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Consulting Agreement Dated As of March 14, 2001

This is an actual contract by CNA Surety.
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Sectors: Insurance
Governing Law: Illinois, View Illinois State Laws
Effective Date: March 14, 2001
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CONSULTING AGREEMENT


This Consulting Agreement (the "Agreement") is made as of March 14, 2001, by and between CNA SURETY CORPORATION (the "Company"), and ROBERT E. AYO (the "Consultant").


RECITALS


A. The Consultant intends to resign his employment with the Company on or before April 1, 2001 on account of retirement.


B. The Consultant has developed expertise regarding the business of the Company and the Company desires to benefit from Consultant's experience. The Company desires to engage the Consultant, and the Consultant is willing to be so engaged, to provide services (the "Consulting Services") to the Company as requested by the Company, on the terms and subject to the conditions set forth herein.


NOW, THEREFORE, in consideration of the Recitals (which are incorporated herein by reference), the agreements hereafter set forth and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:


AGREEMENTS


1. Engagement. The Company hereby engages the Consultant and the Consultant agrees to be engaged as an independent consultant, for the purposes and upon the terms and conditions hereinafter set forth. The Company acknowledges that it is relying on Consultant's professional judgment in performing the Consulting Services and that it will have no right to control or direct the details, manner or means by which Consultant performs the Consulting Services.


2. Independent Consultant Status. The relationship hereby created between the Company and the Consultant shall be that of an independent contractor and shall not be considered as creating the relationship of employer-employee, partnership, principal-agent, joint venture or association of any other kind.


3. Term and Termination. The term of Consultant's engagement under this Agreement shall be for the one-year period commencing on the day following the Consultant's resignation of employment with the Company on account of retirement and ending one year thereafter (the "Term"); provided however, if the Consultant's resignation of employment occurs after April 1, 2001 this Agreement shall be null and void and the Consultant shall not be entitled to any of the benefits described hereunder.


4. Duties. Throughout the Term, the Consultant shall be available to perform Consulting Services in Chicago, Illinois and shall devote such time during normal business hours to the Consulting Services as the Company reasonably requests, provided that the times at which the Consultant provides Consulting Services shall be reasonably convenient to the Consultant. 2 The Consultant shall provide Consulting Services to the best of his ability, utilizing all of his skills and experience.


5. Compensation. As full compensation for the Consulting Services, the Company during the Term shall pay the Consultant his annual base salary as in effect on the date of his termination of employment in equal biweekly installments.


6. Employee Benefits. Consultant acknowledges that he shall not be entitled to participate during the Term by reason of this Agreement in any of the Company's employee ben
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