State Auto Financial CORP
SECOND AMENDMENT TO THE OUTSIDE DIRECTORS RESTRICTED SHARE UNIT PLAN
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<DESCRIPTION>SECOND AMENDMENT TO THE OUTSIDE DIRECTORS RESTRICTED SHARE UNIT PLAN
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.72 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>SECOND AMENDMENT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TO THE </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>OUTSIDE DIRECTORS RESTRICTED SHARE UNIT PLAN </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>Background Information
</U></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT FACE="Times New Roman" SIZE="2">State Auto Financial Corporation (the &#147;Company&#148;) previously adopted and maintains the Outside Directors Restricted Share Unit Plan (the
&#147;Plan&#148;) for the benefit of the Company&#146;s outside Directors. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">B.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT FACE="Times New Roman" SIZE="2">The Company desires to amend the Plan to comply with final regulations under Section&nbsp;409A of the Internal Revenue Code of 1986, as amended (the
&#147;Code&#148;). </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">C.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT FACE="Times New Roman" SIZE="2">The Company also desires to amend the Plan to clarify the date used to determine fair market value for purposes of Plan distributions.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">D.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;7.1 of the Plan permits the Company&#146;s Board of Directors to amend the Plan and the Board authorized the amendment related to Code
Section&nbsp;409A at a meeting held on November&nbsp;9, 2007. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>Amendment of the Plan </U></B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT FACE="Times New Roman" SIZE="2">The Plan is hereby amended as follows effective January&nbsp;1, 2009, unless another effective date is indicated herein: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT FACE="Times New Roman" SIZE="2">The first sentence of the third paragraph in the Background Information Section of the Plan is hereby amended in its entirety to read as follows:
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT FACE="Times New Roman" SIZE="2">The Plan is intended to comply with the requirements of The American Jobs Creation Act of 2004 and
Section&nbsp;409A of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;). </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;1.1 (p)&nbsp;of the Plan is hereby deleted in its entirety and the remaining subsections re-lettered as appropriate. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT FACE="Times New Roman" SIZE="2">The third sentence in Section&nbsp;5.2 of the Plan is hereby amended in its entirety to read as follows: </FONT></P></TD></TR></TABLE> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT FACE="Times New Roman" SIZE="2">Furthermore, any change with respect to a Distribution Option or Form of Payment Option cannot be effective until at least twelve
(12)&nbsp;months after such election and a change in Distribution Option must delay such distribution for at least five (5)&nbsp;years beyond the initial distribution date. </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT FACE="Times New Roman" SIZE="2">The second sentence of Section&nbsp;5.3 of the Plan is hereby amended in its entirety to read as follows: </FONT></P></TD></TR></TABLE> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT FACE="Times New Roman" SIZE="2">In addition, a Participant may receive payment of amounts credited to his Account upon the occurrence of an &#147;unforeseeable
emergency,&#148; as further described in Section&nbsp;5.4. </FONT></P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT FACE="Times New Roman" SIZE="2">Effective August&nbsp;15, 2008, the second and third sentences of Section&nbsp;5.3(a)(ii) of the Plan are hereby amended by replacing each reference therein to
&#147;Corresponding Valuation Date&#148; with &#147;close of the Payment Processing Date&#148;. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT FACE="Times New Roman" SIZE="2">Effective August&nbsp;15, 2008, Section&nbsp;5.5(a) of the Plan is hereby amended in its entirety to read as follows: </FONT></P></TD></TR></TABLE> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT FACE="Times New Roman" SIZE="2">If a Participant has elected the cash Form of Payment Option, the amount of cash payable to the Participant shall be equal to the Value of
a Common Share as of the close of the Payment Processing Date multiplied by the number of Restricted Share Units to which payment is due on that Payment Processing Date. </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">7.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT FACE="Times New Roman" SIZE="2">All other provisions of the Plan shall remain in full force and effect. </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2"><B>STATE AUTO FINANCIAL CORPORATION</B></FONT></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="justify"><FONT FACE="Times New Roman" SIZE="2">/s/ James A. Yano</FONT></P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT FACE="Times New Roman" SIZE="2">VICE PRESIDENT, GENERAL COUNSEL, CORPORATE SECRETARY</FONT></P></TD></TR>
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