Document:

EXHIBIT 10.1

 

THE ALLSTATE CORPORATION

2001 EQUITY INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD
AGREEMENT

 

                                                                                                                                           [Date]

 

[Name]

[Address]

[City]

 

In accordance with the terms of The Allstate Corporation 2001 Equity
Incentive Plan (the “Plan”), pursuant to action of the Compensation and
Succession 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 (including Annex A hereto
and all documents 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 Allstate 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:

  	
   

  
	
   

  	
   

  
	
  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.

  

 

Further terms and conditions of the Award are set forth in Annex A
hereto, which is an integral part of this RSU Award Agreement.

 

All terms, provisions and conditions applicable to the Restricted Stock
Unit Award set forth in the Plan and not set forth herein are hereby
incorporated by reference herein.  To the
extent any provision hereof is inconsistent with a provision of the Plan, the
provisions of the Plan will govern.

 

 

	
   

  	
  Thomas J. Wilson

  
	
   

  	
  Chairman, President and
  Chief

  
	
   

  	
  Executive Officer

  
	
   

  	
  THE ALLSTATE CORPORATION

  

 

 

Attachment:          Annex A

ANNEX A

 

TO

 

THE
ALLSTATE CORPORATION

2001
EQUITY INCENTIVE PLAN

RESTRICTED
STOCK UNIT AWARD AGREEMENT

 

Further Terms and
Conditions of Award. 
It is understood and agreed that the Award of RSUs evidenced by the RSU
Award Agreement to which this is annexed is subject to the following additional
terms and conditions:

 

1.             Tax Withholding.  With respect to the minimum statutory tax
withholding required upon the lapse of restrictions on the RSUs, the
Participant may elect to satisfy such withholding requirements by tender of
previously-owned shares of Stock or by having the Company withhold shares of
Stock upon the Conversion Date.

 

[2.            Termination of Employment.  Except as otherwise specifically provided in Section 3
below, upon the Participant’s Termination of Employment, all unvested RSUs
shall be treated as follows, subject, however, to the Compensation and
Succession Committee’s right to determine otherwise at any time:  (a) if the Participant’s Termination of
Employment is on account of Retirement at the Normal Retirement Date, then no
unvested RSUs shall be forfeited and such unvested RSUs will remain subject to
the restriction period set forth on the first page of this RSU Award
Agreement; and (b) if the Participant’s Termination of Employment is on
account of any other reason, then all unvested RSUs shall be forfeited as of
the end of the day of such Termination of Employment.](1)

 

[2.            Termination of Employment.  Except as otherwise specifically provided in Section 3
below, upon the Participant’s Termination of Employment, all unvested RSUs
shall be treated as follows, subject, however, to the Compensation and
Succession Committee’s right to determine otherwise at any time:  (a) if the Participant’s Termination of
Employment is on account of Retirement at the Normal Retirement Date, then no
unvested RSUs shall be forfeited and such unvested RSUs will remain subject to
the restriction period set forth on the first page of this RSU Award
Agreement;  provided further, that if the
Participant dies following such Retirement and before the end of the
restriction period, then all unvested RSUs shall immediately become
nonforfeitable and the restrictions with respect to the RSUs shall lapse as of
the date of death; (b) if the Participant’s Termination of Employment is
on account of death, then all unvested RSUs shall immediately become
nonforfeitable and the restrictions with respect to the RSUs shall lapse as of
the date of death; and (c)  if the Participant’s Termination of Employment
is on account of any other reason, then all unvested RSUs shall be forfeited as
of the end of the day of such Termination of Employment.](2)

 

(b)   3.     Change
of Control.  Except as otherwise
specifically provided in The Allstate Corporation Change of Control Severance
Plan (to the extent such Plan is applicable to the Participant) or another
written agreement with the Company or to which the Participant is a party, the
unvested RSUs shall become nonforfeitable and the restrictions to which the RSU
are then subject shall immediately lapse on the date of a Change of Control, as
defined in Section 9.

 

(1) This text
applies to awards granted before February 21, 2006.

(2) This text
applies to awards granted on or after February 21, 2006.

 

 

4.             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.

 

5.             Dividend Equivalent Right.  During the Period of Restriction, each RSU
entitles a Participant to receive  a cash
amount (less applicable withholding) 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.

 

6.             Ratification of Actions.  By accepting the RSU Award or other benefit
under the Plan, the Participant and each person claiming under or through him
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 Compensation and Succession Committee.

 

7.             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.

 

9.             Definitions.  In addition to the following definitions,
capitalized terms not otherwise defined herein shall have the meanings given
them in the Plan.

 

“Board Turnover”
– see clause (c) of the definition of “Change of Control.”

 

“Change of
Control” means, except as otherwise 
provided at the end of this definition, the occurrence of any one or
more of the following(3):

 

(a)           (Voting Power)  any Person or group (as such term
is defined in Treasury Regulation Section

 

(3)   The highlighted language conforms with Section 409A
of the Internal Revenue Code.  Provisions
pertaining to the former definition of change of control have been omitted from
this draft.

 

 

1.409A-3(i)(5)(v)(B)), other than a Subsidiary or any employee benefit
plan (or any related trust) of the Company or any of its Subsidiaries, acquires
or has acquired during the 12-month period ending on the date of the most
recent acquisition by such Person or Persons, ownership of stock of the Company
possessing 30% or more of the combined voting power of all Voting Securities of
the Company (such a Person or group that is not a Similarly Owned Company (as
defined below), a “More than 30% Owner”), except that no Change of
Control shall be deemed to have occurred solely by reason of such ownership by
a corporation with respect to which both more than 70% of the common stock of
such corporation and Voting Securities representing more than 70% of the
combined voting power of the Voting Securities of such corporation are then
owned, directly or indirectly, by the Persons who were the direct or indirect
owners of the common stock and Voting Securities of the Company immediately
before such acquisition in substantially the same proportions as their
ownership, immediately before such acquisition, of the common stock and Voting
Securities of the Company, as the case may be (a “Similarly Owned Company”);
or

 

(b) (Majority Ownership) any Person or group (as such term is
defined in Treasury Regulation Section 1.409A-3(i)(5)(v)(B)), other than a
Subsidiary or any employee benefit plan (or any related trust) of the Company
or any of its Subsidiaries, acquires ownership of more than 50% of the voting
power of all Voting Securities of the Company or of the total fair market value
of the stock of the Company (such a Person or group that is not a Similarly
Owned Company, a “Majority Owner”), except that no Change of Control
shall be deemed to have occurred solely by reason of such ownership by a
Similarly Owned Company; or

 

(c) (Board Composition) a majority of the members of the Board is
replaced during any 12-month period by directors whose appointment or election
is not endorsed by a majority of the members of the Board before the date of
the appointment or election (“Board Turnover”); or

 

(d) (Reorganization) the consummation of a merger,
reorganization, consolidation, or similar transaction, or of a plan or
agreement for the sale or other disposition of all or substantially all of the
consolidated assets of the Company, or a plan of liquidation of the Company
(any of the foregoing, a “Reorganization Transaction”) that, does not
qualify as an Exempt Reorganization Transaction.

 

Notwithstanding
anything contained herein to the contrary: 
(i) no transaction or event shall constitute a Change of Control
for purposes of this Agreement unless the transaction or event constituting the
Change of Control also constitutes a change in the ownership of a corporation
(as defined in Treasury Regulation Section 1.409A-3(i)(5)(v)), a change in
effective control of a corporation (as defined in Treasury Regulation Section 1.409A-3(i)(5)(vi))
or a change in the ownership of a substantial portion of the assets of a
corporation (as defined in Treasury Regulation Section 1.409A-3(i)(5)(vii));
and (ii) no sale or disposition of one or more Subsidiaries (“Sale
Subsidiary”) or the assets thereof shall constitute a Change of Control for
purposes of this Agreement if the investments in and advances by the Company
and its Subsidiaries (other than the Sale Subsidiaries) to such Sale Subsidiary
as of immediately prior to the sale or disposition determined in accordance
with Generally Accepted Accounting Principles (“GAAP”) (but after intercompany
eliminations and net of the effect of intercompany reinsurance) are less than
51% of the Consolidated Total Shareholders’ Equity of the Company as of
immediately prior to the sale or disposition. 
Consolidated Total Shareholders’ Equity means, at any date, the total
shareholders’ equity of the Company and its Subsidiaries at such date, as
reported in the consolidated financial statements prepared in accordance with
GAAP.

 

 

“Exempt Reorganization Transaction” means a Reorganization Transaction that fails
to result in (a) any Person or group (as such term is defined in Treasury
Regulation Section 1.409A-3(i)(5)(v)(B)) becoming a More than 30% Owner or
a Majority Owner, (b) Board Turnover, or (c) a sale or disposition to
any Person or group (as such term is defined in Treasury Regulation Section 1.409A-3(i)(5)(v)(B))
of the assets of the Company that have a total Gross Fair Market Value (as
defined below) equal to at least forty percent (40%) of the total Gross Fair
Market Value of all of the assets of the Company immediately before such
transaction.  “Gross Fair Market Value” means the value of the assets of the Company,
or the value of the assets being disposed of, determined without regard to any
liabilities associated with such assets.

 

“Majority Owner” – see clause (b) of the definition of “Change
of Control.”

 

“More than 30% Owner” – see clause (a) of the definition of
“Change of Control.”

 

“Reorganization Transaction” – see clause (d) of the
definition of “Change of Control.”

 

“Similarly
Owned Company” – see clause (a) of the definition of “Change of
Control.”

 

“Voting
Securities” of a corporation means securities of such corporation that are
entitled to vote generally in the election of directors of such corporation.EXHIBIT 10.2

 

THE ALLSTATE CORPORATION

AMENDED AND RESTATED 2001 EQUITY
INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD
AGREEMENT

 

                                                                                                                                           [Date]

 

[Name]

[Address]

[City]

 

In accordance with the terms of The Allstate
Corporation Amended and Restated 2001 Equity Incentive Plan (the “Plan”),
pursuant to action of the Compensation and Succession Committee of the Board of
Directors, The Allstate Corporation (the “Company”) hereby grants to you (the “Participant”),
subject to the terms and conditions set forth in this Restricted Stock Unit
Award Agreement (including Annex A hereto and all documents 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 Company 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:

  	
  Date
  of Grant through the earlier of (i) the date of the Participant’s death,
  and (ii) [date].

  
	
   

  	
   

  
	
  Conversion
  Date:

  	
  Each
  RSU will convert to one share of Stock on the day following the date the
  restrictions lapse with respect to that RSU.

  
	
   

  	
   

  
	
  Dividend

  	
   

  
	
  Equivalent
  Right:

  	
  Each
  RSU shall include a right to Dividend Equivalents.

  

 

RSUs ARE SUBJECT TO FORFEITURE AS PROVIDED IN THIS
RESTRICTED STOCK UNIT AWARD AGREEMENT AND THE PLAN.

 

Further terms and conditions of the Award are
set forth in Annex A hereto, which is an integral part of this RSU Award
Agreement.

 

All
terms, provisions and conditions applicable to the Restricted Stock Unit Award
set forth in the Plan and not set forth herein are hereby incorporated by
reference herein.  To the extent any
provision hereof is inconsistent with a provision of the Plan, the provisions
of the Plan will govern.  By accepting
this Award, the Participant hereby acknowledges the receipt of a copy of this
RSU Award Agreement including Annex A and a copy of the Prospectus and agrees
to be bound by all the terms and provisions hereof and thereto.

 

 

	
   

  	
  Thomas
  J. Wilson

  
	
   

  	
  Chairman,
  President and

  
	
   

  	
    Chief
  Executive Officer

  
	
   

  	
  THE
  ALLSTATE CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
  Attachment:     Annex A

  	
   

  

 

 

ANNEX A

 

TO

 

THE ALLSTATE CORPORATION

2001 EQUITY INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

Further Terms and Conditions of Award.  It
is understood and agreed that the Award of RSUs evidenced by the RSU Award Agreement
to which this is annexed is subject to the following additional terms and
conditions:

 

1.             Tax Withholding.  With respect to the minimum statutory tax
withholding required upon the lapse of restrictions on the RSUs, the
Participant may elect to satisfy such withholding requirements by tender of
previously-owned shares of Stock or by having the Company withhold shares of
Stock upon the Conversion Date.

 

2.             Termination of Employment.  Except as otherwise specifically provided in Section 3
below, upon the Participant’s Termination of Employment, all unvested RSUs
shall be treated as follows:  (a) if
the Participant’s Termination of Employment is on account of Retirement at the
Normal Retirement Date, then no unvested RSUs shall be forfeited and such unvested
RSUs will remain subject to the restriction period set forth on the first page of
this RSU Award Agreement;  provided
further, that if the Participant dies following such Retirement and before the
end of the restriction period, then all unvested RSUs shall immediately become
nonforfeitable and the restrictions with respect to the RSUs shall lapse as of
the date of death; (b) if the Participant’s Termination of Employment is
on account of death, then all unvested RSUs shall immediately become nonforfeitable
and the restrictions with respect to the RSUs shall lapse as of the date of
death; and (c) if the Participant’s Termination of Employment is on
account of any other reason, then all unvested RSUs shall be forfeited as of
the end of the day of such Termination of Employment.

 

3.             Change of Control.  Except as otherwise specifically provided in
a written agreement with the Company to which the Participant is a party, the
unvested RSUs shall become nonforfeitable and the restrictions to which the
RSUs are then subject shall immediately lapse on the date of a Change of
Control, as defined in Section 9.

 

4.             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 on the day following the date the restrictions lapse with
respect to such RSU.

 

5.             Dividend Equivalent Right.  During the Period of Restriction, each RSU
entitles a Participant to receive a cash amount (less applicable withholding)
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.

 

6.             Ratification of Actions.  By accepting the RSU Award or other benefit
under the Plan, the Participant and each person claiming under or through him
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 Compensation and Succession Committee.

 

7.             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.

 

9.
            Definitions.  In addition to the following definitions,
capitalized terms not otherwise defined herein shall have the meanings given
them in the Plan.

 

“Board
Turnover” – see clause (c) of the definition of “Change of Control.”

 

“Change of Control”
means, except as otherwise provided at the end of this definition, the
occurrence of any one or more of the following:

 

(a) (Voting Power)  any
Person or group (as such term is defined in Treasury Regulation Section 1.409A-3(i)(5)(v)(B)),
other than a Subsidiary or any employee benefit plan (or any related trust) of
the Company or any of its Subsidiaries, acquires or has acquired during the
12-month period ending on the date of the most recent acquisition by such
Person or Persons, ownership of stock of the Company possessing 30% or more of
the combined voting power of all Voting Securities of the Company (such a
Person or group that is not a Similarly Owned Company (as defined below), a “More
than 30% Owner”), except that no Change of Control shall be deemed to have
occurred solely by reason of such ownership by a corporation with respect to
which both more than 70% of the common stock of such corporation and Voting
Securities representing more than 70% of the combined voting power of the
Voting Securities of such corporation are then owned, directly or indirectly,
by the Persons who were the direct or indirect owners of the common stock and
Voting Securities of the Company immediately before such acquisition in
substantially the same proportions as their ownership, immediately before such
acquisition, of the common stock and Voting Securities of the Company, as the
case may be (a “Similarly Owned Company”); or

 

 

(b) (Majority Ownership) any Person or group (as such term is
defined in Treasury Regulation Section 1.409A-3(i)(5)(v)(B)), other than a
Subsidiary or any employee benefit plan (or any related trust) of the Company
or any of its Subsidiaries, acquires ownership of more than 50% of the voting
power of all Voting Securities of the Company or of the total fair market value
of the stock of the Company (such a Person or group that is not a Similarly
Owned Company, a “Majority Owner”), except that no Change of Control
shall be deemed to have occurred solely by reason of such ownership by a
Similarly Owned Company; or

 

(c) (Board Composition) a majority of the members of the Board is
replaced during any 12-month period by directors whose appointment or election
is not endorsed by a majority of the members of the Board before the date of
the appointment or election (“Board Turnover”); or

 

(d) (Reorganization) the consummation of a merger,
reorganization, consolidation, or similar transaction, or of a plan or
agreement for the sale or other disposition of all or substantially all of the
consolidated assets of the Company, or a plan of liquidation of the Company
(any of the foregoing, a “Reorganization Transaction”) that, does not
qualify as an Exempt Reorganization Transaction.

 

Notwithstanding
anything contained herein to the contrary: 
(i) no transaction or event shall constitute a Change of Control
for purposes of this Agreement unless the transaction or event constituting the
Change of Control also constitutes a change in the ownership of a corporation
(as defined in Treasury Regulation Section 1.409A-3(i)(5)(v)), a change in
effective control of a corporation (as defined in Treasury Regulation Section 1.409A-3(i)(5)(vi))
or a change in the ownership of a substantial portion of the assets of a
corporation (as defined in Treasury Regulation Section 1.409A-3(i)(5)(vii));
and (ii) no sale or disposition of one or more Subsidiaries (“Sale
Subsidiary”) or the assets thereof shall constitute a Change of Control for
purposes of this Agreement if the investments in and advances by the Company
and its Subsidiaries (other than the Sale Subsidiaries) to such Sale Subsidiary
as of immediately prior to the sale or disposition determined in accordance with
Generally Accepted Accounting Principles (“GAAP”) (but after intercompany
eliminations and net of the effect of intercompany reinsurance) are less than
51% of the Consolidated Total Shareholders’ Equity of the Company as of
immediately prior to the sale or disposition. 
Consolidated Total Shareholders’ Equity means, at any date, the total
shareholders’ equity of the Company and its Subsidiaries at such date, as
reported in the consolidated financial statements prepared in accordance with
GAAP.

 

“Exempt Reorganization Transaction” means a Reorganization Transaction that
fails to result in (a) any Person or group (as such term is defined in
Treasury Regulation Section 1.409A-3(i)(5)(v)(B)) becoming a More than 30%
Owner or a Majority Owner, (b) Board Turnover, or (c) a sale or
disposition to any Person or group (as such term is defined in Treasury
Regulation Section 1.409A-3(i)(5)(v)(B)) of the assets of the Company that
have a total Gross Fair Market Value (as defined below) equal to at least forty
percent (40%) of the total Gross Fair Market Value of all of the assets of the
Company immediately before such transaction.

 

“Gross Fair Market Value” means the value of the assets of the
Company, or the value of the assets being disposed of, determined without regard
to any liabilities associated with such assets.

 

“Majority Owner” – see clause (b) of
the definition of “Change of Control.”

 

“More than 30% Owner” – see clause (a) of
the definition of “Change of Control.”

 

“Reorganization Transaction” – see
clause (d) of the definition of “Change of Control.”

 

“Similarly Owned Company” – see clause (a) of the
definition of “Change of Control.”

 

 

“Voting Securities” of a corporation
means securities of such corporation that are entitled to vote generally in the
election of directors of such corporation.

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