Document:

Exhibit

EXHIBIT 10.51
STATE AUTO FINANCIAL CORPORATION
2017 LONG-TERM INCENTIVE PLAN

PERFORMANCE UNIT AWARD AGREEMENT

State Auto Financial Corporation, an Ohio corporation (the “Company”), hereby grants to the undersigned employee of the Company (the “Participant”) the following Performance Units Award (“Performance Units”) pursuant to the terms and conditions of the State Auto Financial Corporation 2017 Long-Term Incentive Plan (the “Plan”), and this Performance Unit Award Agreement (this “Award Agreement”).  

	
		
	1.  Name of Participant:
	               [ • ]               

	2.  Grant Date:
	      [ • ]      , 20[ • ] (the “Grant Date”)

	3.  Performance Period:
	Three-year period commencing on January 1, 20[ • ]and ending on December 31, 20[ • ](the “Performance  Period”)

	4.  Performance Units Granted:
	      [ • ]      

	5.  Vesting:
	Except as otherwise provided in this Award Agreement, the Performance Units will vest as of the last day of the Performance Period only if and to the extent that (a) the Participant is employed by the Company or an Affiliate on the last day of the Performance Period; and (b) the Compensation Committee determines that the Performance Goals set forth in Section 6 of this Award Agreement (the “Performance Goals”) have been satisfied.

	6.  Performance Goals:  
	The Performance Goals applicable to the Performance Units granted to the Participant pursuant to this Award Agreement shall be (a) compound annual premium growth, and (b) combined ratio, during the Performance Period, as determined by the multiple (the “Performance Multiple”) under the matrix attached to this Award Agreement as Exhibit A (the “Performance Matrix”). 
At the end of the Performance Period, if the Performance Matrix does not yield a Performance Multiple, the Performance Units awarded under this Award Agreement shall be forfeited and no longer considered outstanding or to be held by the Participant as of the close of business on the date on which the Compensation Committee certifies that the Performance Matrix does not yield a Performance Multiple.  If the Performance Matrix yields a Performance Multiple, the Performance Units awarded under this Award Agreement shall remain outstanding and held by the Participant.  

	
		
	7.  Determination of 
      Award Value:  
	Except as otherwise provided in this Award Agreement, if the Performance Units awarded under this Award Agreement remain outstanding as of the last day of the Performance Period under the provisions of Section 6 of this Award Agreement, the value of such Performance Units (the “Award Value”) will be determined as of the last day of the Performance Period pursuant to the following formula:  
(a × b) × c, where
a = The number of Performance Units granted under this Award Agreement
b= The Performance Multiple determined by the Compensation Committee pursuant to the provisions of Section 6 of this Award Agreement; and
c = The Fair Market Value of a share of Stock on the last day of the Performance Period.

	8.  Settlement:
	Except as otherwise provided in this Award Agreement, at the time that the Award Value is determined pursuant to Section 7 or any other section of this Award Agreement, such Award Value will be paid to the Participant (or in the event of the Participant’s death, the Participant’s beneficiary) in cash, shares of Stock or a combination of cash and shares of Stock, as determined by the Committee.  To the extent that any portion of the Award Value is to be paid in shares of Stock, a quotient shall be determined by dividing the Award Value (or portion thereof to be paid in shares of Stock) by the Fair Market Value of a share of Stock on the last day of the Performance Period, and rounding down to the next whole number.  The quotient resulting from the calculation under the preceding sentence of this Section 8 of this Award Agreement will determine the Participant’s “Award Units” under this Award Agreement.  Upon determination of the Participant’s Award Units, the Participant (or, in the event of the Participant’s death, the Participant’s beneficiary) will receive one (1) share of Stock for each Award Unit.  Performance Units settled under this Award Agreement are intended to be exempt from Section 409A under the exemption for short term deferrals.  Accordingly, Performance Units will be settled in cash, shares of Stock or a combination of cash and shares of Stock no later than the 15th day of the third month following the end of the fiscal year of the Company (or if later the calendar year) in which the Performance Units vest.  

	
		
	9.  Death or Disability:
	If the Participant’s employment with the Company or any Affiliate terminates by reason of the Participant’s death or Disability before the end of the Performance Period, then, notwithstanding any provision contained in this Award Agreement, the Performance Units granted under this Award Agreement shall become vested as of the date of the Participant’s death or Disability.  The Award Value of such Performance Units will be determined as of the date of the Participant’s death or Disability pursuant to the following formula:  
(a × b) × c, where
a = The number of Performance Units granted under this Award Agreement;
b = A Performance Multiple equal to 1.0; and
c = The Fair Market Value of a share of Stock on the date of the Participant’s death or Disability.  
Upon the determination of the Award Value pursuant to this Section 9 of this Award Agreement, such Performance Units will be settled in the manner described in Section 8 of this Award Agreement; provided, that, (i) in determining the Participant’s Award Units under Section 8, the Fair Market Value of a share of Stock on the date of the Participant’s death or Disability will be substituted for the Fair Market Value of a share of Stock on the last day of the Performance Period; and (ii) the Performance Units will be settled in cash, shares of Stock or a combination of cash and shares of Stock no later than the 15th day of the third month following the end of the calendar year in which the Participant’s death or Disability occurs.  

	10.  Retirement:
	If the Participant’s employment with the Company or any Affiliate terminates by reason of the Participant’s Retirement before the end of the Performance Period, then, notwithstanding any provision contained in this Award Agreement, the Performance Units granted under this Award Agreement shall become vested in accordance with the provisions of Sections 5 and 6 of this Award Agreement; provided, that, for this purpose, the Participant will be deemed to have been employed by the Company or an Affiliate on the last day of the Performance Period.  The Award Value of such Performance Units, if any, will be determined in accordance with the provisions of Section 7 of this Award Agreement and settled at the time and in the manner described in Section 8 of this Award.

	
		
	11.  Reduction in Force:
	If the Participant’s employment with the Company or any Affiliate is terminated before the end of the Performance Period through a reduction in force (as determined in the sole discretion of the Compensation Committee), then, notwithstanding any provision contained in this Award Agreement, the Performance Units granted under this Award Agreement shall become vested in accordance with the provisions of Sections 5 and 6 of this Award Agreement; provided, that, for this purpose, the Participant will be deemed to have been employed by the Company or an Affiliate on the last day of the Performance Period.  The Award Value of such Performance Units, if any, will be determined in accordance with the provisions of Section 7 of this Award Agreement; provided, that, for purposes of this Section 11 of this Award Agreement, the Award Value determined pursuant to the provisions of Section 7 of this Award Agreement shall be multiplied by a fraction, the numerator of which is the number of days that the Participant was employed during the Performance Period, and the denominator of which is the total number of days in the Performance Period.  Upon the determination of the Award Value of the Performance Units pursuant to this Section 11 of this Award Agreement, such Performance Units will be settled at the time and in the manner described in Section 8 of this Award Agreement.  

	12.  Termination of Employment for any Reason other than Retirement, Death, Disability or Reduction in Force:
	If the Participant’s employment with the Company or any Affiliate terminates for any reason other than the Participant’s Retirement, death, Disability or a reduction in force before the last day of the Performance Period, then all Performance Units granted under this Award Agreement will be forfeited as of the date of the Participant’s termination of employment.

	13.  Conditions:
	In the event the Committee determines to settle all or a portion of the Award Value in shares of Stock, the Company’s obligation to deliver shares of Stock is subject to the satisfaction of the following conditions: (a) the Participant is not, at the time of settlement, in material breach of any of his or her obligations under this Award Agreement, or under any other agreement with the Company or any Affiliate; (b) no preliminary or permanent injunction or other order against the delivery of the shares of Stock issued by a federal or state court of competent jurisdiction in the United States shall be in effect; (c) there shall not be in effect any federal or state law, rule or regulation which prevents or delays delivery of the shares of Stock or payment, as appropriate; and (d) the Participant shall confirm any factual matters reasonably requested by the Compensation Committee, the Company or counsel for the Company.  

	14.  Shareholder Rights:
	The Participant shall have none of the rights of a shareholder with respect to the shares of Stock underlying the Performance Units, until the Participant becomes the recordholder of the shares of Stock underlying the Performance Units.  

	15.  Effect of Plan:
	The Performance Units are subject in all cases to the terms and conditions set forth in the Plan, which are incorporated into and made a part of this Award Agreement.  In the event of a conflict between the terms of the Plan and the terms of this Award Agreement, the terms of the Plan will govern.  All capitalized terms that are used in this Award Agreement but are not defined in this Award Agreement shall have the meanings ascribed to such terms in the Plan.

	
		
	16.  Acknowledgment:
	By receipt of this Award, the Participant acknowledges and agrees that the Performance Units are subject to all of the terms and conditions of the Plan and this Award Agreement.  

	17.  Forfeiture:
	Notwithstanding any other provision of this Award Agreement, the Performance Units granted hereunder shall be subject to (a) the Forfeiture for Cause provisions contained in Section 4.7 of the Plan; and (b) any clawback or similar policy that may be implemented by the Company which is applicable to the Performance Units.  

	18.  Effect on Other Agreements:
	The parties acknowledge and agree that the provisions of this Award Agreement shall supersede any and all other agreements and rights that the Participant has under any agreements or arrangements between the Participant and the Company, whether in writing or otherwise, with respect to the matters set forth herein.  

EXHIBIT A
 Long-Term Incentive Plan (LTIP) Matrix

	
															
	

Premium
Growth
	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	__%
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0
	0

	 
	__%
	__%
	__%
	__%
	__%
	__%
	__%
	__%
	__%
	__%
	__%
	__%
	__%

	Combined RatioExhibit

EXHIBIT 10.52
STATE AUTO FINANCIAL CORPORATION
2017 LONG-TERM INCENTIVE PLAN
TIME BASED
RESTRICTED STOCK AWARD AGREEMENT

State Auto Financial Corporation, an Ohio corporation (the “Company”), hereby grants to the employee of the Company named herein (the “Participant”) the following Restricted Stock Award (“Restricted Stock”) pursuant to the terms and conditions of the State Auto Financial Corporation 2017 Long-Term Incentive Plan (the “Plan”), and this Time Based Restricted Stock Award Agreement (this “Award Agreement”).  

	
				
	1.  Name of Participant:
	               [ • ]               

	2.  Grant Date:
	      [ • ]      , 20[ • ] (the “Grant Date”)

	3.  Number of Shares of Restricted Stock Granted:
	      [ • ]      

	4.  Vesting:
	Except as otherwise provided in this Award Agreement, the shares of Restricted Stock will vest in accordance with the following schedule; provided that the Participant’s employment with the Company or any Affiliate has not terminated prior to the applicable vesting date:

                         	
		
	Vesting Date
	Number of Shares of                                                                                                                                              Restricted Stock as to                                                                                                                                                                                                                                Which Participant is Vested

	_______________, 20__
	_______________

	_______________, 20__
	_______________

	_______________, 20__
	_______________

	_______________, 20__
	_______________

	
		
	5.  Death, Disability
or Retirement:  
	Notwithstanding the provisions of Section 4 of this Award Agreement, if the Participant’s employment with the Company or any Affiliate terminates by reason of the Participant’s death,  Disability or Retirement before an applicable vesting date, then any then unvested Restricted Stock granted under this Award Agreement will vest on the date of the Participant’s termination of employment due to death, Disability or Retirement.  

	
		
	6.  Change in Control:
	Notwithstanding the provisions of Section 4 of this Award Agreement, in the event of a Change in Control prior to an applicable vesting date, all Restricted Stock granted under this Award Agreement will vest on the date of such Change in Control if the successor entity to the Company does not, as part of the Change in Control, assume the Award of Restricted Stock under this Award Agreement.  In the event that the successor entity to the Company assumes the Award of Restricted Stock under this Award Agreement as part of the Change in Control, the Restricted Stock granted under this Award Agreement will vest upon the earlier of (a) the date or dates provided under Section 4 of this Award Agreement; or (b) on the date of the Participant’s termination of employment for any reason, with respect to the total number of then unvested Restricted Stock granted under this Award Agreement.

	7.  Settlement:
	Subject to the provisions of Section 9 of this Award Agreement, at the time that the Participant becomes vested in any shares of Restricted Stock pursuant to any section of this Award Agreement, the Company shall cause such vested shares of Stock to be settled in a brokerage account for the Participant, and such shares of Stock shall be transferable by the Participant.  

	8.  Dividend Equivalent Payments:
	If, during the period beginning on the Grant Date and ending on the date on which any shares of Restricted Stock are to be settled pursuant to Section 7 of this Award Agreement (the “Applicable Dividend Period”), the Company pays any dividends in cash with respect to the outstanding shares of Stock (a “Cash Dividend”), then upon the settlement of vested Restricted Stock, the Participant shall also be entitled to receive a cash payment in an amount equal to the product of (a) the number of shares of Stock to be settled in the brokerage account upon such settlement of the Restricted Stock; and (b) the aggregate amount of the Cash Dividends paid per share of Stock during the Applicable Dividend Period (the “Dividend Equivalents”).  Such Dividend Equivalents will be payable by the Company at the same time as the Restricted Stock to which they relate are settled pursuant to Section 7 of this Award Agreement.
If, during the Applicable Dividend Period, the Company pays any dividends in shares of Stock with respect to the outstanding shares of Stock, then, the Company will increase the number of shares of Restricted Stock granted hereunder by an amount equal to the product of (a) the number of shares of Restricted Stock; and (b) the number of shares of Stock paid by the Company per share of Stock (collectively, the “Additional Restricted Stock”).  Each share of Additional Restricted Stock will be subject to the same terms and conditions applicable to the Restricted Stock for which such share of Additional Restricted Stock was awarded and will be settled pursuant to Section 7 of this Award Agreement at the same time and on the same basis as such Restricted Stock.  

	
		
	9.  Conditions:
	The Company’s obligation to settle shares of Stock in a brokerage account upon the settlement of vested Restricted Stock is subject to the satisfaction of the following conditions: (a) the Participant is not, at the time of settlement, in material breach of any of the Participant’s obligations under this Award Agreement, or under any other agreement with the Company or any Affiliate; (b) no preliminary or permanent injunction or other order against the settlement of shares of Stock issued by a federal or state court of competent jurisdiction in the United States shall be in effect; (c) there shall not be in effect any federal or state law, rule or regulation which prevents or delays the settlement of shares of Stock; and (d) the Participant shall confirm any factual matters reasonably requested by the Committee, the Company or counsel for the Company.  

	10.  Shareholder Rights:
	The Company shall cause its books and records to reflect entries evidencing the shares of Restricted Stock or rights to acquire Additional Restricted Stock (as described in Section 8 of this Award Agreement) to be recorded in the Participant’s name.  Prior to the settlement of the Restricted Stock, such book entries shall reflect a restrictive legend to the effect that ownership of such shares of Restricted Stock (and any Additional Restricted Stock), and the enjoyment of all rights appurtenant thereto, are subject to the restrictions, terms, and conditions provided in the Plan and this Award Agreement.  The Participant shall have the right to vote the Restricted Stock awarded to the Participant and to exercise all other rights, powers and privileges of a holder of Stock, with respect to such Restricted Stock, with the exception that (a) the Participant shall not be entitled to settlement of such Restricted Stock until they vest in accordance with Section 4, Section 5 or Section 6 of this Award Agreement; (b) the Company shall retain custody of all Dividend Equivalents and Additional Restricted Stock made or declared with respect to the Restricted Stock (and such  Dividend Equivalents and Additional Restricted Stock shall be subject to the same restrictions, terms and conditions as are applicable to the Restricted Stock) until such time, if ever, as the Restricted Stock with respect to which such Dividend Equivalents and Additional Restricted Stock shall have been made, paid, or declared shall have become vested, and such Dividend Equivalents and Additional Restricted Stock shall not bear interest or be segregated in separate accounts and (c) the Participant may not sell, assign, transfer, pledge, exchange, encumber, or dispose of the Restricted Stock or any Additional Restricted Stock prior to the vesting of such Restricted Stock.  

	
		
	11.  Effect of Plan:
	The Restricted Stock is subject in all cases to the terms and conditions set forth in the Plan, which are incorporated into and made a part of this Award Agreement.  In the event of a conflict between the terms of the Plan and the terms of this Award Agreement, the terms of the Plan will govern.  All capitalized terms that are used in this Award Agreement but are not defined in this Award Agreement shall have the meanings ascribed to such terms in the Plan.

	12.  Non-Solicitation:
	The Company and the Participant agree that, as consideration for this Award of Restricted Stock, the Participant, for the period of the Participant’s employment with the Company or any Affiliate and for one year thereafter, shall not directly or indirectly induce or solicit or attempt to induce or solicit any customer, prospective customer, insured, officer, or employee of the Company, any Affiliate or subsidiary (collectively, “State Auto”), to (a) do business with any other insurance company, insurance agency or any other person instead of State Auto, (b) cease or limit employment with or doing business with State Auto, or (c) cease or limit the insured’s and/or account’s business or insurance relationship with State Auto.  For purposes of this Section 12 of this Award Agreement, a “prospective customer” shall mean a potential insured with whom a business or insurance quote from State Auto is outstanding as of the last day of employment of the Participant by the Company or any Affiliate.

	13.  Acknowledgment:
	By receipt of this Award, the Participant acknowledges and agrees that the Restricted Stock is subject to all of the terms and conditions of the Plan and this Award Agreement.

	14.  Forfeiture:
	Notwithstanding any other provision of this Agreement, the Restricted Stock granted hereunder shall be subject to forfeiture by the Participant under the Forfeiture for Cause provisions contained in Section 4.7 of the Plan or for any violation of the provisions of Section 12 of this Award Agreement.  

	15.  Effect on Other Agreements:
	The Company and the Participant acknowledge and agree that the provisions of this Award Agreement shall supersede any and all other agreements and rights that the Participant has under any agreements or arrangements between the Participant and the Company, whether in writing or otherwise, with respect to the matters set forth herein.

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