Document:

Restricted Share Award Agreement

 Exhibit 10.49 
 STATE AUTO FINANCIAL CORPORATION 
 RESTRICTED SHARE AWARD AGREEMENT 
 UNDER THE 
 AMENDED AND RESTATED EQUITY INCENTIVE COMPENSATION PLAN 
 The Compensation Committee of State Auto Financial Corporation, an Ohio corporation (the “Company”), hereby
awards to Robert P. Restrepo, Jr. (“Mr. Restrepo”) 10,500 common shares (the “Restricted Shares”), without par value, of the Company (the “Shares”). The Restricted Shares are
awarded pursuant to the terms of the Company’s Amended and Restated Equity Incentive Compensation Plan (the “Plan”) and shall be subject to all of the provisions of the Plan, which are hereby incorporated herein by
reference, and shall be subject to the following provisions of this agreement. Capitalized terms used in this agreement which are not otherwise defined herein shall have the meanings ascribed to such terms in the Plan. 
  

	 	§1.	 Award of Restricted Shares.    The Restricted Shares are awarded to Mr. Restrepo in connection with, and as additional
consideration for, his employment by the Company. The “Award Date” of the Restricted Shares shall be March 2, 2006, the same date as Mr. Restrepo’s employment agreement with the Company. The purchase price for
the Restricted Shares shall be zero. Following the execution and delivery of this agreement by Mr. Restrepo, the Company shall cause a share certificate evidencing the Restricted Shares to be issued in Mr. Restrepo’s name (the
“Share Certificate”). 

  

	 	§2.	 Forfeiture.    The Restricted Shares shall be forfeited to the Company if Mr. Restrepo’s employment with the Company
terminates for any reason prior to March 2, 2009 (the “Lapse Date”), or if Mr. Restrepo violates any provision of this agreement. 

  

	 	§3.	 Transfer Restrictions.    None of the Restricted Shares, nor any beneficial interest therein, shall be sold, assigned, pledged or
otherwise transferred, voluntarily or involuntarily, prior to the Lapse Date. Thereafter, the Restricted Shares may be transferred only in compliance with all applicable federal and state securities laws. Any transfer or attempted transfer in
violation of the foregoing restrictions shall be null and void. 

  

	 	§4.	 Acceptance of Award.    The award of the Restricted Shares must be accepted by Mr. Restrepo within 30 days after the Award Date
by executing this agreement. Mr. Restrepo shall not have any rights with respect to the Restricted Shares awarded under this agreement unless and until Mr. Restrepo has executed this agreement, delivered a fully executed copy thereof to
the Secretary of the Company, and otherwise complied with the applicable terms and conditions of the award of the Restricted Shares. 

  

	 	§5.	 Rights As Shareholder.    Subject to the terms of this agreement, on and after the issuance of the Share Certificate to
Mr. Restrepo, Mr. Restrepo shall have all of the rights of a shareholder of the Company with respect to the Restricted Shares, including the right to vote the 

	 	 
Restricted Shares and the right to receive any dividends or other distributions with respect to the Restricted Shares, but subject, however, to the
restrictions on transfer set forth in this agreement. 

  

	 	§6.	 Escrow of Shares.    The Share Certificate shall be held by the Company, together with a stock power endorsed in blank, which shall be
executed by Mr. Restrepo concurrently with his execution of this agreement, until the earlier of the Lapse Date or the termination of Mr. Restrepo’s employment with the Company. If the Restricted Shares are forfeited to the Company
under §2, above, then the Company shall cause the Restricted Shares to be transferred to the Company. If the Restricted Shares are not forfeited to the Company, then the Company shall deliver the Share Certificate and stock power to
Mr. Restrepo. 

  

	 	§7.	 Tax Consequences.    Mr. Restrepo understands that he (and not the Company) shall be responsible for his own federal, state,
local or foreign tax liability and any of his other tax consequences that may arise as a result of the transactions contemplated by this agreement, including without limitation filing an election under Section 83(b) of the Internal Revenue Code
of 1986, as amended (the “83(b) Election”), if he deems it to be appropriate. Mr. Restrepo shall rely solely on the determinations of his tax advisors or his own determinations, and not on any statements or
representations by the Company or any of its agents, with regard to all such tax matters. Mr. Restrepo shall notify the Company in writing if Mr. Restrepo files the 83(b) Election with the Internal Revenue Service within 30 days from the
date of his execution of this agreement. The Company intends, in the event it does not receive from Mr. Restrepo evidence of the 83(b) Election filing by Mr. Restrepo, to claim a tax deduction for any amount which would be taxable to
Mr. Restrepo in the absence of such an election. If the Company is required to withhold or pay any taxes with respect to the issuance or vesting of the Restricted Shares, Mr. Restrepo shall pay to the Company the amount of such required
withholding or payment promptly following the Company’s request. 

  

	 	§8.	 Compliance with Securities Laws.    No Restricted Shares shall be deliverable under this agreement or the Plan except in compliance
with all applicable federal and state securities laws and regulations. The Company may require Mr. Restrepo (a) to represent and warrant to and agree with the Company in writing that Mr. Restrepo is acquiring the Restricted Shares
without a view to distribution thereof, and (b) to make such additional representations, warranties and agreements with respect to the investment intent of Mr. Restrepo as the Company may reasonably request. 

[Remainder of page intentionally blank] 
  

 2 

 The Share Certificate shall be subject to such stop-transfer orders and other
restrictions as the Company may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Shares are then listed, and any applicable federal or state securities
laws, and the Company may cause a legend or legends to be put on the Share Certificate to make appropriate reference to such restrictions. 
  

			
	STATE AUTO FINANCIAL CORPORATION
		
	By:	 	 /S/ DAVID J. D’ANTONI        
		 	     David J. D’Antoni, Chair of the
     Compensation Committee

 Acceptance of Agreement 
 Mr. Restrepo hereby: (a) acknowledges receiving a copy of the Plan and represents that Mr. Restrepo is familiar with all
provisions of the Plan; and (b) accepts this agreement and the award of the Restricted Shares under this agreement subject to all terms, provisions, and restrictions of both the Plan and this agreement. 
  

			
		
		 	 /S/    ROBERT P. RESTREPO,
JR.        
		 	 Robert P. Restrepo, Jr.
 Dated as of:
                        , 2006

  

 3Non-Qualified Stock Option Agreement

 Exhibit 10.51 
 NON-QUALIFIED STOCK OPTION AGREEMENT 
 This Agreement (the “Agreement”) is made as of the 2nd day of
March, 2006 between State Auto Financial Corporation, an Ohio corporation (the “Company”), and Robert P. Restrepo, Jr. (the “Grantee”). The Company hereby grants to the Grantee an option (the “Option”) to purchase
30,000 shares (“Option Shares”), for a purchase price per share (the “Option Price”) of $31.94 per share. The fair market value of each of the Option Shares on the date of grant is $31.94 per share.
The Option has been granted pursuant to the State Auto Financial Corporation Amended and Restated Equity Incentive Compensation Plan, as amended from time to time (the “Plan”), attached hereto as Exhibit A, and it shall include and be
subject to all provisions of the Plan, which are incorporated herein by reference, and it shall be subject to the following provisions of this Agreement: 
 1. Vesting Dates & Term. The Option shall be exercisable as follows: 
  

	 	(i)	 Ten Thousand (10,000) Option 

 Shares may be purchased on or after March 1, 2007. 
  

	 	(ii)	 Ten Thousand (10,000) Option 

 Shares may be purchased on or after March 1, 2008. 
  

	 	(iii)	 Ten Thousand (10,000) Option 

 Shares may be purchased on or after March 1, 2009. 
 The Option shall not be
exercisable for any Option Shares after March 1, 2016, at which date it shall expire. 
 2. Method of Exercise.
The Option shall be exercisable by written notice (in substantially the form attached as Exhibit B), delivered in person or by certified mail to the Secretary of the Company, which shall: 
  

	 	(a)	 state that the Option is thereby being exercised, the number of Option Shares with respect to which the Option is being exercised, each person in whose name any
certificates for the Option Shares should be registered and his or her address and social security number; 

  

	 	(b)	 be signed by the person or persons entitled to exercise the Option and, if the Option is being exercised by anyone other than the Grantee, be accompanied by
proof satisfactory to counsel for the Company of the right of such person or persons to exercise the Option under the Plan and all applicable laws and regulations; 

  

	 	(c)	 be accompanied by such representations, warranties or agreements with respect to the investment intent of such person or persons exercising the Option as the
Company may reasonably request in form and substance satisfactory to counsel for the Company; and 

	 	(d)	 be accompanied by tender to the Company of payment in full for the Option Shares being purchased as set forth in paragraph 3 hereof.

 3. Payment of Price. Upon exercise of the Option, the Company shall deliver a certificate or
certificates for such of the Option Shares being purchased to the specified person or persons at the specified time upon receipt of the full purchase price for such Option Shares: (i) by certified or bank cashier’s or teller’s check,
or (ii) by actual or constructive delivery of eligible Shares with a fair market value at the time of exercise equal to the total Option Price of the Option Shares being purchased, or (iii) by any other method of payment or combination
thereof authorized by the Plan. 
 4. Transferability. Pursuant to authority granted to the Committee by the Plan, the
Non-qualified Options that are the subject of this Agreement may be gifted by the Grantee from time to time to the Grantee’s spouse or to one or more of the Grantee’s parent(s), spouse, children, grandchildren, nieces, or nephews or to the
Trustee of a trust for the principal benefit of one or more of such persons or to a partnership whose only partners are one or more of such persons. If any such Option is gifted, the Option shall continue to be subject to the terms of the Plan, as
amended, and this Option Agreement prior to its transfer including, without limitation, vesting requirements, restrictions on transferability and limitations on exercise following termination of employment or death or disability provided the person
receiving the gift of the Option shall have the same right to exercise as the Grantee who gifted the Option. If the exemption provided by Rule 16b-3 promulgated under the Securities Exchange Act of 1934 is amended to eliminate the right of
assignment, this Agreement shall be deemed to be amended to conform to the Rule 16b-3 as respects any options not assigned as of the date the law would change as to the assignability of options. Except as set forth above, the Option shall not be
transferable by the Grantee other than by will, by the laws of descent and distribution and during the lifetime of the Grantee, the Option shall be exercisable (subject to any other applicable restrictions on exercise) only by the Grantee for his or
her own account. Upon the death of the Grantee, the Option shall be exercisable (subject to any other applicable restrictions on exercise) only by the Grantee’s estate (acting through its fiduciary) or by a person(s) who acquired the right to
the Option by gift, as described above, or by bequest or inheritance. 
 5. Termination of Employment. Except as set
forth below, and in his Employment Agreement dated March 2, 2006, if the Grantee’s employment with the Company and its Parent and Subsidiary Corporations terminates or is terminated for any reason other than retirement (as defined in the
Sate Auto Insurance Companies Employee Retirement Plan, “Retirement”), permanent and total disability (as defined in the Plan, “Disability”) or death, the Grantee (or the Grantee’s estate, should the Grantee decease
following such employment termination) may exercise the Option to the extent then exercisable within ninety (90) days after such termination (but in no event after expiration of the original term of the Option. Notwithstanding the foregoing, if
the Grantee’s employment terminates after he attains age 62 for any reason other than Retirement, Disability, or death, the Option may be exercised, to the extent then exercisable, at any time prior to the expiration of the existing term. If
the Grantee’s employment with the Company and its Parent and Subsidiary Corporations terminates or is terminated by reason of Retirement, Disability, or death, the Option may be exercised at any time from the date of such termination of
employment (notwithstanding the Vesting Date) until the expiration of the original term of the Option; provided that if the Grantee dies with less than ninety (90) days remaining prior to the expiration of the original term, the estate or
successors in interest of such Grantee shall have a period of one hundred eighty (180) days from the date of death to exercise the Option, regardless of the original expiration date. If following the termination of the 

 
Grantee’s employment with the Company and its Parent and Subsidiary Corporations due to retirement or permanent and total disability the Grantee dies,
the Grantee’s estate or successor(s) in interest shall have until the expiration of the original term of the Option, as set forth in paragraph 1 hereof, to exercise said Option. If the Grantee’s employment with the Company is terminated
due to illegal conduct engaged in by the Grantee, all Options granted and not exercised prior to Grantee’s receiving notice of such employment termination shall terminate. 
 6. Restrictions on Exercise. The Option is subject to all restrictions in this Agreement and in the Plan. As a condition of any exercise of the Option, the Company may require the Grantee
or the Grantee’s successor to make any representation and warranty to comply with any applicable law or regulation or to confirm any factual matters reasonably requested by counsel for the Company. 
 7. Definitions. Unless otherwise defined in this Agreement, capitalized terms will have the same meanings given them in the Plan.

  

									
		 		 	 STATE AUTO FINANCIAL CORPORATION

				
	Date of Grant: March 2, 2006	 		 	 By
	 	 /s/ Steven J. Johnston

 ACCEPTANCE OF AGREEMENT 
 The Grantee hereby: (a) acknowledges receiving a copy of the Plan, as amended, which is attached to this Agreement as Exhibit A, and represents that Grantee is familiar with all provisions
of the Plan; (b) accepts this Agreement and the Option granted under this Agreement subject to all provisions of the Plan and this Agreement; and agrees to accept as binding, conclusive and final all decisions or interpretations of the
Committee. 
  

			
	
	 /s/ Robert P. Restrepo, Jr.

	 Grantee

	
	 Date
                                        ,
20

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