Document:

exv10w22

 

EXHIBIT 10.22

AMENDMENT TO EMPLOYMENT AGREEMENT

THIS AMENDMENT TO EMPLOYMENT AGREEMENT (the “Amendment”) is made and entered into as of the 07 day
of February, 2007, by and between Continental Casualty Company, an Illinois insurance company (the
“Company”) and Michael Fusco (“Executive”), as an amendment to that certain employment agreement
between Executive and the Company dated as of April 1, 2004 (“Employment Agreement”):

WITNESSETH:

WHEREAS, the parties wish to amend the Employment Agreement in certain respects to reflect certain
changes in the terms and conditions of Executive’s employment as further provided hereinbelow;

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, it is
covenanted and agreed by the Executive and the Company as follows:

	 	1.	 	Section 1 of the Employment Agreement is hereby amended to read as follows:
	 
	 	 	 	“Employment Term. The Company and Executive agree that the Company shall employ Executive
to perform the duties of an Executive Vice President, Chief Actuary and Chief Risk Officer
of the CNA insurance companies for the period commencing on the Effective Date and ending
on March 31, 2009, or such earlier date as of which Executive’s employment is terminated in
accordance with Section 6 hereof (the “Term”). The covenants set forth in Sections 7, 8,
9, 10, 11, 12, 13, and 14 shall survive the employment term of this Agreement.”
	 
	 	2.	 	Subsection 6.3(a) of the Employment Agreement is hereby amended to read as follows:
	 
	 	 	 	“(a) Subject to the approval of the Committee, the Company shall pay to Executive severance
consisting of an amount equal to the sum of the Executive’s Base Compensation and Bonus at
target, prorated based on the total number of months from the date of termination through
March 31, 2009; however, in no event shall the period of time for which severance is
calculated be less than 12 months. The severance shall be paid in equal monthly
installments following such termination. The Company shall also pay the Executive (i)
within 30 days of his termination, his unpaid base salary, prorated to the date of
termination; (ii) at the time of the scheduled March payout date, any previous year’s Bonus
and CNA long-term incentive cash award based upon actual or discretionary payouts, if any;
(iii) at the time of the scheduled March payout date, current year’s Bonus and CNA
long-term incentive cash award based upon actual or discretionary payouts, if any, prorated
to the date of termination; (iv) within 30 days of his termination, unpaid cash
entitlements earned and accrued pursuant to the terms of the applicable Company plan or
program prior to the date of the date of termination (which unpaid cash entitlements under
this Section 6.3(a)(iv) shall not include any unpaid Bonus or any unpaid long-term
incentive cash award or other award under the Incentive Compensation Plan); and (v) any
unpaid Sign-on Bonus installment. Executive agrees to be bound by the covenants set forth
herein as of the termination date. In addition, Executive shall continue to participate,
at the active employee rates, in such health benefits plans in which he is enrolled
throughout the term of the payments set forth in this Section 6.3(a), up to a maximum of 12
months, with said period of participation to run concurrently with any period of COBRA
coverage to which Executive may be entitled. The Company shall have no further obligations
under this Agreement.”
	 
	 	3.	 	Section 6.5 of the Employment Agreement is hereby amended to read as follows:
	 
	 	 	 	“(a) Following March 31, 2009, if the Company and Executive have not mutually agreed to the
terms of, and entered into a new agreement, Executive’s employment shall be one of
employment at will, which may be terminated by either the Company or Executive at any time.
Such continued employment after March 31, 2009 shall be subject to the Company’s normal
policies and procedures in effect during said period of continued employment. (b)
Notwithstanding any term or provision in subsection (a) of this Section 6.5 to the
contrary, the Company shall pay Executive

 

 

	 	 	 	severance upon termination of Executive’s employment at will as provided for in this
Section 6.5 in an amount equal to the sum of 12 months of the Executive’s Base Compensation
at the time of such termination and Bonus at target unless and until (1) the Company’s
normal policies and procedures no longer provide for severance to be paid to personnel at
Executive’s level in accordance with the severance as provided for in this Section 6.5 and
(2) Executive has received sixty (60) days’ prior notice of such change in the Company’s
normal policies and procedures, in which case Executive shall be given severance in
accordance with such change in the Company’s normal policies and procedures. (c)
Notwithstanding any term or provision in subsections (a) and (b) of this Section 6.5 to the
contrary, if (1) the Company and Executive have not entered into a new agreement by March
31, 2009, and (2) Executive’s employment at will with the Company terminates between April
1, 2009 and May 31, 2009, Executive shall be entitled to receive severance from the Company
in an amount not less than the sum of 12 months of Executive’s Base Compensation and Bonus
at target, irrespective of any such changes in the Company’s normal policies and
procedures.”

	 	4.	 	Except as otherwise expressly provided in this Amendment, all terms and provisions of
the Employment Agreement remain in full force and effect.

IN WITNESS WHEREOF, the parties have entered into this Amendment effective as of the date set forth
hereinabove.

	 	 	 	 	 
	CONTINENTAL CASUALTY COMPANY	 	 
	 
	 	 	 	 
	By:

	 	/s/ Lori S. Komstadius
 

	 	 
	Title:

	 	Executive Vice President Human Resources
 

	 	 
	 
	 	 	 	 
	/s/ Michael Fusco	 	 
	 	 	 
	MICHAEL FUSCOexv10w21

 

EXHIBIT 10.21

FIRST AMENDMENT

TO THE

ANIXTER INC.

AMENDED AND RESTATED

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

     WHEREAS, Anixter Inc. (the “Company”) maintains the Anixter Inc. Supplemental Executive
Retirement Plan (the “Plan”);

     WHEREAS, the Plan, originally established as of August 4, 2004, was last amended and restated
effective January 1, 2006; and

     WHEREAS, the Company now considers it desirable to further amend the Plan.

     NOW, THEREFORE, by virtue and in exercise of the power reserved to the Board of Directors of
Anixter International Inc., the Company’s sole shareholder, under Section 8.10 of the Plan, and
pursuant to the power delegated to the undersigned, the Plan is hereby amended effective February
19, 2007.

     Section 4.3 of the Plan is amended in its entirety to read as follows:

     “4.3 Accrued Benefit. A Participant who has less than sixty (60) months of
Benefit Accrual Service at the time of his Retirement or Termination will receive from the
Plan a monthly benefit which is Actuarially Equivalent to a Life Annuity commencing on his
Normal Retirement Date in an amount equal to the greater of his Accrued Normal Benefit or
Minimum Accrued Normal Benefit as computed in accordance with Exhibit A as in effect at the
time of such Retirement or Termination. Notwithstanding the foregoing, a Participant who
has less than sixty (60) months of Benefit Accrual Service at the time of his Retirement or
Termination shall receive his Normal Benefit or Minimum Normal Benefit as determined under
Section 4.1 if the Participant incurs an Eligible Termination during a Protected Period.
For this purpose, “Eligible Termination” means the Participant’s Termination by the Company
other than for Cause or the Participant’s Termination for Good Reason. “Protected Period”
means the period commencing 60 days before the effective date of a Change in Control and
ending on the second anniversary of such Change in Control. “Change in Control” shall
have the meaning set forth in any employment or other similar written agreement between a
Participant and the Company which governs the terms and conditions of a Participant’s
employment with the Company. In the absence of such an agreement, or if such agreement
does not define “Change in Control,” then “Change in Control” shall mean (i) the approval
by the shareholders of Company or Parent of a plan of complete liquidation or dissolution
of Company or Parent, (ii) the consummation of a sale of all or substantially all of the
assets of Company or Parent; (iii) the consummation of any transaction as a result of which
any person (within the meaning of such

 

 

term under the Securities Exchange Act of 1934), becomes the “beneficial owner” (as
defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly,
of securities of Company or Parent representing more than fifty percent (50%) of the total
voting power of all voting securities of Company or Parent then issued and outstanding, or
(iv) the consummation of a merger, consolidation, reorganization, or business combination,
other than a merger, consolidation, reorganization or business combination which would
result in the voting securities of Company or Parent outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity) more than fifty percent (50%) of the combined voting
securities of Company or Parent or the surviving entity immediately after such merger,
consolidation, reorganization of business combination. “Good Reason” shall have the
meaning set forth in any employment or other similar written agreement between a
Participant and the Company which governs the terms and conditions of a Participant’s
employment with the Company. In the absence of such an agreement, or if such agreement
does not define “Good Reason,” then “Good Reason” shall mean any of the following
conditions (not consented to in advance by Participant in writing or ratified subsequently
by Participant in writing) provided such condition remains in effect thirty (30) days after
written notice to the Board from Participant of his intention to terminate his employment
for Good Reason which specifically identifies such condition: (i) any material breach by
the Company with respect to its obligation to pay compensation or provide benefits to
Participant as set forth in any employment or other similar written agreement between
Participant and the Company which governs the terms and conditions of the Participant’s
employment with the Company; (ii) any material, adverse change in Participant’s title or
authority as measured against Participant’s title or authority immediately prior to such
change; (iii) any assignment to Participant of duties which are inconsistent with the
duties of the Participant as historically defined, or (iv) any relocation of Company’s
principal business office to a location that is more than 100 miles from Company’s current
principal business office during the Protected Period following a Change in Control.”

     IN WITHNESS WHEREOF, the Board has caused this amendment to be executed on its behalf by a
duly authorized officer of the Company this 19th day of February, 2007.

	 	 	 	 	 	 	 
	 

	 	 	 	ANIXTER INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 

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