GENERAL RELEASE IN FULL AND
DEBORAH L. MCCLENAHAN
1. In consideration of the mutual promises herein and other valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, this General Release in Full and Settlement
Agreement (hereinafter “Agreement”) is made and entered into by and between Deborah L.
McClenahan (hereinafter referred to as “Employee”), and Continental Casualty Company and
any parent, subsidiary and affiliate and any of their present, former and future employees, agents,
officers, directors, successors and assigns (hereinafter collectively referred to as “Company”).
2. The Company and Employee now desire to effect a full and final settlement of all matters arising
out of or relating in any way to their employment relationship and the termination of that
employment relationship without the concession of any liability or fault of any kind or nature on
the part of either party.
3. It is agreed and understood that the Company and Employee deny the existence of any liability of
one to the other and that the instant Agreement is intended solely to accomplish a settlement and
is not to be construed as an admission of fault or liability of any kind or nature on the part of either
4. It is agreed and understood that Employee’s employment with the Company will end on
December 30, 2003. It is further agreed and understood that within twenty (20) days after the
Company receives this executed agreement or within 20 days after the Employee’s termination
date from the Company, whichever occurs later, pursuant to the terms of the Executive Severance
Agreement between the Company and Employee dated June 12, 2003 (the “Severance
Agreement”), the Company will pay to the Employee the following: (a) $475,000.08, which is equal
to one (1) times Employee’s Base Salary in effect at the time of the Covered Termination, (both
terms as defined in Section 1 of the Sev