Document/ExhibitDescriptionPagesSize
1: 10-K Annual Report HTML 6.16M
2: EX-10.38 Material Contract HTML 70K
3: EX-21.1 Subsidiaries List HTML 54K
4: EX-23.1 Consent of Expert or Counsel HTML 48K
5: EX-24.1 Power of Attorney HTML 56K
9: EX-97.1 Clawback Policy re: Recovery of Erroneously HTML 63K Awarded Compensation
6: EX-31.1 Certification -- §302 - SOA'02 HTML 52K
7: EX-31.2 Certification -- §302 - SOA'02 HTML 52K
8: EX-32.1 Certification -- §906 - SOA'02 HTML 51K
15: R1 Document and Entity Information HTML 118K
16: R2 Audit Information HTML 54K
17: R3 Consolidated Balance Sheets HTML 228K
18: R4 Consolidated Balance Sheets (Parenthetical) HTML 92K
19: R5 Consolidated Statements of Total Comprehensive HTML 193K
Income
20: R6 Consolidated Statements of Stockholders' Equity HTML 104K
21: R7 Consolidated Statements of Cash Flows HTML 199K
22: R8 Background and Business Description HTML 110K
23: R9 Basis of Presentation and Significant Accounting HTML 218K
Policies (Notes)
24: R10 Segment Reporting HTML 55K
25: R11 Investments HTML 382K
26: R12 Fair Value Measurements HTML 420K
27: R13 Financial Guarantees in Force (Notes) HTML 88K
28: R14 Financial Guarantee Insurance Contracts HTML 82K
29: R15 Insurance Regulatory Restrictions (Notes) HTML 79K
30: R16 Derivative Instruments HTML 179K
31: R17 Intangible Assets HTML 99K
32: R18 Variable Interest Entities HTML 198K
33: R19 Long-Term Debt (Notes) HTML 92K
34: R20 Revenue from Contract with Customer HTML 76K
35: R21 Comprehensive Income HTML 122K
36: R22 Net Income Per Share HTML 87K
37: R23 Income Taxes HTML 161K
38: R24 Employment Benefit Plans (Notes) HTML 96K
39: R25 Leases (Notes) HTML 90K
40: R26 Commitments and Contingencies HTML 112K
41: R27 SEC Schedule, Article 12-04, Condensed Financial HTML 263K
Information of Registrant
42: R28 Pay vs Performance Disclosure HTML 61K
43: R29 Insider Trading Arrangements HTML 54K
44: R30 Reorganizations (Policies) HTML 75K
45: R31 Basis of Presentation and Significant Accounting HTML 240K
Policies (Policies)
46: R32 Background and Business Description Reorganization HTML 58K
Costs (Tables)
47: R33 Basis of Presentation and Significant Accounting HTML 99K
Policies Supplemental Cash Flow Information
(Tables)
48: R34 Investments (Tables) HTML 341K
49: R35 Fair Value Measurements (Tables) HTML 392K
50: R36 Financial Guarantees in Force (Tables) HTML 87K
51: R37 Financial Guarantee Insurance Contracts (Tables) HTML 623K
52: R38 Derivative Instruments (Tables) HTML 179K
53: R39 Intangible Assets (Tables) HTML 108K
54: R40 Variable Interest Entities (Tables) HTML 113K
55: R41 Long-Term Debt (Tables) HTML 93K
56: R42 Revenue from Contract with Customer (Tables) HTML 72K
57: R43 Comprehensive Income (Tables) HTML 124K
58: R44 Net Income Per Share (Tables) HTML 84K
59: R45 Income Taxes (Tables) HTML 183K
60: R46 Employment Benefit Plans (Tables) HTML 96K
61: R47 Leases (Tables) HTML 130K
62: R48 Background and Business Description Rehabilitation HTML 80K
Exit Support Agreement (Details)
63: R49 Background and Business Description Stipulation HTML 48K
and Order (Details)
64: R50 Background and Basis of Presentation - Surplus HTML 63K
Note Exchange (Details)
65: R51 Background and Business Description AMPS Exchange HTML 60K
(Details)
66: R52 Background and Business Description - Additional HTML 87K
Information (Detail)
67: R53 Background and Business Description - Redemption HTML 63K
of Notes (Details)
68: R54 Background and Business Description - Settlement HTML 65K
of RMBS Litigation (Details)
69: R55 Basis of Presentation and Significant Accounting HTML 122K
Policies Additional Information (Details)
70: R56 Basis of Presentation and Significant Accounting HTML 52K
Policies FX gain (Loss) (Details)
71: R57 Basis of Presentation and Significant Accounting HTML 57K
Policies Goodwill (Details)
72: R58 Basis of Presentation and Significant Accounting HTML 84K
Policies Noncontrolling Interest (Details)
73: R59 Basis of Presentation and Significant Accounting HTML 49K
Policies Adoption of New Accounting Standards
(Details)
74: R60 Basis of Presentation and Significant Accounting HTML 76K
Policies Supplemental Cash Flow Information
(Details)
75: R61 Basis of Presentation and Significant Accounting HTML 51K
Policies Restricted Cash (Details)
76: R62 Segment Reporting (Details) HTML 161K
77: R63 Investments - Summary of Amortized Cost and HTML 121K
Estimated Fair Value of Available-for-Sale
Investments, Excluding VIE Investments (Detail)
78: R64 Investments - Summary of Amortized Cost and HTML 92K
Estimated Fair Value of Available-for-Sale
Investments, Excluding VIE Investments Held by
Successor Ambac, by Contractual Maturity (Detail)
79: R65 Investments - Summary of Gross Unrealized Losses HTML 162K
and Fair Values of Ambac's Available-for-Sale
Investments (Detail)
80: R66 Investments - Additional Information (Detail) HTML 105K
81: R67 Investments - Summary of Amounts Included in Net HTML 66K
Realized (Losses) Gains and Other-Than-Temporary
Impairments (Detail)
82: R68 Investments - Summary of Roll-Forward of Ambac's HTML 52K
Cumulative Credit Losses on Debt Securities for
Which Portion of Other-than-Temporary Impairment
was Recognized in Other Comprehensive Income
(Detail)
83: R69 Investments - Summary of Sources of Collateral HTML 73K
Received and Various Investment Agreement in which
Collateral Pledged (Detail)
84: R70 Investments - Summary of Fair Value, Including HTML 98K
Financial Guarantee, and Weighted-Average
Underlying Rating, Excluding Financial Guarantee,
of Insured Securities (Detail2)
85: R71 Investments - Summary of Net Investment Income HTML 95K
(Detail)
86: R72 Investments (Details) HTML 103K
87: R73 Fair Value Measurements - Summary of Carrying HTML 310K
Amount and Fair Value of Ambac's Financial Assets
and Liabilities (Detail)
88: R74 Fair Value Measurements - Additional Information HTML 86K
(Detail)
89: R75 Fair Value Measurements - Information about HTML 87K
Valuation Inputs for Fixed Income Securities
Classified as Level 3 (Detail)
90: R76 Fair Value Measurements - Summary of Information HTML 53K
about Described Model Inputs Used to Determine
Fair Value of Each Class of Credit Derivatives
(Detail)
91: R77 Fair Value Measurements - Summary of Information HTML 53K
about Described Model Inputs Used to Determine
Fair Value of Each Class of Credit Derivatives
(Detail2)
92: R78 Fair Value Measurements - Information about HTML 67K
Valuation Inputs for Variable Interest Entity
Assets and Liabilities Classified as Level 3
(Detail)
93: R79 Fair Value Measurements - Summary of Changes in HTML 139K
Level 3 Fair Value Category (Detail)
94: R80 Fair Value Measurements - Summary of Gains and HTML 72K
Losses (Realized and Unrealized) Relating to Level
3 Assets and Liabilities Included in Earnings
(Detail)
95: R81 Financial Guarantees in Force - Additional HTML 64K
Information (Detail)
96: R82 Financial Guarantees in Force - Summary of HTML 88K
Financial Guarantee Portfolio Diversification by
Type of Guaranteed Bond (Detail)
97: R83 Financial Guarantees in Force - Summary of HTML 68K
International Finance Guaranteed Portfolio
(Detail)
98: R84 Financial Guarantee Insurance Contracts - HTML 290K
Additional Information (Detail)
99: R85 Financial Guarantee Insurance Contracts - Summary HTML 261K
of Gross Premium Receivable Roll-Forward (Direct
and Assumed Contracts) (Detail)
100: R86 Financial Guarantee Insurance Contracts - Effect HTML 78K
of Reinsurance on Premiums Written and Earned
(Detail)
101: R87 Financial Guarantee Insurance Contracts - HTML 117K
Summarized Future Gross Undiscounted Premiums
Expected to be Collected, and Future Expected
Premiums Earned, Net of Reinsurance (Detail)
102: R88 Financial Guarantee Insurance Contracts Financial HTML 84K
Guarantee Insurance Contracts - Components of Loss
and Loss Expense Reserves and Subrogation
Recoverable (Details)
103: R89 Financial Guarantee Insurance Contracts - Summary HTML 97K
of Loss Reserve Roll-Forward, Net of Subrogation
Recoverable and Reinsurance (Detail)
104: R90 Financial Guarantee Insurance Contracts - Summary HTML 187K
of Information Related to Policies Currently
Included in Ambac's Loss Reserves or Subrogation
Recoverable (Detail)
105: R91 Financial Guarantee Insurance Contracts - Summary HTML 51K
of Balance of RMBS Subrogation Recoveries and
Related Claim Liabilities, by Estimation Approach
(Detail)
106: R92 Financial Guarantee Insurance Contracts - Summary HTML 53K
of Rollforward of RMBS Subrogation, by Estimation
Approach (Detail)
107: R93 Financial Guarantee Insurance Contracts - HTML 80K
Estimated Future Amortization Expense for
Insurance Intangible Asset (Detail)
108: R94 Financial Guarantee Insurance - Summary of HTML 50K
Percentage Ceded to Reinsurers and Reinsurance
Recoverable and Rating Levels (Detail)
109: R95 Financial Guarantee Insurance Contracts Financial HTML 150K
Guarantee Insurance Contracts Earned Premiums by
Geographic Location (Details)
110: R96 Reinsurance (Details) HTML 79K
111: R97 Insurance Contracts (Details) HTML 50K
112: R98 Insurance Contracts (Details) HTML 123K
113: R99 Insurance Regulatory Restrictions Additional HTML 64K
Details (Details)
114: R100 Derivative Instruments - Summary of Gross Fair HTML 114K
Values of Individual Derivative Instruments
(Detail)
115: R101 Derivative Instruments - Additional Information HTML 68K
(Detail)
116: R102 Derivative Instruments - Summary of Location and HTML 65K
Amount of Gains and Losses of Derivative Contracts
(Detail)
117: R103 Derivative Instruments - Summary of Gross HTML 57K
Principal Notional Outstanding for CDS Contracts
(Detail)
118: R104 Derivative Instruments - Summarize Information by HTML 52K
Major Category of CDS Contracts (Detail)
119: R105 Derivative Instruments - Summary of Notional HTML 56K
Amounts of AFS's Trading Derivative Products
(Detail)
120: R106 Derivative Instruments - Summary of Notional for HTML 58K
VIE Derivatives Outstanding (Detail)
121: R107 Financial Guarantee Insurance Contracts - Summary HTML 57K
of Gross Premium Receivable Roll-Forward (Direct
and Assumed Contracts) (Details)
122: R108 Intangible Assets (Details) HTML 99K
123: R109 Variable Interest Entities - Additional HTML 179K
Information (Detail)
124: R110 Variable Interest Entities - Summary of Fair Value HTML 73K
of Fixed Income Securities, by Asset-Type, Held by
Consolidated Variable Interest Entities (Detail)
125: R111 Variable Interest Entities - Supplemental HTML 57K
Information about Loans Held as Assets and
Long-Term Debt Associated with Consolidated
Variable Interest Entities (Detail)
126: R112 Variable Interest Entities - Summary of Carrying HTML 95K
Amount of Assets, Liabilities and Maximum Exposure
to Loss of Ambac's Variable Interests in
Non-Consolidated Variable Interest Entities
(Detail)
127: R113 Variable Interest Entities Variable Interest HTML 101K
Entity - Change in Fair Value of Assets and
Liabilities (Details)
128: R114 Variable Interest Entities Variabile Interest HTML 52K
Entities - Carry Value of Secured Notes from LSNI
(Details)
129: R115 Variable Interest Entities Special Purpose HTML 159K
Entities, including Variable Interest Entities -
Summary of Assets and Liabilities (Details)
130: R116 Long-Term Debt (Details) HTML 145K
131: R117 Revenue from Contract with Customer (Details) HTML 89K
132: R118 Comprehensive Income - Schedule of Changes in HTML 84K
Balances of Each Component of Accumulated Other
Comprehensive Income (Detail)
133: R119 Comprehensive Income - Schedule of Amounts HTML 107K
Reclassed Out of Each Component of Accumulated
Other Comprehensive Income (Detail)
134: R120 Net Income Per Share - Additional Information HTML 93K
(Detail)
135: R121 Net Income Per Share - Reconciliation of Common HTML 72K
Shares Used for Basic and Diluted Earnings Per
Share (Detail)
136: R122 Income Taxes - Additional Information (Detail) HTML 54K
137: R123 Income Taxes - Significant Portions of Deferred HTML 87K
Tax Liabilities and Deferred Tax Assets (Detail)
138: R124 Income Taxes Income Taxes - Provision for Income HTML 69K
Taxes Charged To Income From Continuing Operations
(Details)
139: R125 Income Taxes Income Taxes - Effect of Income Taxes HTML 64K
on Net Income and Stockholders' Equity (Details)
140: R126 Income Taxes Income Taxes - Effective Tax Rates HTML 106K
Differing From Prevailing Federal Corporate Income
Tax Rates (Details)
141: R127 Income Taxes Income Taxes - Reconciliation of HTML 50K
Unrecognized Tax Benefits (Details)
142: R128 Income Taxes Income Taxes - NOL Usage Table HTML 60K
(Details)
143: R129 Income Taxes Schedule of Income Before Income HTML 59K
Taxes (Details)
144: R130 Employment Benefit Plans Postretirement Health HTML 75K
Care and Other Benefits (Details)
145: R131 Employment Benefit Plans Savings Plan (Details) HTML 56K
146: R132 Employment Benefit Plans Stock Compensation HTML 77K
(Details)
147: R133 Employment Benefit Plans Restricted Stock Units HTML 122K
(Details)
148: R134 Employment Benefit Plans Performance Units HTML 133K
(Details)
149: R135 Leases Statement (Details) HTML 112K
150: R136 Leases (Details) HTML 50K
151: R137 Commitments and Contingencies - Additional HTML 53K
Information (Detail)
152: R138 Schedule I - Summary Of Investments (Details) HTML 106K
153: R139 Schedule II - Condensed Financial Information of HTML 153K
Registrant (Parent Company Only) - Condensed
Balance Sheet (Details)
154: R140 Schedule II - Condensed Financial Information of HTML 154K
Registrant (Parent Company Only) - Condensed
Statement of Total Comprehensive Income (Details)
155: R141 Schedule II - Condensed Financial Information of HTML 130K
Registrant (Parent Company Only) - Condensed
Statements of Stockholders' Equity (Details)
156: R142 Schedule II - Condensed Financial Information of HTML 132K
Registrant (Parent Company Only) - Condensed
Statements of Cash Flows (Details)
157: R143 Schedule II - Condensed Financial Information of HTML 48K
Registrant (Parent Company Only) Schedule II -
Condensed Financial Information of Registrant -
Additional Information (Details)
158: R144 Schedule II - Condensed Financial Information of HTML 60K
Registrant (Parent Company Only) Schedule II -
Condensed Financial Information of Registrant -
Income Taxes (Details)
159: R145 SEC Schedule, Article 12-16, Supplementary HTML 81K
Insurance Information (Details)
161: XML IDEA XML File -- Filing Summary XML 323K
164: XML XBRL Instance -- ambc-20231231_htm XML 7.92M
160: EXCEL IDEA Workbook of Financial Report Info XLSX 470K
11: EX-101.CAL XBRL Calculations -- ambc-20231231_cal XML 351K
12: EX-101.DEF XBRL Definitions -- ambc-20231231_def XML 3.58M
13: EX-101.LAB XBRL Labels -- ambc-20231231_lab XML 4.36M
14: EX-101.PRE XBRL Presentations -- ambc-20231231_pre XML 3.95M
10: EX-101.SCH XBRL Schema -- ambc-20231231 XSD 479K
162: JSON XBRL Instance as JSON Data -- MetaLinks 1,062± 1.78M
163: ZIP XBRL Zipped Folder -- 0000874501-24-000040-xbrl Zip 1.53M
‘EX-97.1’ — Clawback Policy re: Recovery of Erroneously Awarded Compensation
Statement of Intent. The Board of Directors (“Board”) of Ambac Financial Group, Inc. (“Ambac”) believes that it is in the best interest of Ambac and its stockholders to encourage outstanding leadership, accountability and responsible risk-taking that benefits the long-term success of Ambac and its subsidiaries
(collectively, the “Company”). Accordingly, the Board has adopted this Recoupment Policy (the “Policy”), which shall be effective as of October 2, 2023 (the “Effective Date”) and shall apply with respect to any Accounting Restatements for periods ending after the Effective Date. As of the Effective Date, this Policy shall replace the Recoupment Policy in effect beginning as of January 1, 2017.
Definitions. For purposes of this Policy, the following definitions shall apply:
“Accounting Restatement” means an accounting restatement, for any period ending after the Effective Date, due
to material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period. For the avoidance of doubt, a restatement resulting solely from the retrospective application of a change in generally accepted accounting principles is not an Accounting Restatement.
The Board shall take into consideration any applicable interpretations and clarifications of the Securities and Exchange Commission (“SEC”) and the New York Stock Exchange (“NYSE”) in determining whether an accounting restatement qualifies
as an Accounting Restatement for purposes of this Policy.
“Covered Employee” means each employee who was subject to the reporting requirements of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) at any time during the performance period relating to the applicable Incentive-Based Compensation.
“Incentive-Based Compensation” means any compensation that is granted, earned or vested based wholly or in part upon the attainment of a financial reporting measure. Financial reporting measures are measures that are determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements, any
measures that are derived wholly or in part from such measures, and stock price and total shareholder return measures.
For the avoidance of doubt, Incentive-Based Compensation does not include (i) base annual salary, (ii) compensation that is awarded based solely on service (e.g., a time-vesting award, including a time-vesting stock option, restricted share or restricted share unit), (iii) compensation that is awarded solely at the discretion of the Compensation Committee of the Board (however, the exercise of negative discretion with respect to an award that is otherwise based on attainment of a financial measure will not render the award discretionary for this purpose), or (iv) compensation that is awarded based on subjective goals or goals unrelated to financial reporting measures.
“Look-back Period”
means the three completed fiscal years immediately preceding the date on which the Company is required to prepare an Accounting Restatement, with such date being the earlier of: (i) the date the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement; or (ii) the date a court, regulator or other legally authorized body directs the Company to prepare an Accounting Restatement.
“Recoverable
Compensation” means any Incentive-Based Compensation received in the Look-back Period during which the financial reporting measure specified in the applicable award is attained. If the grant or earning of an award is based, either wholly or in part, on satisfaction of a financial reporting measure, the award would be deemed received in the fiscal period when that measure was satisfied, in each case without regard to any ongoing service-based vesting requirements. Furthermore, if an award is granted or earned upon satisfaction of financial reporting measures that are based on multiple fiscal years (e.g., a three-year average), the whole award would be deemed Recoverable Compensation for purposes of this Policy if any single fiscal year of the performance period occurs during the Look-back Period. “Recoverable Compensation” shall include all Incentive-Based Compensation received by a person (a) after beginning service as a Covered Employee,
(b) who served as a Covered Employee at any time during the performance period for that Incentive-Based Compensation and (c) while the Company has a class of securities listed on the NYSE or another national securities exchange or a national securities association. Accordingly, this Policy can apply to a person that is no longer a Company employee or a Covered Employee at the time of recovery.
Forfeiture and Reimbursement. In the event of an Accounting Restatement, the Company will require, to the fullest extent permitted by applicable law, that a Covered Employee reasonably promptly forfeit and/or reimburse the Company the amount of Recoverable Compensation
that exceeds the amount that otherwise would have been received had it been computed based on the amounts in the Accounting Restatement and shall be calculated without regard to any taxes paid. For Recoverable Compensation based on stock price or total shareholder return measures, the amount that shall be forfeited and/or reimbursed to the Company shall be based on the Board’s reasonable estimate of the effect of the Accounting Restatement on the stock price or total shareholder return on which the Incentive-Based Compensation was received. The Company must maintain documentation of the determination of that reasonable estimate and provide such documentation to the NYSE.
Incentive-Based Compensation is deemed “received”
for purposes of this Policy in the fiscal period during which the measure specified in the Incentive-Based Compensation award is attained, even if the payment or issuance of such Incentive-Based Compensation occurs after the end of that period. For example, if the performance target for an award is based on total stockholder return for the year ended December 31, 2023, the award will be deemed to have been received in 2023 even if paid in 2024.
To the extent that a Covered Employee does not make reimbursement to the Company under this Policy within a reasonable time following demand by the Company, or any shares of Recoverable Compensation have been sold by the Covered Employee, the
Company shall have the right to reduce, cancel or withhold against outstanding, unvested, vested or future cash or equity-based compensation, or require a substitute form of reimbursement, in each case to the maximum extent permitted under applicable law.
Notwithstanding anything to the contrary, forfeiture and reimbursement of Recoverable Compensation with respect to one or more Covered Employees shall not be required if the Compensation Committee of the Board determines that such recovery would be impracticable due to one of the following conditions: (i) the direct expense paid to a third party to assist in enforcing recovery would exceed the recoverable amounts (but only after a reasonable attempt is made to recover such erroneously awarded compensation and such attempt is documented and provided to the NYSE); (ii) application of this Policy to such Covered Employee(s) would violate home country law adopted prior to
November 28, 2022 (but only after obtaining an opinion of home country counsel, acceptable to the NYSE, that such recovery would result in such violation, and such opinion is provided to the NYSE); or (iii) application of this Policy would likely cause an otherwise tax-qualified retirement plan under which benefits are broadly available to employees to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) or regulations thereunder.
2
No Indemnification. The Company shall not indemnify any current or former Covered Employee against, or pay the premiums of any insurance
policy to cover, any loss of compensation or amounts recovered under this Policy or any expenses that a Covered Employee incurs in opposing the Company’s efforts to recoup amounts pursuant to this policy. In no event shall the Company be required to award Covered Employees an additional payment if an Accounting Restatement would have resulted in a higher incentive compensation payment.
Acknowledgement by Covered Employees. The Company shall provide notice and seek written acknowledgement of this Policy from each Covered Employee as soon as practicable after the later of (i) the Effective Date and (ii) the date on which the employee is designated as a Covered
Employee, provided that failure to obtain such acknowledgement shall have no impact on the enforceability of this Policy.
Authority and Interpretations. This Policy generally will be administered and interpreted by the Compensation Committee of the Board. Unless otherwise stated herein, any determination by the Compensation Committee with respect to this Policy shall be final, conclusive and binding on all interested parties. The determinations of the Compensation Committee, the Board or the independent Directors of the Board under this Policy shall be applied consistently to all Covered Employees.
This Policy is intended to comply with, shall be interpreted to comply with, and shall be deemed automatically amended to comply with, Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as it may be amended from time to time, and any related
rules or regulations promulgated by the SEC or the NYSE, including any additional or new requirements that become effective after the Effective Date. Any such amendment shall be effective at such time as is necessary to comply with Section 10D of the Exchange Act.
Each member of the Board shall be fully indemnified and held harmless by the Company for any liability resulting from administration of this Policy.
The provisions in this Policy are intended to be applied to the fullest extent of the law. To the extent that any provision of this Policy is found to be unenforceable or invalid under any applicable law, such provision will be applied to the maximum extent permitted, and shall automatically be deemed amended in a manner consistent with its objectives to the extent necessary to conform to applicable
law. The invalidity or unenforceability of any provision of this Policy shall not affect the validity or enforceability of any other provision of this Policy.
The rights of the Company under this Policy to seek forfeiture or reimbursement are not exclusive remedies and do not preclude any other recourse by the Company.
Other Recoupment Rights; Company Claims. The Board intends that this Policy shall be applied to the fullest extent of the law. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the Company under
applicable law or pursuant to the terms of any similar policy in any employment agreement, equity award agreement, or similar agreement and any other legal remedies available to the Company.
Nothing contained in this Policy, and no recoupment or recovery as contemplated by this Policy, shall limit any claims, damages or other legal remedies the Company or any of its affiliates may have against a Covered Executive arising out of or resulting from any actions or omissions by the Covered Executive.
Amendment and Termination. To the extent permitted by, and in a manner consistent with, applicable SEC and NYSE rules and regulations, the Board reserves the power to terminate,
suspend, revise or amend this, Policy.
3
ACKNOWLEDGMENT, CONSENT AND AGREEMENT
I acknowledge that I have received and reviewed a copy of the Ambac Recoupment Policy (as may be amended from time to time, the “Policy”) and agree to be bound by and subject to its terms and conditions for so long as I am a “Covered Employee” under the Policy. I further acknowledge, understand and agree that, as a Covered Employee, the Policy could affect the compensation I receive or may be entitled to receive from Ambac or its subsidiaries under various awards, agreements, plans
and arrangements with Ambac or its subsidiaries. To the extent the terms of any other award, agreement, plan or arrangement conflict with the terms of this Policy, the terms of this Policy shall prevail.
