Document:

EX-10.06

FORM OF KEY EXECUTIVE EMPLOYMENT PROTECTION AGREEMENT

THIS AGREEMENT, dated as of      , 200_, by and between The Hartford Financial Services
Group, Inc., a Delaware corporation (the “Company”), and      (“Executive”).

W I T N E S S E T H

:

WHEREAS, the Company and/or one or more subsidiaries thereof (the “Subsidiaries”) have
employed Executive in an officer position and has determined that Executive holds an important
position with the Company;

WHEREAS, the Company believes that, in the event it is confronted with a situation that could
result in a change in ownership or control of the Company, continuity of management will be
essential to its ability to evaluate and respond to such situation in the best interests of
shareholders;

WHEREAS, the Company understands that any such situation will present significant concerns for
Executive with respect to Executive’s financial and job security;

WHEREAS, the Company desires to assure itself of Executive’s services during the period in
which it is confronting such a situation, and to provide Executive with certain financial
assurances to enable Executive to perform the responsibilities of Executive’s position without
undue distraction and to exercise judgment without bias due to Executive’s personal circumstances;
and

WHEREAS, to achieve these objectives, the Company and Executive desire to enter into an
agreement providing the Company and Executive with certain rights and obligations upon the
occurrence of a Change of Control (as defined in Section 2 hereof).

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, it is
hereby agreed by and between the Company and Executive as follows:

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	1.	 	Effective Date of Agreement.

The effective date of this Agreement (the “Effective Date”) shall be the date on which a Change of
Control occurs; provided that if Executive is not actively employed by the Company on the
Effective Date, this Agreement shall be void and without effect.

2. Certain Applicable Definitions.

	 	(a)	 	Beneficial Owner. For purposes of this Agreement, “Beneficial Owner”
means any Person who, directly or indirectly, has the right to vote or dispose of or
has “beneficial ownership” (within the meaning of Rule 13d-3 under the Securities and
Exchange Act of 1934, as amended (the “Act”)) of any securities of a company,
including any such right pursuant to any agreement, arrangement or understanding
(whether or not in writing), provided that: (i) a Person shall not be deemed
the Beneficial Owner of any security as a result of an agreement, arrangement or
understanding to vote such security (A) arising solely from a revocable proxy or
consent given in response to a public proxy or consent solicitation made pursuant to,
and in accordance with, the Act and the applicable rules and regulations thereunder,
or (B) made in connection with, or to otherwise participate in, a proxy or consent
solicitation made, or to be made, pursuant to, and in accordance with, the applicable
provisions of the Act and the applicable rules and regulations thereunder, in either
case described in clause (A) or (B) above, whether or not such agreement, arrangement
or understanding is also then reportable by such Person on Schedule 13D under the Act
(or any comparable or successor report); and (ii) a Person engaged in business as an
underwriter of securities shall not be deemed to be the Beneficial Owner of any
security acquired through such Person’s participation in good faith in a firm
commitment underwriting until the expiration of forty days after the date of such
acquisition.

(b) Change of Control. For purposes of this Agreement, “Change of Control” means:

(i) a report on Schedule 13D shall be filed with the Securities and Exchange
Commission pursuant to Section 13(d) of the Act disclosing that any Person, other
than the Company or a subsidiary of the Company or any employee benefit plan
sponsored by the Company or a subsidiary of the Company is the Beneficial Owner of
twenty percent or more of the outstanding stock of the Company entitled to vote in
the election of directors of the Company;

(ii) any Person, other than the Company or a subsidiary of the Company or any
employee benefit plan sponsored by the Company or a subsidiary of the Company shall
purchase shares pursuant to a tender offer or exchange offer to acquire any stock
of the Company (or securities convertible into stock) for cash, securities or any
other consideration, provided that after consummation of the offer, the Person in
question is the Beneficial Owner of fifteen percent or more of the outstanding
stock of the Company entitled to vote in the election of directors of the Company
(calculated as provided in paragraph (d) of Rule 13d-3 under the Act in the case of
rights to acquire stock);

(iii) any merger, consolidation, recapitalization or reorganization of the Company
approved by the stockholders of the Company shall be consummated, other than any
such transaction immediately following which the persons who were the Beneficial
Owners of the outstanding securities of the Company entitled to vote in the
election of directors of the Company immediately prior to such transaction are the
Beneficial Owners of at least 55% of the total voting power represented by the
securities of the entity surviving such transaction entitled to vote in the
election of directors of such entity (or the ultimate parent of such entity) in
substantially the same relative proportions as their ownership of the securities of
the Company entitled to vote in the election of directors of the Company
immediately prior to such transaction; provided that, such continuity of ownership
(and preservation of relative voting power) shall be deemed to be satisfied if the
failure to meet such threshold (or to preserve such relative voting power) is due
solely to the acquisition of voting securities by an employee benefit plan of the
Company, such surviving entity or any subsidiary of such surviving entity;

(iv) any sale, lease, exchange or other transfer (in one transaction or a series of
related transactions) of all or substantially all the assets of the Company
approved by the stockholders of the Company shall be consummated; or

(v) within any 24 month period, the persons who were directors of the Company
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 of the Company (the “Board”) or the board of directors of any
successor to the Company, provided that any director who was not a director at the
beginning of such period shall be deemed to be an Incumbent Director if such
director (A) was elected to the Board by, or on the recommendation of or with the
approval of, at least two-thirds of the directors who then qualified as Incumbent
Directors

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either actually or by prior operation of this clause (v), and (B) was not
designated by a person who has entered into an agreement with the Company to effect
a transaction described in clause (iii) or clause (iv) of Section 2(b) of this
Agreement.

(c) Person. For purposes of this Agreement, “Person” has the meaning ascribed to
such term in Section 3(a)(9) of the Act, as supplemented by Section 13(d)(3) of the Act;
provided, however, that Person shall not include: (i) the Company, any subsidiary of the
Company or any other Person controlled by the Company, (ii) any trustee or other fiduciary
holding securities under any employee benefit plan of the Company or of any subsidiary of
the Company, or (iii) a corporation owned, directly or indirectly, by the stockholders of
the Company in substantially the same proportions as their ownership of securities of the
Company.

3. Employment Period.

Subject to Section 7 of this Agreement, the Company agrees to continue Executive in the employ of
the Company and/or the Subsidiary, and Executive agrees to remain in the employ thereof, for the
period commencing on the Effective Date and ending on the second anniversary of the date on which a
Change of Control occurs (the “Employment Period”). Notwithstanding the foregoing, if, prior to
the Effective Date, Executive is demoted to a position lower than the position held by Executive as
of the date first above written, or is otherwise determined by the chairman of the Company (the
“Chairman”) prior to the Effective Date to hold a position inappropriate for coverage under this
Agreement, this Agreement shall be void and without effect, unless the Board, any appropriate
committee thereof, or the Chairman declares that this Agreement shall continue in effect by written
notice delivered to Executive within 60 days following such demotion or determination.

4. Position and Duties.

(a) No Reduction in Position. During the Employment Period, Executive’s position
(including titles and tier), authority and responsibilities shall be at least commensurate
with those held, exercised and assigned immediately prior to the Effective Date. It is
understood that, for purposes of this Agreement, such position, authority and
responsibilities shall not be regarded as not commensurate merely by virtue of the fact
that a successor shall have acquired all or substantially all of the business and/or assets
of the Company as contemplated by Section 10(d) of this Agreement.

(b) Business Time. On and after the Effective Date, Executive agrees to devote
full attention during normal business hours to the business and affairs of the Company and
to use best efforts to perform faithfully and efficiently the responsibilities assigned to
Executive hereunder, to the extent necessary to discharge such responsibilities, except
for: (i) time spent (A) serving on the board of directors of any business corporation with
the consent of the Board, any appropriate committee of the Board, or the Chairman, (B)
serving on the board of, or working for, any charitable or community organization (with the
consent of the Board, any appropriate committee of the Board, or the Chairman if any such
service or work is to be performed during normal business hours), or (C) pursuing
Executive’s personal financial and legal affairs, so long as the foregoing activities,
individually or collectively, do not substantially interfere with the performance of
Executive’s responsibilities hereunder or violate any of the provisions of Section 9
hereof, and (ii) periods of vacation, sick leave or other leave to which Executive is
entitled under the programs and policies of the Company that apply to similarly situated
executives. It is expressly understood and agreed that Executive’s continuing to serve on
any boards and committees on which Executive is serving or with which Executive is
otherwise associated immediately preceding the Effective Date shall not be deemed to
interfere substantially with the performance of Executive’s responsibilities hereunder.

5. Compensation.

(a) Base Salary. During the Employment Period, the Company and/or the
Subsidiaries shall pay Executive a base salary at an annual rate no less than the annual
rate in effect immediately prior to the Effective Date. Such base salary shall be reviewed
at least once during each calendar year of the Employment Period, and may be increased at
any time and from time to time by action of the Board or any appropriate committee thereof
or any individual having authority to take such action in accordance with the Company’s
regular practices, but shall not be reduced below the annual rate in effect immediately
prior to the Effective Date. Executive’s base salary, as it may be increased from time to
time, shall be referred

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to herein as “Base Salary.” Neither the Base Salary nor any increase in Base Salary after
the Effective Date shall serve to limit or reduce any obligation of the Company hereunder.

(b) Annual Bonus. For each calendar year ending during the Employment Period,
Executive shall have the opportunity to earn and receive an annual bonus, based on the
achievement of target levels of performance, equal to no less than the percentage of
Executive’s Base Salary used to calculate such bonus immediately prior to the Effective
Date. Executive’s annual bonus opportunity, as it may be increased from time to time during
the Employment Period, shall be referred to herein as “Target Bonus.” The actual bonus, if
any, payable for any calendar year during the Employment Period shall be determined in
accordance with the terms of the Company’s Annual Executive Bonus Program or any successor
annual incentive plan (the “Annual Plan”) based upon the performance of the Company and/or
its applicable affiliates and/or Executive against target objectives established under such
Annual Plan. Subject to Executive’s election to defer all or a portion of any annual bonus
payable hereunder pursuant to the terms of any deferred compensation, deferred restricted
stock or savings plan or other similar arrangement maintained or established by the Company
or its affiliates and made available to Executive, any annual bonus payable under this
Section 5(b) shall be paid to Executive in accordance with the terms of the Annual Plan.

(c) Long-term Incentive Compensation. During the Employment Period, Executive
shall participate in all of the Company’s existing and future long-term incentive
compensation programs for key executives at a level commensurate with Executive’s
participation in such programs immediately prior to the Effective Date, or, if more
favorable to the Executive, at the level made available to Executive or other similarly
situated executives at any time thereafter.

6. Benefits, Perquisites and Expenses.

(a) Benefits. During the Employment Period, Executive (and, to the extent
applicable, his or her dependents) shall be entitled to participate in or be covered under:
(i) each welfare benefit plan maintained or as hereafter amended or established by the
Company or its applicable affiliates, including, without limitation, each group life,
hospitalization, medical, dental, health, accident or disability insurance or similar plan
or program thereof, and (ii) each pension, retirement, savings, deferred compensation,
deferred restricted stock, stock purchase or other similar plan or program maintained or as
hereafter amended or established by the Company or its applicable affiliates, in each case
at a level commensurate with the Executive’s participation in such plans or programs
immediately prior to the Effective Date, or, if more favorable to the Executive, at the
level made available to Executive or other similarly situated executives at any time
thereafter.

(b) Perquisites. For each calendar year during the Employment Period, Executive
shall be entitled to no less than the number of paid vacation days per year that Executive
was entitled to immediately prior to the Effective Date, and shall also be entitled to
receive such other perquisites commensurate with those generally provided to Executive
immediately prior to the Effective Date, or, if more favorable to the Executive, at the
level made available from time to time to Executive or other similarly situated executives
at any time thereafter.

(c) Business Expenses. During the Employment Period, the Company shall pay or
reimburse Executive for all reasonable business expenses incurred or paid by Executive in
the performance of Executive’s duties, upon presentation of expense statements or vouchers
and such other information as the Company

may require and in accordance with the generally applicable policies and procedures of the
Company as in effect immediately prior to the Effective Date, or, if more favorable to the
Executive, in accordance with the policies and procedures in effect at any time thereafter.

(d) Office and Support Staff. During the Employment Period, Executive shall be
entitled to an office with furnishings and other material appointments, and to secretarial
and other assistance, at a level commensurate with the foregoing provided immediately prior
to the Effective Date, or, if more favorable to the Executive, in accordance with the
policies and procedures in effect at any time thereafter.

(e) Indemnification. The Company shall indemnify Executive and hold Executive
harmless from and against any claim, loss or cause of action, regardless whether asserted
during or after the Employment Period, arising from or out of Executive’s performance as an
officer, director or employee of the Company or any of its affiliates or in any other
capacity, including any fiduciary capacity, in which Executive serves at the request of the
Company, to the maximum extent permitted by applicable law and under the Certificate of
Incorporation and By-Laws of the Company, as may be amended from time to time (the
“Governing Documents”), provided that in no event shall the protection afforded to
Executive be less than that afforded under the Governing Documents as in effect immediately
prior to the Effective Date.

7. Early Termination of the Employment Period.

(a)  Termination. Notwithstanding Section 3 hereof, the Employment Period shall
end upon the earliest to occur of: (i) a Termination For Cause, (ii) a Termination Without
Cause, (iii) a Termination For Good Reason, (iv) a Voluntary Termination, (v) a Termination
Due to Retirement, (vi) a Termination Due to Disability, or (vii) a Termination Due to
Death.

(b) Notice of Termination. Communication of termination of the Employment Period
shall be made to the other party by Notice of Termination (as defined in this Section 7) in
the case of: (i) a Termination For Cause, (ii) a Termination Without Cause, (iii) a
Termination For Good Reason, or (iv) a Voluntary Termination.

(c) Benefits Payable Upon Termination; Rules for Determining Reason for
Termination.

	 	(i)	 	Benefits Payable Upon Termination.

(A) Following the end of the Employment Period, Executive (or in the
event of the Executive’s death, his or her surviving spouse, if any, or if
none, his or her estate) shall be paid the type or types of

compensation determined to be payable in accordance with the following
table, such payment to be made in the form specified in such table and at
the time established pursuant to Section 8 hereof. Capitalized terms used
in such table shall have the meanings set forth in Section 7(d) hereof.

(B) The Company’s obligation to make the payments provided for in this
Agreement and otherwise to perform its obligations under this Agreement
shall not be affected by any set-off, counterclaim, recoupment, defense or
other claim, right or action which the Company may have against Executive
or others. In no event shall Executive be obligated to seek other
employment or take any other action by way of mitigation of the amounts
payable to Executive under any of the provisions of this Agreement and
such amounts shall not be reduced whether or not Executive obtains other
employment.

(ii) Rules for Determining Reason for Termination.

(A) No Termination Without Cause or Termination For Good Reason shall
be treated as a Termination Due to Retirement or a Termination Due to
Disability for purposes of any Pro Rata Target Bonus, Severance Payment,
Equity Awards or Vested Benefits Enhancement, notwithstanding the fact
that, either on, before or after the Date of Termination with respect
thereto, (I) Executive was eligible for Retirement as defined in The
Hartford Investment and Savings Plan, as may be amended from time to time,
or any successor plan thereof (the “Savings Plan”), (II) Executive
requested to be treated as a retiree for purposes of the Savings Plan or
any other plan or program of the Company or its affiliates, or

	 	(III)	 	Executive or the Company could have
terminated Executive’s

	 	 	 	employment in a Termination Due to Disability hereunder.

(B) No Termination Due to Retirement shall be treated as a Voluntary
Termination.

(C) Notwithstanding any provision in this Agreement to the contrary, in
the event of a Change of Control as described in Section 2(b)(iii) or
Section 2(b)(iv) hereof, if the employment of Executive involuntarily
terminates on or after the date of a shareholder approval described in
either of such Sections but before the date of a consummation described in
either of such Sections, the date of termination of Executive’s employment
shall be deemed for purposes of this Agreement to be the day following the
date of the applicable consummation.

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	BENEFITS PAYABLE

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BENEFIT

	 	Accrued Salary
	 	Pro Rata Target

Bonus
	 	Severance Payment
	 	Equity Awards
	 	Vested Benefits
	 	Vested Benefits

Enhancement (only

applicable in the

event that

Executive’s

employment by the

Company and/or the

Subsidiaries

terminates prior to

July 1, 2009)
	 	

Welfare

Benefits

Continuation
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	FORM OF PAYMENT

	 	Lump Sum
	 	Lump Sum
	 	Lump

Sum
	 	Determined Under

the Applicable Plan
	 	Determined Under

the Applicable Plan
	 	Lump Sum
	 	Determined Under

the Applicable Plan
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Termination

For Cause

	 	Payable
	 	Not Payable
	 	Not Payable
	 	Determined Under

the Applicable Plan
	 	Determined Under

the Applicable Plan
	 	

Not Payable
	 	

Not Available
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Termination Without

Cause

	 	Payable
	 	Payable
	 	Payable
	 	Determined Under

the Applicable Plan
	 	Determined Under

the Applicable Plan
	 	

Payable
	 	

Available
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Termination For

Good Reason

	 	Payable
	 	Payable
	 	Payable
	 	Determined Under

the Applicable Plan
	 	Determined Under

the Applicable Plan
	 	

Payable
	 	

Available
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Voluntary

Termination

	 	Payable
	 	Not Payable
	 	Not Payable
	 	Determined Under

the Applicable Plan
	 	Determined Under

the Applicable Plan
	 	

Not Payable
	 	

Not Available
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Termination Due to

Retirement

	 	Payable
	 	Determined Under

the Applicable Plan
	 	Not

Payable
	 	Determined Under

the Applicable Plan
	 	Determined Under

the Applicable Plan
	 	

Not Payable
	 	

Available
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Termination Due to

Disability

	 	Payable
	 	Payable
	 	Not Payable
	 	Determined Under

the Applicable Plan
	 	Determined Under

the Applicable Plan
	 	

Not Payable
	 	

Available
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Termination Due to

Death

	 	Payable
	 	Payable
	 	Not Payable
	 	Determined Under

the Applicable Plan
	 	Determined Under

the Applicable Plan
	 	

Not Payable
	 	

Not Available
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

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(d) Definitions. For purposes of this Agreement, the following capitalized terms
used herein shall have the following meanings:

“Accrued Salary” means Base Salary earned, but unpaid, for services

rendered to the Company and/or the Subsidiaries on or prior to the Date of Termination (other
than Base Salary deferred pursuant to Executive’s election under the terms of any applicable
Company plan or program), plus any vacation pay accrued by Executive as of such date.

“Available” means that a particular benefit shall be made available to Executive to the extent
specifically provided herein or required by applicable law.

“Date of Termination” means: (i) in the case of a termination for which a Notice of Termination is
required, the date of receipt of such Notice of Termination, or, if later, the date specified
therein, as the case may be, or (ii) in all other cases, the actual date on which Executive’s
employment terminates during the Employment Period.

“Determined Under the Applicable Plan” means that the determination of whether a particular benefit
shall or shall not be paid to Executive, and, where specifically provided by this Agreement, the
timing or form of any benefit payment, shall be made solely by application of the terms of the plan
or program providing such benefit, except to the extent that the terms of such plan or program are
expressly superseded or modified by this Agreement.

“Equity Awards” means the outstanding stock option, restricted stock, restricted stock unit,
deferred restricted stock, performance share, performance unit, and other equity or long-term
incentive compensation awards, if any, held by Executive as of the Date of Termination.

“ERPs” means any excess retirement plans maintained or as hereafter amended or established by the
Company or its applicable affiliates.

“ESPs” means any excess investment and savings plans maintained or as hereafter amended or
established by the Company or its applicable affiliates.

“Lump Sum” means a single lump sum cash payment.

“Not Available” means that the particular benefit shall not be made available to Executive, except
to the extent required by applicable law.

“Not Payable” means that the particular benefit shall not be paid or otherwise provided to
Executive.

“Notice of Termination” means: (i) in the case of a Termination For Cause, a written notice given
by the Company to Executive, within 30 calendar days of the Company’s having actual knowledge of
the events giving rise to such Termination For Cause, (ii) in the case of a Termination Without
Cause, a written notice given by the Company to Executive at least 30 calendar days before the
effective date of such Termination Without Cause, (iii) in the case of a Termination For Good
Reason, a written notice given by Executive to the Company within 180 days of Executive’s having
actual knowledge of the events giving rise to such Termination For Good Reason, and which (A)
indicates the specific termination provision in this Agreement relied upon, (B) sets forth in
reasonable detail the facts and circumstances claimed to provide a basis for termination of the
Executive’s employment under the provision so indicated, and (C) if the applicable Date of
Termination is other than the date of receipt of such notice, specifies such Date of Termination
(which date shall be not more than 15 days after the giving of such notice), provided that
the failure by Executive to set forth in such Notice of Termination any fact or circumstance that
contributes to a showing of Good Reason shall not waive any right of Executive hereunder or
preclude Executive from asserting such fact or circumstance in enforcing his or her rights
hereunder, or (iv) in the case of a Voluntary Termination, a written notice given by Executive to
the Company at least 30 calendar days before the Date of Termination specified therein.

“Payable” means that a particular benefit shall be paid to Executive in the amount, at the time,
and in the form specified herein.

“Pro-Rata Target Bonus” means an amount equal to the product of: (i) Executive’s Target Bonus
under Section 5(b) for the calendar year in which the Date of Termination occurs, multiplied by
(ii) a fraction (the “Service Fraction”), the numerator of which is equal to the number of rounded
months (rounded to the nearest number of whole months) in such calendar year which have elapsed as
of such Date of Termination, and the denominator of which is 12; provided that, if the
Date of Termination occurs in the last quarter of any calendar year, Pro-Rata Target Bonus shall
mean the amount determined under the foregoing formula or, if greater, the product of: (A) the
bonus that would have been paid to Executive based on actual performance for such calendar year,
multiplied by (B) the Service Fraction.

“Severance Payment” means a cash amount equal to two times the sum of: (i) Executive’s Base Salary
at the rate in effect as of the Date of Termination, plus (ii) Executive’s Target Bonus amount
under Section 5(b) hereof for the calendar year in which the Date of Termination occurs.

“Termination Due to Death” means a termination of Executive’s employment due to the death of
Executive.

“Termination Due to Disability” means: (i) a termination of Executive’s employment by the Company
as a result of a determination by the Board, the appropriate committee thereof or the Chairman that
Executive has been incapable of substantially fulfilling the positions, duties, responsibilities
and obligations set forth in this Agreement on account of physical, mental or emotional incapacity
resulting from injury, sickness or disease for a period of (A) at least four consecutive months, or
(B) more than six months in any twelve month period, or (ii) Executive’s termination of employment
on account of Disability as defined in the Savings Plan.

“Termination Due to Retirement” means Executive’s termination of employment on account of
Executive’s Retirement as defined in the Savings Plan.

“Termination For Cause” means the Company’s termination of Executive’s employment due to: (i)
Executive’s conviction of a felony, (ii) an act or acts of extreme dishonesty or gross misconduct
on Executive’s part which result or are intended to result in material damage to the Company’s
business or reputation, or (iii) repeated material violations by Executive of his or her
obligations under Section 4 of this Agreement, which violations are demonstrably willful and
deliberate on the Executive’s part and which result in material damage to the Company’s business or
reputation.

“Termination For Good Reason” means the occurrence of any of the following after the occurrence of
a Change of Control:

(i) (A) the assignment to Executive of any duties inconsistent in any material adverse
respect with Executive’s position, including titles, duties, authority or responsibilities
as contemplated by Section 4 of this Agreement, or (B) any other material adverse change in
such position, including titles, duties, authority or responsibilities;

(ii) any failure by the Company and/or the Subsidiaries to comply with any of the
provisions of Sections 5 and 6 of this Agreement at a level of least equal to that in
effect immediately preceding such Change of Control, other than an insubstantial or
inadvertent failure remedied by the Company and/or the Subsidiaries promptly after receipt
of notice thereof given by Executive;

(iii) the Company’s requiring Executive to be based at any office or location more than 25
miles from the location at which Executive performed the services specified under Section 4
hereof immediately prior to such Change of Control, except for travel reasonably required
in the performance of Executive’s responsibilities;

(iv) any failure by the Company to obtain the assumption and agreement to perform this
Agreement by a successor as contemplated by Section 10(d); or

(v) any attempt by the Company and/or the Subsidiaries to terminate Executive’s employment
in a Termination For Cause that is determined in a proceeding pursuant to Section 9 or
Section 10 hereof not to constitute a Termination For Cause.

Notwithstanding the foregoing, a termination of Executive’s employment shall not be treated as a
Termination For Good Reason (I) if Executive shall have consented in writing to the occurrence of
the event giving rise to the claim of Termination For Good Reason, or (II) if Executive shall have
delivered a Notice of Termination to the Company, and the facts and circumstances specified
therein as providing a basis for such Termination For Good Reason are cured by the Company within
10 days of its receipt of such Notice of Termination.

“Termination Without Cause” means any involuntary termination of Executive’s employment by the
Company and/or the Subsidiaries, other than a Termination For Cause, a Termination Due to
Disability by the Company or a Termination Due to Death.

“Vested Benefits” means amounts that are vested or that Executive is otherwise entitled to receive,
without the performance by Executive of further services or the resolution of a contingency, under
the terms of or in accordance with any investment and savings plan or retirement plan (including
any plan providing retiree medical benefits) of the Company or its affiliates, and any ERPs or ESPs
related thereto, and any deferred compensation or employee stock purchase plan or similar plan or
program of the Company or its affiliates.

“Vested Benefits Enhancement” means: (i) a cash amount equal to the present value, calculated
using a discount rate equal to the then prevailing applicable Federal rate as determined under
Section 1274(d) of the Internal Revenue Code of 1986, as amended (the “Code”), of the additional
retirement benefits that would have been payable or available to Executive under any ERPs, based on
(A) the age and service Executive would have attained or completed had Executive continued in the
employ of the Company and/or the Subsidiaries until the second anniversary of the Date of
Termination, and (B) where compensation is a relevant factor, Executive’s pensionable compensation
as of such Date of Termination, such compensation to include, on the same terms as apply to other
executives, any Severance Payment made to Executive, (ii) solely for purposes of vesting in any
benefits under any ESPs, Executive shall be treated as having continued in the employ of the
Company and/or the Subsidiaries until the second anniversary of such Date of Termination, and (iii)
solely for purposes of determining eligibility for retiree medical benefits under any retirement
plan or any retiree welfare benefit plan, policy or program of the Company or its affiliates, and
any ERPs related thereto, Executive shall be treated as having continued in the employ of the
Company and/or the Subsidiaries until the second anniversary of the occurrence of such Change of
Control and to have retired on the last day of such period. A Vested Benefits Enhancement shall
only be applicable in the event that Executive’s employment by the Company and/or the Subsidiaries
terminates prior to July 1, 2009.

“Voluntary Termination” means any voluntary termination of Executive’s employment by Executive,
other than a Termination For Good Reason, a Termination Due to Retirement, or a Termination Due to
Disability by Executive.

“Welfare Benefits Continuation” means that until the second anniversary of the Date of Termination,
Executive and, if applicable, his or her dependents, shall be entitled to continue participation in
the life and health insurance benefit plans of the Company or its affiliates in which Executive
and/or such dependents were participating as of the Date of Termination, and such other welfare
benefit plans thereof in which the Company or its affiliates are required by law to permit the
participation of Executive and/or such dependents, (collectively, the “Welfare Benefit Plans”).
Such participation shall be on the same terms and conditions (including the requirement that
Executive pay any premiums generally paid by an employee) as would apply if Executive were still in
the employ of the Company and/or the Subsidiaries; provided that the continued
participation of Executive and/or the dependents of Executive in such Welfare Benefit Plans shall
cease on such earlier date as Executive may become eligible for comparable welfare benefits
provided by a subsequent employer. To the extent that Welfare Benefits Continuation cannot be
provided under the terms of the applicable plan, policy or program, the Company shall provide a
comparable benefit under another plan or from the Company’s general assets.

(e) Out-Placement Services. If the Employment Period terminates because of a Termination
Without Cause or a Termination For Good Reason, Executive shall be entitled to out-placement
services, provided by the Company or its designee at the Company’s expense, for 12 months following
the Date of Termination, or such lesser period as Executive may require such services.

(f) Certain Further Payments by Company.

(i) Tax Reimbursement Payment. In the event that any amount or benefit paid or
distributed to Executive pursuant to this Agreement, taken together with any amounts or
benefits otherwise paid or distributed to Executive by the Company or any affiliate
(collectively, the “Covered Payments”), are or become subject to the tax (the “Excise Tax”)
imposed under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”),
or any similar tax that may hereafter be imposed, the Company shall pay to Executive at the
time specified in this Section an additional amount (the “Tax Reimbursement Payment”) such
that the net amount retained by the Executive with respect to such Covered Payments, after
deduction of any Excise Tax on the Covered Payments and any Federal, state and local income
tax and other tax on the Tax Reimbursement Payment provided for by this Section, but before
deduction for any Federal, state or local income or employment tax withholding on such
Covered Payments, shall be equal to the amount of the Covered Payments.

(ii) Applicable Rules. For purposes of determining whether any of the Covered
Payments will be subject to the Excise Tax and the amount of such Excise Tax:

(A) Such Covered Payments shall be treated as “parachute payments” within the
meaning of Section 280G of the Code, and all “parachute payments” in excess of the
“base amount” (as defined under Section 280G(b)(3) of the Code) shall be treated as
subject to the Excise Tax, unless, and except to the extent that, in the good faith
judgment of the Company’s independent certified public accountants appointed prior
to the Effective Date or tax counsel selected by such accountants (the
“Accountants”), the Company has a reasonable basis to conclude that such Covered
Payments (in whole or in part) either do not constitute “parachute payments” or
represent reasonable compensation for personal services actually rendered (within
the meaning of Section 280G(b)(4)(B) of the Code) in excess of the “base amount,”
or such “parachute payments” are otherwise not subject to such Excise Tax; and

(B) The value of any non-cash benefits or any deferred payment or benefit shall be
determined by the Accountants in accordance with the principles of Section 280G of
the Code.

(iii) Additional Rules. For purposes of determining the amount of the Tax
Reimbursement Payment, the Executive shall be deemed to pay (A) Federal income taxes at the
highest applicable marginal rate of Federal income taxation for the calendar year in which
the Tax Reimbursement Payment is to be made, and (B) any applicable state and local income
and other taxes at the highest applicable marginal rate of taxation for the calendar year
in which the Tax Reimbursement Payment is to be made, net of the maximum reduction in
Federal income taxes which could be obtained from the deduction of such state or local
taxes if paid in such year.

(iv) Repayment or Additional Payment in Certain Circumstances.

(A) Repayment. In the event that the Excise Tax is subsequently determined
by the Accountants or pursuant to any proceeding or negotiations with the Internal
Revenue Service to be less than the amount taken into account hereunder in
calculating the Tax Reimbursement Payment made, Executive shall repay to the
Company, at the time that the amount of such reduction in the Excise Tax is finally
determined, the portion of such prior Tax Reimbursement Payment that would not have
been paid if such lesser Excise Tax had been applied in initially calculating such
Tax Reimbursement Payment. Notwithstanding the foregoing, in the event any portion
of the Tax Reimbursement Payment to be repaid to the Company has been paid to any
Federal, state or local tax authority, repayment thereof shall not be required
until actual refund or credit of such portion has been made to Executive by the
applicable tax authority.

Executive and the Company shall mutually agree upon the course of action to be
pursued (and the method of allocating the expenses thereof) if Executive’s good
faith claim for refund or credit is denied.

6

(B) Additional Tax Reimbursement Payment. In the event that the Excise Tax
is later determined by the Accountants or pursuant to any proceeding or
negotiations with the Internal Revenue Service to exceed the amount taken into
account hereunder at the time the Tax Reimbursement Payment is made (including, but
not limited to, by reason of any payment the existence or amount of which cannot be
determined at the time of the Tax Reimbursement Payment), the Company shall make an
additional Tax Reimbursement Payment in respect of such excess (plus any interest
or penalty payable with respect to such excess) at the time that the amount of such
excess is finally determined.

(v) Timing for Tax Reimbursement Payment. The Tax Reimbursement Payment (or
portion thereof) provided for in this Section 7 shall be paid to Executive not later than
10 business days following the payment of the Covered Payments; provided, however, that if
the amount of such Tax Reimbursement Payment (or portion thereof) cannot be finally
determined on or before the date on which payment is due, the Company shall pay to
Executive by such date an amount estimated in good faith by the Accountants to be the
minimum amount of such Tax Reimbursement Payment and shall pay the remainder of such Tax
Reimbursement Payment (together with interest at the rate provided in Section 1274(b)(2)(B)
of the Code) as soon as the amount thereof can be determined, but in no event later than 45
calendar days after payment of the related Covered Payment. To the extent that the amount
of the estimated Tax Reimbursement Payment exceeds the amount subsequently determined to
have been due, Executive shall pay such excess to the Company on the fifth business day
after written demand by the Company for payment.

8. Timing of Payments.

Accrued Salary shall be paid no later than 10 days following the Date of Termination. Severance
Payments and Vested Benefits Enhancements, together with interest thereon based on prevailing
short-term rates for the period between the date of payment and the Date of Termination, shall be
paid during the 10 day period following the six month anniversary of the Date of Termination,
unless earlier payment is permitted in accordance with guidance provided under Section 409A of the
Code. Pro-Rata Target Bonus shall be paid as follows: (a) if the Date of Termination occurs in
the first, second or third calendar quarter of any particular calendar year, then the Pro-Rata
Target Bonus shall be paid no later than 10 days following the Date of Termination, or (b) if the
Date of Termination occurs in the fourth calendar quarter of any particular calendar year, then the
Pro-Rata Target Bonus shall be paid no later than the same time as similar awards are paid to other
executives participating in the plans or programs under which the awards are paid, but in no event
later than March 31 of the calendar year following the end of such fourth calendar quarter. Vested
Benefits and Equity Awards shall be paid no later than the time for payment Determined Under the
Applicable Plan except as otherwise expressly superseded or modified by this Agreement. Tax
Reimbursement Payments shall be paid at the time specified in Section 7 hereof.

7

9. Confidentiality and Other Covenants. By and in consideration of the compensation and
benefits to be provided by the Company hereunder, including the severance arrangements set forth
herein, Executive agrees to the following:

(a) Confidentiality. Without the prior written consent of the Company, except to
the extent required by an order of a court having competent jurisdiction or under subpoena
from an appropriate government agency, Executive shall not disclose to any third person, or
permit the use of for the benefit of any person or any entity other than the Company or its
affiliates, any trade secrets, customer lists, information regarding product development,
marketing plans, sales plans, management organization information (including data and other
information relating to members of the Board and management), operating policies or
manuals, business plans, financial records, or other financial, organizational, commercial,
business, sales, marketing, technical, product or employee information relating to the
Company or its affiliates or information designated as confidential, proprietary, and/or a
trade secret, or any other information relating to the Company or its affiliates that
Executive knows from the circumstances, in good faith and good conscience, should be
treated as confidential, or any information that the Company or its affiliates may receive
belonging to customers, agents or others who do business with the Company or its
affiliates, except to the extent that any such information previously has been disclosed to
the public by the Company or is in the public domain (other than by reason of Executive’s
violation of this Section 9(a)).

(b) Company Property. Except as expressly provided herein, promptly following any
termination of the Employment Period, Executive shall return to the Company all property of
the Company, and all copies thereof in Executive’s possession or under his or her control.

(c) Injunctive Relief and Other Remedies with Respect to Covenants. Executive
acknowledges and agrees that the covenants and obligations of Executive with respect to
confidentiality and Company property relate to special, unique and extraordinary matters
and that a violation of any of the terms of such covenants and obligations will cause the
Company irreparable injury for which adequate remedies are not available at law.
Therefore, Executive agrees that the Company shall be entitled to an injunction,
restraining order or such other equitable relief (without the requirement to post bond)
restraining Executive from committing any violation of the covenants and obligations
contained in this Section 9. These remedies are cumulative and are in addition to any other
rights and remedies the Company may have at law or in equity.

8

Notwithstanding the foregoing, in no event shall an asserted violation of the provisions of
this Section constitute a basis for deferring or withholding any amounts otherwise payable
to the Executive under this Agreement following a Change of Control.

10. Miscellaneous.

(a) Survival. All of the provisions of Sections 7 (relating to termination of the
Employment Period following a Change of Control), 9 (relating to confidentiality and
Company property), 10(b) (relating to arbitration), 10(c) (relating to legal fees and
expenses) and 10(n) (relating to governing law) of this Agreement shall survive the
termination of this Agreement.

(b) Arbitration. Except as provided in Section 9, any dispute or controversy
arising under or in connection with this Agreement (excluding employment related disputes
that do not involve this Agreement) shall be resolved by binding arbitration. Such
arbitration shall be held in the city of Hartford, Connecticut and except to the extent
inconsistent with this Agreement, shall be conducted in accordance with the Commercial
Arbitration Rules of the American Arbitration Association in effect at the time of the
arbitration, and otherwise in accordance with the principles that would be applied by a
court of law or equity. The arbitrator shall be acceptable to both the Company and
Executive. If the parties cannot agree on an acceptable arbitrator, the dispute or
controversy shall be heard by a panel of three arbitrators; one appointed by each of the
parties and the third appointed by the other two arbitrators. The Company and Executive
further agree that they will abide by and perform any award or awards rendered by the
arbitrators and that a judgment may be entered on any award or awards rendered by any state
or federal court having jurisdiction over the Company or Executive or any of their
respective property.

(c) Legal Fees and Expenses. In any contest (whether initiated by Executive or by
the Company) as to the validity, enforceability or interpretation of any provision of this
Agreement, the Company shall pay Executive’s legal expenses (or cause such expenses to be
paid) including, without limitation, Executive’s reasonable attorney’s fees, on a quarterly
basis, upon presentation of proof of such expenses in a form acceptable to the Company,
provided that Executive shall reimburse the Company for such amounts, plus simple
interest thereon at the 90-day United States Treasury Bill rate as in effect from time to
time, compounded annually, if Executive shall not prevail, in whole or in part, as to any
material issue as to the validity, enforceability or interpretation of any provision of
this Agreement.

(d) Successors; Binding Effect. This Agreement shall inure to the benefit of and
be binding upon the Company and its successors. The Company shall require any successor to
all or substantially all of the business and/or assets of the Company, whether direct or
indirect, by purchase, merger, consolidation, acquisition of stock, or otherwise, by an
agreement in form and substance satisfactory to Executive, expressly to assume and agree to
perform this Agreement in the same manner and to the same extent as the Company would be
required to perform the Agreement if no such succession had taken place. This Agreement is
personal to the Executive and, without the prior written consent of the Company, shall not
be assignable by Executive otherwise than by will or the law of descent and distribution.
This Agreement shall inure to the benefit of and be enforceable by Executive’s legal
representatives.

(e) Assignment. Except as provided in Section 10(d), neither this Agreement nor
any of the rights or obligations hereunder shall be assigned or delegated by any party
hereto without the prior written consent of the other party.

(f) Entire Agreement. This Agreement together with the employment relationship
between the parties constitutes the entire agreement between the parties hereto with
respect to the matters referred to herein. In consideration of the mutual covenants herein
contained and Executive’s continued participation in certain incentive compensation plans
pursuant to which the level, if any, of participation is determined by the administrators
of such plans, this Agreement supersedes and replaces any prior or subsequent severance
plan or arrangement that otherwise would apply to Executive following a Change of Control,
including any prior Key Executive Employment Protection Agreement. No other agreement
relating to the terms of Executive’s employment by the Company, oral or otherwise, shall be
binding between the parties unless it is in writing and signed by the party against whom
enforcement is sought. There are no promises, representations, inducements or statements
between the parties other than those that are expressly contained herein. Executive
acknowledges that he or she is entering into this Agreement of his or her own free will and
accord, and with no duress, and that he or she has read this Agreement and that he or she
understands it and its legal consequences.

(g) Severability; Reformation. In the event that one or more of the provisions of
this Agreement shall become invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein shall not be
affected thereby. In the event of a determination that any of the provisions of Section
9(a) are not enforceable in accordance with their terms, Executive and the Company agree
that such Section shall be reformed to make such Section enforceable in a manner that
provides the Company the maximum rights permitted at law.

(h) Waiver. Waiver by any party hereto of any breach or default by the other
party of any of the terms of this Agreement shall not operate as a waiver of any other
breach or default, whether similar to or different from the breach or default waived. No
waiver of any provision of this Agreement shall be implied from any course of dealing
between the parties hereto or from any failure by either party hereto to assert its or his
or her rights hereunder on any occasion or series of occasions.

(i) Notices. Any notice required or desired to be delivered under this Agreement
shall be in writing and shall be delivered personally, by courier service, by registered
mail, return receipt requested, or by telecopy and shall be effective upon actual receipt
by the party to which such notice shall be directed, and shall be addressed as follows (or
to such other address as the party entitled to notice shall hereafter designate in
accordance with the terms hereof):

	 	 	 	 	 
	If to the Company:
	 	The Hartford Financial Services Group, Inc.

	 
	 	Executive Row, Home Office

	 
	 	Hartford Plaza

	 
	 	690 Asylum Avenue
	 
	 	Hartford, CT  06115

Attention: General Counsel

	 	 	 
	with a copy to:

	 	Debevoise & Plimpton

875 Third Avenue

New York, NY 10022

Attn: Lawrence K. Cagney, Esq.

If to Executive: The home address of Executive shown on the records of the Company

(j) Amendments. This Agreement may not be altered, modified or amended except by
a written instrument signed by each of the parties hereto, provided however that the
Company (i) may unilaterally amend this Agreement at any time as may be necessary, in its
reasonable judgment, to comply with law or to avoid payments to Executive under the
Agreement being subject to an additional tax under Section 409A of the Code, and (ii) may
terminate this Agreement at any time prior to a Change of Control by written notice to
Executive given at least six months prior to the date of termination of the Agreement,
provided that a Change of Control is not threatened at the time the notice is given. For
purposes of the preceding sentence, a Change of Control shall be deemed to be threatened
for the period beginning on the date of any Potential Change of Control (as defined in The
Hartford 2005 Incentive Stock Plan, as it may be amended from time to time) and ending upon
the earlier of (i) the second anniversary of the date of such Potential Change of Control,
(ii) the date a Change of Control occurs, or (iii) the date the Board determines in good
faith that a Change of Control is no longer threatened. This Agreement is intended to
comply with Section 409A of the Code, and no action taken by the Company shall be construed
in a manner that would result in the imposition of an additional tax on Executive under
Section 409A of the Code.

(k) Headings. Except as expressly provided herein, headings to provisions of this
Agreement are for the convenience of the parties only and are not intended to be part of or
to affect the meaning or interpretation hereof.

(l) Counterparts. This Agreement may be executed in counterparts, each of which
shall be deemed an original but all of which together shall constitute one and the same
instrument.

(m) Withholding. Any payments provided for herein shall be reduced by any amounts
required to be withheld by the Company from time to time under applicable Federal, State or
local income or employment tax laws or similar statutes or other provisions of law then in
effect.

(n) Governing Law. This Agreement shall be governed by the laws of the State
of Connecticut, without reference to principles of conflicts or choice of law under which
the law of any other jurisdiction would apply.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized officer, and Executive has hereunto set his or her hand, as of the day and year first
above written.

	 	 	 	THE HARTFORD
FINANCIAL

	 	 	 	SERVICES GROUP, INC.

WITNESSED:

     

	 	 	 
	By:

Title:

	 	Ann M. de Raismes

Executive Vice President,

Human Resources

     

EXECUTIVE

WITNESSED:

     

     

9EX-10.07

The Hartford Senior Executive Severance Pay Plan

This document describes your benefits under The Hartford Senior Executive Severance Pay Plan,
and includes the text of the Plan and other important information.

Rev. September 2006

1

TABLE OF CONTENTS

TEXT OF THE HARTFORD SENIOR EXECUTIVE SEVERANCE PAY PLAN

Page

	1.	 	Purpose 3

	2.	 	Application of Plan ................................................................................. 3

	 	 	 	 	 	 	 	 	 
	3.
	 	Covered Employees
	 	 	3	 
	4.
	 	Severance Pay Upon Termination of Employment
	 	 	4	 
	5.
	 	Schedule of Severance Pay
	 	 	6	 
	6.
	 	Notice or Pay in Lieu of Notice
	 	 	7	 
	7.
	 	Form of Payment of Severance Pay
	 	 	7	 
	8.
	 	Employee Benefit Plan Coverage While Receiving Severance Pay
	 	 	8	 
	9.
	 	Excluded Employee Compensation Plans, Programs, Arrangements and Perquisites
	 	 	8	 
	10.
	 	Divestiture, Closure, Relocations
	 	 	9	 
	11.
	 	Disqualifying Conduct
	 	 	9	 
	12.
	 	Release
	 	 	9	 
	13.
	 	Offset
	 	 	9	 
	14.
	 	Administration of Plan
	 	 	10	 
	15.
	 	Termination or Amendment
	 	 	10	 
	16.
	 	Miscellaneous
	 	 	11	 

OTHER IMPORTANT INFORMATION

	1.	 	NOTICE 11

2

THE HARTFORD SENIOR EXECUTIVE

SEVERANCE PAY PLAN

	1.	 	Purpose

The purpose of The Hartford Senior Executive Severance Pay Plan (the “Plan”) is to assist in
occupational transition by providing severance pay for senior executives covered by this
Plan whose employment is terminated under conditions set forth in this Plan.

	2.	 	Application of Plan

This Plan was effective October 1, 1997, and most recently amended in September 2006. Any
termination of employment of a Covered Employee that has an Effective Date (as defined
herein) while this Plan is in effect shall be governed exclusively by the terms of this Plan
and by no other plan, policy, practice or arrangement, except where this Plan is expressly
superseded by a Key Executive Employment Protection Agreement with the Company, or an
individual written employment contract or other written agreement with the Company. To the
extent that this Plan is expressly superseded by any of the foregoing agreements or
contracts, no severance shall be payable hereunder, and the provisions of this Plan will
otherwise be deemed null and void and without effect.

	3.	 	Covered Employees

You are a Covered Employee under this Plan if you are an “Employee” (as defined below) who
(1) qualifies as an “Eligible Employee” (as defined below), (2) is paid on a salaried basis,
and (3) is identified as a Tier Two executive. A person who is on an authorized leave of
absence, paid or unpaid (including medical leave of absence), of not more than twenty-six
(26) weeks who would otherwise qualify as a Covered Employees, but for being on leave of
absence, will be considered a Covered Employees for purposes of this Plan.

For purposes of the Plan, “Employee” means any person regularly employed by Hartford Fire
Insurance Company or any of its designated subsidiaries or affiliates (collectively, the
“Company”), but shall not include any person who performs services for the Company as an
independent contractor or under any other non-employee classification, or who is classified
by the Company as, or determined by the Company to be, an independent contractor.

3

For purposes of the Plan, “Eligible Employee” means an Employee employed by the Company;
provided, however, that except as the Board of Directors or the Committee may otherwise
provide on a basis uniformly applicable to all persons similarly situated, Eligible Employee
shall not include any “Ineligible Person,” which means all of the following: (1) a person
who is paid on an hourly basis; or (2) a person who: (A) holds a position with the Company’s
“HARTEMP” Program, or (B) is hired to work for the Company through a temporary employment
agency, or (C) is hired to a position with the Company with notice on his or her date of
hire that the position will terminate on a certain date; or (3) a person who is a leased
employee (within the meaning of Section 414(n)(2) of the Internal Revenue Code of 1986, as
amended (the “Code”)) of the Company or is otherwise employed through a temporary help firm,
technical help firm, staffing firm, employee leasing firm, or professional employer
organization, regardless of whether such person is an Employee of the Company, or (4) a
person who performs services for the Company as an independent contractor or under any other
non-employee classification, or who is classified by the Company as, or determined by the
Company to be, an independent contractor, regardless of whether such person is characterized
or ultimately determined by the Internal Revenue Service or any other Federal, State or
local governmental authority or regulatory body to be an employee of the Company or its
affiliates for income or wage tax purposes or for any other purpose.

Notwithstanding any provision in the Plan to the contrary, if any person is an Ineligible
Person or otherwise does not qualify as an Eligible Employee, or is otherwise ineligible to
participate in the Plan, and such person is later required by a court or governmental
authority or regulatory body to be classified as a person who is eligible to participate in
the Plan, such person shall not be eligible to participate in the Plan, notwithstanding such
classification, unless and until designated as an Eligible Employee by the Plan
Administrator, and if so designated, the participation of such person in the Plan shall be
prospective only.

	4.	 	Severance Pay Upon Termination of Employment

If the Company terminates your employment and you sign a Release acceptable to the Company,
you shall be provided severance pay in accordance with the terms of this Plan except
if you:

	 	•	 	are terminated for misconduct or other disciplinary action, which by way of
example may include, but is not limited to, the following: serious violations
of Company policies, violation of the Company’s Code of Ethics and Business
Conduct or other similar policy or undertaking of the Company; or any
Company-initiated termination for cause or for actions that are immoral,
unethical, inimical to the best interests of the Company, or illegal;	 

	 	•	 	refuse a Similar Position (as defined herein) offered as alternative
employment with the Company. For purposes of this Plan, “Similar Position”
shall mean a position of the same base salary rate and same opportunity for
incentive with similar duties, or having different duties which, in
management’s judgment, the employee is able to perform and which is located
within a 50-mile radius of the previous position’s location;	 

	 	•	 	terminate employment with the Company prior to the date selected by the
Company as your last day of active employment (“Effective Date”);	 

	 	•	 	are terminated while on a leave of absence (paid or unpaid) after 26 weeks
of such leave;	 

	 	•	 	are mandatorily retired on or after your Normal Retirement Date (as defined
herein) where legally permitted, or are terminated with an Effective Date on or
after your Normal Retirement Date. “Normal Retirement Date” shall mean the
first of the month which coincides with or follows the employee’s 65th
birthday;	 

	 	•	 	are terminated following acceptance or refusal of employment or continued
employment with a purchaser in connection with any sale or divestiture
described in Section 10 hereof;	 

	 	•	 	are eligible for greater severance payments under the terms of a Key
Executive Employment Protection Agreement with the Company, or an individual
written employment contract or other written agreement with the Company.	 

If you initiate termination of employment for any reason including resigning, retiring or failing
to return to work immediately following the expiration of any leave of absence, no severance pay
will be provided under this Plan.

No severance pay will be provided under this Plan upon any termination of employment as a result of
your death, or as a result of your Disability as defined in The Hartford Investment and Savings
Plan, as may be amended from time to time (the “Savings Plan”).

4

5. Schedule of Severance Pay

Covered Employees will be provided severance pay in accordance with the following Schedule
of Severance Pay which sets forth the months of Base Pay which are provided to a Covered
Employee based upon the Covered Employee’s Years of Service as of the Effective Date.

	 	 	 	 	 	 	 	 	 
	Years of Service	 	Months of Base Pay
	Less than 4
	 	 	. . . . . .	 	 	 	12	 
	4
	 	 	. . . . . .	 	 	 	13	 
	5
	 	 	. . . . . .	 	 	 	14	 
	6
	 	 	. . . . . .	 	 	 	15	 
	7
	 	 	. . . . . .	 	 	 	16	 
	8
	 	 	. . . . . .	 	 	 	17	 
	9
	 	 	. . . . . .	 	 	 	18	 
	10
	 	 	. . . . . .	 	 	 	19	 
	11
	 	 	. . . . . .	 	 	 	20	 
	12
	 	 	. . . . . .	 	 	 	21	 
	13
	 	 	. . . . . .	 	 	 	22	 
	14
	 	 	. . . . . .	 	 	 	23	 
	15
	 	or more . . . . . .
	 	 	24	 

The severance payment provided will be subject to applicable federal, state and local taxes,
which will be withheld from such payment where required by applicable law as determined in
the sole discretion of the Plan Administrator.

“Base Pay” shall mean your annual base salary at the Effective Date divided by twelve (12)
months.

“Years of Service” shall mean the total number of completed years of employment measured
from your Company service date to your Effective Date, rounded to the nearest whole year.
Your Company service date is the date used to determine your eligibility for vesting under
the applicable Company retirement plan in effect on the Effective Date.

Notwithstanding the above Schedule of Severance Pay, in no event (i) shall months of Base
Pay provided to you exceed the number of months remaining between the Effective Date and
your Normal Retirement Date, or (ii) shall severance pay exceed the equivalent of twice your
total annual compensation during the year immediately preceding the Effective Date.

5

	6.	 	Notice or Pay in Lieu of Notice

Except as provided in this Plan or under a Key Executive Employment Protection Agreement
with the Company, or an individual written employment contract or other written agreement
with the Company, you shall not be entitled to any notice of termination or pay in lieu
thereof. At the sole discretion of the Plan Administrator or designee, notice may be
provided.

	7.	 	Form of Payment of Severance Pay

Severance pay shall be paid in periodic payments according to the regular payroll schedule
(“Periodic Payment”), provided that the Company reserves the right at any time to pay the
remaining severance pay in a discounted lump sum, so long as such lump sum amount may be
paid without causing the recipient to incur any additional taxes under Section 409A of the
Code.

Any discounted lump sum paid under this Plan shall be equal to the present value of the
remaining Periodic Payments of severance pay as determined by the Company using an interest
rate equal to the prime rate at Citibank in effect on the date the Company notifies you that
it is exercising its right to pay severance in the discounted lump sum.

Periodic Payment of severance pay will commence or the discounted lump sum will be paid on
the next day following the Effective Date, except that where the Company exercises its right
to pay the discounted lump sum after the commencement of Periodic Payments, it will be paid
promptly after the Company exercises such right. Notwithstanding the above provisions and
any other provision of the Plan, no severance payments will be made during the six month
period following the Effective Date, unless earlier payment is permitted in accordance with
guidance provided under Section 409A of the Code. Should severance payments be delayed in
accordance with the preceding sentence, the accumulated Periodic Payments that would have
been made but for the period of the delay shall be paid in a lump sum during the 10 day
period following the six month anniversary of the Effective Date, together with interest
thereon based on prevailing short term rates for the period between the date that the
Periodic Payments would have been made but for the period of the delay and the date of
payment of the lump sum.

In the event of your death during the period you are receiving Periodic Payment of severance
pay, the amount of severance pay remaining shall be paid, subject to applicable law, in a
discounted lump sum payment to your spouse, if any, or to such other beneficiary or
beneficiaries designated by you in writing, or if you are not married and failing such
designation, to your estate.

During the time period that you are receiving Periodic Payment of severance pay, or for
which you receive severance pay by lump sum, you must continue to be available to render
reasonable assistance to the Company, consistent with the level of your prior position with
the Company, at times and locations that are mutually acceptable. In requesting such
services, the Company will take into account any other commitments which you may have.
After the Effective Date and normal wind up of your former duties, you will not be required
to perform any regular services for the Company.

In the event you secure employment other than with the Company while receiving severance
pay, you must notify the Company. Upon such notification the Company in its discretion may
make a single discounted lump sum payment to you of all remaining severance pay, if such
lump sum payment is not anticipated to result in your incurring additional taxes under
Section 409A of the Code. Periodic Payment of severance pay will cease if you are rehired
by the Company.

In the event you retire under the applicable Company retirement plan while receiving
Periodic Payment, the Company will pay you any remaining severance pay in a single
discounted lump sum payment, subject to any delay required in order to avoid the imposition
of additional tax in accordance with Section 409A of the Code.

	8.	 	Employee Benefit Plan Coverage While Receiving Severance Pay

Except as otherwise provided herein, as long as you are receiving Periodic Payment, you will
continue to be eligible for participation in Company employee benefit plans in effect as of
the Effective Date, including without limitation, any non-qualified excess or supplemental
benefit plans, in accordance with the applicable provisions of such plans. You will not be
eligible to participate in any Company salary continuation, short-term or long-term
disability plans, the Company business travel accident plan or any new employee benefit plan
or any improvement to any existing employee benefit plan adopted by the Company after the
Effective Date. Notwithstanding the above, if your employment is terminated after June 30,
2009, you will not be able to accrue any additional service or benefits in any defined
benefit pension plan of the Company, including any non-qualified excess or supplemental
defined benefit pension plan, or receive credit for age, service or earnings thereunder,
while receiving severance pay (this provision is adopted effective with the September 2006
restatement of the Plan, such that this provision shall be applicable with respect to
individuals whose employment is terminated after June 30, 2009 with a right to receive
severance benefits under the Plan).

If a lump sum payment of severance pay is made, eligibility to participate in all Company
employee benefit plans ends.

Deductions for continuing group life and medical/dental/health insurance and participation
in the Savings Plan remain available while receiving Periodic Payment of the severance pay,
subject to the maximum time periods as specified by the terms of the respective plans in
effect as of the Effective Date, and any restrictions on participation provided by
applicable law.

9. Excluded Employee Compensation Plans, Programs, Arrangements and Perquisites

During the period you are receiving Periodic Payment of severance pay, you will not be
eligible to accrue any paid time off or participate in any (i) bonus program; (ii) special
termination programs; (iii) tax or financial advisory services; (iv) new awards under any
long-term incentive compensation plan or program of the Company; (v) new or revised
executive compensation programs that may be introduced after the Effective Date; or (vi) any
other executive compensation program, plan, arrangement, practice, policy or perquisites
unless specifically authorized by the Company in writing. The period during which you are
receiving Periodic Payment of severance pay shall be counted as service for purposes of any
Company long-term incentive compensation awards outstanding as of the Effective Date to the
extent, if any, determined by the administrators of the applicable long-term incentive
compensation plans. Notwithstanding the preceding sentence, during such period you will
continue to be eligible to vest in any outstanding unvested deferred restricted stock units
(bonus swap), as well as any outstanding unvested stock option awards except (a) any
options awarded to you on December 17, 1997 or July 19, 2000, and (b) any other options that
are designated under the terms of the award of such options as ineligible for continued
crediting of service during Periodic Payment of severance pay. Also during such period, you
will continue to be eligible to exercise any outstanding vested stock option awards, except
to the extent that (I) such options first expire under the applicable plan or program, or
(II) such options are designated under the terms of the award of such options as ineligible
for continued exercise during Periodic Payment of severance pay.

	10.	 	Divestiture. Closure, Relocations

If the Company or a subsidiary or affiliate or division of the Company or a portion thereof,
at which you are employed, is sold or divested, and if (i) you accept employment or
continued employment with the purchaser, or (ii) refuse employment or continued employment
with the purchaser on terms and conditions substantially comparable to those in effect
immediately preceding the sale or divestiture, you shall not be provided severance pay
hereunder or any related benefits described in Section 8 or Section 9 of this Plan. The
provisions of this Section 10 apply to all sales and divestitures (whether accomplished as
sales of assets, sales of corporate entities or any other method), other than any sale or
divestiture that qualifies as a Change of Control under The Hartford 2005 Incentive Stock
Plan (as it may be amended from time to time).

	11.	 	Disqualifying Conduct

If, during the period you are receiving Periodic Payment of severance pay, you (i) conduct
yourself in a manner which is inimical to the best interests of the Company, or which
adversely affects those interests; (ii) make statements, either oral or written, which are
false or misleading or which disparage the Company; (iii) fail to comply with any Company
Covenant Against Disclosure and Assignment of Rights to Intellectual Property or other
similar policy or undertaking of the Company; (iv) without the Company’s prior consent,
induce any employees of the Company to leave their Company employment; or (v) fail to comply
with applicable provisions of the Code of Ethics and Business Conduct or other similar
policy or undertaking of the Company, or any other applicable corporate policy of the
Company, then the Company will have no further obligation to provide severance pay.

	12.	 	Release

No severance pay will be provided under this Plan unless you execute and deliver to the
Company a Release, satisfactory to the Company, in which you discharge and release the
Company, its affiliates and the Company’s directors, officers, employees and employee
benefit plans from all claims (other than for benefits to which you are entitled under any
Company employee benefit plan) arising out of your employment or termination of employment.

	13.	 	Offset

Any severance pay provided to you under this Plan shall be offset by reducing such amount by
any severance pay, termination pay or similar pay or allowance which you receive or are
entitled to receive (i) under any other Company plan, policy, practice, program or
arrangement; (ii) pursuant to any Key Executive Employment Protection Agreement with the
Company, or any individual written employment agreement or other written agreement with the
Company; or (iii) by virtue of any law, custom or practice excluding, however, any
unemployment compensation which you may receive as a state unemployment award.

Any severance pay provided to you under this Plan shall also be offset by reducing such
severance pay by any severance pay, termination pay or similar pay or allowance you received
as a result of any prior termination of employment with the Company.

Any severance pay and any notice pay provided to you under this Plan shall be offset by
reducing such severance pay and notice pay by any payments made to you by the Company
pursuant to the Worker Adjustment and Retraining Notification Act (“WARN”) and any similar
federal, state or local law.

Any severance pay provided to you under this Plan shall be offset by reducing such severance
pay by any payment made to you under any Company or statutory disability plan, policy,
practice, program or arrangement where any such payment is made for any period of time after
the Effective Date.

	14.	 	Administration of Plan

Responsibility for administration of this Plan rests with the Company’s Executive Vice
President, Human Resources (or other individual with similar responsibilities) or his
designee (“Plan Administrator”).

The Plan Administrator shall have the exclusive right to interpret this Plan, adopt any
rules and regulations for carrying out this Plan as may be appropriate and decide any and
all matters arising under this Plan, including, but not limited to, the right to determine
appeals. Subject to applicable federal and state law, all interpretations and decisions by
the Plan Administrator shall be final, conclusive and binding on all parties affected
thereby.

	15.	 	Termination or Amendment

The Plan Administrator shall have the power to make amendments to the Plan that do not
involve a material cost to the Company or are required by applicable law. Any other
amendments to the Plan shall be made by the Board of Directors of Hartford Fire Insurance
Company. The Company, through its Board of Directors, reserves the right, in its sole
discretion, to terminate, suspend, amend or modify this Plan (“Plan Change”) in whole or in
part at any time without prior notice except that no such Plan Change, and no Plan amendment
made by the Plan Administrator, may reduce or adversely affect severance pay for any
employee whose employment terminates within two years of the effective date of such Plan
Change or amendment, provided that such Executive was a Covered Employee under this Plan on
the date of such Plan Change or amendment. Notwithstanding the preceding sentence, the Plan
Administrator or the Board of Directors may unilaterally amend this Plan at any time as may
be necessary, in its reasonable judgment, to comply with law or to avoid payments to
executives under the Plan being subject to an additional tax under Section 409A of the Code.
This Plan is intended to comply with Section 409A of the Code, and no action taken by the
Company shall be construed in a manner that would result in the imposition of an additional
tax on executives under Section 409A of the Code. Notwithstanding anything in this Plan to
the contrary, the Plan shall not be amended, modified, suspended or terminated during the
period in which a Change of Control (as defined in The Hartford 2005 Incentive Stock Plan,
as it may be amended from time to time) is threatened. For purposes of the preceding
sentence, a Change of Control shall be deemed to be threatened for the period beginning on
the date of any Potential Change of Control (as defined in The Hartford 2005 Incentive Stock
Plan, as it may be amended from time to time), and ending upon the earlier of: (i) the
second anniversary of the date of such Potential Change of Control, (ii) the date a Change
of Control occurs, or (iii) the date the Board of Directors of The Hartford Financial
Services Group, Inc. or the appropriate committee thereof determines in good faith that a
Change of Control is no longer threatened.

	16.	 	Miscellaneous

	 	•	 	In cases where severance pay is provided under this Plan, pay in lieu of any unused
paid time off entitlement will be paid to you in a single lump sum payment within 30
days of the Effective Date, subject to any delay required in order to avoid the
imposition of additional tax in accordance with Section 409A of the Code. Such lump
sum payment will not have the effect of extending your Company service for any purpose.

	 	•	 	Benefits under this Plan are paid for entirely by the Company from its general
assets.

	 	•	 	The section headings contained in this Plan are included solely for convenience of
reference and shall not in any way affect the meaning of any provision of this Plan.

OTHER IMPORTANT INFORMATION

NOTICE

This Plan is not a contract of employment. It does not guarantee your employment for any specified
period and does not limit the right of the Company to terminate your employment at any time for any
reason. Employment with the Company is terminable at will.

Any employee who is not obligated to continue his/her employment under a formal written employment
agreement with the Company retains the right to terminate their employment at any time, with or
without notice, and with or without cause. Likewise, the Company can terminate the employment of
any employee at any time, with or without notice, and with or without cause, subject to applicable
law.

No supervisor or manager has any authority to enter into an employment agreement, written or
verbal, or to make any agreement or representations contrary to the preceding paragraph, unless it
is authorized by the Chairman of The Hartford Financial Services Group, Inc. and such agreement is
in writing. Further no document, communication or publication of The Hartford Financial Services
Group, Inc., the Company, or any affiliate of either of the foregoing should be understood as, or
construed as, making such an agreement or extending such a representation.

6

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