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FIRST AMENDMENT TO THE CNA SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

Addendum or Modifications

FIRST AMENDMENT TO THE CNA SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN | Document Parties: CNA FINANCIAL CORPORATION You are currently viewing:
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Title: FIRST AMENDMENT TO THE CNA SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
Date: 1/6/2005
Industry: Insurance (Prop. and Casualty)     Sector: Financial

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                                                                    EXHIBIT 99.3

 

                             FIRST AMENDMENT TO THE

                   CNA SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

         The CNA SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN, as restated by CNA

effective January 1, 2003, is hereby amended as follows:

 

         1.        Section 2.3 is amended to read as follows:

 

                  "2.3 Vesting. Except as otherwise provided in a SERP

Agreement, a Participant's benefit under this Plan shall be vested if, and only

if, his benefit under the Retirement Plan is vested; provided, however, that an

event that results in the Retirement Plan benefits of a group of Participants

being vested without regard to their years of service, including but not limited

to the sale of a business unit or a determination that a partial termination of

the Retirement Plan has occurred, shall apply to this Plan if an only if the

Plan is amended to provide for such vesting."

 

         2.        Section 2.4 is amended to read as follows:

 

                  "2.4      Time and Form of Payment.

 

                  (a) Except as otherwise provided below, or in a SERP

Agreement, a Participant's benefit under this Plan shall be paid in the same

manner, and commencing at the same time, as his Retirement Plan benefit, and

shall take the form of a supplemental monthly payment directly from his

Employer; provided that if the monthly amount of the Participant's benefit under

this Plan paid in such form does not exceed $250.00 per month, it shall be paid

in a single lump sum equal to the actuarial equivalent of his benefit.

 

                  (b)       The Benefits Committee may elect

 

                  (i)       to pay a Choice 1 Participant a single l


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