Termination Agreement Between The Progressive Corporation and Executive
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Termination Agreements
Summary
This agreement is between The Progressive Corporation and an executive, ending their prior employment agreement. The executive wishes to join the company's Executive Separation Allowance Plan, and the company agrees, provided the executive signs this termination agreement. Once signed, both parties will have no further rights or obligations under the original employment agreement.
EX-10.2 3 l23670aexv10w2.htm EX-10.2 EX-10.2
Exhibit No. 10(B)
Termination Agreement
WHEREAS, The Progressive Corporation, an Ohio corporation (the “Company”), and (the “Executive”) are parties to an Employment Agreement dated (“Employment Agreement”); and
WHEREAS, the Company has adopted The Progressive Corporation Executive Separation Allowance Plan (2006 Amendment and Restatement) (the “Separation Allowance Plan”); and
WHEREAS, Executive desires to participate in the Separation Allowance Plan; and
WHEREAS, Company is willing to permit Executive’s participation in the Separation Allowance Plan, provided that Executive executes this Termination Agreement;
NOW THEREFORE, Company and Executive hereby agree as follows:
Effective , the Employment Agreement shall terminate. Following such termination, Executive and Company shall cease to have any rights or obligations under the Employment Agreement.
IN WITNESS WHEREOF, Company and Executive have hereunto caused this Termination Agreement to be executed as of the ___ day of .
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