Ambac enters employment agreement with EVP & Chief Strategy Officer R. Sharon Smith

OCTAVE SPECIALTY GROUP INC

Base salary set at no less than $500,000/year, with target annual bonus of at least 70% of base salary.
Target long-term incentive award of at least 125% of base salary; equity awards comparable to other senior executives.
Severance: 1.5x (base + target bonus) plus pro-rated bonus on termination without cause or for good reason; 2x in change in control.
Agreement has 1-year initial term with automatic 1-year renewals; 90-day non-renewal notice required.
Ambac Assurance Corporation guarantees all monetary obligations under the agreement while AFG holds >50% voting stock.

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