Document:

EXHIBIT 10.7

 

THE ALLSTATE CORPORATION

 

DEFERRED COMPENSATION PLAN  FOR NON-EMPLOYEE DIRECTORS

 

AMENDED AND RESTATED AS OF
SEPTEMBER 15, 2008

 

 

I.                                        Purpose.

 

The
purpose of this Plan is to offer non-employee members of the Board of Directors
of the Company the opportunity to defer receipt of cash compensation to which
they would otherwise be entitled for services rendered as directors of the
Company, as an incentive to their continued participation as such
directors.  The Plan was amended and
restated as of September 15, 2008, to bring the Plan into documentary
compliance with Section 409A.  The
changes made to the Plan’s provisions pursuant to the amendment and restatement
apply only to Non-Grandfathered Amounts. 
Grandfathered Amounts remain subject to the provisions of the Plan as in
effect prior to the effective date of the amendment and restatement, it being
expressly intended that such Grandfathered Accounts remain exempt from the
requirements of Section 409A.  For
ease of reference, the provisions of the Plan applicable to Grandfathered
Accounts as well as the provisions of the Plan applicable to Non-Grandfathered
Accounts are reflected in this document.

 

II.                                   Definitions.

 

A.                                   “Account” and “Accounts”
shall have the meanings given to those terms in Section IV.

 

B.                                     “Beneficiary” shall mean the
person or persons designated from time to time in writing by a Participant to
receive payments under the Plan after the death of such Participant, or, in the
absence of any such designation or in the event that such designated person or
persons shall predecease such Participant, his estate.

 

C.                                     “Code” shall mean the Internal
Revenue Code of 1986, as amended.

 

D.                                    “Committee” shall mean the
Nominating and Governance Committee of the Board of Directors of the Company.

 

E.                                      “Common Share Unit” shall mean a
Deferred Amount which is converted into a unit or fraction of a unit for
purposes of the Plan by dividing a dollar amount by the Fair Market Value of
one share of the Company’s Common Stock.

 

F.                                      “Common Stock” shall mean the
Common Stock, par value $.01 per share, of the Company.

 

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G.                                     “Company” shall mean The Allstate
Corporation.

 

H.                                    “Compensation” shall mean cash
payments which the Participant would otherwise receive from the Company for
services rendered as a Non-Employee Director, including retainer fees and
meeting fees.

 

I.                                         “Deferred Amount” shall mean an
amount of Compensation deferred under the Plan and carried during the deferral
period in any Account provided for in the Plan.

 

J.                                        “Disability” shall mean, with respect to
a Participant’s Non-Grandfathered Account, the Participant’s inability to
engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment that can be expected to result in
death or can be expected to last for a continuous period of not less than 12
months.  With respect to a Participant’s
Grandfathered Account, the term “Disability” shall have the same meaning such
term had under the Plan as of December 31, 2004.

 

K.                                    “Distribution Date” shall mean the
date amounts reflected in a Participant’s Account are distributed (if the
Participant has elected a lump sum) or commence (if the Participant has elected
installments).

 

L.                                      “Dividend Equivalent” shall mean
an amount equal to the cash dividend paid on one share of the Company’s Common
Stock credited to an Account for each Common Share Unit credited to such
Account.

 

M.                                 “Fair Market Value” shall mean the
price at which a share of the Stock was last sold in the principal United
States market for the Stock as of the date for which fair market value is being
determined.

 

N.                                    “Grandfathered Account” shall mean
an Account maintained on the Company’s books to accurately reflect the balance
of the Participant’s Grandfathered Amounts.

 

O.                                    “Grandfathered Amounts” shall mean
amounts under the Plan that are not subject to Section 409A, which shall
include amounts deferred under the Plan before January 1, 2005 (as
adjusted for earnings and losses pursuant to Article IV of the Plan),
provided that the Plan is not materially modified with respect to such amounts
after October 3, 2004, as determined under Treasury Regulations Section 1.409A-6(a).

 

P.                                      “Non-Employee Director” shall mean
any member of the Board of Directors of the Company who is not an officer or
employee of the Company or any of its Subsidiaries.

 

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Q.                                    “Non-Grandfathered Account” shall
mean an Account maintained on the Company’s books to accurately reflect the
balance of the Participant’s Non-Grandfathered Amounts.

 

R.                                     “Non-Grandfathered Amounts” shall
mean amounts under the Plan that are subject to Section 409A, which shall
include amounts deferred under the Plan on or after January 1, 2005 (as
adjusted for earnings and losses pursuant to Article IV of the Plan) and
amounts deferred under the Plan prior to January 1, 2005, to the extent
the Plan is materially modified with respect to such amounts after October 3,
2004, as determined under Treasury Regulations Section 1.409A-6(a).

 

S.                                      “Notice of Election” shall mean a
notice in writing signed by a Non-Employee Director which specifies the type
and amount of Compensation to be deferred (or to be discontinued from
deferral), the Account or Accounts to which any Deferred Amount is to be
credited, the date and manner of distribution of any Deferred Amount and such
other information as may be requested by the Company.

 

T.                                     “Participant” shall mean any
Non-Employee Director who elects to defer any amount of Compensation under the
Plan.

 

U.                                    “Plan” shall mean The Allstate
Corporation Amended and Restated Deferred Compensation Plan for Non-Employee
Directors, as it may be amended from time to time.

 

V.                                     “S&P 500 Index” shall mean the
Standard & Poor’s 500 Composite Stock Price Index.

 

W.                                “Section 409A”
shall mean Section 409A of the Code, related regulations and other
applicable guidance promulgated with respect thereto.

 

X.                                    “Secretary” shall mean the duly
elected Secretary of the Company.

 

Y.                                     “Sub-Accounts” shall have the
meaning given to that term in Section IV.

 

Z.                                     “Subsequent Election Form” shall
mean the form described in Section V.C pursuant to which a Participant may
elect to delay the Distribution Date and/or change the
form of payment of an amount under the Plan.

 

AA.                         “Subsidiary” means any
partnership, corporation, association, limited liability company, joint stock
company, trust, joint venture, unincorporated organization or other business
entity of which (i) if a corporation, a majority of the total voting power
of shares of stock entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or trustees thereof
is at 

 

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the time owned or controlled, directly or indirectly,
by the Company or one or more of the other Subsidiaries of the Company or a
combination thereof, or (ii) if a partnership, association, limited
liability company, joint stock company, trust, joint venture, unincorporated
organization or other business entity, a majority of the partnership or other
similar equity ownership interest thereof is at the time owned or controlled,
directly or indirectly, by the Company or one or more Subsidiaries of the
Company or a combination thereof.  For
purposes hereof, the Company or a Subsidiary shall be deemed to have a majority
ownership interest in a partnership, association, limited liability company,
joint stock company, trust, joint venture, unincorporated organization or other
business entity if the Company or such Subsidiary shall be allocated a majority
of partnership, association, limited liability company, joint stock company,
trust, joint venture, unincorporated organization or other business entity
gains or losses or shall be or control the managing director, the trustee, the
manager or the general partner of such partnership, association, limited
liability company, joint stock company, trust, joint venture, unincorporated
organization or other business entity.

 

BB.                             “Unforeseeable Emergency” shall mean (i) with
respect to Participant’s Non-Grandfathered Account, a severe financial hardship
to the Participant resulting from an illness or accident of the Participant,
the Participant’s spouse, the Participant’s beneficiary, or the Participant’s
dependent (as defined in Section 152 of the Code, without regard to
Sections 152(b)(1), 152(b)(2) and 152(d)(1)(B) of the Code); loss of
the Participant’s property due to casualty; or other similar extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of
the Participant; but shall not include any of the foregoing to the extent such
emergency is or may be relieved through reimbursement or compensation from
insurance or otherwise, by liquidation of the Participant’s assets (to the extent the liquidation
of such assets would not cause severe financial hardship), or by cessation of
deferrals under the Plan and (ii) with respect to a Participant’s Grandfathered Account,
an emergency or unexpected situation in the Participant’s financial affairs including,
but not limited to, illness or accident involving the Participant or his/her
dependents which, in the opinion of the Committee, presents a severe economic
difficulty to the Participant, due to which a distribution of the balance of
such Grandfathered Account is appropriate.

 

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III.                             Election to Defer Compensation.

 

Each Non-Employee Director may elect to defer the
payment of all or any part of his or her Compensation into a specified Account
by executing and delivering to the Secretary a Notice of Election.  Subject to the next sentence, an election to
defer payment of Compensation shall continue in effect with respect to all
future Compensation until revoked or revised by the execution and delivery to the
Secretary of a subsequent Notice of Election. 
Except as otherwise provided in Section V.D (relating to a
Participant’s Grandfathered Account), any such revocation or revision of a
Notice of Election shall apply only with respect to Compensation to be earned
in calendar years following the calendar year in which the revocation or
revision is filed.  Except as otherwise
provided in Section V.D (relating to a Participant’s Grandfathered
Account), each Notice of Election (whether initial or subsequent) shall be
effective with respect to Compensation only if submitted no later than the December 31st
(or such earlier date as the Committee may prescribe from time to time) of the
calendar year immediately preceding the calendar year in which such
Compensation is earned; provided that, to the extent permitted by Section 409A
of the Code, in the first calendar year in which a Participant becomes eligible
to participate in the Plan, the Committee may allow the Participant to submit a
Notice of Election within 30 days after the date the Participant first becomes
eligible to participate in the Plan, with respect to Compensation payable for
services to be performed after the election.

 

IV.                              Treatment of Deferred Amounts.

 

The
Company shall establish on its books the necessary accounts (individually an “Account”
and collectively “Accounts”) to accurately reflect the Company’s liability to
each Participant.  Separate Accounts
shall be established with respect to Grandfathered Amounts and
Non-Grandfathered Amounts.  With respect
to Non-Grandfathered Accounts, a separate Account shall be established within
each such Account for each different Distribution Date and/or form of payment
elected by a Participant.  Each Account
shall be credited or debited, as applicable, to reflect Deferred Amounts,
Dividend Equivalents, interest, returns, and distributions.  Within each Account, the Company may
establish investment sub-accounts (the “Sub-Accounts”) to accurately reflect,
within each Account, the Company’s liability to the Participant based on the
Participant’s election to have amounts within the Account deemed invested in
one or more of the following investment options:

 

A.                                   Sub-Account #1 - Interest-Bearing
Sub-Account.  Compensation deferred into an
Interest-Bearing Sub-Account shall be credited to the Sub-Account on the same
date when it would otherwise be payable to the Participant.  Deferred Amounts carried in this Sub-Account
shall earn interest from the date of credit to the date of payment.  On the last day of each calendar month,
interest at a rate equal to one-twelfth of the per annum interest rate as
reported for Dealer Commercial Paper - 90 day in The Wall Street Journal
for the first business day of such month shall be 

 

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credited to the amounts previously accrued in the
Sub-Account for the period from and including the first day of such month to
and including the last day of such month.

 

B.                                     Sub-Account #2 - Common Share Unit
Sub-Account.  Compensation deferred into a Common Share
Unit Sub-Account shall be credited to the Sub-Account on the same date when it
would otherwise by payable to the Participant. 
Such Deferred Amounts shall be converted into a number of Common Share
Units on the date credited to the Sub-Account by dividing the Deferred Amount
by the Fair Market Value on such date. 
If Common Share Units exist in a Participant’s Sub-Account on a dividend
record date for the Company’s common shares, Dividend Equivalents shall be
credited to the Participant’s Sub-Account on the related dividend payment date,
and shall be converted on such date into the number of Common Share Units which
could be purchased with the amount of Dividend Equivalents so credited.

 

In the
event of any change in the Company’s common shares outstanding, by reason of
any stock split or dividend, recapitalization, merger, consolidation,
combination or exchange of stock or similar corporate change, the Secretary
shall make such equitable adjustments, if any, by reason of any such change,
deemed appropriate in the number of Common Share Units credited to each
Participant’s Sub-Account.  No Common
Stock shall be issued or issuable at any time in connection with any Common
Share Unit Sub-Account.

 

C.                                     Sub-Account #3 - S&P 500 Index
Sub-Account.  Compensation deferred into the S&P 500
Index Sub-Account shall be credited to the Sub-Account on the same date when it
would otherwise by payable to the Participant. 
On the last day in each calendar month the amounts in the Participant’s
Sub-Account shall be adjusted by a percentage factor based on the total return
(including dividends) of the S&P 500 Index from the date the amounts were
credited to the Sub-Account for amounts credited during such month or from the
last day of the preceding month for amounts in the Sub-Account on such
day.  Similar adjustments shall also be
made on any date the Sub-Account is debited by reason of any transfer of an
amount to another Sub-Account or distribution to the Participant.  In the event that the S&P 500 Index is
not published for any date referred to above, the S&P 500 Index for the
closest day preceding such date for which such Index is published shall be
used.

 

D.                                    Sub-Account #4 - Money Market Sub-Account. 
Compensation deferred into a Money Market Sub-Account shall be credited
to the Sub-Account on the same date when it would otherwise be payable to the
Participant.  Deferred Amounts credited
to the Sub-Account shall earn additional amounts which will be credited to the
Sub-Account on the last day of each calendar month based upon the average yield
on the Morgan Stanley Liquid Asset Fund, Inc. for such month, pro rata for

 

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the portion of such month when such Deferred Amounts
were carried in the Sub-Account.

 

E.                                     Transfers Between Accounts. 
Transfers between Sub-Accounts within an Account may be made at any time
requested by the Participant upon application to the Secretary.

 

V.                                    Distribution.

 

A.                                   Subject to Sections V.D, V.E and V.F,
amounts reflected in a Participant’s Non-Grandfathered
Account(s) shall
be distributed (if a lump sum) or commence (if installments), as the case may
be, as of the Distribution Date specified in the Participant’s Notice of
Election form and/or Subsequent Election Form then in effect with respect
to such Account(s).

 

B.                                     Subject to Sections V.D, V.E and V.F,
payment of the amount in each Account shall be either in the form of a lump sum
or in annual installments over a period of years not to exceed ten (10) years
as selected by the Participant in the applicable Notice of Election form or,
with respect to Non-Grandfathered Accounts, a Subsequent Election Form.  The amount of any installment payment shall
be determined by multiplying the amount to which the Participant would be
entitled as a lump sum (which amount includes earnings credited thereon) on the
installment date by a fraction, the numerator of which is one and the
denominator of which is the number of remaining unpaid installments.

 

C.                                     In accordance with such procedures as the Committee may prescribe from time to time,
Participants may elect to delay the Distribution Date or change the form of
payment of amounts
reflected in a Non-Grandfathered
Account by submitting a Subsequent Election Form, subject to the following
limitations:

 

1.                                       Such Subsequent Election Form must be filed by the Participant with
the Secretary at least 12 months prior to the Distribution Date then in effect
with respect to such Non-Grandfathered Account (or by such earlier date as the
Committee may prescribe from time to time) and such Subsequent Election Form will
not become effective until at least 12 months after the date on which the
election is made; and

 

2.                                       The new Distribution Date shall be a date that is not less than five (5) years
from the Distribution Date then in effect with respect to amounts in the
Participant’s Non-Grandfathered Account to which the Subsequent Election Form relates.

 

For avoidance of doubt, to
the extent a Participant elects to change the form of payment of a
Non-Grandfathered Account from installments to a lump sum, Section V.C.2
requires that the new Distribution Date upon which such lump sum 

 

7

 

will be distributed may
not be less than five (5) years from the date the first installment would
have occurred absent the filing of the Subsequent Election Form.

 

A Participant may elect to
delay the Distribution Date or change the form of payment of amounts reflected
in a Non-Grandfathered Account pursuant to this Section V.C more than
once, provided all such elections comply with the provisions of this Section V.C.

 

It
is the Company’s intent that the provisions of this Section V.C comply
with the subsequent election provisions in Code Section 409A(a)(4)(C),
related regulations and other applicable guidance, and this Section V.C
shall be interpreted accordingly.  The Committee may impose additional restrictions or
conditions on a Participant’s ability to elect a delayed Distribution Date or
to change a form of payment pursuant to this Section V.C.  The Participant may revoke or change his or
her election pursuant to this Section V.C at any time prior to the
deadline for making such election, subject to such restrictions as the Committee may prescribe from time to time.  Any such revocation or change shall be made
in a form and manner determined by the Committee.

 

D.                                    Notwithstanding anything herein to the
contrary, distribution of Grandfathered Accounts shall commence as of the
Distribution Date specified by the Participant in said Participant’s applicable
Notice of Election form.  Any such
Distribution Date shall be no later than one year after the Participant’s
termination from the Board of Directors of the Company.  The Participant may revise the terms of
distribution of the Participant’s Grandfathered Account by submitting a revised
Notice of Election, provided that (i) the revised Notice of Election form
shall be filed by the Participant with the Secretary not later than twelve
months prior to the Participant’s normal retirement date from the Board of Directors
of the Company, and (ii) in any event, distribution of the Participant’s
Grandfathered Account shall not commence earlier than twelve months after the
Participant’s revised Notice of Election form is filed with the Secretary.

 

E.                                      Notwithstanding a Participant’s election
to receive amounts at another time or in another form, in the event of the
Participant’s death or Disability prior to the Distribution Date or after
annual installments to the Participant have commenced but before full
distribution has been made, the then remaining balance in each of the
Participant’s Accounts shall be paid in a lump-sum, in the event of a
Disability to the Participant or the Participant’s lawful guardian, and in the
event of the Participant’s death, to the Beneficiary or contingent Beneficiary
designated in the Notice of Election form, or to the estate of the deceased
Participant if there is no surviving Beneficiary or contingent
Beneficiary.  In either such event the
lump sum payment shall be valued as of the first day of the month following the
Participant’s date of death or determination of Disability.  Payment of amounts in a Participant’s
Non-Grandfathered Account upon death or Disability shall be paid 

 

8

 

within 90 days following the date of the Participant’s
death or Disability; provided that neither the Participant nor any other
recipient of any amounts payable from the Non-Grandfathered Account shall have
the right to designate the taxable year of such payment.  A Participant may change the Beneficiary or
contingent Beneficiary from time to time by filing with the Secretary a written
notice of such change; provided, however, that no such notice of change of
Beneficiary shall be effective unless it had been received by the Secretary
prior to the date of the Participant’s death.

 

F.                                      Upon demonstration of an Unforeseeable
Emergency by a Participant to the Committee, (i) distribution of a
Participant’s Non-Grandfathered Account (or a portion thereof), or the
remaining balance of any unpaid installments (or a portion thereof), as the
case may be, may be made in a lump sum to the extent reasonably
necessary to satisfy the Unforeseeable Emergency and (ii) distribution of a Participant’s
Grandfathered Account, or the remaining balance of any unpaid installments, as
the case may be, may be made in a lump sum.

 

G.                                     Notwithstanding anything in the Plan to the contrary, if it is not
possible to make a payment to a Participant from a Non-Grandfathered Account on
the date specified, payment shall be made as soon as practicable thereafter,
but in all events no later than sixty (60) days thereafter, provided that
neither the Participant nor any Beneficiary may elect, directly or indirectly,
when within such period payment shall be made.

 

VI.                                Miscellaneous.

 

A.                                   The Board of Directors of the Company may
amend or terminate the Plan at any time; however, any amendment or termination
of the Plan shall not affect the rights of Participants or Beneficiaries to
payment, in accordance with Section V of the Plan, of amounts credited to
Participants’ Accounts at the time of such amendment or termination. 
The Board of Directors of the Company and the Secretary may in their
discretion prescribe such provisions and interpretations of the Plan as they
shall deem necessary or advisable. 
Expenses of the Plan shall be borne by the Company and its Subsidiaries.

 

B.                                     The Plan does not create a trust in favor
of a Participant, a Participant’s designated Beneficiary or Beneficiaries, or
any other person claiming on a Participant’s behalf, and the obligation of the
Company is solely a contractual obligation to make payments due hereunder.  In this regard, the balance in any Account
shall be considered a liability of the Company and a Participant’s right thereto
shall be the same as any unsecured general creditor of the Company.  Neither a Participant nor any other person
shall acquire any right, title, or interest in or to any amount outstanding to
a Participant’s credit under the Plan other than the actual payment of such
portions thereof in accordance with the terms of the Plan.

 

9

 

C.                                     No right or benefit under or interest in
the Plan shall be transferable by a Participant, other than by will or the laws
of descent and distribution or to a revocable inter vivos trust in which such
participant is sole settlor, trustee and beneficiary.

 

D.                                    Construction of the Plan shall be
governed by the laws of Delaware.

 

E.                                      The terms of the Plan shall be binding
upon the heirs, executors, administrators, personal representatives, successors
and assigns of all parties in interest.

 

F.                                      The headings have been inserted for
convenience only and shall not affect the meaning or interpretation of the
Plan.

 

G.                                     Any amount payable to or for the benefit
of a minor, an incompetent person or other person incapable of receipting
therefor shall be deemed paid when paid to such person’s guardian or to the
party providing or reasonably appearing to provide for the care of such person,
and such payment shall fully discharge the Company and the Board of Directors
with respect thereto.

 

H.                                    Neither the Plan nor any action taken
hereunder shall be construed as giving any Non-Employee Director any right to
be retained in the service of the Company.

 

I.                                         With respect to Non-Grandfathered
Amounts, this Plan is intended to be a nonqualified deferred compensation plan
maintained in conformity with the requirements of Section 409A and shall
be interpreted accordingly.  To the
extent there is any inconsistency between the Plan terms applicable to
Non-Grandfathered Amounts and the terms of any prior Notice of Election or
other document related to Non-Grandfathered Amounts, the terms of the Plan
applicable to Non-Grandfathered Amounts shall govern.  Without limiting the
foregoing, to the extent the payment of any Deferred Amounts in
Non-Grandfathered Accounts is contingent upon, or the timing or commencement of
such amounts is based upon, the Participant’s separation from service on the
Board of Directors of the Company, the Participant shall not be deemed to have
experienced such a separation from service until the Participant has had a “separation
from service,” as that term is used in Section 409A(a)(2)(A)(i) of
the Code and defined in related regulations and other applicable guidance.

 

10EXHIBIT 10.8

 

THE
ALLSTATE CORPORATION

2006 EQUITY COMPENSATION PLAN FOR
NON-EMPLOYEE DIRECTORS

RESTRICTED STOCK UNIT AWARD
AGREEMENT

 

[Addressee]

 

In accordance with the terms of The Allstate Corporation 2006 Equity
Compensation Plan for Non-Employee Directors (the “Plan”), pursuant to action
of the Nominating and Governance Committee of the Board of Directors, The
Allstate Corporation hereby grants to you (the “Participant”), subject to the
terms and conditions set forth in this Restricted Stock Unit Award Agreement
and the Plan, which is incorporated herein by reference, Restricted Stock Units
(RSUs) as set forth below.  Each RSU
corresponds to one share of Stock. An RSU is an unfunded and unsecured promise
to deliver one share of Stock on the Conversion Date or as otherwise provided
herein.  Until such delivery, you have
only the rights of a general unsecured creditor of The Allstate Corporation and
not as a stockholder with respect to the shares of Stock underlying your RSUs.

 

	
  Number of RSUs
  Granted:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date of Grant:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Period of Restriction:

  	
   

  	
  As to the total number
  of RSUs, Date of Grant through the first anniversary of the date on which the
  Participant is no longer serving on the Board.

  
	
   

  	
   

  	
   

  
	
  Conversion Date:

  	
   

  	
  Each RSU will convert
  to one share of Stock on the date the restrictions lapse with respect to that
  RSU (the “Conversion Date”).

  
	
   

  	
   

  	
   

  
	
  Dividend

  	
   

  	
   

  
	
  Equivalent Right:

  	
   

  	
  Each RSU shall include
  a Dividend Equivalent Right.

  

 

1.             Terms and Conditions of Award. 
It is understood and agreed that the Award of RSUs evidenced by the RSU
Award Agreement is subject to the terms and conditions as set forth
herein.  Further terms and conditions
applicable to the RSU Award including but not limited to termination of director
status and change of control, are set forth in the Plan and incorporated by
reference.  To the extent any provision
hereof is inconsistent with a provision of the Plan, the provision of the Plan
will govern.  Capitalized terms not
otherwise defined herein shall have the meanings given them in the Plan.  By accepting this Award, the Participant
hereby acknowledges the receipt of a copy of this RSU Award Agreement and a
copy of the Prospectus and agrees to be bound by all the terms and provisions
hereof and thereto.

 

2.             Forfeiture
Restriction.  The Period of Restriction applicable to the
RSUs shall lapse upon the earlier of (i) the date of the Participant’s
death or Disability, and (ii) the first anniversary of the date on which
the Participant is no longer serving on the Board.  

 

 

3.             Conversion
Date.  Unless otherwise determined by the Board, a
Participant shall be entitled to delivery of shares of Stock that underlie the
RSUs then outstanding upon the date the restrictions lapse with respect to such
RSU.

 

4.             Dividend
Equivalent Right.  During the Period of Restriction, each RSU
entitles a Participant to receive a cash amount equal to such regular dividend
payment as would have been made in respect of each share of Stock underlying
such RSU in accordance with the following schedule:

 

	
  Regular Dividend Payment
  (“RDP”), if any

  	
   

  	
  Dividend Equivalent Payment Date

  
	
   

  	
   

  	
   

  
	
  1st Quarter

  	
   

  	
  January 1 through
  March 31 of the year RDP paid

  
	
  2nd Quarter

  	
   

  	
  April 1 through
  June 30 of the year RDP paid

  
	
  3rd Quarter

  	
   

  	
  July 1 through
  September 30 of the year RDP paid

  
	
  4th Quarter

  	
   

  	
  October 1 through
  December 31 of the year RDP paid

  

 

Cash payment with
respect to a Dividend Equivalent right shall be made only with respect to such
RSUs that are outstanding on the dividend record date.

 

5.             Ratification of Actions. 
By accepting the RSU Award or other benefit under the Plan, the
Participant and each person claiming under or through him or her shall be
conclusively deemed to have indicated the Participant’s acceptance and
ratification of, and consent to, any action taken under the Plan or the RSU
Award by the Company, the Board or the Nominating and Governance Committee.

 

6.             Notices.  Any notice
hereunder to the Company shall be addressed to its Stock Option Record Office
and any notice hereunder to the Participant shall be addressed to him or her at
the address specified on this RSU Award Agreement, subject to the right of
either party to designate at any time hereafter in writing some other address.

 

8.             Governing Law and Severability. 
To the extent not preempted by Federal law, the RSU Award Agreement will
be governed by and construed in accordance with the laws of the State of
Delaware, without regard to conflicts of law provisions.  In the event any provision of this RSU Award
Agreement shall be held illegal or invalid for any reason, the illegality or
invalidity shall not affect the remaining parts of this RSU Award Agreement,
and this RSU Award Agreement shall be construed and enforced as if the illegal
or invalid provision had not been included.

 

 

	
   

  	
  Thomas J. Wilson

  
	
   

  	
  Chairman, President and
  
   Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
                      THE
  ALLSTATE CORPORATION

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}]]