−Removed: Other Information — No matters require disclosure .
+Added: Other Information
+Added: Compensatory Arrangements of Certain Officers
+Added: On August 3, 2020, the Compensation Committee of the AFG Board approved certain amendments to the employment agreement of Claude LeBlanc to provide that Mr.
+Added: LeBlanc would be eligible to receive an enhanced severance payment if his employment is terminated by the Company other than for “cause” (including notice of non-renewal by the Company) or Mr.
+Added: LeBlanc terminates his employment for “good reason” in contemplation of and no more than 120 days prior to, or one year following the occurrence of, a “Change in Control” (as defined in his employment agreement).
+Added: In that event, the multiplier used to determine the severance payment that Mr.
+Added: LeBlanc would otherwise be entitled to receive shall be 2.5 x instead of 2.0 x the sum of (a) one year’s base salary and (b) the amount equal to the annual target incentive award for the calendar year in which the date of termination occurs.
+Added: The foregoing description of the amendments to Mr.
+Added: LeBlanc’s employment agreement is only a summary, does not purport to be complete, and is qualified in its entirety by reference to the full text of the Amended and Restated Employment Agreement dated as of August 3, 2020 by and among AFG, AAC and Claude LeBlanc, which is filed as Exhibit 10.2 to this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020, and is incorporated into this filing by reference.
Other exhibits, filed or furnished, as indicated:
Form of 2020 Restricted Stock Unit Award Agreement between Ambac Financial Group, Inc.
−Removed: LeBlanc, Trick and Ksenak.
−Removed: Form of 2020 Restricted Stock Unit Award Agreement between Ambac Financial Group, Inc.
−Removed: Barranco, Eisman, Reilly and Ms.
−Removed: Form of 2020 Performance Stock Unit Award Agreement between Ambac Financial Group, Inc.
−Removed: LeBlanc, Trick and Ksenak.
−Removed: Form of 2020 Performance Stock Unit Award Agreement between Ambac Financial Group, Inc.
−Removed: Barranco, Eisman, Reilly and Ms.
+Added: and the members of its Board of Directors.
+Added: Amended and Restated Employment Agreement dated August 3, 2020 by and among Ambac Financial Group, Inc, Ambac Assurance Corporation and Claude LeBlanc.
Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) Promulgated under the Securities Exchange Act of 1934, as amended.
12 unchanged sentences
| Ambac Financial Group, Inc.
−Removed: 70 2020 First Quarter FORM 10-Q |
+Added: 77 2020 Second Quarter FORM 10-Q |
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
AMBAC FINANCIAL GROUP, INC.
+Added: August 6, 2020
/S/ DAVID TRICK
3 unchanged sentences
| Ambac Financial Group, Inc.
−Removed: 71 2020 First Quarter FORM 10-Q |
+Added: 78 2020 Second Quarter FORM 10-Q |
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.