Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 18, Mario Rizzo, current Executive Vice President and Chief Financial Officer of the Registrant and Allstate Insurance Company ("AIC"), was elected as President, Property-Liability of AIC, effective September 1, 2022. Mr. Rizzo, age 55, has served as the Registrant's Executive Vice President and Chief Financial Officer since January 2018. Prior to this position, he served as Senior Vice President and Chief Financial Officer, Allstate Personal Lines of AIC from June 2014 to January 2018.

Effective September 1, 2022, Mr. Rizzo will receive an annual base salary of $850,000 in his position as President, Property-Liability of AIC. His annual incentive target was increased to 150% of salary and his target equity incentive opportunity was increased to 325% of salary. Mr. Rizzo will be eligible for an equity grant of $71,027 on October 5, 2022.

On August 18, Jesse E. Merten was elected to succeed Mr. Rizzo as Executive Vice President and Chief Financial Officer of the Registrant and AIC, effective September 1, 2022. Mr. Merten, age 48, has served as President, Financial Products of AIC since May 2020. Previously, Mr. Merten served as Executive Vice President and Chief Risk Officer of AIC from December 2017 to May 2020 and Treasurer of the Registrant from January 2015 to April 2019 and of AIC from February 2015 to May 2019.

Mr. Merten will receive an annual base salary of $765,000 in his position as Executive Vice President and Chief Financial Officer. In addition, Mr. Merten's annual incentive target was increased to 125% of salary, and his target equity incentive opportunity was increased to 300% of salary. Mr. Merten will be eligible for an equity grant of $191,774 on October 5, 2022.

On August 18, 2022, the Registrant announced that Glenn T. Shapiro, current President, Property-Liability of AIC, will retire on September 30, 2022. Mr. Shapiro will serve as an advisor to the CEO and his successor from September 1, 2022 through September 30, 2022.

In connection with Mr. Shapiro's retirement, Allstate entered into a voluntary retirement agreement (the "Agreement") with Mr. Shapiro on August 18, 2022. In accordance with the Agreement, Allstate agreed to make a payment to Mr. Shapiro in the amount of $1,100,000 no later than February 28, 2023, and provide continued vesting of a pro-rated portion of Mr. Shapiro's 2020 performance stock award. The Agreement includes non-solicitation and non-competition covenants ending February 2024. The foregoing description of the Agreement is qualified in its entirety by reference to the full text of the Agreement attached as Exhibit 10 to this report, which is incorporated herein by reference.

As part of these organizational changes, John E. Dugenske, current President, Investments and Financial Products of AIC was elected President, Investments and Corporate Strategy of AIC, effective September 1, 2022.

A copy of the press release announcing these changes is attached to this report as Exhibit 99 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits



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Exhibit No.                            Description

10                                       Voluntary Retirement Agreement, dated August 18, 2022,
                                       between Glenn T. Shapiro and Allstate Insurance Company
99                                       Registrant's press release dated August 18, 2022
104                                    Cover Page Interactive Data File (formatted as inline XBRL).



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