---
schema_version: "secwatch.filing_event.v1"
accession: "0000874501-23-000142"
form_type: "8-K"
ticker: "OSG"
cik: "0000874501"
company_name: "OCTAVE SPECIALTY GROUP INC"
filed_at: "2023-10-06T23:59:59+00:00"
generated_at: "2026-06-10T03:43:35.295553+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.35
calibrated_materiality_score: 0.35
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000874501-23-000142
- form_type: 8-K
- ticker: OSG
- cik: 0000874501
- company_name: OCTAVE SPECIALTY GROUP INC
- filed_at: 2023-10-06T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.35
- calibrated_materiality_score: 0.35
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/874501/000087450123000142/0000874501-23-000142-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/874501/000087450123000142/ambc-20231005.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000874501-23-000142
- JSON: https://secwatch.observer/filing/0000874501-23-000142.json
- Plain text: https://secwatch.observer/filing/0000874501-23-000142.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.