Other Information
−Removed: Compensatory Arrangements of Certain Officers
−Removed: 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.
−Removed: 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.
−Removed: 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).
−Removed: In that event, the multiplier used to determine the severance payment that Mr.
−Removed: 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.
−Removed: The foregoing description of the amendments to Mr.
−Removed: 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.
+Added: Human Capital Management
+Added: As of September 30, 2020, Ambac had 93 employees in the United States and 10 employees in the United Kingdom.
+Added: Our year-to-date voluntary turnover rate has been approximately 5.2%.
+Added: Ambac considers its employee relations to be satisfactory.
+Added: Ambac’s focus has been on identifying and retaining key talent through individual development programs following skills assessments.
+Added: Ambac’s succession planning has identified internal candidates that could fill senior management and mid-level management positions as the need arises.
+Added: The Company has established a senior advisory team to work with, and advise, senior management on key initiatives, and invested in both personal and professional growth programs to identify and prepare executives for promotion within the Company.
+Added: The Company continues to rely on compensation components (such as salary, long-term incentive plan awards, deferred cash awards and short-term incentive plan awards) to support employee retention.
+Added: The Company incorporates performance metrics as part of the annual short-term incentive bonus offering with increased bonus potential for exceptional results.
+Added: We utilize third-party benchmark data to establish market-based compensation levels.
+Added: We believe that our current compensation and incentive levels reflect high performance expectations as part of our merit pay philosophy.
+Added: The targeted use of long-term incentive plan awards for key talent is an important element of Ambac’s long-term retention strategy.
+Added: Number Description
Other exhibits, filed or furnished, as indicated:
−Removed: Form of 2020 Restricted Stock Unit Award Agreement between Ambac Financial Group, Inc.
−Removed: and the members of its Board of Directors.
−Removed: Amended and Restated Employment Agreement dated August 3, 2020 by and among Ambac Financial Group, Inc, Ambac Assurance Corporation and Claude LeBlanc.
+Added: 10.1+ Revised form of 2020 Restricted Stock Unit Award Agreement between Ambac Financial Group, Inc.
+Added: LeBlanc, Trick and Ksenak.
+Added: 10.2+ Revised form of 2020 Performance Stock Unit Award Agreement between Ambac Financial Group, Inc.
+Added: LeBlanc, Trick and Ksenak.
31.1+ 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.
2 unchanged sentences
Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
−Removed: XBRL Instance Document - the instance document does not appear in the interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
−Removed: XBRL Taxonomy Extension Schema Document.
−Removed: XBRL Taxonomy Extension Calculation Linkbase Document.
−Removed: XBRL Taxonomy Extension Label Linkbase Document.
−Removed: XBRL Taxonomy Extension Presentation Linkbase Document.
−Removed: XBRL Taxonomy Extension Definition Linkbase Document.
+Added: 101.INS XBRL Instance Document - the instance document does not appear in the interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
+Added: 101.SCH XBRL Taxonomy Extension Schema Document.
+Added: 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document.
+Added: 101.LAB XBRL Taxonomy Extension Label Linkbase Document.
+Added: 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document.
+Added: 101.DEF XBRL Taxonomy Extension Definition Linkbase Document.
104 Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags or embedded within the Inline XBRL document
2 unchanged sentences
| Ambac Financial Group, Inc.
−Removed: 77 2020 Second Quarter FORM 10-Q |
+Added: 79 2020 Third 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.
−Removed: August 6, 2020
+Added: November 9, 2020 By:
/S/ DAVID TRICK
3 unchanged sentences
| Ambac Financial Group, Inc.
−Removed: 78 2020 Second Quarter FORM 10-Q |
+Added: 80 2020 Third 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.