Document:

Exhibit 10.33  

THE ALLSTATE CORPORATION  

 EQUITY INCENTIVE PLAN FOR NON-EMPLOYEE DIRECTORS  

 As Amended and Restated effective as of February 20, 2007  

I.     Purpose.  

        The purpose of The Allstate Corporation Equity Incentive Plan for Non-Employee Directors (the "Plan")
is to promote the interests of The Allstate Corporation (the "Company") by providing an inducement to obtain and retain the services of qualified
persons as members of the Company's Board of Directors (the "Board") and to align more closely the interests of such persons with the interests of the
Company's stockholders by providing a significant portion of the compensation provided to such persons in the form of equity securities of the Company. 

II.    Administration.  

        The Plan shall be administered by the Committee. The Committee shall have full power to construe and interpret the Plan and Shares, RSUs and Options granted
hereunder, to establish and amend rules for its administration and to correct any defect or omission and to reconcile any inconsistency in the Plan or in any Share, RSU or Option granted hereunder to
the extent the Committee deems desirable to carry the Plan or any Share, RSU or Option granted hereunder into effect. Any decisions of the Committee in the administration of the Plan shall be final
and conclusive. The Committee may authorize any one or more of its members, the secretary of the Committee or any officer of the Company to execute and deliver documents on behalf of the Committee.
Each member of the
Committee, and, to the extent provided by the Committee, any other person to whom duties or powers shall be delegated in connection with the Plan, shall incur no liability with respect to any action
taken or omitted to be taken in connection with the Plan and shall be fully protected in relying in good faith upon the advice of counsel, to the fullest extent permitted under applicable law. 

III.  Eligibility.  

        Each Non-Employee Director shall be eligible to participate in the Plan. 

IV.    Limitation on Aggregate Shares.  

        A.    Maximum Number of Shares.    The aggregate maximum number of Shares that may be granted pursuant to the Plan or
delivered upon settlement of RSUs or upon exercise of Options granted pursuant to the Plan shall be 580,000 Shares. Such maximum number of Shares is subject to adjustment under the provisions of
Section IV.B. The Shares to be granted pursuant to the Plan or delivered upon settlement of RSUs or upon exercise of Options may be either (i) authorized but unissued Shares or
(ii) Shares previously issued which have been reacquired by the Company ("Treasury Shares"); provided, however, that on or after June 1, 2001, only Treasury Shares shall be granted
pursuant to the Plan or delivered upon settlement of RSUs or exercise of Options (other than upon exercise of Options granted prior to such date). In the event any RSU, Option or Reload Option shall,
for any reason, terminate or expire or be surrendered without having been exercised in full or without all Shares subject thereto having been delivered, the Shares subject to such RSU, Option or
Reload Option but not delivered or purchased thereunder shall be available for future RSUs, Options or Reload Options to be granted under the Plan. 

        B.    Adjustment.    The maximum number of Shares referred to in Section IV.A of the Plan, the number of RSUs
granted pursuant to Section VI of the Plan, the number of Shares subject to outstanding RSUs granted under Section VI of the Plan, the number of Options granted pursuant to
Section VII of the Plan, and the option price and the number of Shares which may be purchased under any outstanding Option granted under Section VII of the Plan shall be proportionately
adjusted for 

 

(i) any
increase or decrease in the number of issued and outstanding Shares as the result of (a) the declaration and payment of a dividend payable in Common Stock, or the division of the
Common Stock outstanding at the date hereof (or the date of the grant of any such outstanding Option or RSU, as applicable) into a greater number of Shares without the receipt of consideration
therefore by the Company, or any other increase in the number of such Shares of the Company outstanding at the date hereof (or the date of the grant of any such outstanding Option or RSU, as
applicable) which is effective without the receipt of consideration therefore by the Company (exclusive of any Shares granted by the Company to employees of the Company or any of its Subsidiaries
without receipt of separate consideration by the Company), or (b) the consolidation of the Shares outstanding at the date hereof (or the date of the grant of any such outstanding Option or RSU,
as applicable) into a smaller number of Shares without the payment of consideration thereof by the Company, or any other decrease in the number of such Shares outstanding at the date hereof (or the
date of the grant of any such outstanding Option or RSU, as applicable) effected without the payment of consideration by the Company or (ii) to the extent not addressed in (i), any equity
restructuring (within the meaning of Financial Accounting Standards No. 123 (revised 2004)) that causes the per share value of the Common Stock to change;  provided, however, that the total option price for all Shares which may be purchased upon the exercise
of any Option granted pursuant to the Plan (computed by multiplying the number of Shares originally purchasable thereunder, reduced by the number of such Shares which have theretofore been purchased
thereunder, by the original option price per share before any of the adjustments herein provided for) shall not be changed. 

        In
the event of a change in the Common Stock as presently constituted which is limited to a change of the Company's authorized shares with a par value into the same number of shares with
a different par value or without par value, the shares resulting from any such change will be deemed to be the Common Stock within the meaning of this Plan and no adjustment will be required pursuant
to this Section IV.B. 

        The
foregoing adjustments shall be made by the Committee, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided in this
Section IV.B, a Non-Employee Director shall have no rights by reason of any subdivision or consolidation of shares of stock of any class or the payment of any stock dividend or any
other increase or decrease in the number of shares of stock of any class. 

V.     Definitions.  

        The following terms shall have the meanings set forth below when used herein: 

        "Code" means the Internal Revenue Code of 1986, as amended. 

        "Committee" means the Nominating and Governance Committee of the Board, any successor committee of the Board performing similar functions
or, in the absence of such a committee, the Board. 

        "Common Stock" means the Common Stock, par value $.01 per share, of the Company. 

        "Disability" means a mental or physical condition which, in the opinion of the Committee, renders a Non-Employee Director
unable or incompetent to carry out his or her duties as a member of the Board and which is expected to be permanent or for an indefinite duration. 

        "Dividend Equivalent Right" means an unfunded and unsecured promise to pay a cash amount equal to the regular cash dividends that would be
paid on a Share of Common Stock underlying a Restricted Stock Unit if such Share had been delivered pursuant to the Restricted Stock Unit award. 

2

 

        "Election Shares" means any Shares issued to a Non-Employee Director pursuant to the election of such person to receive such
Shares in lieu of cash compensation made in accordance with Section VIII.B. 

        "ERISA" means the Employee Retirement Income Security Act of 1974, as amended. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended. 

        "Fair Market Value" means 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. 

        "Initial Election Date" means, for each Non-Employee Director, the later to occur of (i) the date the Plan is approved
and adopted by the Company's stockholders pursuant to Section XIII of the Plan, and (ii) the date of such member's initial election or appointment to the Board. 

        "Non-Employee Director" means each member of the Board who is not an officer or employee of the Company or any of its
Subsidiaries. 

        "Option" means an option to purchase shares of Common Stock. 

        "Restricted Stock Unit" or "RSU" means a restricted stock unit award, which represents an unfunded and unsecured promise to deliver a
Share of Common Stock in accordance with Article VI. 

        "Shares" means shares of Common Stock. 

        "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 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. 

VI.   Formula Restricted Stock Unit Grants for Non-Employee Directors.  

        A.    Annual Grant of Restricted Stock Units.    Beginning December 1, 2004, on December 1 of each year
2,000 RSUs shall automatically be granted to each Non-Employee Director serving on the Board on such date who has served in such capacity since June 1 of such year. If any person
serving as a Non-Employee Director on June 1 of 2004 or any subsequent year ceases to serve as a director of the Company prior to December 1 of such year, such director shall
be automatically granted on his or her last day of service a number of RSUs equal to (i) 2,000 multiplied by (ii) a fraction, the
numerator of which is the number of full calendar months such Non-Employee Director has served on the Board during the period beginning on such June 1 and ending on such director's
last date of service and the denominator of which is 6. 

3

 

        B.    Grant for Newly Appointed Directors.    If after June 1, 2004 a Non-Employee Director is
initially elected or appointed to the Board effective on any date other than June 1, such Non-Employee Director shall automatically be granted, on the June 1 following the
date he or she joins the Board (or such earlier date as he or she ceases to serve as a director), a number of RSUs equal to (i) 2,000 multiplied
by (ii) a fraction, the numerator of which is the number of full calendar months such Non-Employee Director has served on the Board during the period
beginning on the date such director joined the Board and ending on the following May 31 (or such earlier date as he or she ceases to serve as a director) and the denominator of which is 6;
provided that such fraction shall in no event be greater than one. 

        C.    Delivery of Shares.    Unless otherwise determined by the Board, the Non-Employee Director shall be
entitled to delivery of Shares that underlie the RSUs then outstanding (which amount shall be rounded to the nearest whole number to avoid delivery of fractional Shares) upon the earlier of
(i) the date of the Non-Employee Director's death or Disability, and (ii) one year after the date on which the Non-Employee Director is no longer serving as a
director of the Company. Delivery of Shares shall be effected by book entry credit to the Non-Employee Director's account with the Company's transfer agent. 

        D.    Restrictions.    A Non-Employee Director shall have only the rights of a general unsecured creditor
of the Company and shall have no rights as a shareholder of the Company with respect to the RSUs. Upon delivery of Shares pursuant to Section VI.C the Non-Employee Director will
obtain full voting and other rights as a shareholder of the Company. The RSUs granted pursuant to this Section VI shall be fully vested but may not be sold, transferred, pledged, assigned, or
otherwise alienated at any time. 

        E.    Dividend Equivalent Rights.    Each RSU shall include a Dividend Equivalent Right that shall entitle the
Non-Employee Director to receive at or as soon as practicable after the time of distribution of any regular cash dividend paid by the Company in respect of a Share the record date for
which occurs on or after the date such RSU is granted, a cash payment equal to such regular dividend payment as would have been made in respect of each Share underlying such RSU. 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. 

        F.    Sale of the Company.    In the event of a merger of the Company with or into another corporation constituting a
change of control of the Company, a sale of all or substantially all of the Company's assets or a sale of a majority of the Company's outstanding voting securities (a "Sale of the Company"), the RSUs
may be assumed by the successor corporation or a parent of such successor corporation or substantially equivalent RSUs may be substituted by the successor corporation or a parent of such successor
corporation, and if the successor corporation does not assume the RSUs or substitute RSUs, then all outstanding RSUs shall immediately be payable in Shares upon consummation of the Sale of the
Company. The Company shall provide at least 30 days prior written notice of the Sale of the Company to the holders of all outstanding RSUs, which notice shall state whether (a) the RSUs
will be assumed by the successor corporation or substantially equivalent RSUs will be substituted by the successor corporation, or (b) the RSUs are immediately payable upon consummation of the
Sale of the Company. 

4

   VII. Formula Stock Option Grants for Non-Employee Directors.  

        A.    Annual Grant of Options.    On June 1 of each year, beginning June 1, 2001, Options to purchase
4,000 Shares shall automatically be granted to each Non-Employee Director serving on the Board on such date. If any such Non-Employee Director will be required to retire
(pursuant to the policies of the Board) during the 12 month period beginning on the date of any grant (or if any such Non-Employee Director has notified the Board that he or she
intends to resign from the Board for any reason during the 12 month period beginning on the date of any grant), such director shall instead be granted on June 1 of the relevant year
Options to purchase a number of Shares equal to (i) 4,000, multiplied by (ii) a fraction, the numerator of which is the number of full
calendar months such Non-Employee Director will serve on the Board during the period beginning on such June 1 and ending on such director's last date of service and the denominator
of which is 12. 

        B.    Grant for Newly Appointed Directors.    If after June 1, 2001 a Non-Employee Director is
initially elected or appointed to the Board effective on any date other than June 1, such Non-Employee Director shall automatically be granted, on the date he or she joins the
Board, Options to purchase a number of Shares equal to (i) 4,000, multiplied by (ii) a fraction, the numerator of which is the number of
full calendar months such Non-Employee Director will serve on the Board during the period beginning on the date such director joins the Board and ending on the following May 31 and
the denominator of which is 12. 

        C.    Option Exercise Price.    The exercise price per Share for each Option shall be 100% of the Fair Market Value of
a Share on the date of grant, subject to Section IV.B. 

        D.    Term of Options.    Each Option shall be exercisable for ten years after the date of grant, subject to
Section VII.F. 

        E.    Conditions and Limitations on Exercise.    

        (i)    Vesting.    Each Option shall vest in three installments as follows: (i) on each of the first and second
anniversaries of the date of grant, as to one-third of the Shares subject to such Option (with any resulting fractional Share rounded to the nearest whole Share) and (ii) on the
third anniversary of the date of grant, as to the remaining unvested portion of such Option. Upon a Non-Employee Director's mandatory retirement pursuant to the policies of the Board, the
unvested portions of any outstanding Options held by such Non-Employee Director shall fully vest. Upon the termination of a Non-Employee Director's tenure for any other reason,
the unvested portions of any outstanding Options shall expire and no Options granted to such Non-Employee Director shall vest after the termination of such director's tenure on the Board. 

        (ii)    Exercise.    Each Option shall be exercisable in one or more installments and shall not be exercisable for
less than 100 Shares, unless the exercise represents the entire remaining exercisable balance of a grant or grants. Each Option shall be exercised by delivery to the Company of written notice of
intent to purchase a specific number of Shares subject to the Option. The option price of any Shares as to which an Option shall be exercised shall be paid in full at the time of the exercise. Payment
may, at the election of the Non-Employee Director, be made in any one or any combination of the following forms: 

        (a)   check
or wire transfer of funds in such form as may be satisfactory to the Committee; 

        (b)   delivery
of Shares valued at their Fair Market Value on the date of exercise or, if the date of exercise is not a business day, the next preceding business day; 

        (c)   through
simultaneous sale through a broker of unrestricted Shares acquired on exercise, as permitted under Regulation T of the Federal Reserve Board; or 

5

 

        (d)   by
authorizing the Company in his or her written notice of exercise to withhold from issuance a number of Shares issuable upon exercise of such Option which, when
multiplied by the Fair Market Value of Common Stock on the date of exercise (or, if the date of exercise is not a business day, the next preceding business day), is equal to the aggregate exercise
price payable with respect to the Option so exercised. 

        In
the event a Non-Employee Director elects to pay the exercise price payable with respect to an Option pursuant to clause (b) above, (i) only a whole number of
Share(s) (and not fractional Shares) may be tendered in payment, (ii) such Non-Employee Director must present evidence acceptable to the Company that he or she has owned any such
Shares tendered in
payment of the exercise price (and that such Shares tendered have not been subject to any substantial risk of forfeiture) for at least six months prior to the date of exercise, and (iii) the
certificate(s) for all such Shares tendered in payment of the exercise price must be accompanied by duly executed instruments of transfer in a form acceptable to the Company. When payment of the
Option exercise price is made by the tender of Shares, the difference, if any, between the aggregate exercise price payable with respect to the Option being exercised and the Fair Market Value of the
Share(s) tendered in payment (plus any applicable taxes) shall be paid by check or wire transfer of funds. No Non-Employee Director may tender Shares having a Fair Market Value exceeding
the aggregate exercise price payable with respect to the Option being exercised. 

        In
the event a Non-Employee Director elects to pay the exercise price payable with respect to an Option pursuant to clause (d) above, (i) only a whole number of
Share(s) (and not fractional Shares) may be withheld in payment and (ii) such Non-Employee Director must present evidence acceptable to the Company that he or she has owned a number
of Shares at least equal to the number of Shares to be withheld in payment of the exercise price (and that such owned Shares have not been subject to any substantial risk of forfeiture) for at least
six months prior to the date of exercise. When payment of the Option exercise price is made by the withholding of Shares, the difference, if any, between the aggregate exercise price payable with
respect to the Option being exercised and the Fair Market Value of the Share(s) withheld in payment (plus any applicable taxes) shall be paid by check or wire transfer of funds. No
Non-Employee Director may authorize the withholding of Shares having a Fair Market Value exceeding the aggregate exercise price payable with respect to the Option being exercised. Any
withheld Shares shall no longer be issuable under such Option. 

        F.    Additional Provisions.    

        (i)    Accelerated Expiration of Options Upon Termination of Directorship.    Upon the termination of a
Non-Employee Director's tenure for any reason, each outstanding vested and previously unexercised Option shall expire three months after the date of such termination;  provided that (a) upon the
termination of a Non-Employee Director's tenure as a result of death or Disability, each outstanding
vested and previously unexercised Option shall expire two years after the date of his or her termination as a director, and (b) upon the mandatory retirement of a Non-Employee
Director pursuant to the policies of the Board, each outstanding vested and previously unexercised Option shall expire five years after the date of his or her termination as a director. In no event
shall the provisions of this Section VII.F operate to extend the original expiration date of any Option. 

        (ii)    Sale of the Company.    In the event of a merger of the Company with or into another corporation constituting
a change of control of the Company, a sale of all or substantially all of the Company's assets or a sale of a majority of the Company's outstanding voting securities (a "Sale of the Company"), the
Options may be assumed by the successor corporation or a parent of such successor corporation or substantially equivalent options may be substituted by the successor corporation or a parent of such
successor corporation, and if the successor corporation does not assume the Options or substitute options, then all outstanding and unvested Options shall become 

6

 

immediately
exercisable and all outstanding Options shall terminate if not exercised as of the date of the Sale of the Company (or other prescribed period of time). The Company shall provide at least
30 days prior written notice of the Sale of the Company to the holders of all outstanding Options, which notice shall state whether (a) the Options will be assumed by the successor
corporation or substantially equivalent options will be substituted by the successor corporation, or (b) the Options are thereafter vested and exercisable and will terminate if not exercised as
of the date of the Sale of the Company (or other prescribed period of time). 

        (iii)    Liquidation or Dissolution.    In the event of the liquidation or dissolution of the Company, Options shall
terminate immediately prior to the liquidation or dissolution. 

        G.    Grant of Reload Options.    A Non-Employee Director who exercises all or any portion of an Option
granted under the Plan before June 1, 2004 by the tender or withholding of Shares which have a Fair Market Value equal to not less than 100% of the exercise price for such Options (the
"Exercised Options") shall be granted, subject to Section IV, an additional option (a "Reload
Option") for a number of Shares equal to the sum of the number of Shares tendered or withheld in payment of the exercise price for the Exercised Options. Options granted on and
after June 1, 2004 shall not provide for the grant of a Reload Option upon exercise. 

        Reload
Options shall be subject to the following terms and conditions: 

        (i)    the
grant date for each Reload Option shall be the date of exercise of the Exercised Option to which it relates; 

        (ii)   subject
to clause (iii) below, the Reload Option may be exercised at any time during the unexpired term of the Exercised Option (subject to earlier termination
thereof as provided in the Plan); and 

        (iii)  the
other terms of the Reload Option shall be the same as the terms of the Exercised Option to which it relates and shall be subject to the provisions of the Plan,
except that (a) the option price shall be the Fair Market Value of the Shares on the grant date of the Reload Option, (b) no Reload Option
may be exercised within six months from the grant date thereof, and (c) no other Reload Option shall be granted upon exercise of such Reload Option. 

        H.    Non-Qualified Stock Options.    All Options granted under the Plan shall be
non-qualified options not entitled to special tax treatment under Code Section 422, as may be amended from time to time. 

VIII. Election to Receive Stock in Lieu of Cash Compensation  

        A.    General.    A Non-Employee Director may elect to reduce the cash compensation otherwise payable for
services to be rendered by him or her as a director for any period beginning on June 1 and continuing to the following May 31 (or such other period for which cash compensation is payable
to Non-Employee Directors pursuant to the policies of the Board), beginning June 1, 1996 and to receive in lieu thereof Election Shares as provided in this Section VIII. 

        B.    Election.    By the later of (i) the date of the Company's annual meeting of stockholders next preceding
the June 1 to which such election relates (but in no event less than five business days prior to such June 1) and (ii) such Non-Employee Director's Initial Election
Date, each Non-Employee Director may make an irrevocable election to receive, in lieu of all or a specified percentage (which percentage shall be in 10% increments) of the cash
compensation to which such director would otherwise be entitled as a member of the Board and any committee thereof (including the annual retainer fee and any meeting or other fees payable for services
on the Board or any committee thereof, but excluding any reimbursement for out-of-pocket expenses) for the year beginning the following June 1 (or such other period for
which cash compensation is payable to such Non-Employee Director 

7

 

pursuant
to the policies of the Board), an equivalent value in Election Shares granted in accordance with this Section VIII. An election shall be effective (i) if made in accordance with
clause (i) of the preceding sentence, beginning on the June 1 following such election; and (ii) if made on such Non-Employee Director's Initial Election Date,
immediately. 

        Each
such election shall (i) be in writing in a form prescribed by the Company, (ii) specify the amount of cash compensation to be received in the form of Election Shares
(expressed as a percentage of the compensation otherwise payable in cash), and (iii) be delivered to the Secretary of the Company. Such election may not be revoked or changed thereafter except
as to compensation for services to be
rendered in any 12 month period beginning on any June 1 at least six months following such revocation or new election. 

        C.    Issuance of Common Stock.    If a Non-Employee Director elects pursuant to Section VIII.B
above to receive Election Shares, there shall be issued to such director promptly following each subsequent June 1 for which such election is effective (or promptly following the first day of
such other period for which such election is effective) a number of Election Shares equal to the amount of compensation otherwise payable for the 12 month period beginning on such June 1
(or the other period for which such election is effective) divided by the Fair Market Value of the Election Shares on such June 1 (or on the first day of such other period). To the extent that
the application of the foregoing formula would result in fractional shares of Common Stock being issuable, cash will be paid to the Non-Employee Director in lieu of such fractional
Election Shares based upon the Fair Market Value of such fractional Election Share. 

        D.    Compliance with Exchange Act.    The election to receive Election Shares is intended to comply in all respects
with Rule 16b-3(d)(1) promulgated under Section 16(b) of the Exchange Act such that the issuance of Election Shares under the Plan on a grant date occurring at least six
months after the election shall be exempt from Section 16(b) of the Exchange Act. 

        E.    Grant Date.    The grant date for each Election Share for the Non-Employee Director electing such
option shall be the first day of the period to which such election relates and is effective. 

IX.   Miscellaneous Provisions.  

        A.    Rights of Non-Employee Directors.    No Non-Employee Director shall be entitled under
the Plan to voting rights, dividends or other rights of a stockholder prior to the issuance of Common Stock. 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. 

        B.    Limitations on Transfer and Exercise.    All Options granted under the Plan shall not be transferable by the
Non-Employee Director, other than by will or the laws of descent and distribution or pursuant to a qualified domestic relations order, as defined by Section 1  et seq, of the Code, Title I of
ERISA or the rules and regulations thereunder, and shall be exercisable during the Non-Employee
Director's lifetime only by such Non-Employee Director or by such Non-Employee Director's guardian or other legal representative; provided,
however, that the vested portions of Options may be transferred by the Non-Employee Director during his lifetime to (a) any member of his immediate family,
(b) to a trust established for the exclusive benefit of himself or one or more members of his immediate family, or (c) to a partnership, the partners of which are limited to the
Non-Employee Director and members of his immediate family. A transfer of an Option pursuant to this paragraph may only be effected by the Company at the written request of a
Non-Employee Director and shall become effective only when recorded in the Company's record of outstanding Options. In the event an Option is transferred as contemplated in this paragraph,
any Reload Options associated with such transferred Option shall terminate, and such transferred Option may not be subsequently transferred by the transferee except by will or the laws of descent and
distribution. Otherwise, a transferred Option shall continue to be governed by and subject to the terms and limitations of the Plan and the relevant grant, and the 

8

 

transferee
shall be entitled to the same rights as the Non-Employee Director, as if no transfer had taken place. As used in this paragraph, "immediate family" shall mean, with respect to
any person, his/her spouse, any child, stepchild or grandchild, and shall include relationships arising from legal adoption. 

        C.    Compliance with Laws.    No shares of Common Stock shall be issued hereunder unless counsel for the Company
shall be satisfied that such issuance will be in compliance with applicable federal, state, local and foreign securities, securities exchange and other applicable laws and requirements. Each Share
delivered pursuant to Section VI or granted pursuant to Section VIII and each Option granted pursuant to Section VII shall be subject to the requirement that if at any time the
Committee shall determine, in its discretion, that the listing, registration or qualification of the Shares delivered, granted or subject to the Option upon any securities exchange or under any state
or federal securities or other law or regulation, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition to or in connection with the granting or
delivery of such Share, such Option or the issuance or purchase of Shares thereunder, no such Share may be issued or delivered and no Option may be exercised or paid in Common Stock, in whole or in
part, unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee. The holder of an RSU, Share or
Option will supply the Company with such certificates, representations and information as the Company shall request and shall otherwise cooperate with the Company in obtaining such listing,
registration, qualification, consent or approval. The Committee may at any time impose any limitations upon the delivery of a Share pursuant to an RSU, the sale of a Share or the exercise of an Option
or the sale of the Shares delivered pursuant to an RSU or issued upon exercise of an Option that, in the Committee's discretion, are necessary or desirable in order to comply with Section 16(b)
of the Exchange Act and the rules and regulations thereunder. The Committee may at any time impose additional limitations, or may amend or delete the existing limitations, upon the exercise of Options
by the tender or withholding of Shares in accordance with Section VII.E (including an amendment or deletion of the related ownership period for Shares specified in such Section), if such
additional, amended or deleted limitations are necessary, desirable or no
longer required (as the case may be) to remain in compliance with applicable accounting pronouncements relating to the treatment of the plan as a fixed plan for accounting purposes. 

        D.    Payment of Withholding Tax.    Whenever Shares are to be delivered pursuant to Section VI or issued
pursuant to Section VIII of the Plan or upon exercise of Options issued pursuant to Section VII of the Plan, the Company shall be entitled to require as a condition of delivery
(i) that the participant remit an amount sufficient to satisfy all federal, state and local withholding tax requirements related thereto, (ii) the withholding of Shares due to the
participant under the Plan with a Fair Market Value equal to such amount, or (iii) any combination of the foregoing. 

        E.    Expenses.    The expenses of the Plan shall be borne by the Company and its Subsidiaries. 

        F.    Deemed Acceptance, Ratification and Consent.    By accepting any Common Stock hereunder or other benefit under
the Plan, each Non-Employee Director and each person claiming under or through him or her shall be conclusively deemed to have indicated his or her acceptance and ratification of, and
consent to, any action taken under the Plan by the Company, the Board or the Committee. 

        G.    Securities Act Registration.    The Company shall use its best efforts to cause to be filed under the Securities
Act of 1933, as amended, a registration statement covering the Shares issued, and issuable upon delivery of Shares pursuant to RSUs and exercise of Options granted, under the Plan. 

        H.    Governing Law.    The provisions of the Plan shall be governed by and construed in accordance with the laws of
the State of Delaware. 

        I.    Election Shares.    Pending the grant of Election Shares hereunder, all compensation earned by a
Non-Employee Director with respect to which an election to receive the grant of Election Shares 

9

 

pursuant
to Section VIII.B has been made shall be the property of such director and shall be paid to him or her in cash in the event that Election Shares are not granted by the Company
hereunder. 

        J.    Headings; Construction.    Headings are given to the sections of the Plan solely as a convenience to facilitate
reference. Such headings, numbering and paragraphing shall not in any case be deemed in any way material or relevant to the construction of the Plan or any provisions hereof. The use of the singular
shall also include within its meaning the plural, where appropriate, and vice versa. 

X.    This section intentionally left blank.  

XI.   Amendment.  

        The Plan may be amended at any time and from time to time by resolution of the Board as the Board shall deem advisable;  provided,
however, that no amendment shall become effective without stockholder approval if such
stockholder approval is required by law, rule or regulation. No amendment of the Plan shall materially and adversely affect any right of any participant with respect to any Options, Shares or RSUs
theretofore granted under the Plan without such participant's written consent, except for any modifications required to maintain compliance with any federal or state statute or regulation. 

XII. Termination.  

        The Plan shall terminate upon the earlier of the following dates or events to occur: 

        (i)    upon
the adoption of a resolution of the Board terminating the Plan; and 

        (ii)   ten
years from the date the Plan is initially approved and adopted by the stockholders of the Company in accordance with Article XIII. 

        Except
as specifically provided herein, no termination of the Plan shall materially and adversely affect any of the rights or obligations of any person without his or her consent with
respect to any Options, Shares or RSUs theretofore granted under the Plan. 

XIII. Stockholder Approval and Adoption.  

        The Plan was originally adopted by the Board on March 12, 1996 and was approved and adopted at a meeting of the stockholders of the Company held on
May 21, 1996. The Plan was amended and restated by the Board at meetings held on November 12, 1996, August 14, 1997 and, in connection with a 2-for-1 stock
split in the form of a dividend, effective as of July 2, 1998. The Plan was further amended and restated by the Board at meetings held on November 10, 1998, on September 18, 2000,
effective as of June 1, 2001 and on September 8, 2003 effective as of June 1, 2004. Until June 1, 2004, the Plan as amended and restated on September 18, 2000,
effective as of June 1, 2001 remained in effect. The Plan was further amended and restated by the Board at meetings held on November 9, 2004 and September 10, 2006. 

10Exhibit 10.34  

THE ALLSTATE CORPORATION

2006 EQUITY COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS
  As Amended and Restated effective as of February 20, 2007 

ARTICLE I. Establishment, Purpose and Duration  

        Section 1.1.    Establishment of the Plan.    The Allstate Corporation, a Delaware corporation (hereinafter
referred to as the "Company"), hereby establishes an equity compensation plan for non-employee directors, to be known as "The Allstate
Corporation 2006 Equity Compensation Plan for Non-Employee Directors" (hereinafter referred to as the "Plan"), as set forth in this
document. The Plan permits the grant of Stock Options, Election Shares, Stock, Restricted Stock, and Restricted Stock Units to Non-Employee Directors of the Company. 

        Section 1.2.    Purpose of the Plan.    The purpose of the Plan is to promote the success and enhance the value
of the Company by linking the personal interests of members of the Company's Board of Directors (the "Board") to those of Company stockholders and
customers. The Plan is further intended to assist the Company in its ability to motivate, attract and retain highly qualified individuals to serve as directors of the Company. 

        Section 1.3.    Duration of the Plan.    The Plan shall become effective when approved by the stockholders at
the 2006 Annual Meeting of Stockholders on May 16, 2006 (the "Effective Date") and shall remain in effect, subject to the right of the Board to
terminate the Plan at any time pursuant to Article X herein, until all shares of Stock subject to the Plan shall have been purchased or acquired according to the Plan's provisions. 

ARTICLE II. DEFINITIONS  

        Whenever used in the Plan, the following terms shall have the meanings set forth below and, when such meaning is intended, the initial letter of the word is
capitalized: 

        Section 2.1.     "Award" means, individually or collectively, a grant under the Plan of Stock Options,
Election Shares, Stock, Restricted Stock, and Restricted Stock Units or any other type of award permitted under Article IX. 

        Section 2.2.     "Award Agreement" means an agreement setting forth the terms and provisions applicable to
an Award granted to a Participant under the Plan. 

        Section 2.3.     "Board" shall have the meaning set forth in Section 1.2 herein. 

        Section 2.4.     "Code" means the Internal Revenue Code of 1986, as amended from time to time. 

        Section 2.5.     "Committee" means the Company's Nominating and Governance Committee or such other committee
as the Board shall select. 

        Section 2.6.     "Company" shall have the meaning set forth in Section 1.1 herein, or any successor
to the Company as provided in Article XI herein. 

        Section 2.7.     "Disability" means a medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period of not less than 12 months which, in the opinion of the Committee, renders a Participant unable to engage in any
substantial gainful activity. 

        Section 2.8.     "Dividend Equivalent" means, with respect to shares of Stock subject to an Award, a right
to be paid an amount equal to cash dividends declared on an equal number of outstanding shares of Stock. 

        Section 2.9.     "Effective Date" shall have the meaning set forth in Section 1.3 herein. 

 

        Section 2.10.     "Election Shares" means any shares of Stock issued to a Non-Employee Director
pursuant to the election of such person to receive such shares of Stock in lieu of cash compensation made in accordance with Section 8.2 herein. 

        Section 2.11.     "Exchange Act" means the Securities Exchange Act of 1934, as amended from time to time, or
any successor act thereto. 

        Section 2.12.     "Exercise Period" means the period during which a Stock Option is exercisable, as set
forth in the related Award Agreement. 

        Section 2.13.     "Fair Market Value" means 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. 

        Section 2.14.     "Family Member" means any spouse, child, stepchild or grandchild, including adoptive
relationships; a trust in which these persons have more than fifty (50) percent of the beneficial interest; a foundation in which these persons (or the Non-Employee Director)
control the management of assets; and any other entity in which these persons (or the Non-Employee Director) own more than fifty (50) percent of the voting interests. 

        Section 2.15.     "Non-Employee Director" means each member of the Board who is not an officer
or employee of the Company or any of its Subsidiaries. 

        Section 2.16.     "Option Exercise Price" means the price at which a share of Stock may be purchased by a
Participant pursuant to a Stock Option, as determined by the Committee and set forth in the applicable Award Agreement. 

        Section 2.17.     "Participant" means a Non-Employee Director who has an outstanding Award
granted under the Plan. 

        Section 2.18.     "Period of Restriction" means the period during which Restricted Stock or Restricted Stock
Units are subject to transfer and/or forfeiture restrictions, as provided in Article VII herein. 

        Section 2.19.     "Plan" shall have the meaning set forth in Section 1.1 herein. 

        Section 2.20.     "Restricted Stock" means an Award of shares of Stock granted to a Participant pursuant to
Article VII herein. Delivery of Restricted Stock shall be effected by either (i) a stock certificate or certificates or (ii) book-entry form, in an appropriate number
of shares of Stock based upon the number of shares of Restricted Stock issued. 

        Section 2.21.     "Restricted Stock Unit" means a contractual right to acquire a share of Stock pursuant to
an Award granted to a Participant as provided in Article VII herein. 

        Section 2.22.     "Section 409A" shall have the meaning set forth in Section 12.5 herein. 

        Section 2.23.     "Securities Act" means the Securities Act of 1933, as amended. 

        Section 2.24.     "Stock" means the common stock, $.01 par value, of the Company. 

        Section 2.25.     "Stock Option" means an option to purchase shares of Stock, granted under
Article VI herein. 

ARTICLE III. Administration  

        Section 3.1.    The Committee.    The Plan shall be administered by the Committee. 

        Section 3.2.    Authority of the Committee.    The Committee shall have full power except as limited by law,
the Articles of Incorporation or the Bylaws of the Company, subject to such other restricting limitations or directions as may be imposed by the Board and subject to the provisions herein, to 

2

 

recommend
to the full Board the size and types of Awards and the terms and conditions of such Awards, in a manner consistent with the Plan; to construe and interpret the Plan and any agreement or
instrument entered into under the Plan; to establish, amend or waive rules and regulations for the Plan's administration; to recommend the amendment of the terms and conditions of any outstanding
Award; and to authorize any action of or make any determination by the Company as the Committee shall deem necessary or advisable for carrying out the purposes of the Plan;  provided, however, that the terms and conditions of any outstanding Award shall not be amended so as to
adversely affect in any material way such Award without the written consent of the Participant holding such Award (or if the Participant is not then living, the Participant's personal representative
or estate), unless such amendment is required by applicable law. Further, the Committee shall interpret and make all other determinations which may be necessary or advisable for the administration of
the Plan. As permitted by law, the Committee may delegate its authorities as identified hereunder. 

        Section 3.3.    Delivery of Stock by Company; Restrictions on Stock.    Notwithstanding any other provision of
the Plan, the Company shall have no liability to deliver any shares of Stock or benefits under the Plan unless such delivery would comply with all applicable laws (including, without limitation, the
Code, the Securities Act and the Exchange Act) and applicable requirements of any securities exchange or similar entity. The Committee may recommend that the Board impose such restrictions on any
shares of Stock acquired under the Plan as it may deem advisable, including, without limitation, restrictions to comply with applicable Federal securities laws, with the requirements of any stock
exchange or market upon which such Stock is then listed and/or traded and with any blue sky or state securities laws applicable to such Stock. 

        Section 3.4.    Approval.    The Committee or the full Board shall approve all Awards made under the Plan and
all elections made by Participants, prior to their effective date, to the extent necessary to comply with Rule 16b-3 under the Exchange Act. 

        Section 3.5.    Decisions Binding.    All determinations and decisions made by the Committee pursuant to the
provisions of the Plan and all related orders or resolutions of the Board shall be final, conclusive and binding on all persons, including the Company, its stockholders, Participants and their
estates. No member of the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any Award. 

        Section 3.6.    Costs.    The Company shall pay all costs of administration of the Plan. 

ARTICLE IV. STOCK SUBJECT TO THE PLAN  

        Section 4.1.    Number of Shares.    Subject to Section 4.2 herein, the maximum number of shares of
Stock that may be issued pursuant to Awards under the Plan shall be 600,000. Shares of Stock underlying lapsed or forfeited Awards of Restricted Stock shall not be treated as having been issued
pursuant to an Award under the Plan. Shares of Stock that are potentially deliverable under an Award that expires or is cancelled, forfeited, settled in cash or otherwise settled without delivery of
shares of Stock shall not be treated as having been issued under the Plan. Shares of Stock that are tendered or withheld to satisfy the Option Exercise Price related to a Stock Option or other Award
shall be deemed to be shares of Stock issued under the Plan. Shares of Stock issued pursuant to the Plan may be (i) authorized but unissued shares of Stock, (ii) treasury stock, or
(iii) shares purchased on the open market. 

        Section 4.2.    Adjustments in Authorized Stock and Awards.    In the event of any equity restructuring (within
the meaning of Financial Accounting Standards No. 123 (revised 2004)) that causes the per share value of shares of Stock to change, such as a stock dividend, stock split, spin off, rights
offering, or recapitalization through a large, nonrecurring cash dividend, the Committee shall cause there to be made an equitable adjustment to the number and kind of shares that may be issued under
the Plan and to the number and kind of shares or units subject to and the exercise price (if 

3

 

applicable)
of any then outstanding Awards of Stock Options, Restricted Stock, Restricted Stock Units or any other Awards related to shares of Stock (to the extent such other Awards would not
otherwise automatically adjust in the equity restructuring). In the event of any other change in corporate capitalization, such as a merger, consolidation, any reorganization (whether or not such
reorganization comes within the definition of such term in Section 368 of the Code) or any partial or complete liquidation of the Company, such equitable adjustments described in the foregoing
sentence shall be made as may be determined to be appropriate and equitable by the Board upon recommendation of the Committee to prevent dilution or enlargement of rights. In either case, any such
adjustment shall be conclusive and binding for all purposes of the Plan. Unless otherwise determined by the Board upon recommendation of the Committee, the number of shares of Stock subject to an
Award shall always be a whole number. In no event shall an outstanding Stock Option be amended for the sole purpose of reducing the Option Exercise Price thereof. 

ARTICLE V. ELIGIBILITY AND PARTICIPATION  

        Section 5.1.    Eligibility and Participation.    Subject to the provisions of the Plan, the Committee may,
from time to time, recommend to the full Board the Non-Employee Directors to whom Awards shall be granted and shall determine the nature and amount of each Award. 

ARTICLE VI. STOCK OPTIONS  

        Section 6.1.    Grant of Stock Options.    Subject to the terms and conditions of the Plan, Stock Options may
be granted to a Non-Employee Director at any time and from time to time, as shall be determined by the Board upon recommendation of the Committee. The Committee shall recommend to the full
Board the number of shares of Stock subject to Stock Options granted to each Participant (subject to Article IV herein) and, consistent with the provisions of the Plan, terms and conditions
pertaining to such Stock Options. 

        (a)    Dividend Equivalents and Other Distributions.    The Committee shall recommend to the full Board whether and to
what extent any Participant shall be entitled to Dividend Equivalents and/or other distributions paid with respect to Stock Options, provided that any such right shall be evidenced by an Award
Agreement containing terms and conditions that are consistent with the provisions of Section 409A and applicable guidance promulgated thereunder. 

        Section 6.2.    Stock Option Award Agreement.    Each Stock Option grant shall be evidenced by an Award
Agreement that shall specify the Option Exercise Price, the term of the Stock Option (which shall not be greater than ten years), the number of shares of Stock to which the Stock Option pertains, the
Exercise Period and such other provisions as the Board shall determine upon recommendation of the Committee. The Option Exercise Price shall not be less than 100% of the Fair Market Value of the Stock
on the date of grant. 

        (a)    Vesting.    Except as otherwise recommended by the Committee to the full Board and set forth in the applicable
Award Agreement evidencing a Stock Option, each Stock Option shall vest in three installments as follows: (i) on each of the first and second anniversaries of the date of grant, as to
one-third of the shares of Stock subject to such Stock Option (with any resulting fractional share rounded to the nearest whole share) and (ii) on the third anniversary of the date
of grant, as to the remaining unvested portion of such Stock Option. 

        Section 6.3.    Exercise of and Payment for Stock Options.    Stock Options granted under the Plan shall be
exercisable at such times and shall be subject to such restrictions and conditions as the Board shall in each instance approve upon recommendation of the Committee and set forth in the Award
Agreement. Without limiting the generality of the foregoing, a Participant may exercise a Stock Option at any time during the Exercise Period. Stock Options shall be exercised by the delivery of a
written 

4

 

notice
of exercise to the Company or its designee, setting forth the number of shares of Stock with respect to which the Stock Option is to be exercised, accompanied by provision for full payment of
the Stock. The Option Exercise Price shall be payable: (i) in cash or its equivalent, (ii) by tendering (by actual delivery of shares or by attestation) previously acquired shares of
Stock having an aggregate Fair Market Value at the time of exercise equal to the total Option Exercise Price, (iii) by broker-assisted cashless exercise, (iv) by share withholding or
(v) by a combination of (i), (ii), (iii) and/or (iv). As soon as practicable after receipt of a written notification of exercise of a Stock Option and provisions for full payment
therefor, the Company shall (a) deliver to the Participant, in the Participant's name or the name of the Participant's designee, a stock certificate or certificates in an appropriate aggregate
amount based upon the number of shares of Stock purchased under the Stock Option, or (b) cause to be issued in the Participant's name or the name of the Participant's designee, in
book-entry form, an appropriate number of shares of Stock based upon the number of shares of Stock purchased under the Stock Option. 

        Section 6.4.    Termination of Director Status.    Except as otherwise recommended by the Committee to the full
Board and set forth in the applicable Award Agreement evidencing a Stock Option, the provisions of this Section 6.4 related to vesting and exercise of Stock Options shall apply. 

        (a)    Vesting.    Upon a Non-Employee Director's mandatory retirement pursuant to the policies of the
Board, the unvested portions of any outstanding Stock Options held by such Non-Employee Director shall fully vest. Upon the termination of a Non-Employee Director's tenure for
any other reason, the unvested portions of any outstanding Stock Options shall expire and no Stock Options granted to such Non-Employee Director shall vest after the termination of such
Non-Employee Director's tenure on the Board. 

        (b)    Exercise Period.    Upon the termination of the Non-Employee Director's position on the Board of
the Company for any reason, each outstanding vested and previously unexercised Stock Option shall expire three months after the date of such termination;  provided that (a) upon the termination of a
Participant's position on the Board as a result of death or Disability, each outstanding vested and
previously unexercised Stock Option shall expire two years after the date of his or her termination as a Non-Employee Director; and (b) upon the mandatory retirement of a
Participant pursuant to the policies of the Board, each outstanding vested and previously unexercised Stock Option shall expire five years after the date of his or her termination as a
Non-Employee Director. In no event shall the provisions of this Section 6.4 operate to extend the original expiration date of any Stock Option. 

        Section 6.5    Transferability of Options.    Except as otherwise recommended by the Committee to the full
Board and set forth in the applicable Award Agreement, all Stock Options granted to a Participant under the Plan shall be exercisable during his or her lifetime only by such Participant or by such
Participant's guardian or other legal representative, and no Stock Option granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will
or by the laws of descent and distribution; provided, however, that the vested portions of Stock Options may be transferred by the Participant during his lifetime to any Family Member. A transfer of a
Stock Option pursuant hereto may only be effected by the Company at the written request of a Participant and shall become effective only when recorded in the Company's record of outstanding Stock
Options. In the event a Stock Option is transferred as contemplated herein, such transferred Stock Option may not be subsequently transferred by the transferee except by will or the laws of descent
and distribution. Otherwise, a transferred Stock Option shall continue to be governed by and subject to the terms and limitations of the Plan and the relevant Award Agreement, and the transferee shall
be entitled to the same rights as the Participant, as if no transfer had taken place. In no event shall a Stock Option be transferred for consideration. 

5

 

        Section 6.6.    Change of Control.    In the event of a change of control of the Company, as defined by the
Board, the Stock Options may be assumed by the successor corporation or a parent of such successor corporation or substantially equivalent Stock Options may be substituted by the successor corporation
or a parent of such successor corporation, and if the successor corporation does not assume the Stock Options or substitute options, then all outstanding and unvested Stock Options shall become
immediately exercisable and all outstanding Stock Options shall terminate if not exercised as of the date of the change of control (or other prescribed period of time). The Company shall provide at
least 30 days prior written notice of the change of control to the holders of all outstanding Stock Options, which notice shall state whether (a) the Stock Options will be assumed by the
successor corporation or substantially equivalent stock options will be substituted by the successor corporation, or (b) the Stock Options are thereafter vested and exercisable and will
terminate if not exercised as of the date of the change of control (or other prescribed period of time). 

ARTICLE VII. RESTRICTED STOCK AND RESTRICTED STOCK UNITS  

        Section 7.1.    Grant of Restricted Stock and Restricted Stock Units.    Subject to the terms and conditions of
the Plan, Restricted Stock and/or Restricted Stock Units may be granted to a Non-Employee Director at any time and from time to time, as shall be determined by the Board upon
recommendation of the Committee. The Committee shall recommend to the full Board the number of shares of Restricted Stock and/or Restricted Stock Units granted to each Participant (subject to
Article IV herein) and, consistent with the provisions of the Plan, the terms and conditions pertaining to such Awards. 

        (a)    Dividends, Dividend Equivalents and Other Distributions.    The Committee shall recommend to the full Board
whether and to what extent any Participant shall be entitled to cash dividends, Dividend Equivalents and/or other distributions paid with respect to Restricted Stock and Restricted Stock Units,
provided that any such right shall be evidenced by an Award Agreement containing terms and conditions that are consistent with the provisions of Section 409A and applicable guidance promulgated
thereunder. 

        Section 7.2.    Restricted Stock/Restricted Stock Unit Award Agreement.    Each grant of Restricted Stock
and/or Restricted Stock Units grant shall be evidenced by an Award Agreement that shall specify the number of shares of Restricted Stock and/or Restricted Stock Units granted, the Period or Periods of
Restriction, the conditions upon which Restricted Stock and/or Restricted Stock Units shall no longer be forfeitable, and such other provisions as recommended by the Committee. 

        Section 7.3.    Transferability.    Restricted Stock and Restricted Stock Units granted hereunder may not be
sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction recommended by the Committee and specified in the Award Agreement.
During the applicable Period of Restriction, all rights with respect to the Restricted Stock and Restricted Stock Units granted to a Participant under the Plan shall be available during his or her
lifetime only to such Participant or his or her legal representative. 

        Section 7.4.    Restricted Stock Certificates.    The Company shall have the right to retain the certificates
(if any) representing Restricted Stock in the Company's possession until such time as all restrictions applicable to such shares have been satisfied. 

        Section 7.5.    Forfeiture Restriction.    Restricted Stock shall become freely transferable and no longer
subject to forfeiture after the last day of the Period of Restriction applicable thereto. Unless otherwise determined by the Board upon recommendation of the Committee, the Period of Restriction
applicable to Restricted Stock and Restricted Stock Units shall lapse upon the earlier of (i) the date of the Non-Employee Director's death or Disability and (ii) the first
anniversary of the date on which the Non-Employee Director is no longer serving on the Board. Payment of vested Restricted Stock Units shall be made following the close of the Period of
Restriction. Once Restricted Stock is released from 

6

 

the
restrictions, the Participant shall be entitled to receive a stock certificate. The Board, upon recommendation of the Committee, may determine whether payment of Restricted Stock Units shall be in
cash or shares of Stock (or a combination thereof), which have an aggregate Fair Market Value equal to the value of the Restricted Stock Units at the close of the applicable Period of Restriction.
Delivery of Stock shall be effected by either (a) delivery to the Participant, in the Participant's name or the name of the Participant's designee, a stock certificate or certificates in an
appropriate aggregate amount based upon the number of shares of Stock underlying the Restricted Stock Units, or (b) book-entry form, in an appropriate number of shares of Stock
based upon the number of shares of Stock underlying the Restricted Stock Units. 

        Section 7.6.    Voting Rights.    Unless otherwise recommended by the Committee to the full Board and set forth
in the applicable Award Agreement, during the Period of Restriction, Participants may exercise full voting rights with respect to the Restricted Stock. 

        Section 7.7.    Change of Control.    In the event of a change of control of the Company, as defined by the
Board, the Restricted Stock Units may be assumed by the successor corporation or a parent of such successor corporation or substantially equivalent restricted stock units may be substituted by the
successor corporation or a parent of such successor corporation, and if the successor corporation does not assume the Restricted Stock Units or substitute restricted stock units, then all outstanding
Restricted Stock Units shall immediately be payable in Stock upon consummation of the change of control. The Company shall provide at least 30 days prior written notice of the change of control
to the holders of all outstanding Restricted Stock Units, which notice shall state whether (a) the Restricted Stock Units will be assumed by the successor corporation, or (b) the
Restricted Stock Units are immediately payable upon consummation of the change of control. 

7

   ARTICLE VIII. ELECTION TO RECEIVE STOCK IN LIEU OF CASH COMPENSATION  

        Section 8.1.    General.    In lieu of receiving the cash compensation, including annual and committee retainer
fees (collectively, the "Annual Retainer Fees"), payable for services to be rendered by a Non-Employee Director for any period beginning on June 1 and continuing to the following
May 31 (or such other period for which cash compensation is payable to Non-Employee Directors pursuant to the policies of the Board), a Non-Employee Director may make a
written irrevocable election to reduce the Annual Retainer Fees by a specified percentage (which percentage shall be in ten percent increments) and receive an equivalent value in Election Shares
granted in accordance with this Article VIII. 

        Section 8.2.    Election.    The election shall be made on a form prescribed by the Committee and must be
returned to the Committee or its designee no later than five business days prior to the period for which the election is to be effective. The election form shall state the amount of cash compensation
to be received in the form of Election Shares (expressed as a percentage of the cash compensation otherwise payable in cash). Such election shall remain in effect until revoked or changed for any
subsequent period. 

        Section 8.3.    Issuance of Election Shares.    If a Non-Employee Director elects pursuant to
Section 8.2 above to receive Election Shares, there shall be issued to such Director on the first day of the period to which such election relates and is effective, a number of Election Shares
equal to the amount of compensation otherwise payable divided by the Fair Market Value of the Election Shares. Cash will be paid to the Non-Employee Director in lieu of any fractional
Election Shares based upon the Fair Market Value of such fractional Election Share. 

ARTICLE IX. STOCK AND OTHER AWARDS  

        Section 9.1.    Stock Awards.    The Board, upon recommendation of the Committee, shall have the right to issue
Stock free of any forfeiture or transferability restrictions. 

        Section 9.2.    Other Awards.    The Board, upon recommendation of the Committee, shall have the right to grant
other Awards and determine the manner and timing of payment under or settlement of any such Awards. 

        (a)    Dividends, Dividend Equivalents and Other Distributions.    The Committee shall recommend to the full Board
whether and to what extent any Participant shall be entitled to cash dividends, Dividend Equivalents and/or other distributions paid with respect to such other Awards, provided that any such right
shall be evidenced by an Award Agreement containing terms and conditions that are consistent with the provisions of Section 409A and applicable guidance promulgated thereunder. 

ARTICLE X. AMENDMENT, MODIFICATION AND TERMINATION  

        Section 10.1.    The
Board may, at any time and from time to time, alter, amend, suspend or terminate the Plan, in whole or in part,  provided that no amendment shall be made which shall increase the total number of shares
of Stock that may be issued under the Plan, materially modify
the requirements for participation in the Plan, or materially increase the benefits accruing to Participants under the Plan, in each case unless such amendment is approved by the stockholders of the
Company. The Plan was amended and restated by the Board at a meeting held on September 10, 2006. 

8

 

ARTICLE XI. SUCCESSORS  

        Section 11.1.    All
obligations of the Company under the Plan, with respect to Awards granted hereunder, shall be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise of all or substantially all of the business and/or assets of the Company. 

ARTICLE XII. GENERAL PROVISIONS  

        Section 12.1.    Gender and Number.    Except where otherwise indicated by the context, any masculine term used
herein also shall include the feminine, the plural shall include the singular and the singular shall include the plural. 

        Section 12.2.    Severability.    In the event any provision of the Plan shall be held illegal or invalid for
any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

        Section 12.3.    Requirements of Law.    The granting of Awards and the issuance of Stock under the Plan shall
be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 

        Section 12.4.    Governing Law.    To the extent not preempted by Federal law, the Plan, and all agreements
hereunder, shall be construed in accordance with, and governed by, the laws of the State of Delaware, except with regard to conflicts of law provisions. 

        Section 12.5.    Code Section 409A Compliance.    To the extent applicable, it is intended that this
Plan and any Awards granted hereunder comply with the requirements of Section 409A of the Code and any related regulations or other guidance promulgated with respect to such Section by the U.S.
Department of the Treasury or the Internal Revenue Service ("Section 409A"). Any provision that would cause the Plan or any Award granted
hereunder to fail to satisfy Section 409A shall have no force or effect until amended to comply with Section 409A, which amendment may be retroactive to the extent permitted by
Section 409A. 

        Section 12.6.    Rights of Board Members.    Nothing in this Plan shall interfere with or limit in any way the
rights of stockholders of the Company or the Board to elect or remove members of the Board at any time or confer upon any Participant any right to continue as a member of the Board. 

        Section 12.7.    No Right to Specific Assets.    Nothing contained in the Plan and no action taken pursuant to
the Plan shall create or be construed to create a trust of any kind or any fiduciary relationship between the Company and any Participant, the executor, administrator or other personal representative
or designated beneficiary of such Participant, or any other persons. To the extent that any Participant or his executor, administrator, or other personal representative, as the case may be, acquires a
right to
receive any benefit from the Company pursuant to the Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. 

        Section 12.8.    Rights as a Stockholder.    A Participant shall have no rights as a stockholder with respect
to any Stock until he shall have become the holder of record of such Stock. 

9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]