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                                                                    EXHIBIT 10.E

                                MASCO CORPORATION
                     1997 NON-EMPLOYEE DIRECTORS STOCK PLAN
                    (Amended and Restated February 10, 2004)

SECTION 1.  PURPOSE

         The purpose of this Plan is to ensure that the non-employee Directors
of Masco Corporation (the "Company") have an equity interest in the Company and
thereby have a direct and long term interest in the growth and prosperity of the
Company by payment of part of their compensation in the form of common stock of
the Company.

SECTION 2.  ADMINISTRATION OF THE PLAN

         This Plan will be administered by the Company's Board of Directors (the
"Board"). The Board shall be authorized to interpret the Plan, to establish,
amend, and rescind any rules and regulations relating to the Plan and to make
all other determinations necessary or advisable for the administration of the
Plan. The Board's interpretation of the terms and provisions of this Plan shall
be final and conclusive. The Secretary of the Company shall be authorized to
implement the Plan in accordance with its terms and to take such actions of a
ministerial nature as shall be necessary to effectuate the intent and purposes
thereof. The validity, construction and effect of the Plan and any rules and
regulations relating to the Plan shall be determined in accordance with the laws
of the State of Michigan and applicable Federal law.

SECTION 3.  ELIGIBILITY

         Participation will be limited to individuals who are Eligible
Directors, as hereinafter defined. Eligible Director shall mean any Director of
the Company who is not an employee of the Company and who receives a fee for
services as a Director.

SECTION 4.  SHARES SUBJECT TO THE PLAN

         (a) Subject to the adjustments set forth below, the aggregate number of
shares of Company Common Stock, par value $1.00 per share ("Shares"), which may
be the subject of awards issued under the Plan shall be 1,000,000.

         (b) Any Shares to be delivered under the Plan shall be made available
from newly issued Shares or from Shares reacquired by the Company, including
Shares purchased in the open market.

         (c) To the extent a Stock Option award, as hereinafter defined,
terminates without having been exercised, or an award of Restricted Stock, as
hereinafter defined, is forfeited, the Shares subject to such Stock Option or
Restricted Stock award shall again be available for distribution in connection
with future awards under the Plan. Shares equal in number to the Shares
surrendered to the Company in payment of the option price or withholding taxes
(if any) relating to or arising in connection with any Restricted Stock or Stock
Option hereunder shall be added to the number of Shares then available for
future awards under clause (a) above.

         (d) In the event of any merger, reorganization, consolidation,
recapitalization, stock split, stock dividend, or other change in corporate
structure affecting the Shares, the aggregate number of Shares which may be
issued under the Plan, the number of Shares subject to Stock Options to be
granted under Section 6(a) hereof and the number of Shares subject to any
outstanding award of Restricted Stock or unexercised Stock Option shall be
adjusted to avoid enhancement or diminution of the benefits intended to be made
available hereunder.

SECTION 5.  DIRECTOR STOCK COMPENSATION

         (a) The compensation of each Eligible Director for the five year period
beginning January 1, 1997 shall be payable in part with an award of Restricted
Stock determined as set forth below, and in part in cash. Compensation for this
purpose means annual retainer fees but does not include supplemental retainer
fees for committee positions or fees for attendance at meetings, which shall be
paid in cash. The portion of compensation payable in Restricted Stock during the
five year period shall be equal to one-half of the annual compensation paid to
Eligible Directors in the year immediately prior to the award multiplied by
five, and the balance of compensation, unless otherwise determined by the Board,
shall be payable in cash. Each award of Restricted Stock shall vest in twenty
percent annual installments (disregarding fractional shares) on January 1 of
each of the five consecutive years following the year in which the award is
made. Subject to the approval of this Plan by the Company's stockholders, each
Eligible

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Director on February 18, 1997 is awarded as of that date 6,940 Shares of
Restricted Stock, based on the closing price of the Shares as reported on the
New York Stock Exchange Composite Tape (the "NYSE") on February 18, 1997. Cash
shall be paid to an Eligible Director in lieu of a fractional share.

         (b) Subject to the approval of this Plan by the Company's stockholders,
each Eligible Director who is first elected or appointed to the Board on or
after the date of the Company's 1997 annual meeting of stockholders shall
receive, as of the date of such election or appointment, an award of Restricted
Stock determined in accordance with Section 5(a) for the five year period
beginning on January 1 of the year in which such election or appointment
occurred; provided, however, that the price of the Shares used in determining
the number of Shares of Restricted Stock which shall be issued to such Eligible
Director shall be the fair market value of the Shares as determined by the Board
of Directors on the date on which such Eligible Director is elected or
appointed, and provided, further, that the amount of Restricted Stock awarded to
any Eligible Director who begins serving as a Director other than at the
beginning of a calendar year shall be prorated to reflect the partial service of
the initial year of the Director's term, such proration to be effected in the
initial vesting.

         (c) Upon the full vesting of any award of Restricted Stock awarded
pursuant to Section 5(a) or 5(b), each affected Eligible Director shall be
eligible to receive a new award of Restricted Stock, subject to Section 4. The
number of Shares subject to such award shall be determined generally in
accordance with the provisions of Section 5(b); provided, however, that the
Board shall have sole discretion to adjust the amount of compensation then to be
paid in the form of Shares and the terms of any such award of Shares. Except as
the Board may otherwise determine, any increase or decrease in an Eligible
Director's annual compensation during the period when such Director has an
outstanding award of Restricted Stock shall be implemented by increasing or
decreasing the cash portion of such Director's compensation.

         (d) Each Eligible Director shall be entitled to vote and receive
dividends on the unvested portion of his or her Restricted Stock, but will not
be able to obtain a stock certificate or sell, encumber or otherwise transfer
such Restricted Stock except in accordance with the terms of the Company's 1991
Long Term Stock Incentive Plan (the "Long Term Plan"). If an Eligible Director's
term is terminated by reason of death or permanent and total disability, the
restrictions on the Restricted Stock will lapse and such Eligible Director's
rights to the Shares will become vested on the date of such termination. If an
Eligible Director's term is terminated for any reason other than death or
permanent and total disability, the Restricted Stock that has not vested shall
be forfeited and transferred back to the Company; provided, however, that a pro
rata portion of the Restricted Stock which would have vested on January 1 of the
year following the year of the Eligible Director's termination shall vest on the
date of termination, based upon the portion of the year during which the
Eligible Director served as a Director of the Company.

SECTION 6.  STOCK OPTION GRANT

         (a) Subject to approval of this Plan by the Company's stockholders,
each Eligible Director on the date of such approval will be granted on such date
a stock option to purchase 8,000 Shares (the "Stock Option"). Thereafter, on the
date of each of the Company's subsequent annual stockholders meetings, each
person who is or becomes an Eligible Director on that date and whose service on
the Board will continue after such date shall be granted a Stock Option, subject
to Section 4, effective as of the date of such meeting.

         (b) Stock Options granted under this Section 6 shall be non-qualified
stock options and shall have the following terms and conditions.

         1. Option Price. The option price per Share shall be equal to the fair
market value of the Shares on the date of grant as determined by the Board of
Directors.

         2. Term of Option. The term of the Stock Option shall be ten years from
the date of grant, subject to earlier termination in the event of termination of
service as an Eligible Director. If an Eligible Director's term is terminated
for any reason other than death or permanent and total disability at a time when
such Director is entitled to exercise an outstanding Stock Option, then at any
time or times within three months after termination such Stock Option may be
exercised as to all or any of the Shares which the Eligible Director was
entitled to purchase at the date of termination. That portion of the Stock
Option not exercisable at the time of such termination shall be forfeited and
transferred back to the Company on the date of such termination. If an Eligible
Director's term is terminated by reason of permanent and total disability, such
Stock Option shall continue to become exercisable and shall remain exercisable
in accordance with its terms and the provisions of this Plan. If an Eligible
Director dies, all unexercisable installments of the Stock Option shall
thereupon become exercisable and at any time or times within

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one year after death such Stock Option may be exercised as to all or any
unexercised portion of the Stock Option. Except as so exercised, such Stock
Option shall expire at the end of such period. Except as provided above, a Stock
Option may be exercised only if and to the extent such Stock Option was
exercisable at the date of termination of service as an Eligible Director, and a
Stock Option may not be exercised at a time when the Stock Option would not have
been exercisable had the service as an Eligible Director continued.

         3. Exercisability. Subject to clause 2 above, each Stock Option shall
vest and become exercisable with respect to twenty percent of the underlying
Shares on each of the first five anniversaries of the date of grant, provided
that the optionee is an Eligible Director on such date.

         4. Method of Exercise. A Stock Option may be exercised in whole or in
part during the period in which such Stock Option is exercisable by giving
written notice of exercise to the Company specifying the number of shares to be
purchased, accompanied by payment of the purchase price. Payment of the purchase
price shall be made in cash, by delivery of Shares, or by any combination of the
foregoing.

         5. Forfeiture. If a Director's term is terminated for any reason other
than death, permanent and total disability or following a Change in Control, as
hereinafter defined, and if any installments of a Stock Option granted upon any
exercise of the Stock Option became exercisable within the two year period prior
to the date of such termination (such installments being referred to as the
"Subject Options"), by accepting the Stock Option each Director agrees that the
following provisions will apply:

         (1)      Upon the demand of the Company such individual will pay to the
                  Company in cash within 30 days after the date of such
                  termination the amount of income realized for income tax
                  purposes from the exercise of any Subject Options, net of all
                  federal, state and other taxes payable on the amount of such
                  income, plus all costs and expenses of the Company in any
                  effort to enforce its rights hereunder; and

         (2)      Any right such individual would otherwise have, pursuant to
                  the terms of the Plan and the applicable Award Agreement, to
                  exercise any Subject Options on or after the date of such
                  termination, shall be extinguished as of the date of such
                  termination.

The Company shall have the right to set off or withhold any amount owed to such
individual by the Company or any of its subsidiaries or affiliates for any
amount owed to the Company by such individual hereunder.

         6. Non-Transferability. Unless otherwise provided by the terms of the
Long Term Plan or the Board, (i) Stock Options shall not be transferable by the
optionee other than by will or by the laws of descent and distribution, and (ii)
during the optionee's lifetime, all Stock Options shall be exercisable only by
the optionee or by his or her guardian or legal representative.

         7. Stockholder Rights. The holder of a Stock Option shall, as such,
have none of the rights of a stockholder.

SECTION 7.  GENERAL

         (a) Plan Amendments. The Board may amend, suspend or discontinue the
Plan as it shall deem advisable or to conform to any change in any law or
regulation applicable thereto; provided, that the Board may not, without the
authorization and approval of the stockholders of the Company: (a) modify the
class of persons who constitute Eligible Directors as defined in the Plan; or
(b) increase the total number of Shares available under the Plan. In addition,
without the consent of affected participants, no amendment of the Plan or any
award under the Plan may impair the rights of participants under outstanding
awards.

         (b) Listing and Registration. If at any time the Board shall determine,
in its discretion, that the listing, registration or qualification of the Shares
under the Plan upon any securities exchange or under any state or Federal law,
or the consent or approval of any governmental regulatory body, is necessary or
desirable as a condition of, or in connection with, the granting of any award
hereunder, no Shares may be delivered or disposed of unless such listing,
registration, qualification, consent or approval shall have been effected or
obtained free of any condition not acceptable to the Board.

         (c) Award Agreements. Each award of Restricted Stock and Stock Option
granted hereunder shall be evidenced by the Eligible

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Director's written agreement with the Company which shall contain such terms and
conditions not inconsistent with the provisions of the Plan as shall be
determined by the Board in its discretion.

         (d)   Change in Control.

               1.   Notwithstanding any of the provisions of this Plan or
                    instruments evidencing awards granted hereunder, upon a
                    Change in Control of the Company (as hereinafter defined)
                    the vesting of all rights of Directors under outstanding
                    awards of Restricted Stock and Stock Options shall be
                    accelerated and all restrictions thereon shall terminate in
                    order that participants may fully realize the benefits
                    thereunder. Such acceleration shall include, without
                    limitation, the immediate exercisability in full of all
                    Stock Options and the termination of restrictions on
                    Restricted Stock. Further, in addition to the Board's
                    authority set forth in Section 4(d), the Board, as
                    constituted before such Change in Control, is authorized,
                    and has sole discretion, as to any award, either at the time
                    such award is made hereunder or any time thereafter, to take
                    any one or more of the following actions: (i) provide for
                    the purchase of any such award, upon the participant's
                    request, for an amount of cash equal to the amount that
                    could have been attained upon the exercise of such award or
                    realization of the participant's rights had such award been
                    currently exercisable or payable; (ii) make such adjustment
                    to any such award then outstanding as the Board deems
                    appropriate to reflect such Change in Control; and (iii)
                    cause any such award then outstanding to be assumed, or new
                    rights substituted therefor, by the acquiring or surviving
                    corporation after such Change in Control. A Change in
                    Control shall occur if, during any period of twenty-four
                    consecutive calendar months, the individuals who at the
                    beginning of such period constitute the Company's Board of
                    Directors, and any new Directors (other than Excluded
                    Directors, as hereinafter defined), whose election by such
                    Board or nomination for election by stockholders was
                    approved by a vote of at least two-thirds of the members of
                    such Board who were either Directors on such Board at the
                    beginning of the period or whose election or nomination for
                    election as Directors was previously so approved, for any
                    reason cease to constitute at least a majority of the
                    members thereof. For purposes hereof, "Excluded Directors"
                    are Directors whose election by the Board or approval by the
                    Board for stockholder election occurred within one year of
                    any "person" or "group of persons", as such terms are used
                    in Sections 13(d) and 14(d) of the Securities Exchange Act
                    of 1934, commencing a tender offer for, or becoming the
                    beneficial owner of, voting securities representing 25
                    percent or more of the combined voting power of all
                    outstanding voting securities of the Company, other than
                    pursuant to a tender offer approved by the Board prior to
                    its commencement or pursuant to stock acquisitions approved
                    by the Board prior to their representing 25 percent or more
                    of such combined voting power.

               2.   In the event that subsequent to a Change in Control it is
                    determined that any payment or distribution by the Company
                    to or for the benefit of a participant, whether paid or
                    payable or distributed or distributable pursuant to the
                    terms of this Plan or otherwise, other than any payment
                    pursuant to this subparagraph 2 (a "Payment"), would be
                    subject to the excise tax imposed by Section 4999 of the
                    Internal Revenue Code of 1986, as amended from time to time
                    (the "Code") or any interest or penalties with respect to
                    such excise tax (such excise tax, together with any such
                    interest and penalties, are hereinafter collectively
                    referred to as the "Excise Tax"), then such participant
                    shall be entitled to receive from the Company, within 15
                    days following the determination described in subparagraph 3
                    below, an additional payment ("Excise Tax Adjustment
                    Payment") in an amount such that after payment by such
                    participant of all applicable Federal, state and local taxes
                    (computed at the maximum marginal rates and including any
                    interest or penalties imposed with respect to such taxes),
                    including any Excise Tax, imposed upon the Excise Tax
                    Adjustment Payment, such participant retains an amount of
                    the Excise Tax Adjustment Payment equal to the Excise Tax
                    imposed upon the Payments.

               3.   All determinations required to be made under this Section
                    7(d), including whether an Excise Tax Adjustment Payment is
                    required and the amount of such Excise Tax Adjustment
                    Payment, shall be made by PricewaterhouseCoopers LLP, or
                    such other national accounting firm as the Company, or,
                    subsequent to a Change in Control, the Company and the
                    participant jointly, may designate, for purposes of the
                    Excise Tax, which shall provide detailed supporting
                    calculations to the Company and the affected participant
                    within 15 business days of the date of the applicable
                    Payment. Except

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                    as hereinafter provided, any determination by
                    PricewaterhouseCoopers LLP, or such other national
                    accounting firm, shall be binding upon the Company and the
                    participant. As a result of the uncertainty in the
                    application of Section 4999 of the Code that may exist at
                    the time of the initial determination hereunder, it is
                    possible that (x) certain Excise Tax Adjustment Payments
                    will not have been made by the Company which should have
                    been made (an "Underpayment"), or (y) certain Excise Tax
                    Adjustment Payments will have been made which should not
                    have been made (an "Overpayment"), consistent with the
                    calculations required to be made hereunder. In the event of
                    an Underpayment, such Underpayment shall be promptly paid by
                    the Company to or for the benefit of the affected
                    participant. In the event that the participant discovers
                    that an Overpayment shall have occurred, the amount thereof
                    shall be promptly repaid to the Company.

         (e) Non-compete. Each award of Restricted Stock and Stock Option
granted hereunder shall contain a provision whereby the award holder shall
agree, in consideration for the award and regardless of whether restrictions on
shares of Restricted Stock have lapsed or whether the Stock Option becomes
exercisable or is exercised, as the case may be, as follows:

               (i)  While the holder is a Director of the Company and for a
                    period of one year following the termination of such
                    holder's term as a Director of the Company, other than a
                    termination following a Change in Control, not to engage in,
                    and not to become associated in a "Prohibited Capacity" (as
                    hereinafter defined) with any other entity engaged in, any
                    "Business Activities" (as hereinafter defined) and not to
                    encourage or assist others in encouraging any employee of
                    the Company or any of its subsidiaries to terminate
                    employment or to become engaged in any such Prohibited
                    Capacity with an entity engaged in any Business Activities.
                    "Business Activities" shall mean the design, development,
                    manufacture, sale, marketing or servicing of any product or
                    providing of services competitive with the products or
                    services of the Company or any subsidiary at any time the
                    award is outstanding, to the extent such competitive
                    products or services are distributed or provided either (1)
                    in the same geographic area as are such products or services
                    of the Company or any of its subsidiaries, or (2) to any of
                    the same customers as such products or services of the
                    Company or any of its subsidiaries are distributed or
                    provided. "Prohibited Capacity" shall mean being associated
                    with an entity as a director, employee, consultant, investor
                    or another capacity where (1) confidential business
                    information of the Company or any of its subsidiaries could
                    be used in fulfilling any of the holder's duties or
                    responsibilities with such other entity, or (2) an
                    investment by the award holder in such other entity
                    represents more than 1% of such other entity's capital
                    stock, partnership or other ownership interests.

               (ii) Should the award holder either breach or challenge in
                    judicial or arbitration proceedings the validity of any of
                    the restrictions contained in the preceding paragraph, by
                    accepting an award each award holder shall agree,
                    independent of any equitable or legal remedies that the
                    Company may have and without limiting the Company's right to
                    any other equitable or legal remedies, to pay to the Company
                    in cash immediately upon the demand of the Company (1) the
                    amount of income realized for income tax purposes from an
                    award of Restricted Stock and/or the exercise of a Stock
                    Option, net of all federal, state and other taxes payable on
                    the amount of such income (and, in the case of a Stock
                    Option, reduced by any amount already paid to the Company
                    under Section 5(e) hereof), but only to the extent such
                    income is realized from restrictions lapsing on shares or
                    exercises occurring, as the case may be, on or after the
                    termination of the award holder's term as a Director of the
                    Company or within the two year period prior to the date of
                    such termination, plus (2) all costs and expenses of the
                    Company in any effort to enforce its rights under this or
                    the preceding paragraph. The Company shall have the right to
                    set off or withhold any amount owed to the award holder by
                    the Company or any of its subsidiaries or affiliates for any
                    amount owed to the Company by the award holder hereunder.

         (f) Applicability. The provisions of this Plan as amended and restated
December 6, 2000 shall apply to all outstanding Stock Options and awards of
Restricted Stock granted prior to December 6, 2000.

         (g) Term. No shares shall be awarded under this Plan after May 21,
2007.

                                       5exv10w14

 

Exhibit 10.14

GENERAL RELEASE IN FULL AND

SETTLEMENT AGREEMENT

DEBORAH L. MCCLENAHAN

INTRODUCTION

	1.	 	In consideration of the mutual promises herein and other valuable
consideration, the receipt and sufficiency of which is hereby
acknowledged, this General Release in Full and Settlement Agreement
(hereinafter “Agreement”) is made and entered into by and between Deborah
L. McClenahan (hereinafter referred to as “Employee”), and Continental
Casualty Company and any parent, subsidiary and affiliate and any of their
present, former and future employees, agents, officers, directors,
successors and assigns (hereinafter collectively referred to as
“Company”).
	 
	2.	 	The Company and Employee now desire to effect a full and final settlement
of all matters arising out of or relating in any way to their employment
relationship and the termination of that employment relationship without
the concession of any liability or fault of any kind or nature on the part
of either party.
	 
	3.	 	It is agreed and understood that the Company and Employee deny the
existence of any liability of one to the other and that the instant
Agreement is intended solely to accomplish a settlement and is not to be
construed as an admission of fault or liability of any kind or nature on
the part of either party.

TERMINATION PROVISIONS

	4.	 	It is agreed and understood that Employee’s employment with the Company
will end on December 30, 2003. It is further agreed and understood that
within twenty (20) days after the Company receives this executed agreement
or within 20 days after the Employee’s termination date from the Company,
whichever occurs later, pursuant to the terms of the Executive Severance
Agreement between the Company and Employee dated June 12, 2003 (the
“Severance Agreement”), the Company will pay to the Employee the
following: (a) $475,000.08, which is equal to one (1) times Employee’s
Base Salary in effect at the time of the Covered Termination, (both terms
as defined in Section 1 of the Severance Agreement), payable in 12 equal
monthly installments; (b) $475,000.08, which is an amount equal to one (1)
times the annual target bonus as in effect at the time of the Covered
Termination, payable in 12 equal monthly installments; (c) consideration
for and payments, if any, under the CNA Annual Incentive Bonus Plan for
2003 will be made in accordance with Company policy; (d) Employee’s
termination shall be treated as a termination through retirement,

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	 	 	and the Employee shall receive $475,676.00, which represents the final award
calculation and payment under the terms of the CNA Re Deferred Profit
Sharing Plan; (e) if applicable, any unpaid base salary prorated to the date
of Employee’s termination and any previous year’s earned, but unpaid annual
bonus. If, however, Employee has received overpayment by the Company
(including, but not limited to wages) Employee agrees that the amount of the
overpayment will be deducted from the amounts otherwise payable under this
Paragraph 4. Further, Employee understands that all corporate charge card
balances must be paid in full. Employee agrees that Company may withhold
any delinquent charge card balances from amounts paid under this Agreement
until all balances due the corporate charge card company have been paid.
All payments to Employee under this Paragraph will have deductions for
applicable Federal, State and local withholding deductions.
	 
	5.	 	Unless she has already done so, Employee agrees to immediately resign her
position as President and Chief Executive Officer, CNA Re Operations, CNA
Insurance Companies as well as all positions as an officer or director
(including, without limitation, any position as a member of any board of
directors) held with any entity related to or affiliated with CNA
Financial Corporation.
	 
	6.	 	The Company shall provide Employee continued coverage under the Company’s
Employee Health Plan (or HMO) including dental and vision coverage, AD&D,
Contributory Life and Dependent life at the employee rate for one year
following Employee’s Covered Termination, if Employee was enrolled in any
of the aforementioned plans, if Employee should elect to receive such
continued coverage, and if Employee makes timely payment of the
employee-rate contribution premiums for each of the coverages Employee
selects. Employee acknowledges that COBRA eligibility runs concurrently
with the continued benefits provided by the Company.
	 
	7.	 	Employee acknowledges and agrees that if Employee accepts any job at
Company or any of its affiliates or subsidiaries or provides services in
any capacity, directly or indirectly to Company or any of its affiliates
or subsidiaries within the severance period identified in paragraph 4,
Employee will be required to pay back to Company that portion of the
amount of severance pay previously paid to Employee that constituted
payment for any period of time that follows Employee’s return to work. If
severance has not yet been paid to Employee, none shall be paid or due as
a result of Employee’s termination.
	 
	8.	 	Employee acknowledges and agrees that certain of the payments and
benefits being provided to Employee pursuant to this Agreement are not
normally provided to terminated employees, and that receipt of said
payments and benefits constitutes good and valuable consideration for the
obligations imposed on Employee by this Agreement.

Page 2

 

RELEASE PROVISIONS

	9.	 	Employee, on Employee’s behalf, and on behalf of Employee’s heirs, legal
representatives, successors and assigns, hereby releases and forever
discharges the Company including any parent, subsidiary and affiliate and
any of their present, former or future employees, agents, officers,
directors, successors and assigns (hereinafter referred to as the
“Released Parties”), to the fullest extent provided by law, from any and
all past, present and future matters, claims, grievances, actions,
demands, causes of action, accounts, obligations or liabilities arising
out of or relating to Employee’s employment or the termination thereof, of
every nature and kind whatsoever in law or in equity that Employee now
has, ever had, or may ever have from the beginning of time, whether now
known or unknown, against the Company or the Released Parties or both,
including, but not limited to, any right to salary, bonus, incentive
bonus, severance pay or additional compensation, other than those
specified in the instant Agreement.
	 
	10.	 	Employee, on Employee’s behalf and on behalf of Employee’s heirs, legal
representatives and assigns, covenants (a) not to file any cause of
action, claim, counterclaim or cross claim with any federal, state, or
local court, tribunal or judicial branch against the Company or the
Released Parties or both, arising from or in connection with any claim or
cause of action that accrued during Employee’s employment with the
Company, (b) except as otherwise provided in Paragraph 11 below, not to
file a claim with any local, state or federal governmental agency,
department or commission alleging the Company or the Released Parties or
both, as a respondent, defendant or participant, and (c) not to accept any
relief that might be awarded to Employee by any such local, state or
federal governmental agency, department or commission, or any federal,
state, or local court, tribunal or judicial branch and (d) not to sue the
Company or the Released Parties or both, pursuant to any provision of the
United States Code, or any local or state law with respect to any and all
matters, claims, grievances, actions, demands, causes of action, accounts,
obligations or liabilities released and discharged pursuant to the terms
of this Agreement.
	 
	11.	 	Under this Agreement, Employee is releasing any and all claims arising
under any federal, state or local laws, including but not limited to those
for race, sex, age, disability or any other type of discrimination under
Title VII of the Civil Rights Act of 1964, the Age Discrimination in
Employment Act of 1967 the Americans with Disabilities Act, the Family
Medical Leave Act or any other statutes or common laws governing or
relating to the employment relationship or termination thereof. Nothing
in this General Release prohibits Employee from filing a charge with the
EEOC or participating in any EEOC investigation while accepting the
severance pay and other benefits provided herein; however, as set forth in
10 (c) above, Employee agrees not to accept any relief that might be
awarded to Employee. If any such relief is nonetheless awarded, Employee

Page 3

 

	 	 	acknowledges that Employer may be entitled to recoup an amount equal to the
severance pay from any monetary relief awarded to Employee in any
proceeding.
	 
	12.	 	Employee agrees that if Employee files any claims or suits in violation
of this Agreement, this Agreement shall constitute a bar and complete
defense to said claims or suits. Employee further understands and agrees
that in the event any suit or claim is filed in violation of this
Agreement, Employee shall be required to return the additional pay and
benefits received under this Agreement and shall pay all costs and
expenses of defense incurred by Company, including but not limited to,
reasonable attorney’s fees, incurred by the Company in obtaining a
dismissal thereof or otherwise in enforcing this Agreement.
	 
	13.	 	Nothing in this Agreement will affect any future claims or causes of
action which may arise after the date this Agreement is signed, nor will
it affect any insurance claims or workers compensation claims filed prior
to the date of this Agreement. This Agreement will not affect Employee’s
rights to retirement benefits to which Employee may be entitled. Further,
this Agreement will not affect any state unemployment compensation
benefits Employee may be entitled to as a result of the ending of
Employee’s employment with the Company.
	 
	14.	 	Employee represents and warrants that Employee is the sole owner of the
actual or alleged claims, actions, demands, causes of action, accounts and
other matters released herein; that the same have not been assigned,
transferred or disposed of in fact, by operation of law or in any manner
whatsoever; and that Employee has the full right and power to grant,
execute and deliver the releases, undertakings and agreements herein
contained.
	 
	15.	 	Employee acknowledges and agrees that this Agreement and the Severance
Agreement constitute the entire agreement and understanding between
Employee and the Company. Except as otherwise modified by the terms of
this Agreement, the parties agree that the terms of the Severance
Agreement remain in full force and effect. Employee further acknowledges
and agrees that in executing this Agreement, Employee has not relied on
any promises or representations other than those set forth in this
Agreement. For these reasons, it is important that Employee reads this
carefully before signing it. The Company advises Employee to consult with
an attorney of Employee’s choice before signing.

CONFIDENTIALITY, SOLICITATION AND NON-INTERFERENCE

	16.	 	The provisions in this Agreement with regard to Confidentiality shall be
cumulative to those of any agreement regarding confidentiality which were
signed or may be signed by the Employee. If Employee has not already done
so,

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	 	 	Employee agrees to be bound by the Company’s Confidentiality, Computer
Responsibility and Professional Certification Agreement incorporated by
reference herein. In addition, Employee shall not reveal or utilize
information, knowledge or data which is confidential as defined in this
Agreement and learned during the course of or as a result of Employee’s
employment with the Company which relates to: (a) the Company and/or any
other business entity in which the Company during the course of the
Employee’s employment has directly or indirectly held a greater than 10%
equity interest whether voting or non-voting; or (b) the Company’s
customers, employees, agents, brokers and vendors. The Employee
acknowledges that all such confidential information is commercially valuable
and is the property of the Company. Upon the termination of Employee’s
employment, Employee shall return all confidential information to the
Company, whether it exists in written, electronic, computerized or other
form.
	 
	17.	 	For purposes of this Agreement, “confidential information” includes all
information, knowledge or data (whether or not a trade secret or protected
by laws pertaining to intellectual property) not generally known outside
the Company (unless as a result of a breach of any of the obligations
imposed by this Agreement) concerning the business and technical
information of the Company or other entities as described above. Such
information may without limitation include information relating to data,
finances, marketing, pricing, profit margins, underwriting, claims, loss
control, marketing and business plans, renewals, software, processing,
vendors, administrators, customers or prospective customers, products,
brokers, agents and employees.
	 
	18.	 	Employee agrees that while Employee is employed by the Company, and for a
period of 12 months following Employee’s termination of employment with
the Company for any reason, Employee will not employ, offer to employ,
engage as a consultant, or form an association with any person who is then
an employee of the Company or any Subsidiary or Affiliate of the Company,
nor will Employee assist any other person in soliciting for employment or
consultation any person who is then an employee of the Company or any
Subsidiary or Affiliate of the Company. The restrictions contained in
this Paragraph shall not apply to the following: (a) any employee of the
Company for whom either the Company’s Chief Executive Officer or the
Executive Vice President of HR and Corporate Services provides a waiver of
this Paragraph 18 in writing; or (b) any employee of CNA Re who has been
given notice of termination of employment by the Company.
	 
	19.	 	Employee agrees that while Employee is employed by the Company, and for a
period of 12 months following Employee’s termination of employment with
the Company for any reason, Employee will not disturb or attempt to
disturb any business relationship or agreement between either the Company
or an Affiliate

Page 5

 

	 	 	and any other person or entity including but not limited to customers,
agents, suppliers, vendors, contractors, employees and business partners.

ASSISTANCE WITH CLAIMS

	20.	 	Employee agrees that, while Employee is employed by Company, and for a
reasonable period (not less than 24 months from the date of termination)
thereafter, Employee will be available, on a reasonable basis, to assist
the Company and its subsidiaries and affiliates in the prosecution or
defense of any claims, suits, litigation, arbitrations, investigations or
other proceedings, whether pending or threatened (“Claims”) that may be
made or threatened by or against the Company or any of its subsidiaries or
affiliates. Employee agrees, unless precluded by law, to promptly inform
the Company if Employee is requested (i) to testify or otherwise become
involved in connection with any Claim against the Company or any
subsidiary or affiliate or (ii) to assist or participate in any
investigation (whether governmental or private) of the Company or any
subsidiary or affiliate or any of their actions, whether or not a lawsuit
has been filed against the Company or any of its subsidiaries or
affiliates relating thereto. If Employee is required to assist the
Company under this Paragraph 20, the Company agrees to provide reasonable
compensation to the Employee at an hourly rate computed by dividing
Employee’s base salary as of her termination by 2080 hours for such
assistance. The Company shall also reimburse Employee or cause the
Employee to be reimbursed for any out-of-pocket expenses reasonably
incurred by the Employee in complying with this section.

ENFORCEMENT, PRIVACY, MODIFICATION AND CONSTRUCTION

	21.	 	Employee acknowledges that the Company’s customer, employee and business
relationships are long-standing, indeed, near permanent and therefore are
of great value to the Company. The Employee agrees that neither any of
the provisions in this Agreement nor the Company’s enforcement of it
alters or will alter Employee’s ability to earn a livelihood for Employee
and for Employee’s family and further that both are reasonably necessary
to protect the Company’s legitimate business and property interests and
relationships, especially those which Employee was responsible for
developing or maintaining. Employee agrees that Employee’s actual or
threatened breach of the covenants set forth in this Agreement would cause
the Company irreparable harm and the Company is entitled to an injunction,
in addition to whatever other remedies may be available, to restrain such
actual or threatened breach. Employee agrees that if bond is required in
order for the Company to obtain such relief, it need only be in a nominal
amount and that Employee shall reimburse the Company for all

Page 6

 

	 	 	costs of any such suit, including the Company’s reasonable attorneys’ fees.
Employee consents to the filing of any such suit against Employee in the
state or federal courts located in Illinois or any state in which Employee
resides. Employee further agrees that in the event of such suit or any
other action arising out of or relating to this Agreement, the parties shall
be bound by and the court shall apply the internal laws of the State of
Illinois and irrespective of rules regarding choice of law or conflicts of
laws.
	 
	22.	 	Except as otherwise required by law, the Company and Employee agree that
the existence of, and the terms of, this Agreement shall be confidential,
and that the Company and Employee will not disclose any information
concerning the existence of, or the terms of, this Agreement to anyone,
including but not limited to past, present and future employees of the
Company, provided, however, that Employee shall be permitted to disclose
the existence and terms of this Agreement to Employee’s own attorney,
financial advisor, Employee’s immediate family and AON Corporation.
	 
	23.	 	Employee and the Company agree that this Agreement may not be modified in
any way except in a written agreement signed by both Employee and an
authorized representative of the Company.
	 
	24.	 	Should any provision of this Agreement be declared or determined to be
invalid by any court, agency, department or commission, then at the option
of the Company, the validity of the remaining parts shall not be affected
thereby and the invalid part shall be deemed not to be a part of this
Agreement.
	 
	25.	 	Employee will have up to twenty-one days after receiving this Agreement
to sign it. Employee will also have seven days after the date it is
signed to change Employee’s mind and revoke this decision. If Employee’s
mind does change and Employee wants to revoke the decision, Employee must
give written notice to Robert Keith at CNA Plaza, 333 S. Wabash, 31st
Floor, Chicago, IL 60685 so that it is received no later than the eighth
day after the date it is signed by the Employee.

IN WITNESS WHEREOF, Employee and the Company after carefully reading the
provisions of this Agreement, declare that they understand such provisions and
willingly accept and agree thereto by executing this Agreement.

	 	 	 
	/s/ Deborah L. McClenahan

	 	12/15/03
	
 

	 	
 
	Deborah L. McClenahan

	 	Date
	 
	 	 
	/s/Thomas Ponterelli

	 	12/15/03
	
 

	 	
 
	for Continental Casualty Company

	 	Date

Page 7

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