Roof Age Limit for Fortified Designation 
Allstate Q3 Net Income Drops About 45% on Higher Catastrophe Losses 
