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ALL » Topics » 10.15 Joint and Several Liability . The obligations of Allstate and AIC to Executive under this Agreement shall be joint and several.

These excerpts taken from the ALL 10-K filed Feb 27, 2008.

10.15         Joint and Several Liability.  The obligations of Allstate and AIC to Executive under this Agreement shall be joint and several.

10.16         No Rights Prior to Effective Date.  Notwithstanding any provision of this Agreement to the contrary, this Agreement shall not entitle Executive to any compensation, severance or other benefits of any kind prior to an Effective Date.

10.17       Six-month Delay.  Any payment considered to be deferred compensation under Section 409A of the Code and not subject to an exception or exemption thereunder, shall not be paid to Executive prior to the first business day following the date that is six (6) months after the date of Executive’s Termination of Employment.  Any payments that would otherwise have been made to Executive during such six (6) month period shall instead be aggregated and not paid to Executive prior to the first business day following the date that is six (6) months after the date of  Executive’s Termination of Employment.  Any payments subject to a six-month delay shall be paid with interest which shall accrue from the date such payment became due and owing until the date of payment at an annual rate equal to 200 basis points above the base commercial lending rate published in The Wall Street Journal in effect from time to time during the six-month delay period.  Any payments scheduled to be made after the date that is six (6) months after the Termination of Employment shall be paid to Executive in accordance with the other provisions of this Agreement or applicable plan.

 

10.15         Joint and Several Liability.  The obligations of Allstate and AIC to
Executive under this Agreement shall be joint and several.



10.16         No Rights Prior to Effective Date.  Notwithstanding any provision of this
Agreement to the contrary, this Agreement shall not entitle Executive to any
compensation, severance or other benefits of any kind prior to an Effective
Date.



10.17       Six-month
Delay.  Any payment considered to be
deferred compensation under Section 409A of the Code and not subject to an
exception or exemption thereunder, shall not be paid to Executive prior to the
first business day following the date that is six (6) months after the date of
Executive’s Termination of Employment. 
Any payments that would otherwise have been made to Executive during
such six (6) month period shall instead be aggregated and not paid to Executive
prior to the first business day following the date that is six (6) months after
the date of  Executive’s Termination of
Employment.  Any payments subject to a
six-month delay shall be paid with interest which shall accrue from the date
such payment became due and owing until the date of payment at an annual rate
equal to 200 basis points above the base commercial lending rate published in The Wall Street Journal in effect from time to time during
the six-month delay period.  Any payments
scheduled to be made after the date that is six (6) months after the
Termination of Employment shall be paid to Executive in accordance with the
other provisions of this Agreement or applicable plan.



 



EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 27, 2008

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