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EXHIBIT 10(11)
EMPLOYMENT AGREEMENT
EMPLOYMENT AGREEMENT, dated as of ______________, 1999, by and between CNA
SURETY CORPORATION a Delaware corporation ("the Company"), and Xxxxxxx X.
Xxxxxxxxx ("the Executive").
WITNESSETH:
WHEREAS, the Company wishes to continue to employ the Executive and the
Company and the Executive desires to enter into an agreement embodying the terms
of such employment (the "Agreement'); and
NOW, THEREFORE, in consideration of the mutual covenants herein contained,
the Company and the Executive hereby agree as follows:
1. EMPLOYMENT.
a. AGREEMENT TO EMPLOY. Upon the terms and subject to the conditions
of this Agreement, the Company hereby agrees to continue to
employ Executive and Executive hereby agrees to employment by the
Company.
b. TERM OF EMPLOYMENT. Except as provided in Paragraph 5(a), the
Company shall employ Executive for the period commencing on
January 1, 2000 (the "Commencement Date") and ending on December
31, 2001. The period during which Executive is employed pursuant
to this Agreement and any extensions set forth in Paragraph 1(c)
of this Agreement shall be referred to as the "Employment
Period."
c. RENEWAL. Upon expiration of the original term of this Agreement
set forth in Paragraph 1(b) of this Agreement, this Agreement
shall renew automatically for one (1) additional one (1) year
term unless the Company or the Executive provides the other
thirty days written notice that the Agreement will not be
renewed.
2. POSITION AND DUTIES.
a. POSITION. During the Employment Period, Executive shall serve as
Senior Vice President & Chief Marketing Officer of the Company or
in such other position or positions in the Company and/or in any
of its subsidiaries as he and the Company shall mutually agree.
In addition, Executive shall serve in such other position or
positions with the Company and its subsidiaries commensurate with
his position and experience as the Board of Directors of the
Company (the "Board") shall from time to time specify.
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b. DUTIES. During the Employment Period, Executive shall have the
duties, responsibilities, and obligations as the Board shall from
time to time specify. Executive shall devote his full time to the
services required of him hereunder, except for vacation time and
reasonable periods of absence due to sickness, personal injury or
other disability, and shall use his best efforts, judgment, skill
and energy to perform such services in a manner consonant with
the duties of his position and to improve and advance the
business and interests of the Company and its subsidiaries.
Nothing contained herein shall preclude Executive from (i)
serving on the board of directors of any business corporation
with the consent of the Board or (ii) serving on the Board of, or
working for, any charitable or community organization.
c. LOCATION. Subject to normal business travel, Executive shall
perform his service hereunder in, and shall not be required to
change his place of residence from, the Chicago metropolitan
area.
3. COMPENSATION.
a. BASE SALARY. During the Employment Period, the Company shall pay
Executive an annual base salary of $180,000 per year, payable in
bi-weekly installments. The Compensation Committee of the Board
shall annually review Executive's base salary in light of
competitive practices and the performance of Executive and the
Company, and may, in its discretion, increase such base salary by
an amount it determines to be appropriate. Any such increase
shall not reduce or limit any other obligation of the Company
hereunder. Executive's base salary as set forth above or as may
be increased from time to time and shall not be reduced without
the mutual written consent of the Company and the Executive.
Executive's base salary as defined in this paragraph may be
referred to hereinafter as "Base Salary."
b. ANNUAL BONUS. For each calendar year ending during the Employment
Period, Executive may earn an annual bonus based on the
achievement of target levels of performance achieved during the
calendar year. During the first quarter of each year during the
term of this Agreement, the Compensation Committee of the Board
in its sole discretion shall determine the targets and the bonus
percentage ("Bonus Target") for which the Executive shall be
eligible, which bonus percentages shall range from 0%
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to 80% of the Executive's Base Salary based upon the performance
targets determined by the Compensation Committee of the Board.
The actual bonus, if any, payable for any such year shall be
determined solely by the Compensation Committee of the Board
based upon the performance of the Company and/or Executive
against the targets with a 40% target for "good performance."
c. LONG-TERM INCENTIVE COMPENSATION. During the term of the
Employment Period, Executive shall participate in all of the
Company's existing and future long-term incentive compensation
programs for key executives at a level commensurate with his
position at the Company and consistent with the Company's then
current policies and practices, as determined by the President.
Long-term Incentive Compensation shall be determined by the
President in accordance with the terms of the Company's Long-Term
Incentive Compensation Plan.
d. STOCK OPTIONS. The Executive shall be eligible for additional
grants of stock options under the terms and conditions of the
Stock Option Plan dated February 24, 1997.
4. BENEFITS, PERQUISITES AND EXPENSES.
a. BENEFITS. During the Employment Period, to the extent he is
eligible to participate in any welfare or retirement plans now
existing or established hereafter under their generally
applicable provisions, Executive may participate in (i) each
welfare benefit plan which may be sponsored or maintained by the
Company, including, without limitation, each group life,
hospitalization, medical, dental, health, accident or disability
insurance or similar plan or program of the Company, and (ii)
each retirement, profit sharing, deferred compensation or savings
plan which may be sponsored or maintained by the Company. Nothing
in this Paragraph 4(a) shall limit the Company's right to amend
or terminate any such plan. Notwithstanding any plan language to
the contrary, Executive shall be eligible for four (4) weeks'
paid vacation, for the year commencing January 1, 2000 and each
subsequent year of the Employment Period.
b. BUSINESS EXPENSES. During the Employment Period, the Company
shall pay or reimburse Executive for all reasonable expenses
incurred or paid by Executive in the performance of Executive's
duties hereunder, upon presentation of expense statements or
vouchers and such other information
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as the Company may require and in accordance with the generally
applicable policies and procedures of the Company as may be
amended by it from time to time.
c. ADDITIONAL BENEFITS. In addition to the foregoing, during the
Employment Period, the Executive shall be entitled to
reimbursement from the Corporation for (1) professional tax
advice and services and (2) up to $5,000 per year for financial
planning advice and services.
5. TERMINATION OF EMPLOYMENT OR NON RENEWAL OF AGREEMENT.
a. EARLY TERMINATION OF THE EMPLOYMENT PERIOD. Notwithstanding
Paragraph 1(b), the Employment Period shall end upon the earliest
to occur of (i) a termination of Executive's employment on
account of Executive's death or Disability, (ii) a Termination
for Cause, (iii) a Termination Without Cause, (iv) a Termination
for Good Reason or (v) Termination for Change in Control.
b. BENEFITS PAYABLE UPON TERMINATION OR NONRENEWAL. Following the
early termination of the Employment Period pursuant to Paragraph
5(a) or Nonrenewal of this Agreement pursuant to Paragraph 1(c),
Executive (or, in the event of his death, his surviving spouse,
if any, his estate, or such other beneficiary as the Executive
may designate by written notice to the Company) shall be paid
compensation in accordance with the following provisions:
(i) Should the Executive's employment with the Company
terminate for any reason, his Earned Salary and accrued
vacation shall be paid through his last day of
employment at the end of the Company's next regular pay
period and Vested Benefits shall be payable in
accordance with their terms. In addition:
(ii) Should the Executive's employment with the Company
terminate for Cause or should the Executive terminate
this Agreement without Good Reason, other than the
payments set forth in Paragraph 5(b)(i) above and any
entitlement to any Vested Benefits, the Company shall
have no further obligations to the Executive;
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(iii) Should the Executive's employment with the Company
terminate Without Cause, for Good Reason, for Change
of Control or because of the non-renewal of this
Agreement, he shall be paid the Severance Benefit,
Additional Benefits, Vested Benefits and Incentive
Compensation. Notwithstanding anything to the contrary
in this Agreement, no Severance Benefit or Incentive
Compensation shall be payable if the Executive
violates the terms and covenants of section 6 of this
Agreement. Moreover, Executive agrees that if he
violates section 6 of this Agreement he shall repay
forthwith the Company any amount of the Severance
Benefit or Incentive Compensation previously paid
pursuant to this Paragraph 5(b)(i). In addition,
should the Executive's employment with the Company
terminate due to a Termination for Change in Control,
any stock options Executive shall have received which
are unvested at the time of such termination shall
immediately accelerate and become fully vested and the
exercise period for such options shall be extended to
permit the Executive to exercise such options during
the two year period immediately following the
Executive's termination.
(iv) Should the Executive's employment with Company
terminate due to death or Disability, the Company
shall pay the Executive an amount equal to a pro-rated
amount equal to the product of the Bonus Target for
the year in which termination occurs and a fraction
the numerator of which is equal to the number of days
in the calendar year of the Executive's termination of
employment which have elapsed as of the date of such
termination and the denominator of which is 365; plus
any long-term cash Incentive Compensation awards held
by the Executive at the date of his termination, which
shall be payable, if at all, based upon actual Company
performance results (but without regard to any
individual performance criteria) for the applicable
pro rata portion of performance period.
c. TIMING OF PAYMENTS. The payments referred to in Paragraph
5(b) shall be made as follows: Earned Salary shall be paid
in cash in a single lump sum as soon as practicable, but in
no event more than ten business days, following the end of
the Employment Period. Severance Benefits shall be paid in
equal biweekly installments during the two year period
immediately following the Executive's termination. Incentive
Compensation shall be
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payable at the same time as similar awards are paid to other
executives still actively employed by the Company and
participating in the plans under which the awards are
payable. Vested Benefits shall be payable in accordance with
the terms of the plan (including, without limitation, the
extension of the exercise period of options under any stock
option plan) under which such benefits have been awarded or
accrued. Additional Benefits shall be provided or made
available at the times specified below as to each such
Additional Benefit.
d. DEFINITIONS. For purposes of sections 5 and 6, capitalized
terms have the following meanings:
"ADDITIONAL BENEFITS" consists of the following rights and benefits:
except as otherwise provided below, Executive (and, to the extent
applicable, his dependents) will be entitled to continue participation
in all of the Company's health benefit plans (the "Health Plans"),
until the second anniversary of Executive's termination of employment
(the "End Date"); provided that Executive's participation in the
Company's Health Plans shall cease on any earlier date that Executive
becomes eligible for comparable benefits from a subsequent employer.
To the extent any such benefits cannot be provided under the terms of
the applicable plan, policy or program, the Company shall provide a
comparable benefit under another plan or from the Company's general
assets. Executive's participation in the Health Plans will be on the
same terms and conditions that would have applied had Executive
continued to be employed by the Company through the End Date. The
Company shall deduct the Executive's cost of the foregoing benefits
from the Executive's Severance Benefit payments at the same intervals
as they were deducted from his Base Salary during the Employment
Period.
"DISABILITY" means "disability" as defined in the Company's Long Term
Disability Plan.
"EARNED SALARY" means any Base Salary earned, but unpaid, for services
rendered to the Company on or prior to the date on which the Employment Period
ends pursuant to Paragraph 5(a) or because of the Nonrenewal of this Agreement
pursuant to Paragraph 1(c).
"INCENTIVE COMPENSATION" consists of the sum of:
(i) a pro-rated amount equal to the product of the average of
the actual performance bonuses paid to the Executive by the
Company during the two calendar years prior to the year in
which termination occurs ("Prior Bonus") and a fraction the
numerator of which is equal to the number of
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days in the calendar year of Executive's termination of
employment which have elapsed as of the date of such
termination and the denominator of which is 365; plus
(ii) an amount equal to twice the amount of the Prior Bonus;
plus
(iii) any long-term cash incentive compensation awards held by
Executive at the date of his termination, which shall be
payable, if at all, based upon actual Company performance
results (but without regard to any individual performance
criteria) for the applicable pro rata portion of
performance period.
"SEVERANCE BENEFIT" means two years Base Salary based upon the
Executive's Base Salary on the date the Executive's employment terminates.
"TERMINATION FOR CHANGE IN CONTROL" means a termination of Executive's
employment by the Company for any reason other than a Termination for Cause at
the sole discretion of the Company within one year following the date upon which
(i) Continental Casualty Company and any affiliates no longer are able
collectively to elect a majority of the Board, (ii) a sale of all or
substantially all of the assets of the Company is consummated or (iii) a merger,
consolidation or other business combination involving the Company and an
unaffiliated third party is consummated in which the Company is not the
surviving corporation.
"TERMINATION FOR CAUSE" means a termination of the Executive's
employment by the Company (A) due to conduct of the Executive, which is
determined by the Board, in its sole discretion, to be to: (i) a willful and
continued failure to perform the material duties of his position, (ii) a fraud
against the Company or (iii) a material breach of any provision of this
Agreement which has had (or is expected to have) a material adverse effect on
the business of the Company or its subsidiaries; or (B) due to the Executive's
conviction of a felony.
"TERMINATION FOR GOOD REASON" means a termination of Executive's
employment by Executive within 90 days following (i) a material diminution in
Executive's positions, duties and responsibilities from those described in
Paragraph 2 hereof, (ii) the removal of Executive from, or the failure to
re-elect Executive as a member of, the Board, (iii) a reduction in Executive's
annual Base Salary, (iv) a material reduction in the aggregate value of the
retirement, profit sharing and welfare benefits provided to Executive from those
in effect as of the Commencement Date (other than a reduction which is
proportionate to the reductions applicable to other senior executives pursuant
to a cost-saving plan that includes all senior executives). Notwithstanding the
foregoing, a termination shall not be treated as a Termination for Good Reason
(i) if Executive shall have consented in writing to the occurrence of the event
giving rise to the claim of Termination for
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Good Reason or (ii) unless Executive first shall have delivered a written notice
to the Company within 30 days of his having actual knowledge of the occurrence
of one of such events stating that he intends to terminate his employment for
Good Reason and specifying the factual basis for such termination, and such
event, if capable of being cured, shall not have been cured within 30 days of
the receipt of such notice.
"TERMINATION WITHOUT CAUSE" means any termination of Executive's
employment by the Company other than a Termination for Cause.
"VESTED BENEFITS" means amounts which are vested or which Executive is
otherwise entitled to receive under the terms of or in accordance with any plan
maintained by the Company at or subsequent to the date of his termination
without regard to the performance by Executive of further services or the
resolution of a contingency.
e. FULL DISCHARGE OF COMPANY OBLIGATIONS. In consideration of
receiving any payments or benefits under Section 5 of this
Agreement, the Executive agrees to sign a release in the
form attached to this Agreement as Exhibit A, as a condition
precedent to receiving them. The amounts payable to
Executive pursuant to this Section 5 following termination
of his employment (including amounts payable with respect to
Vested Benefits) shall be in full and complete satisfaction
of Executive's rights under this Agreement and any other
claims he may have in respect of his employment by the
Company or any of its subsidiaries. Such amounts shall
constitute liquidated damages with respect to any and all
such rights and claims and, upon Executive's receipt of such
amounts, the Company shall be released and discharged from
any and all liability to Executive in connection with this
Agreement or otherwise in connection with Executive's
employment with the Company and its subsidiaries. Nothing in
this Paragraph 5(e) shall be construed to release the
Company from any obligation to indemnify Executive and hold
Executive harmless from and against any claim, loss or cause
of action arising from or out of Executive's performance as
an officer, director or employee of the Company or any of
its subsidiaries or in any other capacity, including any
fiduciary capacity, in which Executive served at the request
of the Company to the maximum extent permitted by applicable
law and the certificate of incorporation and by-laws of the
Company.
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6. NONCOMPETITION AND CONFIDENTIALITY.
By and in consideration of the salary, benefits and other consideration,
contained in this Agreement, the adequacy and receipt of which is hereby
acknowledged, the Executive agrees that:
a. NONCOMPETITION. During the Employment Period and during the two
year period (the "Restriction Period") following any termination
or Nonrenewal of the Executive's employment, the Executive shall
not whether as a principal, partner, employee, agent, consultant,
shareholder (other than as a holder, or a member of a group which
is a holder, of not in excess of 1% of the outstanding voting
shares of any publicly traded company) or in any other
relationship or capacity: (i) become associated with any entity
that is actively engaged or takes any steps to plan to be engaged
in any geographic area in the surety business or in any other
business which is in competition with the business in which the
Company is engaged or to the Executive's knowledge is actively
considering becoming engaged, (ii) contact, call upon, solicit
business from, sell, or render services to, any customer or
licensed agent of the Company with respect to any service or
product identical or similar to any services or products provided
or sold by the Company, including but not limited to current
products or those under development, distribution strategy,
development of computer software and administrative systems for
administration.
b. CONFIDENTIALITY. The Executive acknowledges and agrees that all
records (whether written or recorded electronically) including
but not limited to agent and client lists, files, reports, notes,
internal memoranda and manuals relating to the Company's
business; business plans, business processing techniques, systems
and methods; sales processes, sales and training manuals;
underwriting procedures and manuals; budgets; financial
statements; compilations; or summaries of the foregoing, by
whomever prepared, and copies or reproductions of the foregoing,
relating to the Company's operations or activities, or to the
operations or activities of any of the Company's customers,
agents, suppliers, vendors, or subsidiary companies thereof, made
or received by the Executive during the course of his employment
with the Company have been, are and shall remain the sole and
exclusive property of the Company and were held by the Executive
during his employment only as a trustee for the Company which, at
all times, retained ownership and control of said records.
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c. NON-SOLICITATION OF EMPLOYEES. During the Employment Period and
the one year period following any termination or Nonrenewal of
Executive's employment, Executive shall not directly or
indirectly solicit, nor shall any entity with which the Executive
is associated encourage or induce any employee of the Company or
any of its subsidiaries to terminate employment with it, and
shall not directly or indirectly, either individually or as
owner, agent, employee, consultant or otherwise, employ or offer
employment to any person who is or was employed by the Company or
a subsidiary thereof unless such person shall have ceased to be
employed by it for a period of at least six months.
d. COMPANY PROPERTY. Except as expressly provided herein, promptly
following Executive's termination of employment, Executive shall
return to the Company all property of the Company, and all copies
thereof in Executive's possession or under his control.
e. INJUNCTIVE RELIEF AND OTHER REMEDIES WITH RESPECT TO COVENANTS.
Executive acknowledges and agrees that the covenants and
obligations of Executive with respect to noncompetition,
nonsolicitation, confidentiality and Company property, relate to
special, unique and extraordinary matters and that a violation of
any of the terms of such covenants and obligations will cause the
Company irreparable injury for which adequate remedies are not
available at law. Executive acknowledges and agrees that the
geographic scope of his employment with the Company is national,
and that the national geographic and the two year restrictions
placed upon him in Paragraph 6 of this Agreement are reasonable
and necessary to the preservation and vitality of the Company's
business, reputation, and good will due to the nature of the
Company's business, and given his knowledge and expertise within
the insurance industry and the consideration provided in this
Agreement, that he will be able to earn a satisfactory livelihood
or otherwise provide for his financial security without violating
such restrictions.
Therefore, Executive agrees that the Company shall (i) be entitled to, on
both an interim and final basis, an injunction, restraining order or such other
equitable relief (without the requirement to post bond) restraining Executive
from committing any violation of the covenants and obligations contained in this
section 6 and (ii) have no further obligation to make any payments to Executive
hereunder following any material violation of the covenants and obligations
contained in this section 6. These remedies are cumulative and are in addition
to any other rights and remedies the Company may have at law or in equity. In
connection with the foregoing provisions of this section 6, Executive
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represents that his economic means and circumstances are such that such
provisions will not prevent him from providing for himself and his family on a
basis satisfactory to him.
The Executive and Company agree that section 6 of this Agreement is not
subject to the provisions of Paragraph 7(b). The Executive agrees that in the
event he violates said section 6 he will pay all costs and expenses with respect
to the prosecution or defense of any claim or suit brought by or against the
Company including, but not limited to, reasonable attorneys' fees. The Executive
further agrees that in the event he in any way violates the provisions set forth
in section 6, the Company would suffer irreparable harm for which both
preliminary and final injunctive relief would be an appropriate remedy in
addition to such other relief to which the Company may also be entitled.
f. For purposes of Section 6 of this agreement "the Company" shall
include its subsidiaries.
g. Notwithstanding anything herein to the contrary, should the
Executive terminate the employment period without Good Reason or
should the Company terminate it for Cause, the two year period
referred to at various points in this Section 6 shall be reduced
to one year.
7. MISCELLANEOUS.
a. SURVIVAL. Paragraphs 5 (relating to early termination), 6
(relating to noncompetition, nonsolicitation and confidentiality,
7(b) (relating to arbitration), 7(c) (relating to legal fees) and
7(o) (relating to governing law) shall survive the termination
hereof.
b. ARBITRATION. Except for disputes arising out of or relating to
the provisions of Section 6, any dispute arising out of or
relating to this Agreement, including each and every aspect of
the relationship of the Executive and the Company, shall be
resolved by binding arbitration. The arbitrator shall be a
retired federal judge. If the parties cannot agree on an
acceptable arbitrator, the dispute shall be heard by a panel of
three retired judges, one appointed by each of the parties and
the third appointed by the other two arbitrators. The arbitrator
shall hear and decide the dispute not by compromise but according
to law as if sitting in court applying the rules of evidence. The
arbitrator's decision shall be in writing and shall set forth the
facts and law supporting such decision. The arbitration shall be
held in Chicago, Illinois and except as otherwise provided in
this Paragraph, shall be conducted in accordance with the
Voluntary Labor Arbitration Rules of the American Arbitration
Association then in effect at the time of the arbitration.
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c. BINDING EFFECT. This Agreement shall be binding on, and shall
inure to the benefit of, the Company and any person or entity
that succeeds to the interest of the Company (regardless of
whether such succession does or does not occur by operation of
law) by reason of the sale of all or a portion of the Company's
stock, a merger, consolidation or reorganization involving the
Company or, unless the Company otherwise elects in writing, a
sale of the assets of the business of the Company (or portion
thereof) in which Executive performs a majority of his services.
This Agreement shall also inure to the Benefit of Executive's
heirs, executors, administrators and legal representatives.
d. ASSIGNMENT. Except as provided under Paragraph 7(c), neither this
Agreement nor any of the rights or obligations hereunder shall be
assigned or delegated by any party hereto without the prior
written consent of the other party.
e. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
between the parties hereto with respect to the matters referred
to herein. No other agreement relating to the terms of
Executive's employment by the Company, oral or otherwise, shall
be binding between the parties unless it is in writing and signed
by the party against whom enforcement is sought. There are no
promises, representations, inducements, or statements between the
parties other than those that are expressly contained herein.
Executive acknowledges that he is entering into this Agreement of
his own free will and accord, and with no duress, that he has
read this Agreement and that he understands it and its legal
consequences.
f. SEVERABILITY; REFORMATION. In the event that one or more of the
provisions of this Agreement shall become invalid, illegal or
unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein shall
not be affected thereby. In the event that any of the provisions
of any of Paragraphs 6(a), (b) or (c) is not enforceable in
accordance with its terms, Executive and the Company agree that
such Paragraph shall be reformed to make such Paragraph
enforceable in a manner which provides the Company the maximum
rights permitted at law.
g. WAIVER. Waiver by any party hereto of any breach or default by
the other party of any of the terms of this Agreement shall not
operate as a waiver of any other breach or default, whether
similar to or different from the breach or default waived. No
waiver of any provision of this Agreement shall be
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implied from any course of dealing between the parties hereto or
from any failure by either party hereto to assert its or his
rights hereunder on any occasion or series of occasions.
h. NOTICES. Any notice required or desired to be delivered under
this Agreement shall be in writing and shall be delivered
personally, by courier service, by registered mail, return
receipt requested, or by telecopy and shall be effective upon
actual receipt by the party to which such notice shall be
directed, and shall be addressed as follows (or to such other
address as the party entitled to notice shall hereafter designate
in accordance with the terms hereof):
If to the Company:
CNA Surety Corporation
XXX Xxxxx
Xxxxxxx, Xxxxxxxx 00000
Attention: General Counsel
If to Executive:
The home address of Executive noted on the records of the Company.
i. AMENDMENTS. This Agreement may not be altered, modified or
amended except by a written instrument signed by an authorized
representative of the Company and by the Executive.
j. HEADINGS. Headings to Paragraphs in this Agreement are for the
convenience of the parties only and are not intended to be part
of or to affect the meaning or interpretation hereof.
k. COUNTERPARTS. This Agreement may be executed in counterparts,
each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.
l. WITHHOLDING. Any payments provided for herein shall subject to
withholding pursuant to applicable Federal, State, and local law
then in effect.
m. GOVERNING LAW. This Agreement shall be governed by the laws of
the State of Delaware, without reference to principles of
conflicts or choice of law under which the law of any other
jurisdiction would apply.
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n. SOURCE OF PAYMENT. The payments and benefits provided for herein
other than stock options may, at the option of the Company, be
provided by one or more of its subsidiaries, rather than the
Company, itself.
IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by
its duly authorized officer and the Executive has hereunto set his hand as of
the day and year first above written.
CNA SURETY CORPORATION EXECUTIVE
By:
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Xxxx X. Xxxxxxxx Xxxxxxx X. Xxxxxxxxx
