8-KLeadership ChangesExhibits & Filings

ALLSTATE CORP 8-K Report, Executive Changes (Sep 2, 2011)

Filed September 2, 2011For Securities:ALLALL-PJALL-PBALL-PHALL-PI

Summary

This Form 8-K filing by The Allstate Corporation on September 2, 2011, primarily details the financial terms of a Voluntary Separation Agreement and Release entered into with Joseph P. Lacher, Jr., former President of Allstate Protection. The agreement, effective upon his termination on July 17, 2011, stipulates a total payment of $730,000 to Mr. Lacher, to be disbursed in two installments by January 15, 2012. Notably, the agreement clarifies that Mr. Lacher will not receive any compensation under the 2011 Annual Executive Incentive Plan, the Allstate Severance Plan, or his change of control employment agreement. Furthermore, all unvested stock options and restricted stock units awarded to him have been forfeited, while vested options will expire as per their original terms. The agreement also includes standard covenants such as non-competition, non-solicitation, confidentiality, mutual releases, and non-disparagement.

Key Highlights

  • 1Allstate Corp. finalized a separation agreement with former President of Allstate Protection, Joseph P. Lacher, Jr.
  • 2Mr. Lacher's employment was terminated effective July 17, 2011.
  • 3The separation agreement includes a total payment of $730,000 to Mr. Lacher.
  • 4Payments will be made in two installments on or before January 15, 2012.
  • 5Mr. Lacher forfeits any entitlements under the 2011 Annual Executive Incentive Plan, Allstate Severance Plan, and change of control agreement.
  • 6Unvested stock options and restricted stock units held by Mr. Lacher were forfeited.
  • 7The agreement incorporates non-competition, non-solicitation, confidentiality, and non-disparagement clauses.

Frequently Asked Questions

The main purpose of this 8-K filing is to disclose the terms of a Voluntary Separation Agreement and Release between The Allstate Corporation and its former executive, Joseph P. Lacher, Jr., former President of Allstate Protection.

Mr. Lacher will receive a total aggregate amount of $730,000.00, payable in two installments on or before January 15, 2012.

No, the agreement explicitly states that Mr. Lacher will not be entitled to any payments under the Annual Executive Incentive Plan for 2011, the Allstate Severance Plan, or his change of control employment agreement. His unvested stock awards were also forfeited.

Mr. Lacher has agreed to non-competition, non-solicitation, and confidentiality covenants. The agreement also includes mutual releases and non-disparagement clauses, meaning both parties agree not to sue each other over past issues and not to speak negatively about each other.