The Hartford 2008 Annual Report Download - page 600

Exhibit 10.05
EMPLOYMENT AGREEMENT
(INCORPORATES AMENDMENT DATED NOVEMBER 14, 2008)
EMPLOYMENT AGREEMENT, as of May 1, 2008 by and between The Hartford Financial Services Group, Inc., a
Delaware corporation (the “Company”), and John C. Walters (“Executive”).
WITNESSETH:
WHEREAS, the Company and Executive desire to enter into an Employment Agreement, effective as of the date
first written above;
NOW, THEREFORE, in consideration of the mutual covenants herein contained and Executive’s participation in
certain incentive compensation plans pursuant to which the level, if any, of participation is determined by the administrators
of such plans, the Company and Executive hereby agree that the Employment Agreement is to read as follows (hereinafter
referred to as the “Agreement”), effective as of the date first written above (the “Commencement Date”):
1. Employment.
(a) Agreement to Employ. Upon the terms and subject to the conditions of this Agreement, the Company hereby
agrees to employ Executive and Executive hereby agrees to enter employment by the Company.
(b) Term of Employment. Except as otherwise provided below, the Company shall employ Executive for the period
commencing on the Commencement Date and ending on the third anniversary of the Commencement Date. At the
expiration of the original term or any extended term (each a “Renewal Date”), Executive’s employment hereunder shall
be extended automatically, upon the same terms and conditions, for successive one-year periods, unless either party
shall give written notice to the other of its intention not to renew such employment at least fifteen months prior to such
Renewal Date. Without limiting the generality of the foregoing, upon the occurrence of a Change of Control (as defined
below), the term of this Agreement shall be extended automatically without any action by either party until the second
anniversary of such Change of Control. Notwithstanding the foregoing, if not previously terminated pursuant to
Sections 1(b), 5(a) or 6(a), the term of this Agreement shall terminate on the last day of the month in which Executive
attains age 65, and such a termination upon Executive reaching age 65 shall be deemed to be a Termination Due to
Retirement for purposes of this Agreement. The period during which Executive is employed pursuant to this
Agreement, including any extension thereof in accordance with this Section 1(b), shall be referred to as the
“Employment Period.”
Source: HARTFORD FINANCIAL S, 10-K, February 12, 2009