Document:

First Amendment to the Outside Directors Restricted Share Unit Plan

 Exhibit 10.54 
 STATE AUTO FINANCIAL CORPORATION 
 FIRST
AMENDMENT 
 TO 
 OUTSIDE DIRECTORS RESTRICTED SHARE UNIT PLAN 
 The Board of Directors of State Auto Financial Corporation, an Ohio corporation (the “Company”), desires to amend the Outside Directors Restricted Share Unit Plan (the “Plan”) as set forth in this
amendment. Accordingly, the Plan is hereby amended as set forth below: 
  

	§1.	 ARTICLE I. DEFINITIONS AND GENERAL PROVISIONS

 Section 1.1 of the Plan is hereby amended by adding the following defined terms: 
 (p) Corresponding Valuation Date. The second business day preceding a Payment Processing Date. 
 (q) Form of Payment Options. The form of payment of distributions of Restricted Share Units, which shall be either
in cash or Common Shares. 
 (q) Payment Processing Date.
March 31, June 30, September 30, or December 31 of each Plan Year. 
  

	§2.	 ARTICLE III. RESTRICTED SHARE UNITS 

 Section 3.1 of the Plan is hereby amended by deleting the existing language in its entirety and replacing such language with the
following: 
 3.1 Annual Awards of Restricted Share Units. Promptly following each annual meeting of
the shareholders of the Company on and after the Effective Date, each Outside Director shall be automatically granted an Award of 1,400 restricted share units (“Restricted Share Units”), or such lesser or greater number as determined by
the Administrative Committee in accordance with Section 6.2. Except for the elections which may be made by each Participant as provided in the Plan, the terms of each annual Award of Restricted Share Units shall be the same with respect to each
Participant. The Company will credit the number of Restricted Share Units awarded for each Plan Year to the Participant’s Account. If an Organic Change occurs, then the number of Restricted Share Units to be awarded to Participants as annual
Awards shall be adjusted consistent with such Organic Change. 
 The definition of “Organic Change” in
Section 3.2 of the Plan is hereby amended by deleting the existing definition in its entirety and replacing such definition with the following: 
 An “Organic Change” means the following: (a) a recapitalization, reorganization, reclassification, consolidation, or merger of the Company, or any sale of all or 

  

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substantially all of the Company’s assets to another person or entity, or any other transaction which is effected in such a way that holders of Common
Shares are entitled to receive (either directly or upon subsequent liquidation) other stock, securities, or assets with respect to or in exchange for Common Shares; or (b) a change in the Company’s outstanding Common Shares by reason of
stock splits, stock dividends, or any other increase or reduction of the number of outstanding Common Shares without receiving consideration in the form of money, services, or property deemed appropriate by the Board. 
  

	§3.	 ARTICLE V. DISTRIBUTION OF BENEFITS 

 Article V of the Plan is hereby amended by deleting the provisions of such Article in their entirety and replacing such provisions with
the following: 
 5.1. Elections of Distribution and Form of Payment Options. For each Award, each
Participant shall elect a Distribution Option and a Form of Payment Option applicable to that Award. The Distribution Option and the Form of Payment Option elected by the Participant shall be set forth in the Agreement. 
 5.2 Changes to Distribution or Form of Payment Options. After initial election, each Participant may thereafter
change his Distribution Option or Form of Payment Option election with respect to a particular Award. However, a Participant may not change a Distribution Option to one that would complete the distribution of the Participant’s Account more
quickly than the election in effect at the date of the new election. Furthermore, any change with respect to a Distribution Option or Form of Payment Option must be made at least twelve (12) months prior to the date that payment would have
otherwise begun under such Award If a Distribution Option or Form of Payment Option election is changed, and distribution is triggered before twelve (12) months have elapsed from the change of such election, the distribution will be made in
accordance with the Distribution Option or Form of Payment Option election, as the case may be, in effect prior to the change. 
 5.3 Payment of Benefits. A Participant shall receive payment of amounts credited to his Account upon his termination from membership on the Board. In addition, a Participant may receive payment of amounts
credited to his Account upon the occurrence of an “unforeseeable emergency,” as further described in Section 5.3. 
 (a) Payment Upon Termination Other than Death or Disability. Except in the case of termination from membership on the Board due to death or Disability, a Participant will receive payment of the amounts credited
to his Account in the Form of Payment Option elected by the Participant as follows: 
 (i) If the immediate
single lump sum Distribution Option is elected by the Participant, then payment shall be made on the first Payment Processing Date to occur at least six (6) months after the date of such Participant’s termination from membership on the
Board. 
  

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 (ii) If the annual installment Distribution Option is elected by the
Participant, then payments shall commence on the first Payment Processing Date to occur after the date of such Participant’s termination from membership on the Board, with subsequent annual installment payments to occur on the same Payment
Processing Date each year thereafter until the Participant’s Account has been distributed in full. The amount of the annual installment payments shall be equal to the amount necessary to fully distribute the Participant’s Account as an
annual benefit over the Distribution Option period elected, consistent with the following methodology: the amount payable on the applicable Payment Processing Date shall equal the value of the Participant’s Account as of the Corresponding
Valuation Date, multiplied by a fraction, the numerator of which is one (1) and the denominator of which is the number of annual installments remaining in the Distribution Option period elected by the Participant. For example, assuming a ten
(10) year Distribution Option period applies, the amount paid on each of the applicable Payment Processing Dates would represent the value of the Participant’s Account as of the Corresponding Valuation Date times the following factors:
Year 1 – 10% (1/10), Year 2 – 11.11% (1/9), Year 3 – 12.5% (1/8), Year 4 – 14.29% (1/7), Year 5 – 16.66% (1/6), Year 6 – 20% (1/5), Year 7 – 25% (1/4), Year 8 – 33.33% (1/3), Year 9 – 50% (1/2), Year 10
– 100% (1/1). 
 (b) Payment upon Death. In the event of the death of a Participant prior to the
commencement of the distribution of payments under the Plan, such benefits shall be paid to the Beneficiary or Beneficiaries designated by the Participant in accordance with the Distribution Option in effect for such Participant as of such
Participant’s date of death, payable on, or beginning with, the first Payment Processing Date to occur after the date of the Participant’s death. In the event of the death of the Participant while receiving payments of benefits under the
Plan, the Beneficiary or Beneficiaries designated by the Participant shall be paid the remaining payments due under the Plan in accordance with the Distribution Option in effect for such Participant as of such Participant’s date of death,
payable on, or beginning with, the first Payment Processing Date to occur after the date of the Participant’s death. 
 (c) Payment upon Disability. If the Administrative Committee makes a determination that a Participant has suffered a Disability, either before or after such Participant has terminated his membership on the
Board, then such Participant shall receive payment of the full amount in his Account in an immediate single lump sum, regardless of the Distribution Option elected by such Participant, payable on the first Payment Processing Date to occur after the
date the Administrative Committee makes its determination that such Participant has suffered a Disability. 
 5.4 Withdrawals for Unforeseeable Emergency. Upon the occurrence of an unforeseeable emergency, a Participant shall be eligible to receive payment of the amount necessary to satisfy such emergency plus any amount necessary to pay
taxes reasonably 

  

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anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or
compensation by insurance or otherwise or by liquidation of such Participant’s assets (to the extent such liquidation would not itself cause severe financial hardship). The amount determined to be properly distributable under this section and
applicable regulations under Code Section 409A shall be payable in a single lump sum only. For the purposes of this section, the term “unforeseeable emergency” means a severe financial hardship to the Participant resulting from an
illness or accident of the Participant, the Participant’s spouse, or a dependent of the Participant (as defined in Code Section 152(a)); loss of the Participant’s property due to casualty; or other similar extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of the Participant. It shall be the responsibility of the Participant seeking to make a withdrawal under this section to demonstrate to the Administrative Committee that an
unforeseeable emergency has occurred and to document the amount properly distributable hereunder. 
 5.5
Value of Payments. The amount of the payment to be made to a Participant on any Payment Processing Date shall be equal to the following: 
 (a) Restricted Share Units Payable in Cash. If a Participant has elected the cash Form of Payment Option, the amount of cash payable to the Participant shall be equal to the Value of a
Common Share as of the Corresponding Valuation Date multiplied by the number of Restricted Share Units to which payment is due on that Payment Processing Date. 
 (b) Restricted Share Units Payable in Common Shares. If a Participant has elected the Common Share Form of Payment Option, the number of Common Shares to be issued to the Participant shall
be equal to the number of Restricted Share Units to which payment is due on that Payment Processing Date. 
 5.6 Notice of Intention to Retire. To the extent practicable, a Participant shall provide the Company with advance notice of his intention to retire and receive benefits hereunder in accordance with uniform procedures established by
the Administrative Committee. 
 5.7 Annual Installment Payments Treated Separately. For purposes of
benefit payment elections, each annual installment payment shall be treated as a separate payment. 
  

	§4.	 ARTICLE VI. PLAN ADMINISTRATION 

 Section 6.2 of the Plan is hereby amended by deleting the existing language in its entirety and replacing such language with the
following: 
 6.2 Administrative Committee. The Administrative Committee will operate and administer
the Plan and shall have all powers necessary to accomplish that purpose, including, but not limited to, the discretionary authority to interpret the Plan, the discretionary authority to determine all questions relating to the rights and status of
Participants, and the discretionary authority to make such rules and regulations for the 

  

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administration of the Plan as are not inconsistent with the terms and provisions hereof or applicable law, as well as such other authority and powers
relating to the administration of the Plan, except such as are reserved by the Plan to the Board. All decisions made by the Administrative Committee shall be final. 
 Without limiting the powers set forth herein, the Administrative Committee shall have the power (a) to change or
waive any requirements of the Plan to conform with the law or to meet special circumstances not anticipated or covered in the Plan; (b) to determine the times and places for holding meetings of the Administrative Committee and the notice to be
given of such meetings; (c) to employ such agents and assistants, such counsel (who may be counsel to the Company), and such clerical and other services as the Administrative Committee may require in carrying out the provisions of the Plan; and
(d) to authorize one or more of their number or any agent to execute or deliver any instrument on behalf of the Administrative Committee. The Administrative Committee shall also have the power to decrease or increase the number of Restricted
Share Units to be awarded to Plan Participants as annual Awards described in Section 3.1 without further shareholder approval if, within the Administrative Committee’s discretion, such a decrease or increase is warranted to maintain
director compensation at an appropriate level; provided that no annual Award described in Section 3.1 shall be less than 500 Restricted Share Units or greater than 5,000 Restricted Share Units. If an Organic Change occurs, then the minimum and
maximum number of Restricted Share Units to be awarded to Participants as annual Awards shall be adjusted consistent with such Organic Change. 
 The members of the Administrative Committee and the Company and its officers and directors, shall be entitled to rely upon all valuations, certificates and reports furnished by any funding agent
or service provider, upon all certificates and reports made by an accountant, and upon all opinions given by any legal counsel selected or approved by the Administrative Committee, and the members of the Administrative Committee and the Company and
its officers and directors shall, except as otherwise provided by law, be fully protected in respect of any action taken or suffered by them in good faith in reliance upon any such valuations, certificates, reports, opinions or other advice of a
funding agent, service provider, accountant or counsel. 
  

	§5.	 ARTICLE VII. AMENDMENT AND TERMINATION 

 Section 7.2 of the Plan is hereby amended by adding the following sentence to the end of this section: 
 Unless previously terminated by the Board, the Plan shall terminate on May 31, 2015. 
  

	§6.	 EFFECTIVE DATE; CONSTRUCTION 

 The effective date of this amendment is May 11, 2005, and this amendment shall be deemed to be a part of the Plan as of such date. In
the event of any inconsistencies between the provisions of the Plan and this amendment, the provisions of this amendment shall control. Except as modified by this amendment, the Plan shall continue in full force and effect without change.

  

 5State Auto Ins Companies Amended & Restated Directors Deferred Compensation Plan

 Exhibit 10.58 
 STATE AUTO INSURANCE COMPANIES 
 AMENDED AND RESTATED 
 DIRECTORS DEFERRED COMPENSATION PLAN 
 Initially Effective 
 August 1, 1995 
 as amended and restated as of March 1,
2001 

 STATE AUTO INSURANCE COMPANIES 
 AMENDED AND RESTATED 
 DIRECTORS DEFERRED COMPENSATION PLAN 
 (the “Plan”) 
 I 
 PURPOSE 
 State Automobile Mutual Insurance Company and its
affiliates (collectively, the “State Auto Companies”) are willing to provide members of their Board of Directors (the “Board”), as an incentive for those individuals to continue their relationship with the State Auto Companies,
the opportunity to defer the payment of their Board fees for retirement savings purposes. 
 The Plan is the continuation of
the State Auto Insurance Companies Directors Deferred Compensation Plan effective August 1, 1995, which is being amended and restated effective as of March 1, 2001, to reflect (1) the assignment to and assumption by Midwest Security
Insurance Company (“Midwest”) of all rights, duties and obligations under the Plan from State Automobile Mutual Insurance Company (“SAMIC”) as they relate to directors who serve solely as directors of SAMIC and no other State
Auto Company, (2) the assignment to and assumption by State Auto Property & Casualty Insurance Company (“SAP&C”) of all rights, duties and obligations under the Plan from the other State Auto Companies as they relate to
all other directors of the State Auto Companies, other than those described in (1) above; and (3) two additional investment options in which a participant may be permitted to direct the investment of the portion of Midwest’s or
SAP&C’s funds allocated to him, as the case may be. For purposes of the Plan, the term “Company” shall mean (a) Midwest for those participants who are directors only of SAMIC and no other State Auto Company, and
(b) SAP&C for all other directors of the State Auto Companies. 
 II 
 ELIGIBILITY 
 All members of the Board of any State Auto Company
are eligible to participate in the Plan. If you are eligible to participate in the Plan, you will sign a Deferred Compensation Agreement which details the requirements you must satisfy to be eligible to participate in the Plan. 
 III 
 DEFERRED COMPENSATION ACCUMULATIONS

 The benefits provided to Directors under their Deferred Compensation Agreements are paid from the Company’s
general assets. The program is, therefore, considered to be an “unfunded” arrangement as amounts are not set aside or held by the Company in a trust, escrow, or similar account or fiduciary relationship on your behalf. Each
participant’s rights to benefits under the Plan are equivalent to the rights of any unsecured general creditor of the Company. However, the Company may (a) open accounts with one or more investment companies selected 

  

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by the President, Chairman, and C.E.O. of the Company in his discretion, (b) open accounts with one or more firms to hold common shares, without par
value, of State Auto Financial Corporation, purchased in open market transactions (“STFC Shares”), or (c) create phantom stock units each of which shall represent the fair market value of STFC share (“Phantom Stock Units”),
and may invest funds subject to this Plan in these mutual funds, STFC Shares or Phantom Stock Units (collectively, the “investment options”) at their then current offering price or market value, as the case may be. Each participant may be
permitted to direct how the portion of the Company’s funds allocable to him or her is invested among the investment options, if such accounts are established and such Phantom Stock Units are created. The Company currently expects any such
investment options (other than the Phantom Stock Units) will be similar to those available under its tax-qualified retirement plan for employees, but is not obligated to make these or any other particular investment options available, or, if made
available at any one time, to continue to make them available. The total number of STFC Shares that may be made available as an investment option hereunder is ________. All investments shall at all times continue to be a part of the Company’s
general assets for all purposes. 
 To measure the amount of the Company’s obligations to a participant in this program,
the Company will maintain a bookkeeping record or account of each participant’s “Accumulations”. You may elect (within 30 days of when you first become eligible to participate in the Plan for your initial year of participation or, for
subsequent years, not later than the December 31 prior to each such year) to defer payment of a portion or all of your director’s fees including, without limitation, committee meeting fees, to be earned during the balance of the current or
next calendar year, as applicable, as a credit to your Accumulations, known as the “Deferral Value.” The minimum amount you may defer is 10% and the maximum is 100% of all fees expected to be paid to you as a director of the
applicable State Auto Company, except that with respect to committee meeting fees, you may not defer less than 100% of such fees, if you choose to defer any amount. 
 Earnings (or Losses): At least once each calendar year while you have a credit balance in your Accumulations, the Company will credit your Accumulations with earnings (or losses), if any,
for the period since the last such crediting and determine the value of your Accumulations at that time. The earnings (or losses) may either be credited on the basis of the earnings (or losses) allocable to your directed portion of the Company
investments, if any, or on the basis of a hypothetical earnings rate, as determined by the Company in its sole discretion from time to time. The Company also reserves the right to adjust the earnings (or losses) credited to your Accumulations and to
determine the value of your Accumulations as of any date by adjusting such earnings (or losses) or such fair market value for the Company’s tax and other costs of providing this Plan. 
 Tax Consequences: These earnings will compensate for the postponement of the receipt of the Accumulations and give you the benefit
of tax-deferred growth of the accumulating amounts, if any. Under current federal income tax rules, the amounts credited to your Accumulations, including earnings, will not be taxable income to you in the year they are credited to your account. You,
or your beneficiaries in the event of your death, will generally be taxable on these amounts and the credited earnings, if any, only if and when benefits are actually paid to you. And any such amounts, when paid, will be taxable as ordinary income.
Thus, this program provides the opportunity to defer income and the payment of income taxes. 
  

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 Selection of Investment Options: In the event the Company makes some or all of the
investment options available to participants, at such time each year as you elect to defer a portion of your compensation (the “Deferred Amount”), you will be given a form pursuant to which you may direct how such Deferred Amount is to be
invested among the available investment options. The Company may also provide information to participants how they may change their directions with respect to the allocation of their Deferred Amount among the investment options or reallocate their
Accumulations among the investment options, from time to time. 
 The Company will invest a participant’s Deferred
Amount in accordance with the participant’s directions upon such amount being deemed by the appropriate State Auto Company to have been earned and then transferred to the Company. All purchases by the Company of shares of investment companies
will be at such shares’ current offering price, and purchases by the Company of STFC Shares will be made in the open market at their then current market value. The Company, however, reserves the right to delay or suspend its purchase of STFC
Shares as it may deem necessary or appropriate to comply with all applicable securities laws, including the Securities Exchange Act of 1934, as amended. 
 The Company may also periodically advise participants generally as to reporting requirements and other possible limitations associated with directing a portion of their Deferral Amount or Accumulations be invested in
STFC Shares. 
 IV 
 BENEFITS

  

	A.	 Vesting 

 All amounts credited to Accumulations in the Plan will always be 100% “vested”. This means you will always be entitled to receive benefits from your Accumulations. 
  

	B.	 Payment of Benefits. 

 1. Cash Payment Only. Any benefits payable to you under the Plan will be made solely in cash and not in the form of any other property or securities, including any shares of an investment company or STFC Shares
that may be an investment option hereunder. Any investment options representing a participant’s Accumulations under the Plan are the sole and exclusive property of the Company. As a result, you will have no rights as a shareholder, including
voting rights, with respect to these investment options representing your Accumulations. 
 2. Retirement Benefits. You
will be eligible to receive retirement benefits under the Plan upon your retirement from the Board. Retirement benefits will generally be paid as a monthly benefit payable for 60 months. The amount of your benefit will equal the amount necessary to
amortize your total Accumulations over the 60 month period. The amount payable each month will either be based on an approximately equal amortization of principal plus actual 

  

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earnings (or less actual losses) or an amortization based on an assumed interest rate declared by the Company from time to time during the period of
distribution. You must give the appropriate State Auto Company or the Company at least 30 days advance written notice of your intention to retire and receive retirement benefits. Actual benefit payments will begin on the first day of the second
month following your satisfaction of all requirements for payment. 
 3. Disability Benefits. If you become totally
disabled before satisfying the requirements for retirement benefits, you will be eligible to receive payment of the amounts credited to your Accumulations as a monthly benefit commencing after six months of total disability and payable for 60
months. The amount of the benefit will be determined in the same manner as retirement benefits. For this purpose, “total disability” means a physical or mental condition which totally and presumably permanently prevents you from performing
your duties as a director of the appropriate State Auto Company. It is up to such State Auto Company to determine whether you qualify as being totally disabled. If your disability ends, your disability benefit payments will stop. However, you could
continue to qualify for benefits under another provision of the Plan. 
 4. Death Benefits. In the event of your death
while receiving benefit payments under the Plan, the Company will pay the beneficiary or beneficiaries designated by you any remaining payments due under the terms of your Deferred Compensation Agreement, using the same method of distribution in
effect to you at the date of your death. In the event of death prior to beginning to receive benefits under the Deferred Compensation Agreement, the Company will pay benefits to your beneficiary or beneficiaries, beginning as soon as practicable
after your death. In this case, benefits will generally be paid as a monthly benefit payable for 60 months computed in the same manner as retirement benefits. The Company will provide you with the form for designating your beneficiary or
beneficiaries. If you fail to make a beneficiary designation, or if your designated beneficiary predeceases you or cannot be located, any death benefits will be paid to your estate. 
 5. Other Termination of Board Membership. If your membership on the Board terminates for any reason other than retirement, death,
or total disability, then the vested portion of your Accumulations will be paid to you as a monthly benefit payable for 60 months computed in the same manner as retirement benefits, beginning as soon as administratively practicable after your term
of office ends. 
 6. Payment Alternatives. At the Company’s election, or upon your request, benefits may be paid
in a lump sum or over a shorter or longer period of time than the 60 months generally called for, as described above. However, no request by you or your beneficiaries for a different payment method will be binding on the 

  

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Company, and any accelerated or deferred payment of benefits shall be made only in the sole discretion of the Company. In addition, the Company may alter the
payment method in effect from time to time in its discretion. If the payment method is altered, the amount you or your beneficiaries will receive will be computed under one of the alternative methods for determining payment amounts provided for
under the normal form of distribution for your Accumulations, determined by the Company in its discretion. 
 V 
 MISCELLANEOUS PROVISIONS 
  

	A.	 No Right to Company Assets. 

 As explained previously, this Directors Deferred Compensation Plan is an unfunded arrangement, and the agreement you will enter into with the Company and the applicable State Auto Company does
not create a trust of any kind or a fiduciary relationship among the Company, the applicable State Auto Company and you, your designated beneficiaries or any other person. To the extent you, your designated beneficiaries, or any other person
acquires a right to receive payments from the Company under the Directors Deferred Compensation Agreement, that right is no greater than the right of any unsecured general creditor of the Company. Neither you, your designated beneficiaries nor any
other person acquires a right of any kind against any other State Auto Company. 
  

	B.	 Modification or Revocation. 

 Your Directors Deferred Compensation Agreement will continue in effect until revoked, terminated, or all benefits are paid. However, the Deferred Compensation Agreement and this Plan may be
amended, revoked or terminated at any time, in whole or in part, by the Company or the applicable State Auto Company, in its sole discretion. Unless you agree otherwise, you will still be entitled to the benefit, if any, that you have earned through
the date of any amendment, revocation or termination. Such benefits will be payable at the times and in the amounts provided for in the Directors Deferred Compensation Agreement, or the Company may elect to accelerate distribution and pay all
amounts due immediately. The Plan will continue until terminated by the Company or the applicable State Auto Company, which may be at any time, in such entity’s discretion. 
  

	C.	 Rights Preserved. 

 Nothing in the Directors Deferred Compensation Agreement or this Plan gives any director the right to continue to hold such office. The relationship between you and the applicable State Auto Company shall continue to
be determined by the applicable provisions of the Articles of Incorporation and Code of Regulations of such State Auto Company and by applicable law. 
  

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	D.	 Controlling Documents. 

 This is merely a summary of the key provisions of the Directors Deferred Compensation Agreement currently in use by the State Auto Companies and the Company. In the event of any conflict between the provisions of this
Plan and the Directors Deferred Compensation Agreement, the Agreement shall in all cases control. 
  

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