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EXHIBIT 10.4
FOURTH AMENDMENT TO THE
CNA SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
The
CNA SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN, as restated by CNA
Financial Corporation effective January 1, 2003, and as
previously amended by the First, Second and Third Amendments
thereto, is hereby further amended as follows:
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Section 2.4 is amended to
read as follows:
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2.4 |
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Time and Form of Payment
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(a) |
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Except as otherwise provided in a
SERP Agreement, the Post-2004 portion of a Participant’s
benefit under this Plan shall be paid in a single lump sum equal to
the actuarial equivalent of such portion as soon as practicable
after the date the Participant terminates employment; provided that
if the sum of the Participant’s Rule of 65 Service and age on
the termination date do not equal at least 65, it shall be paid on
the later of the date the Participant terminates employment or the
date he reaches either age 55 if he had completed at least
10 years of Rule of 65 Service on the termination date, or age
65 if he had not completed 10 years; and provided further that
if the Participant terminated prior to April 1, 2008, payment
shall not begin earlier than January 1, 2009, in any case
subject to Section 2.4(c) below.
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(b) |
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The Pre-2005 portion of a
Participant’s benefit shall be paid in the same manner as his
Retirement Plan benefit, provided that the Benefits Committee may
elect to pay the Pre-2005 portion of the benefit of a Choice 1
Participant (as hereinafter defined) in a single lump sum equal to
the actuarial equivalent of the Pre-2005 portion, and may also
decide to pay the Pre-2005 portion of a Choice 2 Participant in any
of the forms of annuity available under the Retirement Plan that
are actuarially equivalent. As of December 31, 2004, the
Benefits Committee has elected to pay all Pre-2005 portions that do
not exceed $15,000.00 per month in the form of a lump sum, but the
Benefits Committee may pay Pre-2005 portions that would otherwise
be payable in a lump sum in the form of a monthly annuity, and may
establish a different standard for payment of Pre-2005 portions in
a lump sum, which may be either more or less than $15,000.00 per
month. All determinations by the Benefits Committee as to the form
of payment shall be made by the Benefits Committee in its sole and
absolute discretion, which may be exercised in an arbitrary and
capricious manner, and in no event shall any Participant be
considered to have a vested interest in the payment of the Pre-2005
Portion of his benefit in any particular form. Actuarial
equivalence shall be determined in accordance with the applicable
actuarial assumptions provided under the Retirement Plan. Payment
of a Participant’s benefit in the form of a lump sum shall
fully discharge all amounts owed to the Participant and to his
heirs or beneficiaries under the Plan.
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(c) |
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Anything else in this Plan, or a
SERP Agreement, to the contrary notwithstanding:
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(i) |
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Except as otherwise provided
below, no part of the Post-2004 Portion of a Participant’s
benefit shall be payable to any Participant until he h
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