EX-10.44
from 8-K
1 page
I. This Special Arrangement Will Be Provided to You Only in the Event That Your Employment Is Terminated Involuntarily From Cna Surety for Any Reason Other Than for Cause, Death or Disability Prior to April 1, 2013. for Purposes of This Letter, Cause Shall Mean Engaging in or Committing: (I) Any Act Which Would Constitute a Felony or Other Act Involving Fraud, Dishonesty, Moral Turpitude, Unlawful Conduct or Breach of Fiduciary Duty; (II) Any Conduct Which Is Inconsistent With the Dignity and Character of an Executive of the Company; (III) a Willful or Reckless Material Misconduct in the Performance of the Executive’s Duties; or (IV) the Habitual Neglect of Duties; Provided, However, That for Purposes of Clauses (III) and (IV), Cause Shall Not Include Any One or More of the Following: Bad Judgment, Negligence or Any Act or Omission Believed by the Executive in Good Faith to Have Been in or Not Opposed to the Interest of the Company (Without Any Intent by the Executive to Gain, Directly or Indirectly, a Profit to Which He Was Not Legally Entitled). if the Executive Agrees to Resign From His Employment With the Company in Lieu of Being Terminated for Cause, He May Be Deemed to Have Been Terminated for Cause for Purposes of This Letter. II. Severance Amount Will Be One Year of Base Salary. This Severance Pay Amount Will Be Equal to Your Annual Base Salary at the Time Your Employment Ends and Will Replace Any Current or Future Severance Pay Amounts Provided by the Cna Surety Employee Severance Pay Plan. in Addition, You Will Be Eligible to Continue Coverage Under the Cna Surety Group Health Benefit Plan, AD&D, Contributory Life and Dependent Life for One Year From Your Date of Termination at the Employee Contribution Rate Then in Effect. the Group Health Benefit Period Will Run Concurrently With the Duration of Cobra Coverage
12/34/56