The Progressive Corporation Directors' Compensation Approval (2014-2015)
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Summary
This document outlines the compensation plan for directors of The Progressive Corporation for the period from May 2014 to May 2015. It specifies annual compensation amounts for various board and committee roles, including chairs and members of the Audit, Compensation, Investment, and Nominating and Governance Committees, as well as the Lead Independent Director. The proposal maintains the same compensation levels as the previous year and was recommended by management and discussed by the Compensation Committee and Board of Directors in January 2014.
EX-10.79 14 exhibit1079123114.htm EXHIBIT 10.79 Exhibit 10.79 12.31.14
Exhibit 10.79
THE PROGRESSIVE CORPORATION
DIRECTORS' COMPENSATION
Proposal to approve directors' compensation as indicated in the right hand column below.
These amounts are consistent with the amounts recommended by management, and discussed by the Compensation Committee and the Board of Directors, at the meetings held in January 2014.
Amounts in middle column are the levels of compensation in effect for the preceding compensation period.
Annual Compensation May 2013-May2014 | Annual Compensation May 2014-May 2015 | |
Audit Committee Chair | $250,000 | $250,000 |
Audit Committee Member | $230,000 | $230,000 |
Compensation Committee Chair | $240,000 | $240,000 |
Compensation Committee Member | $225,000 | $225,000 |
Investment Committee Chair | $230,000 | $230,000 |
Investment Committee Member | $225,000 | $225,000 |
Nominating and Governance Chair | $20,000 additional | $20,000 additional |
Nominating and Governance Member | $15,000 additional | $15,000 additional |
Lead Independent Director | $25,000 additional | $25,000 additional |
Note: Members of the Executive Committee do not receive additional compensation.
