secwatch.observer — SEC 8-K summary
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Issuer:     OCTAVE SPECIALTY GROUP INC (OSG)
CIK:        0000874501
Form:       8-K
Filed at:   2023-10-06T23:59:59+00:00
Accession:  0000874501-23-000142
Event type: leadership
Sentiment:  neutral
Materiality: 0.35
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/874501/000087450123000142/0000874501-23-000142-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/874501/000087450123000142/ambc-20231005.htm
  HTML page:      https://secwatch.observer/filing/0000874501-23-000142

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