Document:

Exhibit 10.1  

THE ALLSTATE CORPORATION  

 DEFERRED COMPENSATION PLAN  

 AMENDED AND RESTATED AS OF OCTOBER 7, 2002  

 

ARTICLE I
  DESIGNATION OF PLAN AND DEFINITIONS  

	1.1
	TITLE 

This
Plan shall be known as "The Allstate Corporation Deferred Compensation Plan." The Plan was adopted by Allstate Insurance Company effective January 1, 1995. The Plan was amended and
restated by the Company,
effective January 1, 1996, November 11, 1997, September 1, 1999, November 1, 2000, November 1, 2001, June 1, 2002, and October 7, 2002. 

	1.2
	DEFINITIONS

The
following definitions will apply: 

	(a)
	"Account"
shall mean the bookkeeping entries made to state the balance of Compensation deferred by a Participant under the Plan, as adjusted pursuant to Article IV of the Plan.
A Participant's Account shall also include any cash amounts automatically directed to this Plan by action of the Board of Directors of The Allstate Corporation or a committee thereof. For purposes of
this Plan, "Account" shall include any amounts deferred by a Participant, as adjusted for earnings and debits, under The Allstate Corporation Deferred Compensation Plan for Employee Agents and The
Allstate Corporation Deferred Compensation Plan for Independent Contractor Exclusive Agents.

	(b)
	"Beneficiary"
or "Contingent Beneficiary" shall mean the person or persons last designated in writing by the Participant to the Committee, in accordance with Section 8.5 of
this Plan.

	(c)
	"Board"
shall mean the Board of Directors of the Company.

	(d)
	"Code"
shall mean the Internal Revenue Code of 1986, as amended from time to time.

	(e)
	"Committee"
shall mean the Committee appointed by the Board of Directors pursuant to Article VI of this Plan, and shall mean those persons to whom 

2

 

the
Committee has delegated administrative duties pursuant to Section 6.1(g). 

	(f)
	"Company"
shall mean The Allstate Corporation.

	(g)
	"Compensation"
shall mean all of the items included in the term "Annual Compensation" as that term is defined in the Allstate Retirement Plan without regard to the annual compensation
limit imposed by Section 401(a)(17) of the Code.

	(h)
	"Compensation
Floor" shall be the compensation limit in effect pursuant to Section 401(a)(17) of the Code for a Plan Year.

	(i)
	"Controlled
Group" shall mean any corporation or other business entity which is included in a controlled group of corporations, within the meaning of
section 1563(a)(i) of the Code, within which the Company is also included.

	(j)
	"Eligible
Compensation" shall mean the greater of (i) an Employee's current year Compensation annualized in such manner as the Committee shall determine; or (ii) an
Employee's Compensation for the calendar year two years before a Plan Year.

	(k)
	"Eligible
Employee" shall mean any Employee who is eligible to participate under Article II of this Plan.

	(l)
	"Eligible
Salary" shall mean an Employee's monthly base salary during the calendar year immediately preceding a Plan Year annualized in such manner as the Committee shall determine.

	(m)
	"Employee"
shall mean any regular, full-time employee of the Company, of Allstate Insurance Company, of Allstate New Jersey Insurance Company, of Allstate Bank or of any
other affiliate in the Controlled Group which adopts the Plan, but shall in no event include persons classified as agents. If a person is not considered to be an "Employee" for purposes of Plan
eligibility, a later change in the person's status, even if the change in status is applicable to prior years, will not have a retroactive effect for Plan purposes. 

3

 

	(n)
	"Hardship"
shall mean severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or of a dependent (as defined in
section 152(a) of the Code) of the Participant, or loss of the Participant's property due to casualty, or similar extraordinary and unforeseeable circumstances arising as a result of events
beyond the control of the Participant, as determined by the Committee.

	(o)
	"Incentive
"shall mean the amount actually payable to a Participant under an annual cash incentive program sponsored by the Company, Allstate Insurance Company, Allstate New Jersey
Insurance Company, Allstate Bank or any other member of the Controlled Group which adopts the Plan. An Incentive award earned during a Plan Year becomes payable in the calendar year next following the
Plan Year.

	(p)
	"Investment"
shall mean the elections made by Participants to make allocations and reallocations of deferrals and Account balances among the subaccounts described in
Section 4.3(b), together with accruals and adjustments reflecting the hypothetical experience of the subaccounts.

	(q)
	"Participant"
shall mean an Eligible Employee who has an account balance in the Plan.

	(r)
	"Plan"
shall mean The Allstate Corporation Deferred Compensation Plan as set forth herein, and as amended from time to time in accordance with Article VII hereof.

	(s)
	"Plan
Year" shall mean the fiscal year of the Company, which is a calendar year.

	(t)
	"Separation
from Service" means the termination of a Participant's employment with any company in the Controlled Group for any reason whatsoever, including retirement, resignation,
dismissal or death, but does not include a transfer of status to an employee agent or to an Exclusive Agent Independent Contractor or Exclusive Financial Specialist Independent Contractor for Allstate
Insurance Company, Allstate New Jersey Insurance Company, Allstate Life Insurance Company or for any other member of the Controlled Group. "Separation from Service" shall also 

4

 

mean
the subsequent termination of any Exclusive Agent Independent Contractor or Exclusive Financial Specialist Independent Contractor agreement, unless such termination results from acceptance of
employment with any member of the Controlled Group. 

5

   ARTICLE II
  PARTICIPATION  

	2.1
	ELIGIBILITY

An
Employee shall be an Eligible Employee if his Eligible Compensation or his Eligible Salary is equal to or in excess of the Compensation Floor for the Plan Year. 

	2.2
	NOTICE
OF ELIGIBILITY 

The
Committee or its appointed representative shall notify each Eligible Employee no later than a) with respect to base salary deferrals, 30 days prior to the first business day of any
Plan Year and b) with respect to Incentive deferrals, June 1, or, in either case, as soon thereafter as practicable, that he/she is entitled to become a Participant in the Plan for such
Plan Year. 

	2.3
	PARTICIPATION
ELECTION

	(a)
	Each
Eligible Employee may elect, in accordance with procedures and during the time frames established by the Committee or its representative, to defer base salary and Incentive into
the Plan. The salary deferral election must be received by the Committee or its designated representative no later than the last business day of the preceding calendar year or such earlier date as
determined by the Committee. The Incentive deferral election must be received by the Committee or its designated representative no later than June 30 of the Plan Year or such earlier date as
determined by the Committee. These elections shall specify the percentage of base salary and/or Incentive to be deferred during the Plan Year. A Participant may not change his/her salary deferral
election for the Plan Year after the Plan Year has commenced, and may not change his/her Incentive deferral election after June 30 of the Plan Year. However, a Participant may at any time
irrevocably elect to suspend deferrals in the Plan for the remainder of a Plan Year, but only as to future deferrals of base salary. If during a Plan Year a Participant receives a hardship 

6

 

withdrawal
distribution from The Savings and Profit Sharing Fund of Allstate Employees or any other qualified or nonqualified plan of deferred compensation maintained by the Company or any member of
the Controlled Group, the Participant shall be subject to the suspension of deferrals into this Plan for the remainder of the Plan Year and for the next succeeding Plan Year. 

	(b)
	Any
person who the Committee determines to be an Eligible Employee in the Plan Year in which he/she first becomes an Employee shall be provided an opportunity within 30 days of
employment to participate in the Plan for that Plan Year. 

7

 

ARTICLE III
  DEFERRALS  

	3.1
	AMOUNT
OF DEFERRAL

	(a)
	Each
Participant may elect to defer, in whole number percentages, up to 80% of base salary for the Plan Year. No deferrals of base salary will be recognized until Compensation in the
Plan Year reaches the Compensation Floor for the Plan Year.

	(b)
	Each
Participant may elect to defer, in whole number percentages, up to 100% of the Incentive earned in the Plan Year and paid in the calendar year following the Plan Year (the "next
Plan Year"). The amount of a Participant's Incentive deferral will be reduced to the portion which, when added to the Participant's base salary for the next Plan Year, exceeds the Compensation Floor
for the next Plan Year.

	(c)
	Deferrals
shall be recognized only after all other deductions required by federal or state law or elected by the Participant have been withheld. Deferrals may be reduced by the
Committee to the extent necessary to permit required or elected withholdings.

	(d)
	Except
as provided in Section 3.1(e), if a Participant has elected to defer Compensation for a Plan Year which would otherwise be includible in the calculation of the
Participant's pension benefit under the Allstate Retirement Plan or the Agents Pension Plan for such Plan Year the Company shall, prior to the end of such Plan Year, refund such excess deferral to the
Participant.

	(e)
	To
the extent a Participant is on leave of absence for all or part of the Plan Year, and the Participant's Compensation less any amounts deferred is less than the Compensation Floor
for such year, the Company shall, prior to the end of such Plan Year, pay the Participant the lesser of:

	(1)
	The
amount deferred during the year; or

	(2)
	The
difference between (i) the Compensation Floor and (ii) the 

8

 

amount
of the Participant's Compensation less the amount the Participant deferred. 

	3.2
	EFFECTIVE
DATE OF DEFERRAL 

Compensation
deferred shall be credited to a Participant's Account by bookkeeping entry as set forth in Section 4.2. 

	3.3
	USE
OF AMOUNTS DEFERRED 

Amounts
credited to Accounts shall be a part of the general funds of the Company, shall be subject to all the risks of the Company's business, and may be deposited, invested or expended in any manner
whatsoever by the Company. 

9

 
ARTICLE IV
  ACCOUNTS AND VESTING  

	4.1
	ESTABLISHMENT
OF ACCOUNT 

The
Committee shall establish, by bookkeeping entry on the books of the Company, an Account for each Participant. Accounts shall not be funded in any manner. 

	4.2
	CONTRIBUTIONS
TO ACCOUNT 

The
Committee shall cause deferred Compensation to be credited by bookkeeping entry to each Participant's Account as of the last day of the month in which the Compensation or any cash amounts
automatically directed to this Plan otherwise would have been payable to the Participant, or as soon thereafter as is administratively practicable. 

	4.3
	MAINTENANCE
OF ACCOUNT BALANCES—SUBACCOUNT ELECTIONS

	(a)
	Investment
of deferrals shall be made among one or more of the Subaccounts described in Section 4.3(b). Each Investment shall be made in accordance with procedures established
by the Committee and shall specify that portion of the Participant's deferrals on the date of such election to be invested in each Subaccount. In its sole discretion, the Committee may withhold one or
more of the Subaccounts from Investment by Participants for a Plan Year or Years. Investments of deferrals must be made in whole percentage increments. 

Each
Account shall be adjusted, as applicable, to apply credits for contributions, interest, dividend equivalents and other earnings and to apply debits for Plan administration and investment
expenses, for losses and for distributions. All such adjustments shall be bookkeeping entries reflecting hypothetical experience for the Subaccounts in which Investments are made. 

10

 

	(b)
	The
Subaccounts in which Investments may be made are:

	(1)
	Subaccount #1—SSgA Short Term Investment Fund—a diversified portfolio of short term fixed-income securities
managed by State Street Global Advisors (SSgA). The fund's objective is to maximize current income while preserving capital and liquidity. The fund's yield reflects short-term interest
rates.

	(2)
	Subaccount #2—SSgAPassive Bond Market Index Securities Lending Fund Series A—a collective fund of
fixed-income securities managed by State Street Global Advisors (SSgA). The fund invests in U.S. Treasury, agency, corporate, mortgage-backed, and asset-backed debt securities. The fund's objective is
to match the total rate of return of the Lehman Aggregate Bond Index, a broad-based domestic bond index composed of more than 5,000 debt securities with all securities having an average life of at
least one year. The rate of return on the Bond Fund is influenced by, among other things, changes in interest rates, the market price of bonds and the financial stability of the issuers.

	(3)
	Subaccount #3—SSgA S&P 500 Flagship Fund Series A—a collective fund managed by State Street Global
Advisors (SSgA), which invests in a diversified portfolio of stocks in a broad array of large, established companies. The fund's objective is to match the total rate of return of the Standard &
Poor's (S&P) 500 Index1, which consists of 500 stocks chosen for market size, liquidity and industry group representation. SSgA replicates
the index by purchasing all 500 component equities in the appropriate market-value weighted proportions. The rate of return on the S&P 500 Fund is influenced by the market price and dividends of the
stocks held in the fund.

	6
	Subaccount #4—SSgA Daily EAFE Securities Lending Fund Series A—a fund, managed by State Street Global
Advisors (SSgA), which invests in a diversified portfolio of stocks outside of North and South America. The fund's objective is to match the total rate of returns and characteristics of the Morgan
Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) Index. The index consists of more than 1,100 stocks in over 20 countries outside of North and South America and represents
approximately 60% of the total market capitalization in those countries. SSgA employs an index replication approach to construct a fund whose return tracks the MSCI EAFE Index. The rate of return on
the International Equity Fund is influenced by the market price of the stocks held in the fund, dividends and other income and foreign currency exchange rates. 

11

 

	7
	Subaccount #5—SSgA Russell 2000 Index Securities Lending Fund Series A—a collective fund managed by State
Street Global Advisors (SSgA), which invests in a diversified portfolio of small capitalized U.S. stocks. The fund's objective is to match the total rate of returns and characteristics of the Russell
2000 Index, which consists of the smallest 2000 U.S. securities in the Russell 3000 Index. SSgA employs an index replication approach to construct a fund whose return tracks the Russell 2000 index.
The rate of return on the Russell 2000 Fund is influenced by the market price and dividends of the stocks held in the fund. 

	(c)
	A
Participant may, in accordance with procedures established by the Committee, change his Subaccount investment elections daily regarding existing Account balances and future
contributions. Any reallocations of existing Account balances must be made in whole percentage increments. A reallocation election will become effective as set forth in Plan procedures. Any
reallocations of existing Account balances made under this Plan will simultaneously apply to any amounts the Participant may have deferred under either The Allstate Corporation Deferred Compensation
Plan for Employee Agents or The Allstate Corporation Deferred Compensation Plan for Independent Contractor Exclusive Agents. 

	4.4
	VESTING 

A
Participant shall be fully vested in his/her Account at all times, subject to Sections 3.3 and 8.2. 

12

   ARTICLE V
  PAYMENTS  

	5.1
	EVENTS
CAUSING ACCOUNTS TO BECOME DISTRIBUTABLE

	(a)
	A
Participant's Account shall become distributable upon notification to the Plan of the Participant's Separation from Service or, at the election of the Participant pursuant to
Section 5.4, in one of the first through fifth years after Separation from Service. In either event, the Participant may elect to receive payment in a lump sum or in annual installments as
provided in Section 5.3.

	(b)
	That
portion of a Participant's Account determined to be necessary to alleviate a demonstrated Hardship shall become distributable upon the date of such determination, subject to
Section 5.2, and such determination shall be subject to the suspension of deferrals in the Plan by the Participant for the remainder of the Plan Year and for the next succeeding Plan Year.

	(c)
	A
Participant may make an irrevocable election prior to September 1, 1999, to receive a distribution as of the first day of any Plan Year prior to Separation from Service,
provided such date occurs subsequent to the Plan Year in which the Participant first participates in this Plan and at least three years after the date the Participant makes an election pursuant to
this Section 5.1(d). In such case, that portion of the Participant's Account attributable to Compensation deferred, and accruals thereon, after the Committee receives such election shall become
distributable on the date elected. Any balance in the Participant's Account remaining after any payment under this paragraph and any balance in the Account attributable to participation in the Plan in
any year subsequent to the year in which a payout on such date certain occurs, shall become distributable to the Participant as provided in paragraphs (a), (b) or (d) of this Section.

	(d)
	Effective
September 1, 1999, a Participant may at any time irrevocably elect to receive distribution of his/her entire Account balance, subject to the forfeiture to the Company
of 10% of such Account balance and subject to 

13

 

suspension
of deferrals in the Plan by the Participant for the remainder of the Plan Year and for the next succeeding Plan Year ("Suspension Period"). Such election will cause any pending election of
Incentive deferrals payable during the Suspension Period to be voided. The Participant's Account balance shall become distributable subject to Section 5.2 following the date of such election. 

	(e)
	In
the event of a Participant's death prior to distribution of his/her entire Account balance, the remaining Account balance shall become distributable following the date on which all
events have occurred which entitle the Beneficiary or Beneficiaries to payment. 

	5.2
	NOTICE
OF ACCOUNT PAYMENT AND COMMENCEMENT OF DISTRIBUTION 

The
Committee or its appointed representative shall notify a Participant or Beneficiary, as the case may be, as soon as practicable after the first day of the month next following the date on which
the Account becomes distributable, that he/she is entitled to receive payment from an Account, the balance of which shall be computed as of the close of business on the last day of the month in which
the Account becomes distributable. Distribution of Account balances shall commence as soon as practicable after the first day of the month next following the date on which the Account becomes
distributable. 

	5.3
	FORM
OF PAYMENT

	(a)
	Except
as provided in paragraphs (c) and (d) of this Section 5.3 and Article VIII hereof, payments of Account balances to a Participant shall be in the
form of one lump sum payment or annual cash installment payments over a period of from 2 to 10 years, at the election of the Participant.

	(b)
	The
amount of each annual installment payable to a Participant who has elected to receive installment payments shall be as follows: The first annual installment payment shall, for a
Participant who has elected to receive installment payments commencing upon his/her Separation from 

14

 

Service,
be computed as of the close of business on the last day of the month in which the Account becomes distributable, and the amount of such payment shall equal his/her Account balance as of such
date, divided by the number of installments including the one being paid. The first annual installment payment shall, for a Participant who has elected to receive installment payments commencing in
one of the first through fifth years after Separation from Service, be computed as of the close of the first business day of the year preceding the year in which the Account balance becomes
distributable, and the amount of such payment shall equal his/her Account balance as of such date, divided by the number of installments including the one being paid. Each subsequent installment
payment shall be computed as of the close of the last business day of the year thereafter, and the amount of each subsequent payment shall equal his/her remaining Account balance, divided by the
number of
remaining installments including the one being paid. Interest accruals and other adjustments shall continue with respect to the entire unpaid Account balance, as provided in Section 4.3. 

	(c)
	In
the event of a Participant's death prior to distribution of his/her entire Account balance, the remaining Account balance shall be paid in a lump-sum to the
Participant's Beneficiary or Beneficiaries, as soon as practicable after the date on which the Account balance shall become distributable pursuant to Section 5.1(e).

	(d)
	Notwithstanding
the provisions of paragraph (b) above, if the remaining unpaid Account balance is $5,000 or less on any date a payment is to be made to a Participant, the
payment shall be the remaining unpaid Account balance. 

	5.4
	DISTRIBUTION
ELECTION

	(a)
	Each
Participant shall elect his/her desired form of payment, in accordance with procedures established by the Committee, at the time of his/her initial participation election set
forth in Section 2.3. 

15

 

	(b)
	Except
for distribution elections under Section 5.1(c) and (d), each Participant may from time to time revise the terms of distribution of the Participants Accounts, in
accordance with the procedures established by the Committee, provided that (i) the revised notice of the desired form of payment shall be made by the Participant no less than twelve months
prior to the date on which payment is to commence, but in any event no later than the day before the date of the Participant's Separation from Service and (ii) in any event, distribution of the
Participant's Account shall not commence earlier than twelve months after the Participant's revised notice of the desired form of payment is made. 

16

 

ARTICLE VI
  ADMINISTRATION  

	6.1
	GENERAL
ADMINISTRATION; RIGHTS AND DUTIES 

The
Board shall appoint the Committee, which, subject to the express limitations of the Plan, shall be charged with the general administration of the Plan on behalf of the Participants. The Committee
shall also be responsible
for carrying out its provisions, and shall have all powers necessary to accomplish those purposes, including, but not by way of limitation, the following: 

	(a)
	To
construe and interpret the Plan;

	(b)
	To
compute the amount of benefits payable to Participants;

	(c)
	To
authorize all disbursements by the Company of Account balances pursuant to the Plan;

	(d)
	To
maintain all the necessary records for the administration of the Plan;

	(e)
	To
make and publish rules for administration and interpretation of the Plan and the transaction of its business;

	(f)
	To
make available to each Participant the current value of their Account;

	(g)
	To
delegate the administration of the Plan in accordance with its terms to officers or employees of the Company, of Allstate Insurance Company or of an independent consultant retained
by the Committee who the Committee believes to be reliable and competent. The Committee may authorize officers or employees of the Company or of Allstate Insurance Company to whom it has delegated
duties under the Plan to appoint other persons to assist the delegate in administering the Plan; and

	(h)
	To
refuse to accept the deferral of amounts the Committee or its delegate considers too small to be administratively feasible. 

The
determination of the Committee as to any disputed question or controversy shall be conclusive. 

17

 
	6.2
	CLAIMS
PROCEDURES 

Each
Participant or Beneficiary (for purposes of this Section 6.2 referred to as a "Claimant") may submit a claim for benefits to the Committee (or other person designated by the Committee) in
writing in such form as is permitted by the Committee. A Claimant shall have no right to seek review of a denial of benefits, or to bring any action in any court to enforce a claim for benefits, prior
to his filing a claim for benefits and exhausting his rights to review in accordance with this Section 6.2 

A
properly filed claim for benefits shall be evaluated and the Claimant shall be notified in writing of the approval or the denial within ninety (90) days after the receipt of such claim unless
special circumstances require an extension of time for processing the claim. If such an extension of time is required, written notice of the extension shall be furnished to the Claimant prior to the
termination of the initial ninety (90) day period, and such notice shall specify the special circumstances requiring an extension and the date by which a final decision will be reached (which
date shall not be later than one hundred and eighty (180) days after the date on which the claim was filed). Written notice to a Claimant shall advise whether the claim is granted or denied, in
whole or in part, and if denied, shall contain (1) the specific reasons for the denial, (2) references to pertinent Plan provisions on which the denial is based, (3) a description
of any additional material or information necessary to perfect the claim and an explanation of why such material or information is necessary, and (4) the Claimant's rights to seek a review of
the denial. 

If
a claim is denied, in whole or in part, the Claimant shall have the right to request that the Committee (or person designated by the Committee) review the denial, provided that he files a written
request for review with the Committee within sixty (60) days after the date on which he received written notice of the denial. A Claimant (or his duly authorized representative) may review
pertinent documents and submit issues and comments in writing to the Committee. Within 

18

 

sixty
(60) days after a request for review is received, the review shall be made and the Claimant shall be advised in writing of the decision on review, unless special circumstances require an
extension of time for processing the review, in which case the Claimant shall, within such initial sixty (60) day period, be given a written notice specifying the reasons for the extension and
when such review shall be completed (provided that such review shall be completed within one hundred and twenty (120) days after the date on which the request for review was filed). The
decision on review shall be forwarded to the Claimant in writing and shall include specific reasons for the decision and references to Plan provisions upon which the decision is based. A decision on
review shall be final and binding on all persons for all purposes. 

19

   ARTICLE VII
  PLAN AMENDMENTS AND TERMINATION  

	7.1
	AMENDMENTS

The
Company shall have the right to amend this Plan from time to time by resolutions of the Board or by the Committee, and to amend or rescind any such amendments; provided, however, that no action
under this Section 7.1 shall in any way reduce the amount of Compensation deferred or any accruals or other adjustments provided in section 4.3 up to and including the end of the month
in which such action is taken. Interest will continue to accrue as provided in Section 4.3. All amendments shall be in writing and shall be effective as provided subject to the limitations in
this Section 7.1. 

	7.2
	TERMINATION
OF PLAN 

Although
the Company expects that this Plan will continue indefinitely, continuance of this Plan is not a contractual or other obligation of the Company, and the Company expressly reserves its right
to discontinue this plan at any time by resolutions of the Board, effective as provided by the Board in such resolutions. However, no such action shall in any way reduce the amount of Compensation
deferred or any accruals thereon, up to and including the end of the month in which such action is taken. Accruals to Accounts shall continue until distribution as provided in Section 4.3. 

20

 
ARTICLE VIII
  MISCELLANEOUS  

	8.1
	NOTIFICATION
TO COMMITTEE 

Any
election made or notification given by a Participant pursuant to this Plan shall be made in accordance with procedures established by the Committee or its designated representative, and shall be
deemed to have been made or given on the date received by the Committee or such representative. 

	8.2
	PARTICIPANT'S
EMPLOYMENT 

Participation
in this Plan shall not give any Participant the right to be retained in the employ of the Company, Allstate Insurance Company of any member of the Controlled Group, or any right or
interest other than as herein provided. No Participant or Employee shall have any right to any payment or benefit hereunder except to the extent provided in this Plan. The members of the Controlled
Group expressly reserve the right to dismiss any Participant without any liability for any claim against them, except to the extent expressly provided herein. 

	8.3
	STATUS
OF PARTICIPANTS 

This
Plan shall create only a contractual obligation on the part of the Company and shall not be construed as creating a trust or other fiduciary relationship with Participants. Participants will have
only the rights of general unsecured creditors of the Company with respect to Compensation deferred and interest credited to their Accounts. 

	8.4
	OTHER
PLANS 

This
Plan shall not affect the right of any Employee or Participant to participate in and receive benefits under and in accordance with the provisions of any other Company plans which are now or may
hereafter be in existence. 

21

 
	8.5
	BENEFICIARIES
AND CONTINGENT BENEFICIARIES

	(a)
	Each
Participant shall, in accordance with procedures established by the Committee, designate one or more persons or entities (including a trust or trusts or his/her estate) to
receive any balance in his/her Account, including accruals thereon, payable to him/her under this Plan in the event of his/her death prior to full payment thereof. The Participant may also designate a
person or persons as a Contingent Beneficiary who shall succeed to the rights of the person or persons originally designated as Beneficiary, in case the latter should die. He/she may from time to time
change any designation of Beneficiary or Contingent Beneficiary so made, by submitting a new designation in accordance with procedures established by the Committee. For purposes of this Plan, any
valid Beneficiary or Contingent Beneficiary designation (or any change to such designation) made under this Plan, The Allstate Corporation Deferred Compensation Plan for Employee Agents or The
Allstate Corporation Deferred Compensation Plan for Independent Contractor Exclusive Agents (collectively, the "Allstate Plans") shall be considered valid and applicable to amounts deferred under the
Allstate Plans in the aggregate. The last valid designation made by a Participant under any of the Allstate Plans, in accordance with procedures established by the Committee, shall be controlling. 

In
the event a Participant designates a person other than his/her spouse as Beneficiary of any interests under this Plan, the Participant's spouse shall sign a notarized statement specifically
approving such designation and authorizing the Committee to make payment of such interests in the manner provided in such designation. 

	(b)
	In
the absence of such designation by the Participant, or in the absence of spousal approval and authorization as herein above provided, or in the event of the death, prior to or
simultaneous with the death of the Participant, of all Beneficiaries or Contingent Beneficiaries, as the case may be, to whom payments were to be made pursuant to a designation by the Participant,
such payments or any balance thereof shall be paid to the Participant's spouse or, if there is no surviving spouse, to the Participant's 

22

 

descendants,
including adopted children (distributed in equal shares) or, if there are no surviving descendants, to the Participant's parents (distributed in equal shares) or, if there are no
surviving parents, to the Participant's sisters and brothers (distributed in equal shares) or, if there are none, to the estate of the Participant. 

	(c)
	In
the event of the death, subsequent to the death of the Participant, of a Beneficiary or Contingent Beneficiary, as the case may be, to whom such payments were to be made or were
being made pursuant to a designation under this section, such payments or any balance thereof shall be paid to the estate of such Beneficiary or Contingent Beneficiary. 

	8.6
	TAXES
AND OTHER CHARGES 

To
the extent permitted by law, if the whole or any part of a Participant's Account shall become the subject of any estate, inheritance, income or other tax or other charge which the Company shall
legally be required to withhold and/or pay, the Company shall have full power and authority to pay such tax or other charge out of any monies or other property in its hands and charge such amounts
paid against the Account of the Participant whose interest hereunder is subject to such tax or other charge. Prior to making any such payment, the Company may require such releases or other documents
from any lawful authority as the Company shall deem necessary. 

	8.7
	BENEFITS
NOT ASSIGNABLE; OBLIGATIONS BINDING UPON SUCCESSORS 

Benefits
under this Plan and rights to receive the amounts credited to the Account of a Participant shall not be assignable or transferable and any purported transfer, assignment, pledge or other
encumbrance or attachment of any payments or benefits under this Plan shall not be permitted or recognized. Obligations of the Company under this Plan shall be binding upon successors of the Company. 

23

 
	8.8
	ILLINOIS
LAW GOVERNS; SAVING CLAUSE 

The
validity of this Plan or any of its provisions shall be construed and governed in all respects under and by the laws of the State of Illinois. If any provisions of this Plan shall be held by a
court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof shall continue to be fully effective. 

	8.9
	HEADINGS
NOT PART OF PLAN 

Headings
and subheadings in this Plan are inserted for reference only, and are not to be considered in the construction of the provisions hereof. 

	1
	Standard & Poor's ®, S&P®, S&P 500 Index and Standard &
Poor's 500 Index are trademarks of Standard & Poor's Corporation (S&P) and have been licensed for use by State Street Bank and Trust Company. The product is not
sponsored, endorsed, listed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investing in this product. 

24<Page>

                                                                    EXHIBIT 10.1

                      PRAECIS PHARMACEUTICALS INCORPORATED

                         Executive Management Bonus Plan
                 (Amended and Restated as of September 12, 2002)
                               (the "Bonus Plan")

PURPOSE: To establish a bonus program for the senior executives of the Company
which links performance oriented objectives (defined and approved annually by
the Board of Directors at the beginning of each fiscal year) to a variable
compensation award which is granted on an annual basis, as a means to attract
and retain senior level executives.

ELIGIBLE PARTICIPANTS: Participation in the Bonus Plan shall be limited to the
most senior level positions in the Company. The positions eligible include the
Chairman (assuming the Chairman is a member of the Company's management),
President, CEO, COO, CFO and Executive Vice President(s). The Compensation
Committee of the Board of Directors administers the Bonus Plan and will have the
continuing right to review and recommend other positions for participation in
the Bonus Plan. The grant of awards under the Bonus Plan ("Awards") will be in
the sole discretion of the Compensation Committee.

PARTICIPATION LEVEL: The targeted value of an Award as a percent of annual base
salary by position is as follows and shall be subject to modification as the
Compensation Committee shall determine:

<Table>
               <S>                                         <C>
               Chairman and Chief Executive Officer        50%
               President and Chief Operating Officer       40%
               Chief Financial Officer and Executive
                 Vice President(s) Levels                  30%
</Table>

The foregoing targeted Award values as a percent of annual base salary are based
on the attainment of the performance related objectives established by the
Compensation Committee or the Board of Directors at the beginning of each fiscal
year.

The Compensation Committee may grant any participating executive an Award in an
amount up to the product of 1.5 times their target percentage multiplied by
their annual base salary. The determination of such award is in the sole
discretion of the Compensation Committee.

FORM OF AWARD: The Award will be paid in cash via the payroll system in the pay
period following the decision of the Compensation Committee.

TERM: The first year of the Bonus Plan was 1998; the Bonus Plan will continue
from year to year unless terminated by the Board of Directors, which it may do
at any time.

ADMINISTRATION; AMENDMENT: The Bonus Plan will be administered by the
Compensation Committee of the Board of Directors. The Compensation Committee
shall have full power and authority to interpret and make all decisions
regarding the Bonus Plan, which decisions and interpretations shall be final and
binding on all participants. The Compensation Committee or the full Board of
Directors may amend the Bonus Plan in any manner at any time without the consent
of any participant.

                                        1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}]]