Document:

Underwriting Agreement, dated August 3, 2006

 Exhibit 10.1 
 CNA Financial Corporation 
 $750,000,000 
 Debt Securities 
  

			
		    	 New York, New York
 August 3,
2006

 To the Representatives 
 named in Schedule I hereto 
 of the several Underwriters named 
 in Schedule II hereto 
 Ladies and Gentlemen: 
 CNA
Financial Corporation, a Delaware corporation (the “Company”), proposes to sell to the several underwriters named in Schedule II hereto (the “Underwriters”), for whom you (the “Representatives”) are acting as
representatives, $400,000,000 6.00% Notes due 2011 and $350,000,000 6.50% Notes due 2016 (said Notes to be issued and sold by the Company being hereinafter called the “Securities”) to be issued pursuant to the provisions of an Indenture
dated as of March 1, 1991, between the Company and J. P. Morgan Trust Company, National Association (formerly known as The First National Bank of Chicago), as Trustee (the “Trustee”), which was supplemented by the first supplemental
indenture dated as of October 15, 1993 (as so supplemented, the “Base Indenture”), as supplemented by the second supplemental indenture to be dated as of December 15, 2004 between the Company and the Trustee (the
“Supplemental Indenture” and together with the Base Indenture, the “Indenture”). To the extent there are no additional Underwriters listed on Schedule II other than you, the term Representatives as used herein shall mean you, as
Underwriters, and the terms Representatives and Underwriters shall mean either the singular or plural as the context requires. Any reference herein to the Registration Statement, the Basic Prospectus, any Preliminary Final Prospectus or the Final
Prospectus shall be deemed to refer to and include the documents incorporated by reference therein pursuant to Item 12 of Form S-3 which were filed under the Exchange Act on or before the Effective Date of the Registration Statement or the
issue date of the Basic Prospectus, any Preliminary Final Prospectus or the Final Prospectus, as the case may be; and any reference herein to the terms “amend”, “amendment” or “supplement” with respect to the
Registration Statement, the Basic Prospectus, any Preliminary Final Prospectus or the Final Prospectus shall be deemed to refer to and include the filing of any document under the Exchange Act after the Effective Date of the Registration Statement,
or the issue date of the Basic Prospectus, any Preliminary Final Prospectus or the Final Prospectus, as the case may be, deemed to be incorporated therein by reference. Certain terms used herein are defined in Section 20 hereof. 
 1. Representations and Warranties. The Company represents and warrants to, and agrees with, each Underwriter that: 
 (a) The Company meets the requirements for use of Form S-3 under the Act and has prepared and filed with the Commission a registration
statement (the file number of which is set forth in Schedule I hereto) on Form S-3, including a related basic prospectus, for registration under the Act of the offering and sale of the Securities. Such Registration Statement, including any
amendments thereto filed prior to the Execution Time, have been declared effective by the Commission. The Company may have filed with the Commission, as part of an amendment to the Registration Statement or pursuant to Rule 424(b), one or more
Preliminary Final Prospectuses, each of which has previously been furnished to you. The Company will file with the Commission a final prospectus supplement relating to the Securities in accordance with Rule 424(b). As filed, such final prospectus
supplement shall contain all information required by the Act and the rules thereunder, and, except to the extent the Representatives shall agree in writing to a modification, shall be in all substantive respects in the form furnished to you prior to
the Execution Time or, to the extent not completed at the Execution Time, shall contain only such specific 

 additional information and other changes (beyond that contained in the Basic Prospectus and any
Preliminary Final Prospectus) as the Company has advised you, prior to the Execution Time, will be included or made therein. The Registration Statement, at the Execution Time, meets the requirements set forth in Rule 415(a)(1)(x). 
 (b) On the Effective Date, the Registration Statement did or will, and when the Final Prospectus is first filed (if required) in
accordance with Rule 424(b) and on the Closing Date (as defined herein), the Final Prospectus (and any supplement thereto) will, comply in all material respects with the applicable requirements of the Act, the Exchange Act and the Trust
Indenture Act and the respective rules thereunder; on the Effective Date and at the Execution Time, the Registration Statement did not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary in order to make the statements therein not misleading; on the Effective Date and on the Closing Date, the Indenture did or will comply in all material respects with the applicable requirements of the Trust Indenture Act and the rules
thereunder; and as of its date and on the Closing Date and any settlement date, the Final Prospectus (together with any supplement thereto) will not, include any untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Company makes no representations or warranties as to (i) that part of the Registration
Statement which shall constitute the Statement of Eligibility (Form T-1) under the Trust Indenture Act, of the Trustee or (ii) the information contained in or omitted from the Registration Statement or the Final Prospectus (or any supplement
thereto) in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of any Underwriter through the Representatives specifically for inclusion in the Registration Statement or the Final Prospectus (or any
supplement thereto), it being understood and agreed that the only such information furnished by or on behalf of any Underwriters consists of the information described as such in Section 8(b) hereof. 
 (c) As of the Applicable Time, the Disclosure Package, when taken together as a whole, does not contain any untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the
Disclosure Package based upon and in conformity with written information furnished to the Company by any Underwriter through the Representatives specifically for use therein, it being understood and agreed that the only such information furnished by
or on behalf of any Underwriter consists of the information described as such in Section 8(b) hereof. 
 (d) The Company
agrees, unless previously paid, to pay the fees required by the Commission relating to the Securities. 
 (e) At the earliest
time after the filing of the Registration Statement that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2)) relating to the Securities, the Company was not and is not an Ineligible Issuer
(as defined in Rule 405), without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary that the Company be considered an Ineligible Issuer. 
 (f) As of the time of its first use, each Issuer Free Writing Prospectus does not or will not include any information that conflicts with
the information contained in the Registration Statement, including any document incorporated therein and any prospectus supplement deemed to be a part thereof that has not been superseded or modified. The foregoing sentence does not apply to
statements in or omissions from the Disclosure Package based upon and in conformity with written information furnished to the Company by any Underwriter through the Representatives specifically for use therein, it being understood and agreed that
the only such information furnished by or on behalf of any Underwriter consists of the information described as such in Section 8(b) hereof. 
 (g) Each series of Notes conforms in all material respects to the respective description thereof contained in the Final Prospectus. 
  

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 (h) The Company has been duly incorporated and is validly existing as a corporation in
good standing under the laws of the State of Delaware with full corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as described in the Disclosure Package and the Final
Prospectus, and other than as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, is duly qualified to do business as a foreign corporation and is in good standing under the laws of each
jurisdiction which requires such qualification. 
 (i) Each of the Material Subsidiaries is validly existing as an insurance
company (other than The Continental Corporation, which is validly existing as a New York business corporation, and CNA Surety Corporation, which is validly existing as a Delaware corporation) and is authorized to transact its appropriate business
under the insurance code of its domiciliary state, with full corporate power and authority to own is properties and conduct its business as described in the Disclosure Package and the Final Prospectus, and is duly licensed to do business as a
foreign insurer and is authorized to transact its appropriate business under the laws of each jurisdiction which requires such licensure wherein it owns or leases material properties or conducts material business where the failure to be so licensed
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (j) All the
outstanding shares of capital stock of each Material Subsidiary have been duly and validly authorized and issued and are fully paid and nonassessable, and, except as otherwise set forth in the Disclosure Package and the Final Prospectus, all
outstanding shares of capital stock of the Material Subsidiaries are owned by the Company either directly or through wholly owned subsidiaries (except for CNA Surety Corporation, of which the Company owns approximately 63%) free and clear of any
security interests, claims, liens or encumbrances, except where the existence of any such security interest, claim, lien or encumbrance, could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 (k) The Company’s authorized equity capitalization is as set forth in the Disclosure Package and the Final Prospectus;
the capital stock of the Company conforms in all material respects to the description thereof contained in the Disclosure Package and the Final Prospectus; the Securities have been duly and validly authorized and when executed and authenticated in
accordance with the provisions of the Indenture and delivered to and paid for by the Underwriters in accordance with the terms of this Agreement, will be entitled to the benefits of the Indenture and will be valid and binding obligations of the
Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally and general principles of equity. 
 (l) There is no franchise, contract or other document of a character required to be described in the Registration Statement, the
Disclosure Package or the Final Prospectus, or to be filed as an exhibit thereto, which is not described or filed as required. 
 (m) This Agreement has been duly authorized, executed and delivered by the Company and constitutes a valid and binding obligation of the Company enforceable in accordance with its terms (except as rights to indemnification and contribution
hereunder may be limited by applicable law and subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect and to
general principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing, regardless of whether considered in a proceeding in equity or at law). 
 (n) The Indenture has been duly qualified under the Trust Indenture Act, and has been duly authorized, executed and delivered by the
Company and is a valid and binding agreement of the Company, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally and general principles of equity. The
Indenture conforms in all material respects to the description thereof in the Registration Statement, the Disclosure Package and the Final Prospectus. 
  

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 (o) The Company is not and, after giving effect to the offering and sale of the
Securities and the application of the proceeds thereof as described in the Final Prospectus will not be, an “investment company” as defined in the Investment Company Act of 1940, as amended. 
 (p) No consent, approval, authorization, filing with or order of any court or governmental agency or body is required to be obtained by
the Company in connection with the transactions contemplated herein, except such as have been or will be obtained under the Act and the Exchange Act and such as may be required under the blue sky laws of any jurisdiction in connection with the
purchase and distribution of the Securities by the Underwriters in the manner contemplated herein and in the Disclosure Package and the Final Prospectus. 
 (q) Neither the issue and sale of the Securities (including the application of the proceeds therefrom as described in the Final Prospectus) nor the consummation of any other of the transactions herein contemplated nor
the fulfillment of the terms hereof will conflict with, result in a breach or violation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its Material Subsidiaries pursuant to, (i) the charter
or by-laws of the Company or any of its Material Subsidiaries, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which
the Company or any of its Material Subsidiaries is a party or bound or to which its or their property is subject, or (iii) any statute, law, rule, regulation, judgment, order or decree applicable to the Company or any of its Material
Subsidiaries of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or any of its Material Subsidiaries or any of its or their properties, except, with respect to
clauses (ii) and (iii) above, for such conflicts, breaches, violations or impositions that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (r) No holders of securities of the Company have rights to the registration of such securities under the Registration Statement.

 (s) The consolidated historical financial statements of the Company and its consolidated subsidiaries included or
incorporated by reference in the Final Prospectus, the Disclosure Package and the Registration Statement present fairly in all material respects the financial condition, results of operations and cash flows of the Company as of the dates and for the
periods indicated, comply as to form with the applicable accounting requirements of the Act and the Exchange Act and have been prepared in conformity with generally accepted accounting principles applied on a consistent basis throughout the periods
involved (except as otherwise noted therein). The selected financial data set forth under the caption “Selected Financial Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2005 (the “Annual
Report”) fairly present in all material respects, on the basis stated in the Annual Report, the information included therein. 
 (t) No action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries or its or their property is pending or, to the knowledge of the Company,
threatened that (i) could reasonably be expected to have a material adverse effect on the performance of this Agreement or the consummation of any of the transactions contemplated hereby or (ii) could reasonably be expected to have a
Material Adverse Effect except, in the case of (i) and (ii), as set forth in or contemplated in the Disclosure Package and the Final Prospectus (exclusive of any supplement thereto). 
 (u) Except as could not reasonably be expected to have a Material Adverse Effect, each of the Company and each of its Material
Subsidiaries owns or leases all such properties as are necessary to the conduct of its operations as presently conducted. 
 (v) Neither the Company nor any subsidiary is in violation or default of (i) any provision of its charter or bylaws, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or
other agreement, obligation, condition, covenant or instrument to which it is a party or bound or to which its property is subject (except in any case in which such violation or default 
  

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 could not reasonably be expected to have a Material Adverse Effect, and except as set forth in or
contemplated in the Disclosure Package and the Final Prospectus (exclusive of any supplement thereto)), or (iii) any statute, law, rule, regulation, judgment, order or decree of any court, regulatory body, administrative agency, governmental
body, arbitrator or other authority having jurisdiction over the Company or such subsidiary or any of its properties, as applicable (except in any case in which such violation or default could not reasonably be expected to have a Material Adverse
Effect, and except as set forth in or contemplated in the Disclosure Package and the Final Prospectus (exclusive of any supplement thereto)). 
 (w) Deloitte & Touche LLP, who have certified certain financial statements of the Company and its consolidated subsidiaries and delivered their reports with respect to the audited consolidated financial
statements and schedules included or incorporated by reference in the Disclosure Package and the Final Prospectus, are independent registered public accountants with respect to the Company within the meaning of the Act and the applicable published
rules and regulations thereunder. 
 (x) There are no transfer taxes or other similar fees or charges under Federal law or the
laws of any state, or any political subdivision thereof, required to be paid by the Company in connection with the execution and delivery of this Agreement or the issuance or sale by the Company of the Securities. 
 (y) Except as could not reasonably be expected to have a Material Adverse Effect, and except as set forth in or contemplated in the
Disclosure Package and the Final Prospectus (exclusive of any supplement thereto), no labor problem or dispute with the employees of the Company or any of its Material Subsidiaries exists or, to the Company’s knowledge, is threatened or
imminent, and the Company is not aware of any existing or imminent labor disturbance by the employees of any of its or its Material Subsidiaries’ principal suppliers, contractors or customers. 
 (z) The Company and its Material Subsidiaries possess all licenses, certificates, permits and other authorizations issued by the
appropriate federal, state or foreign regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such a license, certificate, permit and other authorization could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect, and neither the Company nor any such subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit
which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, could reasonably be expected to have a Material Adverse Effect, except as set forth in or contemplated in the Disclosure Package and the Final
Prospectus (exclusive of any supplement thereto). 
 (aa) Except as disclosed in the Disclosure Package and the Final
Prospectus, the Company has not taken, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation of the
price of any security of the Company to facilitate the sale or resale of the Securities. 
 (bb) The Company and its Material
Subsidiaries own, possess, license or have other rights to use, on reasonable terms, all material patents, patent rights, licenses, inventions, copyrights, know how (including trade secrets and other unpatented and/or unpatentable proprietary or
confidential information, systems or procedures), trademarks, service marks and trade names (collectively, the “Intellectual Property”) currently employed by them in connection with the businesses of the Company and its Material
Subsidiaries as now conducted or as proposed in the Disclosure Package and the Final Prospectus to be conducted, except where the failure to so own, possess, license or otherwise use on reasonable terms could not, singly or in the aggregate,
reasonably be expected to have a Material Adverse Effect on the Company and its subsidiaries, taken as a whole. Except as could not reasonably be expected to have a Material Adverse Effect, to the Company’s knowledge: (a) there are no
rights of third parties to any such Intellectual Property; (b) there is no material infringement by third parties of any such Intellectual Property; (c) there is no pending or, to the Company’s knowledge, threatened action, suit,
proceeding or claim by others challenging the rights of the Company or any of its Material Subsidiaries in or to any such Intellectual Property, and the Company and each of its Material Subsidiaries is unaware of any facts which would form a
reasonable basis for any such claim; (d) there is no pending or threatened action, suit, proceeding or claim 
  

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 by others challenging the validity or scope of any such Intellectual Property, and the Company and each
of its Material Subsidiaries is unaware of any facts which would form a reasonable basis for any such claim; and (e) there is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others that the
Company or any of its Material Subsidiaries infringes or otherwise violates any patent, trademark, copyright, trade secret or other proprietary rights of others, and the Company and each of its Material Subsidiaries is unaware of any other fact
which would form a reasonable basis for any such claim. 
 (cc) There has been no failure in any material respect on the part
of the Company and, to the Company’s knowledge, any of the Company’s directors or officers, in their capacities as such, to comply with any provision of the Sarbanes Oxley Act of 2002 and the rules and regulations promulgated in connection
therewith (the “Sarbanes Oxley Act”). 
 (dd) Except as disclosed in the Registration Statement, the Disclosure
Package and the Final Prospectus, the Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15 under the Exchange Act) that are effective in all material respects in providing reasonable assurance that information
required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the rules and forms of the Commission, including, without
limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management,
including its principal executive officer or officers and its principal financial officer or officers, as appropriate to allow timely decisions regarding required disclosure. Except as disclosed in the Registration Statement, the Disclosure Package
and the Final Prospectus, the Company maintains a system of internal control over financial reporting sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific
authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with US GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with
management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 
 (ee) Each Material Subsidiary of the Company that is engaged in the business of insurance or reinsurance (each an “Insurance
Subsidiary”, collectively the “Insurance Subsidiaries”) is licensed or authorized to conduct an insurance or reinsurance business, as the case may be, under the insurance statutes of each jurisdiction in which the conduct of its
business requires such licensing or authorization, except for such jurisdictions in which the failure of the Insurance Subsidiary to be so licensed or authorized could not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. The Company and the Insurance Subsidiaries have made all required filings under applicable insurance statutes in each jurisdiction where such filings are required, except for such filings the failure of which to make could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each of the Insurance Subsidiaries has all other necessary authorizations, approvals, orders, consents, certificates, permits, registrations and
qualifications (“Authorizations”), of and from all insurance regulatory authorities necessary to conduct their respective existing businesses as described in the Disclosure Package and the Final Prospectus, except where the failure to have
such Authorizations could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and no Insurance Subsidiary has received any notification from any insurance regulatory authority to the effect that any
additional Authorizations are needed to be obtained by any Insurance Subsidiary in any case where it could reasonably be expected that the failure to obtain such additional Authorizations or the limiting of the writing of such business, individually
or in the aggregate, would have a Material Adverse Effect, and, except as described in the Disclosure Package and the Final Prospectus, no insurance regulatory authority having jurisdiction over any Insurance Subsidiary has issued any order or
decree impairing, restricting or prohibiting (i) the payment of dividends by any Insurance Subsidiary to its parent, other than those restrictions applicable to insurance or reinsurance companies under such jurisdiction generally, or
(ii) the continuation of the business of the Company or any of the Insurance Subsidiaries in all material respects as presently conducted, in each case except where such orders or decrees could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. 
  

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 (ff) Except as described in the Disclosure Package and the Final Prospectus, (i) all
ceded reinsurance and retrocessional treaties, contracts, agreements and arrangements (“Reinsurance Contracts”) to which the Company or any Insurance Subsidiary is a party and as to which any of them reported recoverables, premiums due or
other amounts in its most recent statutory financial statements are in full force and effect, except where the failure of such Reinsurance Contracts to be in full force and effect could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect, and (ii) neither the Company nor any Reinsurance Subsidiary has received any notice from any other party to any Reinsurance Contract that such other party intends not to perform such Reinsurance Contract in
any material respect, and the Company has no knowledge that any of the other parties to such Reinsurance Contracts will be unable to perform their respective obligations thereunder in any material respect, except where (A) the Company or the
Insurance Subsidiary has established reserves in its financial statements which it deems adequate for potential uncollectible reinsurance or (B) such nonperformance could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
 (gg) Except as described in the Disclosure Package and the Final Prospectus, the Company has no
knowledge of any threatened or pending downgrading of the Company’s or any of its subsidiaries’ claims-paying ability rating or financial strength rating by A.M. Best Company, Inc., Standard & Poor’s Rating Group,
Moody’s Investor Service, Inc., Fitch Ratings, Ltd. or any other “nationally recognized statistical rating organizations,” as such term is defined for purposes of Rule 436(g)(2) under the Securities Act, which currently has publicly
released a rating of the claims-paying ability or financial strength of the Company or any subsidiary. 
 (hh) The repurchase
by the Company of its Series H Cumulative Preferred Stock, no par value, will not violate any insurance or other law, rule, regulation or other order applicable to the Company or any of its Material Subsidiaries, except for any such violations that
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (ii) Except as
disclosed in the Registration Statement, the Disclosure Package and the Final Prospectus, the Company does not intend to use any of the proceeds from the sale of the Securities hereunder to repay any outstanding debt (other than publicly traded debt
securities of the Company) owed to any affiliate of any of the Underwriters. 
 Any certificate signed by any officer of the Company and
delivered to the Representatives or counsel for the Underwriters in connection with the offering of the Securities shall be deemed a representation and warranty by the Company, as to matters covered thereby, to each Underwriter. 
 2. Purchase and Sale. Subject to the terms and conditions and in reliance upon the representations and warranties herein set forth, the Company agrees to sell to
each Underwriter, and each Underwriter agrees, severally and not jointly, to purchase from the Company, at the purchase price set forth in Schedule I hereto, the principal amount of Securities set forth opposite such Underwriter’s name in
Schedule II hereto. 
 3. Delivery and Payment. Delivery of and payment for the Securities shall be made on the date and at the time specified in
Schedule I hereto, or at such time on such later date not more than three Business Days after the foregoing date as the Representatives shall designate, which date and time may be postponed by agreement between the Representatives and the Company or
as provided in Section 9 hereof (such date and time of delivery and payment for the Securities being herein called the “Closing Date”). Delivery of the Securities shall be made to the Representatives for the respective accounts of the
several Underwriters against payment by the several Underwriters through the Representatives of the purchase price thereof to or upon the order of the Company by wire transfer payable in same-day funds to an account specified by the Company.
Delivery of the Securities shall be made through the facilities of The Depository Trust Company unless the Representatives shall otherwise instruct. 
 4.
Offering by Underwriters. It is understood that the several Underwriters propose to offer the Securities for sale to the public as set forth in the Final Prospectus. 
  

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 5. Agreements. The Company agrees with the several Underwriters that: 
 (a) Prior to the termination of the offering of the Securities, the Company will not file any amendment of the Registration Statement or supplement
(including the Final Prospectus or any Preliminary Final Prospectus) to the Basic Prospectus unless the Company has furnished you a copy for your review prior to filing and will not file any such proposed amendment or supplement to which you
reasonably object in writing. The Company will cause the Final Prospectus, properly completed, and any supplement thereto to be filed in a form approved by the Representatives (which approval shall not be unreasonably withheld) with the Commission
pursuant to the applicable paragraph of Rule 424(b) (without reliance on Rule 424(b)(8)) within the time period therein prescribed and will provide evidence satisfactory to the Representatives of such timely filing. The Company will promptly advise
the Representatives (1) when the Final Prospectus, and any supplement thereto, shall have been filed (if required) with the Commission pursuant to Rule 424(b), (2) when, prior to termination of the offering of the Securities, any amendment
to the Registration Statement shall have been filed or become effective, (3) of any request by the Commission or its staff for any amendment of the Registration Statement, or for any supplement to the Final Prospectus or for any additional
information, (4) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of any notice pursuant to Rule 401(g)(2) of the Act that would prevent its use or the institution or threatening
of any proceeding for that purpose and (5) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the institution or threatening of any proceeding
for such purpose. The Company will use its reasonable best efforts to prevent the issuance of any such stop order or the occurrence of any such suspension or prevention and, upon such issuance, occurrence or prevention, to obtain as soon as possible
the withdrawal of such stop order or relief from such occurrence or prevention, including, if necessary, by filing an amendment to the Registration Statement or a new registration statement and using its reasonable best efforts to have such
amendment or new registration statement declared effective as soon as practicable. The Company will, as soon as practicable after the execution of this Agreement, file the Issuer Free Writing Prospectus identified in Schedule III hereto with the
Commission as an “issuer free writing prospectus” pursuant to Rule 433. 
 (b) If there occurs an event or development as a result
of which the Disclosure Package would include an untrue statement of a material fact or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances then prevailing, not misleading, the
Company will notify promptly the Representatives so that any use of the Disclosure Package may cease until it is amended or supplemented. 
 (c) If, at any time when a prospectus relating to the Securities is required to be delivered under the Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172), any event occurs as a result of which the
Final Prospectus as then supplemented would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein in the light of the circumstances under which they were made not misleading, or
if it shall be necessary to amend the Registration Statement, file a new registration statement or supplement the Final Prospectus to comply with the Act or the Exchange Act or the respective rules thereunder, including in connection with use or
delivery of the Final Prospectus, the Company promptly will (1) notify the Representatives of such event, (2) prepare and file with the Commission, subject to the second sentence of paragraph (a) of this Section 5, an amendment
or supplement or new registration statement which will correct such statement or omission or effect such compliance, (3) use its reasonable best efforts to have any amendment to the Registration Statement or new registration statement declared
effective as soon as practicable in order to avoid any disruption in use of the Final Prospectus and (4) supply any supplemented Final Prospectus to you in such quantities as you may reasonably request. 
 (d) As soon as practicable, the Company will make generally available to its security holders and to the Representatives an earnings statement or
statements of the Company and its subsidiaries which will satisfy the provisions of Section 11(a) of the Act and Rule 158. 
 (e) The
Company will furnish to the Representatives and counsel for the Underwriters, without charge, conformed copies of the Registration Statement (including exhibits thereto) and to each other Underwriter a copy of the Registration Statement (without
exhibits thereto) and, so long as delivery of a prospectus by an Underwriter or dealer may be required by the Act (including in circumstances where such 
  

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 requirement may be satisfied pursuant to Rule 172), as many copies of each Preliminary Final Prospectus,
the Final Prospectus and each Issuer Free Writing Prospectus and any supplement thereto as the Representatives may reasonably request. 
 (f)
The Company will use its reasonable best efforts to arrange, if necessary, for the qualification of the Securities for sale under the laws of such jurisdictions as the Representatives may designate and will maintain such qualifications in effect so
long as required for the distribution of the Securities; provided that in no event shall the Company be obligated to qualify to do business in any jurisdiction where it is not now so qualified or to take any action that would subject it to service
of process in suits, other than those arising out of the offering or sale of the Securities, in any jurisdiction where it is not now so subject or take any action which would subject the Company to taxation in any jurisdiction where it is not
already subject to taxation. 
 (g) The Company agrees that, unless it obtains the prior written consent of the Representatives, and each
Underwriter, severally and not jointly, agrees with the Company that, unless it obtains the prior written consent of the Company, it has not made and will not make any offer relating to the Securities that would constitute an Issuer Free Writing
Prospectus or that would otherwise constitute a “free writing prospectus” (as defined in Rule 405) required to be filed by the Company with the Commission or retained by the Company under Rule 433; provided that the prior written consent
of the parties hereto shall be deemed to have been given in respect of any Free Writing Prospectuses including information consistent with Schedule III hereto. Any such free writing prospectus consented to by the Representatives or the Company is
hereinafter referred to as a “Permitted Free Writing Prospectus.” The Company agrees that (x) it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus and
(y) it has complied and will comply, as the case may be, with the requirements of Rules 164 and 433 applicable to any Permitted Free Writing Prospectus, including in respect of timely filing with the Commission, legending and record keeping.

 (h) Until the Closing Date set forth in Schedule I hereto, the Company will not, without the prior written consent of the Representatives,
offer, sell or contract to sell, or otherwise dispose of, directly or indirectly, or announce the offering of, any debt securities issued or guaranteed by the Company (other than the Securities). 
 (i) Except as disclosed in the Disclosure Package and the Final Prospectus, the Company will not take, directly or indirectly, any action designed to or
that would constitute or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities.

 (j) The Company agrees to pay the costs and expenses relating to the following matters: (i) the preparation, printing or reproduction
and filing with the Commission of the Registration Statement (including financial statements and exhibits thereto), the Basic Prospectus, each Preliminary Final Prospectus, the Final Prospectus and each Issuer Free Writing Prospectus, and each
amendment or supplement to any of them; (ii) the printing (or reproduction) and delivery (including postage, air freight charges and charges for counting and packaging) of such copies of the Registration Statement, the Basic Prospectus, each
Preliminary Final Prospectus, the Final Prospectus and each Issuer Free Writing Prospectus, and all amendments or supplements to any of them, as may, in each case, be reasonably requested for use in connection with the offering and sale of the
Securities; (iii) the preparation, printing, authentication, issuance and delivery of certificates for the Securities, including any stamp or transfer taxes in connection with the original issuance and sale of the Securities; (iv) the
printing (or reproduction) and delivery of this Agreement, any blue sky memorandum and all other agreements or documents printed (or reproduced) and delivered in connection with the offering of the Securities; (v) any registration or
qualification of the Securities for offer and sale under the securities or blue sky laws of the several states (including filing fees and the reasonable fees and expenses of counsel, up to $5,000, for the Underwriters relating to such registration
and qualification); (vi) any filings required to be made with the National Association of Securities Dealers, Inc. (including filing fees and the reasonable fees and expenses of counsel to the Underwriters related to such filings;
(vii) the fees and expenses of the Company’s accountants and the Trustee and the fees and expenses of counsel (including local and special counsel) for the Company; and (viii) all other costs and expenses incident to the performance
by the Company of its obligations under the Indenture and hereunder. 
  

 9 

 6. Conditions to the Obligations of the Underwriters. The obligations of the Underwriters to purchase the
Securities shall be subject to the accuracy of the representations and warranties on the part of the Company contained herein as of the Execution Time and the Closing Date, to the accuracy of the statements of the Company made in any certificates
pursuant to the provisions hereof, to the performance by the Company of its obligations hereunder and to the following additional conditions: 
 (a) The Final Prospectus, and any supplement thereto, have been filed in the manner and within the time period required by Rule 424(b) (without reliance on Rule 424(b)(8)); any other material required to be filed by the Company pursuant to
Rule 433(d) under the Act, shall have been filed with the Commission within the applicable time periods prescribed for such filings by Rule 433; and no stop order suspending the effectiveness of the Registration Statement or any notice pursuant to
Rule 401(g)(2) of the Act that would prevent its use shall have been issued and no proceedings for that purpose shall have been instituted or, to the Company’s knowledge, threatened. 
 (b) The Company shall have requested and caused Mayer, Brown, Rowe & Maw LLP, counsel for the Company, to have furnished to the Representatives
their opinion and letter, in each case dated the Closing Date and addressed to the Representatives, in the form of Exhibit A. 
 In rendering such opinion, such counsel may rely (A) as to matters involving the application of laws of any jurisdiction other than the State of New York, the General Corporation Law of Delaware or the Federal laws of the United
States, to the extent they deem proper and specified in such opinion, upon the opinion of other counsel of good standing whom they believe to be reliable and who are satisfactory to counsel for the Underwriters; and (B) as to matters of fact,
to the extent they deem proper, on certificates of responsible officers of the Company and public officials. Such opinion may contain customary assumptions, exceptions, limitations, qualifications and comments. 
 (c) The Company shall have requested and caused Jonathan D. Kanter, Executive Vice President, General Counsel and Secretary for CNA Financial Corporation,
to have furnished his opinion, dated the Closing Date and addressed to the Representatives in the form of Exhibit B. 
 In rendering such opinion, such counsel may rely (A) as to matters involving the application of laws of any jurisdiction other than the States of New York and Illinois, the General Corporation Law of Delaware or the Federal laws of the
United States, to the extent he deems proper and specified in such opinion, upon the opinion of other counsel of good standing whom he believes to be reliable and who are satisfactory to counsel for the Underwriters; and (B) as to matters of
fact, to the extent he deems proper, on certificates of responsible officers of the Company and public officials. Such opinion may contain customary assumptions, exceptions, limitations, qualifications and comments. 
 (d) The Representatives shall have received from Cravath, Swaine & Moore LLP, counsel for the Underwriters, such opinion or opinions, dated the
Closing Date and addressed to the Representatives, with respect to the issuance and sale of the Securities, the Registration Statement, the Disclosure Package, the Final Prospectus (together with any supplement thereto) and other related matters as
the Representatives may reasonably require, and the Company shall have furnished to such counsel such documents as they reasonably request for the purpose of enabling them to pass upon such matters. 
 (e) The Company shall have furnished to the Representatives a certificate of the Company, signed by the Chairman of the Board or the Chief Executive
Officer and the principal financial or accounting officer of the Company, dated the Closing Date, to the effect that the signers of such certificate have carefully examined the Registration Statement, the Final Prospectus, the Disclosure Package and
any supplements or amendments thereto and this Agreement and that: 
  

 10 

 (i) the representations and warranties of the Company in this Agreement are true and correct in all
material respects on and as of the Closing Date with the same effect as if made on the Closing Date, provided, however, that if any such representation or warranty is already qualified by materiality, such representation or warranty as
so qualified is true and correct in all respects on and as of the Closing Date, and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to the Closing Date;

 (ii) no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose have been
instituted or, to the Company’s knowledge, threatened; and 
 (iii) since the date of the most recent financial statements included or
incorporated by reference in the Final Prospectus (exclusive of any supplement thereto), there has been no Material Adverse Effect, except as set forth in or contemplated in the Disclosure Package and the Final Prospectus (exclusive of any
supplement thereto). 
 (f) The Company shall have requested and caused Deloitte & Touche LLP to have furnished to the
Representatives, at the Execution Time and at the Closing Date, letters, dated respectively as of the Execution Time and as of the Closing Date, in form and substance satisfactory to the Representatives, confirming that they are independent
registered public accountants with respect to the Company within the meaning of the Act and the Exchange Act and the respective applicable rules and regulations adopted by the Commission thereunder, and stating in effect that: 
 (i) in their opinion the audited financial statements and financial statement schedules included or incorporated by reference in the Registration
Statement, the Disclosure Package and the Final Prospectus and reported on by them comply as to form in all material respects with the applicable accounting requirements of the Act and the Exchange Act and the related rules and regulations adopted
by the Commission; 
 (ii) on the basis of a reading of the latest unaudited financial statements made available by the Company and its
subsidiaries; their limited review, in accordance with standards established under Statement on Auditing Standards No. 100, of the unaudited interim financial information for the six-month period ended June 30, 2006 and as at June 30,
2006 carrying out certain specified procedures (but not an examination in accordance with generally accepted auditing standards) which would not necessarily reveal matters of significance with respect to the comments set forth in such letter; a
reading of the minutes of the meetings of the shareholders, directors and executive and audit committees of the Company and its significant subsidiaries; and inquiries of certain officials of the Company who have responsibility for financial and
accounting matters of the Company and its subsidiaries as to transactions and events subsequent to December 31, 2005, nothing came to their attention which caused them to believe that: 
 (1) any unaudited financial statements included or incorporated by reference in the Registration Statement and the Final Prospectus do not comply as to
form in all material respects with applicable accounting requirements of the Act and with the related rules and regulations adopted by the Commission with respect to financial statements included or incorporated by reference in quarterly reports on
Form 10-Q under the Exchange Act; and said unaudited financial statements are not in conformity with generally accepted accounting principles applied on a basis substantially consistent with that of the audited financial statements included or
incorporated by reference in the Registration Statement and the Final Prospectus; 
 (2) with respect to the period subsequent to
June 30, 2006, there were any changes, at a specified date not more than five days prior to the date of the letter, in the long-term debt of the Company and its subsidiaries or capital stock of the Company or decreases in the stockholders’
equity of the Company as compared with the corresponding amounts shown on the June 30, 2006 balance sheets included or incorporated by reference in the 
  

 11 

 Registration Statement and the Final Prospectus, or for the period from July 1, 2006 to such
specified date there were any decreases, as compared with the corresponding period in the preceding year in net income of the Company and its subsidiaries or in operating income of the Company and its subsidiaries, in each case, on either a total or
per share basis, except in all instances for changes or decreases set forth in such letter, in which case the letter shall be accompanied by an explanation by the Company as to the significance thereof unless said explanation is not deemed necessary
by the Representatives (except that, for any periods subsequent to June 30, 2006 for which there are currently no consolidated financial statements of the Company, the statement shall instead be that nothing has come to their attention which
caused them to believe that there have been any increases in the long-term debt of the Company and its subsidiaries or capital stock of the Company since the Company’s last consolidated financial statement); 
 (3) the information included or incorporated by reference in the Registration Statement and Final Prospectus in response to Regulation S-K, Item 301
(Selected Financial Data), Item 302 (Supplementary Financial Information) and Item 402 (Executive Compensation) is not in conformity with the applicable disclosure requirements of Regulation S-K; 
 (iii) they have performed certain other specified procedures as a result of which they determined that certain information of an accounting, financial or
statistical nature (which is limited to accounting, financial or statistical information derived from the general accounting records of the Company and its subsidiaries) set forth or incorporated by reference in the Registration Statement and the
Final Prospectus and in Exhibit 12 to the Registration Statement agrees with the accounting records of the Company and its subsidiaries, excluding any questions of legal interpretation. 
 References to the Final Prospectus in this paragraph (f) include any supplement thereto at the date of the letter. 
 (g) Subsequent to the Execution Time or, if earlier, the dates as of which information is given in the Registration Statement (exclusive of any amendment
thereof) and the Final Prospectus (exclusive of any supplement thereto), there shall not have been (i) any change or decrease specified in the letter or letters referred to in paragraph (f) of this Section 6 or (ii) any change,
or any development involving a prospective change, in or affecting the financial condition, earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of
business, except as set forth in or contemplated in the Disclosure Package the effect of which, in any case referred to in clause (i) or (ii) above, is, in the sole judgment of the Representatives, so material and adverse as to make it
impractical or inadvisable to proceed with the offering or delivery of the Securities as contemplated by the Registration Statement (exclusive of any amendment thereof) and the Disclosure Package. 
 (h) Prior to the Closing Date, the Company shall have furnished to the Representatives such further information, certificates and documents as the
Representatives may reasonably request. 
 (i) Subsequent to the Execution Time, there shall not have been any decrease in the rating of any
of the Company’s debt securities by any “nationally recognized statistical rating organization” (as defined for purposes of Rule 436(g) under the Act) or any notice given of any intended or potential decrease in any such rating or of
a possible change in any such rating that does not indicate the direction of the possible change. 
 If any of the conditions specified in
this Section 6 shall not have been fulfilled in all material respects when and as provided in this Agreement, or if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be in all material respects
reasonably satisfactory in form and substance to the Representatives and counsel for the Underwriters, this Agreement and all obligations of the Underwriters hereunder may be canceled at, or at any time prior to, the Closing Date by the
Representatives. Notice of such cancellation shall be given to the Company in writing or by telephone or facsimile confirmed in writing. 
  

 12 

 The documents required to be delivered by this Section 6 shall be delivered at the offices of Mayer,
Brown, Rowe & Maw LLP, counsel for the Company, at 71 South Wacker Drive, Chicago, Illinois 60606, on the Closing Date. 
 7. Reimbursement of
Underwriters’ Expenses. If the sale of the Securities provided for herein is not consummated because any condition to the obligations of the Underwriters set forth in Section 6 hereof is not satisfied, because of any termination
pursuant to Section 10(i) hereof or because of any refusal, inability or failure on the part of the Company to perform any agreement herein or comply with any provision hereof other than by reason of a default by any of the Underwriters, the
Company will reimburse the Underwriters severally through the Representatives on demand for all reasonable out-of-pocket expenses (including reasonable fees and disbursements of counsel) that shall have been incurred by them solely and directly in
connection with the proposed purchase and sale of the Securities. 
  

	8.	Indemnification and Contribution. (a) The Company agrees to indemnify and hold harmless each Underwriter, the directors, officers, employees and agents of each
Underwriter and each person who controls any Underwriter within the meaning of either the Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the
Act, the Exchange Act or other Federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or
alleged untrue statement of a material fact contained in the registration statement for the registration of the Securities as originally filed or in any amendment thereof, or in the Basic Prospectus, any Preliminary Final Prospectus, the Final
Prospectus, any Issuer Free Writing Prospectus, the Disclosure Package or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, and agrees to reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such
loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or
alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Company by or on behalf of any Underwriter through the Representatives specifically for inclusion
therein. This indemnity agreement will be in addition to any liability which the Company may otherwise have. 

 (b) Each
Underwriter severally and not jointly agrees to indemnify and hold harmless the Company, each of its directors, each of its officers who signs the Registration Statement, and each person who controls the Company within the meaning of either the Act
or the Exchange Act, to the same extent as the foregoing indemnity from the Company to each Underwriter, but only with reference to written information relating to such Underwriter furnished to the Company by or on behalf of such Underwriter through
the Representatives specifically for inclusion in the documents referred to in the foregoing indemnity. This indemnity agreement will be in addition to any liability which any Underwriter may otherwise have. The Company acknowledges that the
statements set forth on Schedule I hereto under the caption “Information provided for purposes of Section 8(b)” constitute the only information furnished in writing by or on behalf of the several Underwriters for inclusion in any
Preliminary Final Prospectus, the Final Prospectus, any Issuer Free Writing Prospectus or the Disclosure Package. 
 (c) Promptly after
receipt by an indemnified party under this Section 8 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 8, notify the
indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn
of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the
indemnification obligation provided in paragraph (a) or (b) above. The indemnifying party shall be 
  

 13 

 entitled to appoint counsel of the indemnifying party’s choice at the indemnifying party’s
expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the indemnified
party or parties except as set forth below); provided, however, that such counsel shall be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel to represent the
indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the
use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest, (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified
party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the
indemnifying party, (iii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action or
(iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnifying party will not, without the prior written consent of the indemnified parties, settle or
compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are
actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding. 
 (d) In the event that the indemnity provided in paragraph (a) or (b) of this Section 8 is unavailable to or insufficient to hold harmless
an indemnified party for any reason, the Company and the Underwriters severally agree to contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating or
defending same) (collectively “Losses”) to which the Company and one or more of the Underwriters may be subject in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and by the
Underwriters on the other from the offering of the Securities; provided, however, that in no case shall any Underwriter (except as may be provided in any agreement among underwriters relating to the offering of the Securities) be
responsible for any amount in excess of the underwriting discount or commission applicable to the Securities purchased by such Underwriter hereunder. If the allocation provided by the immediately preceding sentence is unavailable for any reason, the
Company and the Underwriters severally shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and of the Underwriters on the other in connection
with the statements or omissions which resulted in such Losses as well as any other relevant equitable considerations. Benefits received by the Company shall be deemed to be equal to the total net proceeds from the offering (before deducting
expenses) received by the Company, and benefits received by the Underwriters shall be deemed to be equal to the total underwriting discounts and commissions, in each case as set forth on the cover page of the Final Prospectus. Relative fault shall
be determined by reference to, among other things, whether any untrue or any alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information provided by the Company on the one hand or
the Underwriters on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The Company and the Underwriters agree that it would not be just
and equitable if contribution were determined by pro rata allocation or any other method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (d), no person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 8, each person
who controls an Underwriter within the meaning of either the Act or the Exchange Act and each director, officer, employee and agent of an Underwriter shall have the same rights to contribution as such Underwriter, and each person who controls the
Company within the meaning of either the Act or the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each director of the Company shall have the same rights to contribution as the Company, subject in
each case to the applicable terms and conditions of this paragraph (d). 
  

 14 

 9. Default by an Underwriter. If any one or more Underwriters shall fail to purchase and pay for any of the
Securities agreed to be purchased by such Underwriter or Underwriters hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Underwriters shall be
obligated severally to take up and pay for (in the respective proportions which the principal amount of Securities set forth opposite their names in Schedule II hereto bears to the aggregate principal amount of Securities set forth opposite the
names of all the remaining Underwriters) the Securities which the defaulting Underwriter or Underwriters agreed but failed to purchase; provided, however, that in the event that the aggregate principal amount of Securities which the
defaulting Underwriter or Underwriters agreed but failed to purchase shall exceed 10% of the aggregate amount of Securities set forth in Schedule II hereto, the remaining Underwriters shall have the right to purchase all, but shall not be under any
obligation to purchase any, of the Securities, and if such nondefaulting Underwriters do not purchase all the Securities, this Agreement will terminate without liability to any nondefaulting Underwriter or the Company. In the event of a default by
any Underwriter as set forth in this Section 9, the Closing Date shall be postponed for such period, not exceeding five Business Days, as the Representatives shall determine in order that the required changes in the Registration Statement and
the Final Prospectus or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting Underwriter of its liability, if any, to the Company and any nondefaulting Underwriter for damages
occasioned by its default hereunder. 
 10. Termination. This Agreement shall be subject to termination in the absolute discretion of the
Representatives, by notice given to the Company prior to delivery of and payment for the Securities, if at any time after the execution of this Agreement and prior to such time (i) trading in any securities of the Company shall have been
suspended by the Commission or the New York Stock Exchange (other than a suspension covered by clause (ii)), (ii) trading in securities generally on the New York Stock Exchange or the Nasdaq National Market shall have been suspended or limited
or minimum prices shall have been established on such Exchange or the Nasdaq National Market, (iii) a banking moratorium shall have been declared either by Federal or New York State authorities or (iv) there shall have occurred any
outbreak or escalation of hostilities, declaration by the United States of a national emergency or war, or other calamity or crisis the effect of which on financial markets is such as to make it, in the sole judgment of the Representatives,
impractical or inadvisable to proceed with the offering or delivery of the Securities as contemplated by the Final Prospectus (exclusive of any supplement thereto). 
 11. Representations and Indemnities to Survive. The respective agreements, representations, warranties, indemnities and other statements of the Company or its officers and of the Underwriters set forth in or
made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of any Underwriter or the Company or any of the officers, directors, employees, agents or controlling persons referred to in
Section 8 hereof, and will survive delivery of and payment for the Securities. The provisions of Sections 7 and 8 hereof shall survive the termination or cancellation of this Agreement. 
 12. Notices. All communications hereunder will be in writing and effective only on receipt, and, if sent to the Representatives, will be mailed, delivered or
telefaxed to the Representatives at the address set forth in Schedule I hereto; or, if sent to the Company, will be mailed, delivered or telefaxed to the General Counsel, CNA Financial Corporation (fax no.: (312) 822-1297) and confirmed to it
in writing at CNA Financial Corporation, 333 South Wabash Avenue, Chicago, Illinois 60604, Attention: General Counsel. 
 13. Successors. This
Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers, directors, employees, agents and controlling persons referred to in Section 8 hereof, and no other person will have
any right or obligation hereunder. 
 14. Applicable Law. This Agreement will be governed by and construed in accordance with the laws of the State of
New York applicable to contracts made and to be performed within the State of New York. 
 15. Counterparts. This Agreement may be signed in one or
more counterparts, each of which shall constitute an original and all of which together shall constitute one and the same agreement. 
 16. Headings.
The section headings used herein are for convenience only and shall not affect the construction hereof. 
  

 15 

 17. Arms-length Transaction. The Company and the Underwriters acknowledge and agree that (i) the purchase and
sale of the Securities pursuant to this Agreement is an arm’s-length commercial transaction between the Company, on the one hand, and the Underwriters, on the other, (ii) in connection therewith and with the process leading to such
transaction each Underwriter is acting solely as a principal and not the agent or fiduciary of the Company, (iii) no Underwriter has assumed an advisory or fiduciary responsibility in favor of the Company with respect to the offering
contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company on other matters) or any other obligation to the Company except the obligations expressly set forth in this
Agreement and (iv) each of the Company and the Underwriters has consulted its own legal and financial advisors to the extent it deemed appropriate. The Company agrees that it will not claim that the Underwriters, or any of them, has rendered
advisory services of any nature or respect, or owes a fiduciary or similar duty to them, in connection with such transaction or the process leading thereto. 
 18. Integration. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company and the Underwriters, or any of them, with respect to the subject matter hereof. 
 19. Waiver of Jury Trial. The Company and each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right
to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 
 20. Definitions. The
terms which follow, when used in this Agreement, shall have the meanings indicated. 
 “Act” shall mean the Securities Act of 1933,
as amended, and the rules and regulations of the Commission promulgated thereunder. 
 “Applicable Time” shall mean 5:15 pm (Eastern
time) on the date of this Agreement. 
 “Basic Prospectus” shall mean the prospectus referred to in paragraph 1(a) above contained
in the Registration Statement at the Effective Date, including any documents incorporated by reference therein. 
 “Business Day”
shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorized or obligated by law to close in New York City. 
 “Commission” shall mean the Securities and Exchange Commission. 
 “Disclosure Package” shall mean (i) the Basic Prospectus, as amended and supplemented to the Applicable Time, (ii) the other information, if any, identified in Schedule IV hereto, (iii) Issuer
Free Writing Prospectuses, if any, identified in Schedule III hereto, and (iv) any other Free Writing Prospectus that the parties hereto shall hereafter expressly agree in writing to treat as part of the Disclosure Package. 
 “Effective Date” shall mean each date and time that the Registration Statement, any post-effective amendment or amendments thereto became or
become effective. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the
Commission promulgated thereunder. 
 “Execution Time” shall mean the date and time that this Agreement is executed and delivered by
the parties hereto. 
 “Final Prospectus” shall mean the prospectus supplement relating to the Securities that was first filed
pursuant to Rule 424(b) after the Execution Time, together with the Basic Prospectus. 
 “Free Writing Prospectus” shall mean a free
writing prospectus, as defined in Rule 405. 
 “Issuer Free Writing Prospectus” shall mean an issuer free writing prospectus, as
defined in Rule 433. 
  

 16 

 “Material Adverse Effect” shall mean a material adverse effect on the financial condition,
earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business. 
 “Material Subsidiaries” shall mean CNA Surety Corporation, Continental Assurance Company, Continental Casualty Company, Firemen’s Insurance Company of Newark, New Jersey, The Buckeye Union Insurance
Company, The Continental Insurance Company, The Glens Falls Insurance Company and The Continental Corporation. 
 “Preliminary Final
Prospectus” shall mean any preliminary prospectus supplement to the Basic Prospectus which describes the Securities and the offering thereof and is used prior to filing of the Final Prospectus, including any documents incorporated by reference
therein, together with the Basic Prospectus. 
 “Registration Statement” shall mean the registration statement referred to in
paragraph 1(a) above, including exhibits, financial statements and any documents incorporated by reference therein and any prospectus supplement relating to the Securities that is filed with the Commission pursuant to Rule 424(b) and deemed part of
such registration statement pursuant to Rule 430B, as amended at the Execution Time and, in the event any post-effective amendment thereto becomes effective prior to the Closing Date, shall also mean such registration statement as so amended.

 “Rule 158”, “Rule 163”, “Rule 164”, “Rule 172”, “Rule 405”, “Rule 415”,
“Rule 424”, “Rule 430B”, and “Rule 433” refer to such rules under the Act. 
 “Trust Indenture
Act” shall mean the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission promulgated thereunder. 
  

 17 

 If the foregoing is in accordance with your understanding of our agreement, please sign and return to us
the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement among the Company and the several Underwriters. 
  

					
	 CNA Financial Corporation

		
	 By:
	 	 /s/ D. Craig Mense

		 	Name:	 	D. Craig Mense
		 	Title:	 	 Executive Vice President
 and Chief Financial Officer

 The foregoing Agreement is hereby 
 confirmed and accepted as of the 
 date first above written. 
  

					
	 By:
	 	Citigroup Global Markets Inc.
		
	 By:
	 	 /s/ Jack D. McSpadden, Jr.

		 	Name:	 	Jack D. McSpadden, Jr.
		 	Title:	 	Managing Director
		
	 By:
	 	Lehman Brothers Inc.
		
	 By:
	 	 /s/ Martin Goldberg

		 	Name:	 	Martin Goldberg
		 	Title:	 	Senior Vice President

 For themselves and the other 
 several Underwriters named in 
 Schedule II to the foregoing 
 Agreement. 
 [Signature Page to the Underwriting Agreement] 
  

 18 

 EXHIBIT A 
 Opinion of Mayer, Brown, Rowe & Maw LLP 
 August 8, 2006 
 Citigroup Global Markets Inc. 
 388 Greenwich Street 
 New York, New York 10013 
 Lehman Brothers Inc. 
 745 Seventh Avenue 
 New York, New York 10019 
 Re: Public Offering of CNA Financial Corporation 6.00% Notes due 2011 and 6.50% Notes due 2016 
 Ladies and Gentlemen: 
 This opinion is furnished to the
several underwriters named in Schedule II to the Underwriting Agreement (as defined below) (the “Underwriters”), at the request of the CNA Financial Corporation, a Delaware corporation (the “Company”), in connection with the
Underwriting Agreement, dated August 3, 2006 (the “Underwriting Agreement”), between the Underwriters and the Company, pursuant to which the Underwriters have agreed to purchase for public offering an $400,000,000 6.00% Notes due 2011
and $350,000,000 6.50% Notes due 2016 of the Company (the “Securities”). Capitalized terms used herein which are not defined in this opinion shall have the meanings ascribed to them in the Underwriting Agreement. 
 We have acted as special counsel to the Company in connection with the purchase by the Underwriters for public offering of the Securities. In that
connection we have examined such documents, certificates, corporate records, opinions and other instruments and have made such examinations of law as we have deemed necessary or appropriate for the purpose of this opinion. In making such
examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, and the conformity to authentic, original documents of all documents submitted to us as certified, conformed or
photostatic copies. As to questions of fact (but not as to matters of law) material to such opinions, we have, when relevant facts were not independently established by us, relied upon representations, warranties and covenants contained in the
Underwriting Agreement, statements made in the Final Prospectus and upon statements made in the documents, records, certificates and resolutions referred to above. We have assumed the due execution and delivery by you, pursuant to due authorization,
of the Underwriting Agreement. We have also participated on behalf of the Company in the preparation of the Registration Statement and the Final Prospectus. 
 On the basis of the foregoing and subject to the qualifications set forth below, it is our opinion that: 
 1. The Company is validly existing in good standing under the laws of the State of Delaware. The Company has the corporate power and corporate authority to carry on its business and to own, lease and operate its properties, in each
case as described in the Disclosure Package and the Final Prospectus. 
 2. The Company has an authorized capitalization as set forth in
the Disclosure Package and the Final Prospectus, and the authorized capital stock of the Company conforms as to legal matters to the description thereof contained in the Disclosure Package and the Final Prospectus. 
  

 19 

 3. The Securities have been duly authorized and, when executed and authenticated in accordance with the
provisions of the Indenture and delivered to and paid for by the Underwriters pursuant to the Underwriting Agreement will constitute legal, valid and binding obligations of the Company entitled to the benefits of the Indenture and enforceable
against the Company in accordance with their respective terms (except that, (A) the enforceability thereof may be subject to bankruptcy, insolvency, reorganization, moratorium or other similar laws, now or hereafter in effect, relating to
creditors’ rights generally and (B) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be
brought). 
 4. The statements relating to legal matters, documents or proceedings included in the Basic Prospectus under the caption
“Description of the Debt Securities,” and in the Prospectus Supplement under the caption “Description of Notes,” in each case fairly summarize in all material respects such matters, documents or proceedings. 
 5. The Securities and the Indenture conform in all material respects to the descriptions thereof contained in the Prospectus. 
 6. The Indenture has been duly authorized, executed and delivered, has been duly qualified under the Trust Indenture Act, and constitutes a legal, valid
and binding agreement of the Company, enforceable against the Company in accordance with its terms (except that, (A) the enforceability thereof may be subject to bankruptcy, insolvency, reorganization, moratorium or other similar laws, now or
hereafter in effect, relating to creditors’ rights generally and (B) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which
any proceeding therefor may be brought). 
 7. The Underwriting Agreement has been duly authorized, executed and delivered by the
Company. 
 8. The Company is not, and after giving effect to the offering and sale of the Securities and the application of the proceeds
thereof as described in the Final Prospectus, will not be subject to registration and regulation as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.
 9. The Registration Statement and any amendments thereto have become effective under the Securities Act; to our knowledge, no stop order suspending
the effectiveness of the Registration Statement, as amended, has been issued, no proceedings for that purpose have been instituted or threatened, and the Registration Statement, the Final Prospectus and each amendment thereof or supplement thereto
as of their respective effective or issue dates (other than the financial statements and other financial information contained therein, as to which we express no opinion) complied as to form in all material respects with the applicable requirements
of the Securities Act and the Exchange Act and the respective rules and regulations thereunder.
 10. The Registration Statement and the
Final Prospectus (except for the financial statements and financial schedules and other financial data or the Statement of Eligibility on Form T-1 included therein, as to which we do not express any opinion) appear on their face to be appropriately
responsive in all material respects with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. 
 Our opinion set forth in paragraph 1 above with respect to the valid existence and good standing of the Company is based solely upon a certificate of the Secretary of State of the State of Delaware delivered to you in
connection with the closing of the transactions contemplated by the Underwriting Agreement. 
 We are admitted to practice law in the States
of Illinois and New York and our opinions expressed herein are limited solely to the federal laws of the United States of America and the laws of the States of New York and the Delaware General Corporation Law, and we express no opinion herein
concerning the laws of any other jurisdiction. 
  

 20 

 We are not passing upon and assume no responsibility for the accuracy, completeness or fairness of the
statements contained in the Registration Statement or any amendments thereto, the Final Prospectus or the Disclosure Package nor, except as set forth in paragraphs 2, 4 and 5 above, are we making any representation that we have independently
verified or checked the accuracy, completeness or fairness of such statements. Also, we are expressing no view as to the financial statements and related schedules or the other financial data or the Statement of Eligibility on Form T-1 included or
incorporated by reference in the Registration Statement, the Final Prospectus or the Disclosure Package or omitted therefrom. However, as indicated above, we examined various documents and records and participated in conferences with your
representatives, representatives of the Company, the Company’s counsel and the Company’s auditors, at which time the contents of the Registration Statement, the Final Prospectus, the Disclosure Package and related matters were discussed.
Subject to the foregoing, we advise you that no facts have come to our attention as a result of the foregoing which have caused us to believe that (i) at the Effective Date immediately preceding the Execution Time, the Registration Statement
contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) the Disclosure Package, as of the Applicable Time, included
any untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading or (iii) the Final Prospectus as of its date and
as of the Closing Date includes any untrue statement of a material fact or omits to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 The opinions and statements expressed herein are as of the date hereof. We assume no obligation to update or supplement this opinion letter to reflect
any facts or circumstances that may hereafter come to our attention or any changes in applicable law that may hereafter occur. 
 This letter
is furnished by us pursuant to Section 6(b) of the Underwriting Agreement and is solely for your benefit and may not be relied upon by any other party (including any person purchasing Securities through an Underwriter) without our express
written consent. 
  

			
		    	Very truly yours,

  

 21 

 EXHIBIT B 
 [Letterhead of CNA Financial Corp] 
 August 8, 2006 
 Citigroup Global Markets Inc. 
 388 Greenwich Street 
 New York, New York 10013 
 Lehman Brothers Inc. 
 745 Seventh Avenue 
 New York, New York 10019 
 Re: Public Offering of CNA Financial Corporation 6.00% Notes due 2011 and 6.50% Notes due 2016 
 Ladies and Gentlemen: 
 I am providing this opinion as
Executive Vice President, General Counsel and Secretary of CNA Financial Corporation, a Delaware corporation (the “Company”), in connection with the issuance and sale by the Company to the several underwriters named in Schedule II of the
hereinafter defined Underwriting Agreement (the “Underwriters”), $400,000,000 6.00% Notes due 2011 and $350,000,000 6.50% Notes due 2016 (said Notes to be issued and sold by the Company being hereinafter called the “Securities”)
pursuant to the Underwriting Agreement, dated as of August 3,2006, between the Company and the Underwriters (the “Underwriting Agreement”). Capitalized terms used but not defined herein are used as defined in the Underwriting
Agreement. 
 In that connection, I, or attorneys under my supervision, have reviewed and examined: (i) the Registration Statement;
(ii) the Basic Prospectus; (iii) the Disclosure Package, (iv) the Final Prospectus; (v) the “issuer free writing prospectus” (as defined in Rule 433(h)(1) of the Rules and Regulations), dated August 3, identified
on Schedule II hereto relating to the Securities (the “Free Writing Prospectus”); (vi) the Certificate of Incorporation of the Company, as amended through the date hereof; (vii) the By-laws of the Company, as amended through the
date hereof; (viii) a specimen certificate representing the Securities; and (ix) the resolutions of the Board of Directors of the Company relating to the issuance of the Securities. In addition, I have reviewed such other documents
and instruments, investigated such matters of law, and as to matters of fact, to the extent I have deemed proper, relied on certificates of responsible officers of the Company and certificates or other written statements of officials of
jurisdictions having custody of documents with respect to the corporate existence or good standing of the Company, conferred with such officers and directors of the Company and the Material Subsidiaries, and ascertained or verified to my
satisfaction such additional facts with respect to the Company which I have deemed necessary or appropriate for the purposes of this opinion. I have with your consent also assumed the legal capacity of all natural persons, the genuineness of all
signatures, the authenticity of all documents submitted to me as originals and the conformity to original documents of all documents submitted to me as copies. 
 I am a member of the Bar of the State of New York and of Illinois and do not express any opinion as to any matters governed by any laws other than the laws of New York and Illinois, the General Corporation Law of the
State of Delaware and the federal laws of the United States. 
 (i) the Company is validly existing as a corporation in good standing under the laws the
State of Delaware, with full corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as described in the Disclosure Package and the Final Prospectus, and is duly qualified to do
business as a foreign corporation and is in good standing under the laws of each jurisdiction which requires such qualification, except where the failure to be so qualified could not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect; 
  

 22 

 (ii) each of the Material Subsidiaries is validly existing as an insurance company (other than The Continental
Corporation, which is validly existing as a New York business corporation, and CNA Surety Corporation, which is validly existing as a Delaware corporation) and is authorized to transact its appropriate business under the insurance code of its
domiciliary state, with full corporate power and authority to own is properties and conduct its business as described in the Disclosure Package and the Final Prospectus, and is duly licensed to do business as a foreign insurer and is authorized to
transact its appropriate business under the laws of each jurisdiction which requires such licensure wherein it owns or leases material properties or conducts material business where the failure to be so licensed could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect; 
 (iii) all the outstanding shares of capital stock of each Material Subsidiary
have been duly and validly authorized and issued and are fully paid and nonassessable, and, except to the extent otherwise set forth in the Disclosure Package and the Final Prospectus, all outstanding shares of capital stock of the Material
Subsidiaries are owned by the Company either directly or through wholly owned subsidiaries (except for CNA Surety Corporation, of which the Company owns approximately 63%) free and clear of any perfected security interest and, to my knowledge, after
due inquiry, any other security interest, claim, lien or encumbrance; 
 (iv) to my knowledge, there is no pending or threatened action, suit or
proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries or its or their property of a character required to be disclosed in the Registration Statement which is
not adequately disclosed in the Disclosure Package and the Final Prospectus, and there is no franchise, contract or other document of a character required to be described in the Registration Statement or Final Prospectus, or to be filed as an
exhibit thereto, which is not described or filed as required. 
 (v) neither the issue and sale of the Securities, nor the consummation of any other of
the transactions contemplated by the Underwriting Agreement, nor the fulfillment of the terms of the Underwriting Agreement will conflict with, result in a breach or violation of, or the imposition of any lien, charge or encumbrance upon any
property or assets of the Company or its Material Subsidiaries pursuant to, (i) the charter or by-laws of the Company or of its Material Subsidiaries that are corporations or the certificate of formation or operating agreement of any Material
Subsidiary that is a limited partnership, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Company or any of
its Material Subsidiaries is a party or bound or to which its or their property is subject, or (iii) any statute, law, rule, regulation, judgment, order or decree applicable to the Company or its Material Subsidiaries of any court, regulatory
body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or its Material Subsidiaries or any of its or their properties, except, with respect to clauses (ii) and (iii) above, for
such conflicts, breaches, violations or impositions that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; 
 (vi) to my knowledge, no holders of securities of the Company have rights to the registration of such securities under the Registration Statement; and 
 (vii) no consent, approval, authorization, filing with or order of any court or governmental agency or body is required in connection with the performance by the Company of its obligations under the Underwriting
Agreement, except such as have been obtained under the Act and such as may be required to be obtained by the Company under the blue sky laws of any jurisdiction in connection with the purchase from the Company and distribution of the Shares by the
Underwriter in the manner contemplated in the Underwriting Agreement and in the Final Prospectus and such other approvals as have been obtained. 
 I am not passing upon and assume no responsibility for the accuracy, completeness or fairness of the statements contained in the Registration Statement or any amendments thereto, the Final Prospectus or the Disclosure Package nor am I
making any representation that I have independently verified or checked the accuracy, completeness or fairness of such statements. Also, I am not expressing any view as to the financial statements and related schedules or the other financial data or
the Statement of Eligibility on Form T-1 included or incorporated by reference in the Registration Statement, the Final Prospectus or the Disclosure Package or omitted therefrom. However, as indicated above, I or attorneys under my supervision have
examined various documents and records 

  

 23 

 
and participated in conferences with your representatives, representatives of the Company, the Company’s counsel and the Company’s auditors, at
which time the contents of the Registration Statement, the Final Prospectus, the Disclosure Package and related matters were discussed. Subject to the foregoing, I advise you that no facts have come to my attention as a result of the foregoing which
have caused me to believe that (i) at the Effective Date immediately preceding the Execution Time, the Registration Statement contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein
or necessary to make the statements therein not misleading, (ii) the Disclosure Package, as of the Applicable Time, included any untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading or (iii) the Final Prospectus as of its date and as of the Closing Date includes any untrue statement of a material fact or omits to state a material fact necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 I do not purport herein to
cover the application of state blue sky or securities laws to the sale of the Securities. 
 The opinions and statements expressed herein are
as of the date hereof. I assume no obligation to update or supplement this opinion letter to reflect any facts or circumstances that may hereafter come to my attention or any changes in applicable law that may hereafter occur. 
 This opinion is rendered only to you and solely for your benefit in connection with the above transaction. This opinion may not be relied upon by you for
any other purpose, or relied upon by any other person, entity, firm or corporation (including purchases of Securities through the Underwriters) for any purpose without my prior written consent. The opinions contained herein are limited to the
matters expressly stated herein, and no opinion may be inferred or implied beyond the matters expressly stated herein. 
  

	
	 Yours truly,

	
	 Jonathan D. Kantor

	 Executive Vice President, General Counsel and

	 Secretary

  

 24 

 SCHEDULE I 
 Registration Statement No. 333-127544. 
 Representative(s):        Citigroup Global Markets Inc. 
                                       Lehman
Brothers Inc. 
 Title, Purchase Price and Description of Securities: 
 2011 Notes 
 Principal amount: $400,000,000 
 Purchase Price: 98.925%, plus accrued interest, if any, from August 8, 2006 
 2016 Notes 
 Principal amount: $350,000,000

 Purchase Price: 98.818%, plus accrued interest, if any, from August 8, 2006 
 Other provisions: 
 Closing Date, Time and Location: August 8, 2006 at
10:00 a.m. at the offices of Mayer, Brown, Rowe & Maw LLP, 71 South Wacker Drive, Chicago, Illinois 60606. 
 Information provided for purposes of Section 8(b): 
 (i) the last paragraph on the cover page of the Final Prospectus regarding sales by the
Underwriters of the Securities and (ii) in the Final Prospectus under the heading “Underwriting,” (a) the language in the first paragraph regarding the Underwriters and their respective participation in the sale of the
Securities; (b) the fourth paragraph regarding sales by the Underwriters of the Securities; and (c) the sixth and seventh paragraphs related to stabilization and syndicate covering transactions. 
 Address for notices pursuant to Section 12: 
 Citigroup Global Markets Inc. 
 388 Greenwich Street 
 New York, New York 10013 
 Attn: General
Counsel 
 Lehman Brothers Inc. 
 745 Seventh Avenue 
 New York, NY 10019 
 Attn: Debt Capital Markets, Financial Institutions Group 
 With a copy to: 
 Lehman Brothers Inc. 
 745 Seventh Avenue

 New York, NY 10019 
 Attn:
General Counsel 
  

 25 

 SCHEDULE II 
  

					
	 Underwriters
	  	Principal Amount of
2011 Notes
to be Purchased	  	Principal Amount of
2016 Notes
to be Purchased
	 Citigroup Global Markets Inc.
	  	$200,000,000	  	$175,000,000
	 Lehman Brothers Inc.
	  	$200,000,000	  	$175,000,000
		  	 	  	 
	 Total
	  	$400,000,000	  	$350,000,000
		  	 	  	 

  

 26 

 SCHEDULE III 
 Schedule of Free Writing Prospectuses included in the Disclosure Package 
 1. Free writing prospectus, dated August 3, 2006, which contains
the following Fixed Rate Term Sheet relating to the pricing terms of the Securities: 
 CNA FINANCIAL CORPORATION 
 $400,000,000 
 5-YEAR
SENIOR NOTES 
  

			
	 FINAL TERMS AND CONDITIONS:
	  	
		
	 Issuer:
	  	CNA Financial Corporation
		
	 Ranking:
	  	Senior
		
	 Ratings:
	  	Baa3/BBB-/BBB- (Stable/Negative/Stable) (Moody’s /
S&P / Fitch)
		
	 Trade Date:
	  	August 3, 2006
		
	 Settlement Date:
	  	August 8, 2006 (T+3 days)
		
	 Maturity:
	  	August 15, 2011
		
	 Par Amount:
	  	$400,000,000
		
	 Treasury Benchmark:
	  	UST 4.875% due 7/11
		
	 Treasury Yield:
	  	4.911%
		
	 Re-offer Spread vs. Treasury
	  	+120 bp
		
	 Yield to Maturity:
	  	6.111%
		
	 Semi-Annual Coupon:
	  	6.00%
		
	 Public Offering Price:
	  	99.525%
		
	 Make-Whole Call
	  	+20 bp
		
	 All-in-Yield:
	  	6.252%
		
	 Interest Payment Dates:
	  	Semi-annually on the 15th of each February and
August
		
	 First Coupon:
	  	February 15th, 2007
		
	 Day Count:
	  	30/360
		
	 Minimum Denomination / Multiples:
	  	$2,000 / $1,000
		
	 Joint Bookrunners: (50% each)
	  	 Citigroup
 Lehman Brothers

  

 27 

 $350,000,000 
 10 Year Senior Notes 
  

			
	 Final Terms and Conditions
	  	
		
	 Issuer:
	  	CNA Financial Corporation
		
	 Ranking:
	  	Senior
		
	 Ratings:
	  	Baa3 / BBB- / BBB- (Stable / Negative / Stable) (Moody’s / S&P / Fitch)
		
	 Trade Date:
	  	August 3, 2006
		
	 Settlement Date:
	  	August 8, 2006 (T + 3 days)
		
	 Maturity:
	  	August 15, 2016
		
	 Par Amount:
	  	$350,000,000
		
	 Treasury Benchmark:
	  	UST 5.125% due 5/16
		
	 Treasury Yield:
	  	4.973%
		
	 Re-offer Spread vs. Treasury:
	  	+160 bp
		
	 Yield-to-Maturity:
	  	6.573%
		
	 Semi-Annual Coupon:
	  	6.500%
		
	 Public Offering Price:
	  	99.468%
		
	 Make-Whole Call
	  	+25 bp
		
	 All-in Yield:
	  	6.663%
		
	 Interest Payment Dates:
	  	Semi-Annually on the 15th of each February and
August
		
	 First Coupon:
	  	February 15th, 2007
		
	 Day Count:
	  	30/360
		
	 Minimum Denominations/Multiples:
	  	$2,000 / $1,000
		
	 Joint Bookrunners (50% each):
	  	 Citigroup
 Lehman Brothers

 The issuer has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange
Commission (SEC) for this offering. Before you invest, you should read the prospectus for this offering in that registration statement, and other documents the issuer has filed with the SEC, for more complete information about the issuer and this
offering. You may get these documents for free by searching the SEC online database (EDGAR®) at www.sec.gov. Alternatively, you may obtain a copy of the prospectus from Citigroup Corporate & Investment Banking, Brooklyn Army Terminal, 140 58th
Street, 8th floor, Brooklyn, New York, 11220, Attention: Prospectus Department; telephone: 1-877-858-5407 or Lehman Brothers Inc. at 745 Seventh Avenue, New York, New York 10019; telephone: 1-888-603-5847. 
  

 28 

 SCHEDULE IV 
 Schedule of other information included in the Disclosure Package 
 Not applicable 
  

 29Wyeth Directors' Deferral Plan (as amended to June 22, 2006)

 Exhibit 10.1 
 WYETH 
 DIRECTORS’ DEFERRAL PLAN 
 (as amended to June 22, 2006) 
 SECTION 1. ESTABLISHMENT OF THE PLAN

 Effective May 1, 1997, there is hereby established a plan whereby Directors of the Company who are not current employees of the
Company may voluntarily defer compensation (the “Deferred Compensation” portion of the Plan), and may share in the long-term growth of the Company (the “Deferred Stock” portion of the Plan). Prior to May 1, 1997, the Company
maintained the Deferred Compensation portion of the Plan as a separate plan, The American Home Products Corporation Nonfunded Deferred Compensation Plan for Directors (the “Prior Plan”). The Plan is deemed to consist, in part, of the
amounts held under the Prior Plan and any election made by a Director under the Prior Plan, unless and until amended by the Director in accordance with this Plan, shall remain in effect under this Plan. 
 SECTION 2. DEFINITIONS 
 When used in the
Plan, the following terms shall have the definitions set forth in this Section 2: 
 2.1 409A Accounts. The term “409A
Accounts” means the portion of a Participant’s Accounts attributable to the Deferred Amounts (and the earnings thereon) that are not both earned and vested (for purposes of Section 409A) as of December 31, 2004. 
 2.2 Affiliate. The term “Affiliate” means any corporation that is in the same controlled group of corporations (within the meaning of
Section 414(b) of the Code) as the Company, any trade or business that is under common control with the Company (within the meaning of Section 414(c) of the Code), any affiliated service group (within the meaning of Section 414(m) of
the Code) of which the Company is a part and any other entity required to be aggregated with the Company pursuant to Section 414(o) of the Code. 

 2.3 Average Closing Price. The term “Average Closing Price” means the average closing
market price of the Shares on the Consolidated Transaction Reporting System for the New York Stock Exchange for the last five (5) consecutive trading days on which at least one sale of Shares took place on such System up to and including the
day prior to the date of determination (i.e., Deferral Allocation Date or Dividend Allocation Date). 
 2.4 Beneficiary. The term
“Beneficiary” means the beneficiary or beneficiaries (including any contingent beneficiary or beneficiaries) designated by the Participant pursuant to Section 7.3 hereof. 
 2.5 Board of Directors. The term “Board of Directors” means the Board of Directors of the Company. 
 2.6 Code. The term “Code” means the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder.

 2.7 Company. The terms “Company” or “Wyeth” mean Wyeth, a Delaware corporation (as successor to American Home
Products Corporation). 
 2.8 Company Credit. The term “Company Credit” means an amount computed and credited to a
Participant’s Deferred Compensation Account, as described in Section 6.3, at an annual rate equal to ten percent (10%) compounded quarterly. Effective as of December 20, 2004, Company Credit for a particular calendar year shall
mean 120% of the long-term applicable federal rate, with quarterly compounding, for the month of January of such calendar year, as published under Section 1274(d) of the Code for such year. 
 2.9 Compensation. The term “Compensation” means the retainer and the aggregate of all fees for service and attendance at Board of
Director and committee meetings to which a Director is entitled for services rendered to the Company as a Director. 
 2.10 Deferral
Allocation Date. The term “Deferral Allocation Date” means the third Monday of any month, or if Shares are not traded on the New York Stock Exchange on such third 
  

 2 

 Monday of the month, the last day before the third Monday of the month on which Shares are traded on the New York Stock
Exchange, that follows the date on which an amount deferred under the Plan would have been paid in cash if a deferral election had not been made hereunder. 
 2.11 Deferred Amount. The term “Deferred Amount” means the amount of Compensation that a Deferred Compensation Participant elects to defer in accordance with Section 4 hereof. 
 2.12 Deferred Compensation Account. The term “Deferred Compensation Account” means the account described in Section 6.1.

 2.13 Deferred Compensation Participant. The term “Deferred Compensation Participant” means a Director who is not a
current employee of the Company and who has currently or previously elected to defer all or part of his/her Compensation pursuant to the Prior Plan or in accordance with Section 4 of this Plan, and for whom a Deferred Compensation Account is
currently maintained. 
 2.14 Deferred Stock Participant. The term “Deferred Stock Participant” means a Director who is not
a current employee of the Company and who becomes a Participant in the Plan in accordance with Section 3 hereof. 
 2.15
Director. The term “Director” means each member of the Board of Directors. 
 2.16 Disability. The term
“Disability” means the complete and permanent inability of an individual, by reason of illness or accident, to perform the individual’s duties as a Director. The determination whether a Director has suffered a Disability shall be made
by the Board of Directors based upon such evidence as it deems appropriate. 
 2.17 Dividend Allocation Date. The term “Dividend
Allocation Date” means the first Monday that (a) follows a Dividend Payment Date and (b) is the third Monday of a month. 
  

 3 

 2.18 Dividend Payment Date. The term “Dividend Payment Date” means the date as of which
the Company pays a cash dividend on Shares. 
 2.19 Dividend Record Date. The term “Dividend Record Date” means, with
respect to any Dividend Payment Date, the date established by the Board of Directors as the record date for determining shareholders entitled to receive payment of the dividend on such Dividend Payment Date. 
 2.20 Individual Accounts. The term “Individual Accounts” or “Accounts” means the separate Deferred Compensation Account and
Share Accounts, described in Section 6 hereof, which are established under the Plan for each Participant. When used in the singular, the term shall refer to one of these accounts, as the context requires. 
 2.21 Grandfathered Accounts. The term “Grandfathered Accounts” means the portion of a Participant’s Accounts attributable to the
Deferred Amounts (and the earnings thereon) that are both earned and vested as of December 31, 2004. 
 2.22 Notice 2005-1. The
term “Notice 2005-1” means Notice 2005-1 promulgated by the U.S. Treasury Department and the Internal Revenue Service, as amended by the proposed Treasury Regulations promulgated under Section 409A. 
 2.23 Participant. The term “Participant” means a Director who is a Deferred Stock Participant, a Deferred Compensation Participant, or
both, as the case may be. 
 2.24 Plan. The term “Plan” means the Wyeth Directors’ Deferral Plan, as set forth herein
and as it may be amended from time to time. 
 2.25 Prior Plan. The term “Prior Plan” has the meaning set forth in
Section 1 hereof. 
 2.26 Section 409A. The term “Section 409A” means Section 409A of the Code. 

 

 4 

 2.27 Section 409A Disability. The term “Section 409A Disability” means
“disability” within the meaning of Section 409A. 
 2.28 Share. The term “Share” means a share of Common
Stock, par value $.33 1/3 per share, of the Company. 
 2.29 Share Accounts. The term “Share Accounts” means a Participant’s Vested Share Account and Unvested Share Account. 

2.30 Share Equivalents. The term “Share Equivalents” means bookkeeping entries credited to a Participant’s Share Accounts and
denominated in Shares. 
 2.31 Unvested Share Account. The term “Unvested Share Account” means an account consisting of
amounts transferred under Section 5.4 for which the vesting requirements of Section 5.5(ii) have not been satisfied, and which are denominated in Share Equivalents as described in Section 6.2. 
 2.32 Vested Share Account. The term “Vested Share Account” means an account consisting of amounts transferred under Section 5.4 for
which the vesting requirements of Section 5.5(ii) have been satisfied together with amounts deferred hereunder, and which are denominated in Share Equivalents as described in Section 6.2, and including any amounts previously maintained in
a Participant’s Unvested Share Account which are transferred to such account following satisfaction of the vesting requirements described in Section 5.5(ii) and any cash accruing interest pending the next Quarterly Deferral Allocation Date
(as hereinafter defined). 
 2.33 Year of Service. The term “Year of Service” means each full year and any partial year an
individual served as a Director. For this purpose a “year” is the twelve-month period commencing with the first day of the individual’s service as a Director of the Company both before and after the effective date of the Plan.

  

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 SECTION 3. DEFERRED STOCK PARTICIPANT 
 Each person who as of the effective date of this Plan is currently serving or who is hereafter elected or appointed to serve as a Director, as the case
may be, who is not an employee of the Company, and who elects to become a Participant by making a deferral under Section 5.2, or for whom a transfer is made under Section 5.4, shall become a Deferred Stock Participant. A Deferred Stock
Participant shall cease to participate in the Plan with respect to future compensation when the Participant ceases to be a Director. For purposes of the Plan, a Director shall be deemed to cease to be a Deferred Stock Participant with respect to
future compensation on the first day of the month next following the month in which he/she last serves as a Director. 
 SECTION 4. DEFERRED
COMPENSATION PARTICIPANT 
 Prior to the beginning of any calendar year, any Director who is not an employee of the Company may defer the
receipt of Compensation to be earned by the Director during such calendar year by filing with the Company a written election that: 
 (i) defers payment of a designated amount (of One Thousand Dollars ($1,000) or more) or a percentage of his/her Compensation for services attributable to such calendar year (the “Deferred Amount”); 
 (ii) specifies the payment option selected by the Participant pursuant to Section 7.2 hereof for such Deferred Amount; and

 (iii) specifies the options selected by the Participant pursuant to Section 5 hereof for such Deferred Amount.

 The amount deferred may not exceed the Director’s Compensation for the period of deferral. Notwithstanding the foregoing, any
individual who is not an employee of the Company, and who is newly elected or appointed to serve as a Director may, not later than thirty (30) days after the earlier of (i) the date his/her election or appointment as a Director becomes
effective, and (ii) the date the Director first becomes eligible to participate in any arrangement for Directors 
  

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 sponsored by the Company or an Affiliate that is an “account balance plan” as such term is defined for purposes
of Section 409A (the “Initial Election Period”), elect in accordance with the preceding provisions of this Section 4, to defer the receipt of Compensation earned during the portion of the current calendar year that follows the
last day of the 30-day election period described above. Any elections made pursuant to this Section 4 shall be irrevocable (i) on the last day of the calendar year immediately preceding the calendar year as to which the election applies,
or (ii) on the last day of the Initial Election Period, as applicable. If a Participant fails to cancel an election under this Section 4 with respect to his/her Deferred Amount for a future calendar year, the Participant’s current
election shall remain in effect for such entire future calendar year. A Participant may thereafter make a new election with regard to a future calendar year in accordance with the first paragraph of this Section 4 or cancel an election with
regard to a future calendar year, provided that such election or cancellation is made on or prior to December 31 of the calendar year preceding such future calendar year. A Participant shall not be permitted to change or cancel an election with
regard to a particular calendar year on or after January 1 of such calendar year. 
 SECTION 5. FORM OF DEFERRED COMPENSATION CREDITS

 5.1 Deferred Compensation Account. Except with respect to the deferral of Compensation for a year in which a Deferred Compensation
Participant elects to have all or a percentage of the Deferred Amount credited in Shares in accordance with Section 5.2 hereof, the Deferred Amount shall be denominated in U.S. dollars and credited to the Participant’s Deferred
Compensation Account pursuant to Section 6.1 hereof. 
 5.2 Shares. Prior to the beginning of any calendar year, a Deferred
Compensation Participant may elect, by filing a written election with the Board of Directors, to have all or a percentage of the Deferred Amount for the calendar year credited in Share Equivalents and allocated to the Participant’s Vested Share
Account pursuant to Section 6.2 hereof. Any elections made pursuant to this Section 5.2 shall be irrevocable on the last day of the calendar year immediately preceding the calendar year as to which the election applies. If a Participant
fails to discontinue an election under this Section 5 with respect to his/her Deferred Amount for a future period, his/her current election shall remain in effect, provided, however, that the Participant may thereafter make a new election with
regard to a future calendar year at any time. 
  

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 5.3 Transfer of Deferred Compensation Account Balance to Share Account. Prior to the effective
date of the Plan, a Deferred Compensation Participant may elect to have all or a portion of his/her final credited account balance in the Prior Plan (i.e., the balance as of April 30, 1997) converted to Share Equivalents and credited to the
Participant’s Vested Share Account. Such conversion shall take place as of May 1, 1997, based on the Average Closing Price as of May 1, 1997. 
 5.4 Transfer of Present Value of Accrued Benefits Under Retirement Plan to Share Account. Prior to the effective date of the Plan, a Deferred Compensation Participant shall have allocated to his/her Unvested
Share Account, or if a Participant has satisfied the vesting requirements set forth in Section 5.5(ii) hereof, to his/her Vested Share Account, the number of Share Equivalents (maintained in fractions and rounded to three (3) decimal
places) having a market value (calculated as set forth below) equal to the actuarial present value as of May 1, 1997, of the amount that would have been due to such Participant under the American Home Products Corporation Retirement Plan for
Outside Directors at the time of his/her earliest retirement date assuming that the Participant has then satisfied the vesting requirements thereunder. Such actuarial present value calculation shall be performed by the Company in its discretion and
shall be converted to Share Equivalents and credited to the Participant’s Unvested or Vested Share Account, as the case may be. Such conversion shall take place as of May 1, 1997, based on the Average Closing Price as of that date.

 5.5 Vesting of Unvested Share Account. 
 (i) All amounts transferred pursuant to Section 5.4 shall be maintained in a Vested Share Account to the extent vested at the time of
transfer. All amounts which are not vested will be held in an Unvested Share Account until the Participant shall have satisfied the vesting requirements set forth in Section 5.5(ii), at which time such amounts in the Participant’s Unvested
Share Account shall be transferred from such Unvested Share Account and shall become a part of or be added to the Participant’s Vested Share Account. 
 (ii) A Participant shall have satisfied the vesting requirements upon completion of at least ten (10) Years of Service and attainment of age sixty-five (65), provided, 
  

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 however, that a Participant who ceases to be a Director prior to attainment of age sixty-five
(65) with at least ten (10) Years of Service shall be deemed to have satisfied the vesting requirements upon the first to occur of (1) attainment of age sixty-five (65), (2) death, or (3) Disability. 
 SECTION 6. INDIVIDUAL ACCOUNTS 
 The Company
shall maintain Individual Accounts for Participants, as follows: 
 6.1 Deferred Compensation Account. The Company shall maintain a
Deferred Compensation Account in the name of each Deferred Compensation Participant with respect to any amounts deferred under the Plan which the Deferred Compensation Participant does not elect to have credited in Share Equivalents pursuant to
Section 5.2 or 5.3 hereof. The portion of a Participant’s Deferred Compensation Account attributable to amounts deferred under the Plan that were earned and vested (for purposes of Section 409A) as of December 31, 2004 shall be
separately accounted for. The opening balance of each Participant’s Deferred Compensation Account on the effective date of this Plan shall be equal to the closing balance on the immediately preceding date of the corresponding account maintained
on the Participant’s behalf under the Prior Plan, if any, less any portion of such account converted to Share Equivalents and allocated to the Participant’s Vested Share Account pursuant to Section 5.3 hereof. The Deferred
Compensation Account shall be denominated in U.S. dollars, rounded to the nearest whole cent. A Deferred Amount allocated to a Deferred Compensation Account pursuant to Section 5.1 hereof shall be credited to the Deferred Compensation Account
as of the Deferral Allocation Date. 
 6.2 Share Accounts. The Company shall maintain Share Accounts consisting of (i) a Vested
Share Account and (ii) an Unvested Share Account. The portion of a Participant’s Share Accounts attributable to amounts deferred under the Plan that were earned and vested (for purposes of Section 409A) as of December 31, 2004
shall be separately accounted for. The Share Accounts shall be denominated in Share Equivalents, and shall be maintained in fractions rounded to three (3) decimal places. Share Equivalents allocated to a Deferred Stock Participant’s Vested
Share Account in accordance with the Participant’s election under Section 5.2 hereof, shall be credited to the Participant’s Vested Share Account as of the Deferral Allocation Date next occurring in 
  

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 January, April, July or October (each a “Quarterly Deferral Allocation Date”), provided that a Deferred Amount
so credited shall be credited with deemed interest at the Company Credit rate calculated in accordance with Section 6.3 from the actual Deferral Allocation Date, if different, until the day preceding the next Quarterly Deferral Allocation Date.
Share Equivalents and, if necessary, fractional Share Equivalents, shall be credited to a Participant’s Vested Share Account based on the Average Closing Price at the Deferral Allocation Date. 
 6.3 Accrual of Company Credit. The Treasurer of the Company shall determine the annual rate of Company Credit in January of each calendar year.
This rate as so determined shall be effective for the then current calendar year. The Company Credit shall be compounded and credited to each Deferred Compensation Account as of the last day of each calendar quarter for each month (or part thereof)
that the Participant serves as a Director during such calendar year. If a Participant elects the payment option under either Section 7.2(i)(b) or Section 7.2(i)(c) below, the Company Credit shall continue to be credited to the
Participant’s account until distributed. 
 6.4 Cash Dividends. Cash dividends paid on Shares shall be deemed to have been paid
on the Share Equivalents allocated to each Participant’s Share Accounts and shall be treated as if the allocated Share Equivalents were actual Shares issued and outstanding on the Dividend Record Date. An amount equal to the amount of such
dividends shall be credited in Share Equivalents to each Share Account as of each Dividend Allocation Date based on the Average Closing Price at the Dividend Allocation Date. 
 6.5 Capital Adjustments. The number of Share Equivalents allocated to Share Accounts shall be adjusted by the Board of Directors, as it deems
appropriate, to reflect stock dividends, stock splits, reclassifications, spinoffs, and other extraordinary distributions, as if those Share Equivalents were actual Shares. 
 6.6 Account Statements. Within a reasonable time following the end of each calendar year, the Company shall provide an annual statement to each
Participant. The annual statement for each Participant shall report the number of Share Equivalents credited to each of the Participant’s Share Accounts (together with the dollar amount of any cash accruing interest pending the next Quarterly
Deferral Allocation Date) and shall report the dollar amount credited to the Participant’s Deferred Compensation Account as of December 31 of that year. 
  

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 SECTION 7. PAYMENT PROVISIONS 
 7.1 Method of Payment. All payments to a Participant (or to a Participant’s Beneficiary or estate, as the case may be) with respect to the
Participant’s Deferred Compensation Account and Vested Share Account shall be paid in cash only, with Share Equivalents valued as set forth in Section 7.2 below. 
 7.2 Payment Options 
 (i) At the time each Director elects to make a deferral or, for Participants who are Directors on May 1, 1997, prior to the effective date of the Plan, the Participant shall select a payment option with respect to the payment of the
Participant’s Individual Accounts from the following payment options: 
 (a) a lump sum paid on the first business day of
the calendar quarter following the calendar quarter in which the Participant ceases to be a Director; 
 (b) payments in
substantially equal annual installments over a period of between two (2) to ten (10) years, as elected by the Participant at the time he/she makes his/her election under this paragraph (i)(b), commencing in January of the calendar year
following the calendar year during which the Participant ceases to be a Director, with Share Equivalents in the Participant’s Vested Share Account treated as described in paragraph (iii) below; or 
 (c) payments in annual installments over a period of between two (2) to ten (10) years as elected by the Participant at the time
he/she makes his/her election under this paragraph (i)(c), commencing in January of the calendar year following the calendar year during which the Participant ceases to be a Director, with Share Equivalents in the Participant’s Vested Share
Account treated as described in paragraph (iv) below. 
  

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 (ii) If the payment option described in paragraph (i)(a) above has been elected, the
amount of the lump sum with respect to the Participant’s Deferred Compensation Account shall be equal to the amount credited to the Participant’s Deferred Compensation Account as of the last business day of the calendar quarter preceding
the date of payment, and the amount of the lump sum with respect to the Participant’s Vested Share Account shall be equal to the Average Closing Price as of last business day of the calendar quarter preceding the date of payments multiplied by
the number of Share Equivalents credited to the Participant’s Vested Share Account as of such date plus any cash accruing interest pending the next Quarterly Deferral Allocation Date. 
 (iii) If the payment option described in paragraph (i)(b) above has been elected, the value of the Participant’s Vested Share Account
shall be added to the amount in such Participant’s Deferred Compensation Account based on the Average Closing Price at the date of the first payment and the amount of each installment with respect to the Participant’s Deferred Compensation
Account (including the amount transferred from the Participant’s Vested Share Account and any cash accruing interest pending the next Quarterly Deferral Allocation Date) shall be paid annually, in substantially equal installment amounts. The
determination of the amount of substantially equal installment payments shall be a fixed annuity computation determined based on the amount of the Participant’s Deferred Compensation Account (including the amount transferred from the
Participant’s Vested Share Account) at the time of the first payment, the annual rate of the Company Credit at that time and the number of installments selected, assuming compounding of the Company Credit on a quarterly basis. 
 (iv) If the payment option described in paragraph (i)(c) above has been elected, the amount of each installment with respect to the
Participant’s Deferred Compensation Account and Vested Share Account (and any cash accruing interest pending the next Quarterly Deferral Allocation Date) shall be paid annually, in installment amounts. The amount to be distributed annually with
respect to Share Equivalents shall be computed by 
  

 12 

 dividing the number of Share Equivalents in the Participant’s Vested Share Account by the number of
installment payments selected, with the resulting number of Share Equivalents paid in cash, based on the Average Closing Price as of the December 31 preceding each date of payment. Any additional amounts in respect of Share Equivalents relating
to dividend equivalents during the duration of installment payments shall be included with and paid as part of the last installment. 
 (v) If the Participant fails to elect a payment option, the amount credited to the Participant’s Deferred Compensation Account and Vested Share Account shall be distributed in a lump sum in accordance with the payment option described
in paragraph (i)(a) and paragraph (ii) above. If, at the time a Participant ceases to be a Director, the amount credited to a Participant’s Deferred Compensation Account and the value of Share Equivalents credited to a Participant’s
Share Accounts is less than $25,000 in the aggregate, the Board of Directors shall pay out the amount credited to such Account in a lump sum in accordance with paragraph (i)(a) and paragraph (ii) above. 
 (vi) Notwithstanding the foregoing, any amounts in a Participant’s Unvested Share Account at the time the Participant ceases to be a
Director shall be forfeited if the Participant has not completed at least ten (10) Years of Service. In addition, if the Participant has completed at least ten (10) Years of Service as of the time the Participant ceases to be a Director,
the amounts in the Participant’s (a) 409A Accounts attributable to his Unvested Share Account shall be paid to the Participant in the manner selected in paragraph (i)(a), (i)(b), or (i)(c) above (x) on the date the Participant ceases
to be a Director if such termination of status as a Director is a result of Disability or (y) if the Director ceases to be a Director for any other reason, on the first to occur of (1) attainment of age sixty-five (65), or
(2) Section 409A Disability, and (b) Grandfathered Accounts attributable to his Unvested Share Account, shall be paid on the first to occur of (1) attainment of age 65 and (2) Disability. If the payment option described in
paragraph (i)(a) above has been selected, the value of such Unvested Share Account shall be determined based on the Average Closing Price as of the December 31 preceding the date of payment, and thereafter shall be treated as if it were part of
the Participant’s Deferred Compensation Account. If 
  

 13 

 the payment option described in paragraph (i)(b) above has been selected, payment shall be made in
accordance with Section 7.2(iii). If the payment option in paragraph (i)(c) above has been selected, payment shall be made in accordance with Section 7.2(iv). Notwithstanding the foregoing, any benefits in the Unvested Share Account at the
date of a Participant’s death shall be paid to the Participant’s Beneficiary or estate, as the case may be, in accordance with Section 7.3. 
 7.3 Payment Upon Death. Notwithstanding any other provision of the Plan to the contrary, on the first business day of the month following the date of death of a Participant, the amount credited to the
Participant’s Deferred Compensation Account and all of the Share Equivalents credited to the Participant’s Share Accounts shall be paid by the Company in a lump sum to the Participant’s Beneficiary. For purposes of this
Section 7.3, the amount credited to the Participant’s Deferred Compensation Account, and the number and value of Share Equivalents credited to the Participant’s Share Accounts, shall be determined as of the date of payment using the
Average Closing Price. A Participant may designate a Beneficiary, in writing, in a form acceptable to the Board of Directors. A Participant may revoke a prior designation of a Beneficiary and may also designate a new Beneficiary without the consent
of the previously designated Beneficiary, provided, however, that such revocation and new designation (if any) are in writing, in a form acceptable to the Board of Directors, and filed with the Board of Directors before the Participant’s death.
If the Participant does not designate a Beneficiary, or if no designated Beneficiary survives the Participant, any amount not distributed to the Participant during the Participant’s life shall be paid to the Participant’s estate in a lump
sum in accordance with this Section 7.3. 
 7.4 Payment on Unforeseeable Emergency. The Board of Directors may, in its sole
discretion, direct payment to a Participant of all or of any portion of the vested portion of a Participant’s Accounts, notwithstanding an election of a payment option under Section 7.2 above, at any time that the Board of Directors
determines that such Participant has an unforeseeable emergency. With respect to that portion of the Participant’s Grandfathered Accounts, “unforeseeable emergency” means severe financial hardship to the Participant resulting from a
sudden and unexpected illness or accident of the Participant or of a dependent of the Participant, 
  

 14 

 loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances
arising as a result of events beyond the control of the Participant. With respect to a Participant’s 409A Accounts, “unforeseeable emergency” means “unforeseeable emergency” within the meaning of Section 409A.
Notwithstanding the foregoing to the contrary, payments under this Section 7.4 shall be permitted in the event of an unforeseeable emergency (i) with respect to the Grandfathered Accounts, only to the extent reasonably necessary to meet
the emergency and (ii) with respect to the 409A Accounts, only if the emergency cannot be relieved through reimbursement from insurance or otherwise, by liquidation of the Participant’s assets, to the extent the liquidation of such assets
would not cause severe financial hardship to the Participant or by cessation of deferrals by the Participant in the Plan. 
 SECTION 8.
OWNERSHIP OF SHARES 
 A Participant shall have no rights as a shareholder of the Company with respect to any Shares represented by the Share
Equivalents described hereunder. 
 SECTION 9. PROHIBITION AGAINST TRANSFER 
 The right of a Participant to receive payments under the Plan may not be transferred except by will or applicable laws of descent and distribution. A
Participant may not assign, sell, pledge, or otherwise transfer amounts to which he/she is entitled hereunder prior to payment thereof to the Participant. 
 SECTION 10. GENERAL PROVISIONS 
 10.1 Director’s Rights Unsecured. The Plan is unfunded. The
right of any Participant to receive payments of cash under the provisions of the Plan shall be an unsecured claim against the general assets of the Company. 
 10.2 Administration. Except as otherwise provided in the Plan, the Plan shall be administered by the Board of Directors, which shall have the authority to adopt rules and regulations for carrying out the Plan,
and which shall interpret, construe, and implement the 
  

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 provisions of the Plan. This Plan is intended to comply with Section 16 of the Securities Exchange Act of 1934, as
amended (the “Act”) and the rules promulgated thereunder. Any election by a Participant which would be in violation of the Act or the rules thereunder causing short-swing liability shall be deemed ineffective under the Plan, and such
election shall be deemed to be null and void. 
 10.3 Legal Opinions. The Board of Directors may consult with legal counsel, who may
be counsel for the Company or other counsel, with respect to its obligations and duties under the Plan, or with respect to any action, proceeding, or any questions of law, and shall not be liable with respect to any good faith action taken, or
omitted, by it pursuant to the advice of such counsel. 
 10.4 Liability. Any decision made or action taken by the Board of Directors,
or any employee of the Company or any of its subsidiaries, arising out of or in connection with the construction, administration, interpretation, or effect of the Plan, shall be absolutely discretionary, and shall be conclusive and binding on all
parties. Neither the Board of Directors nor any employee of the Company or any of its subsidiaries shall be liable for any act or action hereunder, whether of omission or commission, by any other member or employee or by any agent to whom duties in
connection with the administration of the Plan have been delegated or, except in circumstances involving bad faith, for anything done or omitted to be done. 
 10.5 Withholding. The Company shall have the right to deduct from all payments hereunder any taxes required by law to be withheld from such payments. The recipients of such payments shall bear all taxes on
amounts paid under the Plan to the extent that no taxes are withheld thereon, irrespective of whether withholding is required. 
 10.6
Legal Holidays. If any day on (or on or before) which action under the Plan must be taken falls on a Saturday, Sunday, or legal holiday, such action may be taken on (or on or before) the next succeeding day that is not a Saturday, Sunday, or
legal holiday; provided, however, that this Section 10.6 shall not permit any action that must be taken in one calendar year to be taken in any subsequent calendar year. 
  

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 10.7 Severability. In the event any provision of the Plan shall be held or determined to be
illegal or invalid for any reason or it is determined that any provision of the Plan would cause any Participant to be in constructive receipt for federal or state income tax purposes of any portion of his or her Accounts, then such provision will
be considered null and void and the Plan shall be construed and enforced as if the provision had not been included in the Plan as of the date such provision was determined to be illegal, invalid or to have the potential to cause the Participant to
be in constructive receipt of a portion of his or her Accounts. 
 10.8 Right of the Company to Amend or Modify Participant Elections.
Notwithstanding anything in the Plan to the contrary, the Board of Directors reserves the right to amend, modify, cancel or rescind any Participant election or other action taken under the Plan by a Participant with respect to such
Participant’s Accounts in the event the Board of Directors determines that such election or other action is or would be prohibited by any applicable law or that such election or other action would cause any Participant to be in constructive
receipt for federal or state income tax purposes of any portion of his or her Accounts under any such law. 
 10.9 Application of Notice
2005-1. 
 (i) All Participant elections made through December 31, 2006 regarding distribution of the
Participant’s 409A Accounts shall be pursuant to Q&A 19(c) of Notice 2005-1, as amended by the preamble to the proposed Treasury Regulations under Section 409A, issued on September 29, 2005. 
 (ii) To the extent that any Participant receives in 2005 a distribution of all, or any portion of, the balance in the Participant’s
409A Accounts, such distribution shall be deemed a termination of such Participant’s participation in the Plan with respect to all or such portion of the Participant’s 409A Accounts, in accordance with Q&A 20(a) of Notice 2005-1.

  

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 SECTION 11. AMENDMENT, SUSPENSION, AND TERMINATION 
 The Board of Directors shall have the right at any time, and for any reason, to amend, suspend, or terminate the Plan, provided, however, that no
amendment, suspension, or termination shall reduce the number of Share Equivalents or the cash balance in an Individual Account. The termination of the Plan shall not result in any acceleration of the payment of the balance of any Participant’s
409A Accounts, unless (i) all arrangements sponsored by the Company that would be aggregated with the Plan under Section 409A if the same Participant participated in all such arrangements are terminated, (ii) no payments other than
payments that would be payable under the terms of such arrangements if the termination had not occurred are made within 12 months of the termination of such arrangements, (iii) all payments are made within 24 months of the termination of the
arrangements and (iv) the Company does not adopt a new arrangement that would be aggregated with the Plan under Section 409A if the same Participant participated in both arrangements, at any time within the five years following the date of
Plan termination. 
 SECTION 12. APPLICABLE LAW 
 The Plan shall be governed by, and construed in accordance with, the laws of the State of Delaware, except to the extent that such laws are preempted by federal law. 
 SECTION 13. EFFECTIVE DATE 
 The effective
date of this Plan is May 1, 1997. Nothing herein shall invalidate or adversely affect any previous election, designation, deferral, or accrual in accordance with the terms of the Prior Plan that were in effect prior to the effective date of
this Plan. 
 SECTION 14. CHANGE IN CONTROL 
 Upon the occurrence of a Change in Control, all Accounts under the Plan that are not fully vested as of the date of such occurrence (and which have not previously been forfeited) will become fully vested.
Notwithstanding any prior election by a Participant to the contrary, at any time following a Change in Control a Participant may elect to accelerate any or all payments from 
  

 18 

 such Participant’s Grandfathered Accounts due under the Plan to a single sum payment to be made on a date at least
twelve (12) months subsequent to such election, provided, however, that such election may be made for an immediate single sum payment, in which six percent (6%) of the amount of the accelerated payment shall be permanently forfeited to the
Company. Notwithstanding any prior election by a Participant to the contrary, a Participant’s 409A Accounts shall be paid to such Participant at the time of the Change in Control in a lump sum if such Change of Control transaction is also a
“change in control event” for purposes of Section 409A. For purposes of this provision, a Change in Control will be deemed to have occurred if: 
 (i) any person or persons acting in concert (excluding Company benefit plans) becomes the beneficial owner of securities of the Company
having at least 20% of the voting power of the Company’s then outstanding securities (unless the event causing the 20% threshold to be crossed is an acquisition of voting common securities directly from the Company); or 
 (ii) the consummation of any merger or other business combination of the Company, sale or lease of the Company’s assets or
combination of the foregoing transactions (the “Transactions”) other than a Transaction immediately following which the shareholders of the Company who owned shares immediately prior to the Transaction (including any trustee or fiduciary
of any Company employee benefit plan) own, by virtue of their prior ownership of the Company’s shares, at least 65% of the voting power, directly or indirectly, of (a) the surviving corporation in any such merger or other business
combination; (b) the purchaser or lessee of the Company’s assets; or (c) both the surviving corporation and the purchaser or lessee in the event of any combination of Transactions; or 
 (iii) within any 24 month period, the persons who were directors immediately before the beginning of such period (the “Incumbent
Directors”) shall cease (for any reason other than death) to constitute at least a majority of the Board of Directors or the board of directors of a successor to the Company. For this purpose, any director who was not a director at the
beginning of such period shall be deemed to be an Incumbent Director if such director was elected to the Board of Directors by, or on the recommendation of or with the approval of, at least two–thirds of the directors who then qualified as
Incumbent Directors (so long as such director was not nominated by a person who has expressed an intent to effect a Change in Control or engage in a proxy or other control contest). 
  

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 SECTION 15. 409A 
 To the extent that any payments or benefits provided hereunder are considered deferred compensation subject to Section 409A, the Company intends for the Plan to comply with the standards for nonqualified deferred
compensation established by Section 409A (the “409A Standards”). To the extent that any terms of the Plan would subject Participants to gross income inclusion, interest or an additional tax pursuant to Section 409A, those terms
are to that extent superseded by the 409A Standards. 
  

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