Supplemental Retirement Benefit Agreement for Edward M. Liddy and Casey J. Sylla
This agreement outlines enhanced pension benefits for Edward M. Liddy and Casey J. Sylla from Allstate. Both individuals will receive additional pension credits under a nonqualified plan if they retire, leave the company, pass away, or if there is a change of control. Mr. Liddy’s benefit is calculated as if he had five extra years of age and service until age 61, and maximum credited service after age 62. Mr. Sylla receives a similar enhancement if he retires at or after age 63. These enhancements act as supplemental retirement plans in certain situations.
Exhibit 10.23
RETIREMENT BENEFITS OF
EDWARD M. LIDDY AND CASEY J. SYLLA
Mr. Liddy and Mr. Sylla each will receive a pension enhancement payable from a nonqualified pension plan upon termination, retirement, death or change of control. Mr. Liddy will receive an enhanced pension benefit that assumes an additional five years of age and service under the pension formula of Allstate's qualified pension plan through age 61. At age 62 and after, the enhancement is based on the maximum credited service under the pension formula. Mr. Sylla will receive an enhanced pension benefit based on the addition of five years of age and service if he retires from Allstate on or after age 63. These enhancements are considered to be supplemental retirement plans in the event of a change of control.
