Registrant’s telephone number, including area code (i440) i461-5000
Not Applicable
(Former
name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
i☐ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
i☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
i☐ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
i☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title
of each class
Trading Symbol(s)
Name of each exchange on which registered
iCommon Stock, $1.00 Par Value
iPGR
iNew
York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
Growth Company
i☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
- 1 -
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
(b) and (e): On January 12, 2021, John A. Barbagallo and The Progressive Corporation (the “Company”) reached an agreement to delay Mr. Barbagallo’s retirement until January 2022. Mr. Barbagallo has been serving as President of the Company’s Commercial Lines business unit and initially intended to retire in January 2021. The Company announced in October 2020 that Karen Bailo will succeed Mr. Barbagallo as Commercial Lines President. During the upcoming year, Mr. Barbagallo will support various Strategy Group efforts on a part-time basis. The Compensation Committee has approved a revised annual base salary for Mr. Barbagallo of $350,000 and affirmed his Gainsharing target
of 100%. He will not receive any restricted stock unit awards during 2021. Mr. Barbagallo will remain eligible for additional employee benefits as described in the Company’s proxy statement filed on March 30, 2020.
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
