Document:

Exhibit 10.9(B)

                        SHARE PURCHASE PROGRAM AGREEMENT

      SHARE PURCHASE PROGRAM AGREEMENT dated as of December 15, 2000, among
DEXIA PUBLIC FINANCE BANK, a French corporation ("DPFB"), DEXIA HOLDINGS, INC.,
a Delaware corporation ("DHI"), and FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.,
a New York corporation ("FSA").

      WHEREAS, DPFB owns all the outstanding shares of capital stock of DHI; and
DHI owns all the outstanding shares of capital stock of FSA (other than shares
issued under the Program referred to below);

      WHEREAS, FSA established a Share Purchase Program (the "Program") pursuant
to the Share Purchase Program Agreement dated as of September 4, 2000 (the
"Initial Agreement") for directors of FSA, pursuant to which directors of FSA
are entitled to purchase from DHI shares of FSA common stock for cash, and are
further entitled to resell such shares to DPFB upon the terms and subject to the
conditions set forth therein;

      WHEREAS, FSA allows directors of FSA to invest in phantom shares of FSA
common stock with terms similar to the Program under the FSA Deferred
Compensation Plan (the "DCP") and Supplemental Executive Retirement Plan (the
"SERP"), with FSA entitled to hedge such DCP and SERP investments by purchasing
from DHI shares of FSA common stock for cash that may, in turn, be resold to
DPFB upon the terms and subject to the conditions set forth in in the Initial
Agreement; and

      WHEREAS, the parties hereto desire to replace and correct the Initial
Agreement with this Agreement, with retroactive effect, to, among other things,
change the purchase price per Program Share from $76.00 to $78.766, make
corresponding changes to the Resale Price and number of Program Shares (as such
terms are defined herein) and limit the obligation of DPFB to repurchase Program
Shares.

      NOW, THEREFORE, in consideration of the premises, and for other good and
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto hereby agree as follows:

      Section 1. Purchase and Sale of Program Shares by Directors. (a) Initial
Subscriptions. During the Subscription Period (as defined below), DHI was
entitled to sell shares of FSA common stock ("Program Shares") to directors of
FSA (individually, a "Participant" and, collectively, the "Participants") for a
purchase price, payable in cash, of U.S. $76.00 per share; provided, however,
that (a) the Subscription Period commenced on September 4, 2000, and terminated
on the date 30 days thereafter; (b) each Participant could subscribe for up to
U.S. $10 million of Program Shares (131,578 Program Shares); (c) such
subscriptions for Program Shares were made by submission to FSA of a duly
completed Subscription Application, substantially in the form of Exhibit A to
the Initial Agreement; (d) Program Shares were required to be delivered to
Participants against receipt of payment; (e) if payment for any Program Shares
was not received by DHI within 5 business days after the expiration of the
Subscription Period, then the related subscription would be null and void; and
(f) initial subscriptions for a specified dollar
<PAGE>

amount of Program Shares at $76.00 per share under the Initial Agreement shall
be revised, upon the consent of the subscribers to this Agreement, to represent
subscriptions (pursuant to Subscription Applications in the form of Exhibit A
hereto) for the same dollar amount (rounded up to the nearest whole number of
shares, with a limit of 126,958 shares) at $78.766 per share effective from
inception in accordance with this Agreement.

      (b) Subsequent Subscriptions. After expiration of the Subscription Period,
DHI agrees to sell Program Shares to Participants for a purchase price, payable
in cash in U.S. dollars, equal to the Resale Price (as defined in Section 4
hereof) per share; provided, however, that (a) each Participant may subscribe
for up to 126,958 Program Shares and Phantom Program Shares in the aggregate;
(b) such subscriptions for Program Shares may be made by submission to FSA of a
duly completed Subscription Application, substantially in the form of Exhibit B
hereto, prior to the end of a calendar quarter, with the Resale Price determined
as of the close of such calendar quarter; (c) FSA shall notify each subscribing
Participant of the Resale Price (the "Resale Price Notification") within 45 days
after the end of the calendar quarter in which the Participant made his or her
subscription; (d) Program Shares shall be delivered to Participants against
receipt of payment; and (e) if payment for any Program Shares is not received by
DHI within 5 business days after receipt by the Participant of the Resale Price
Notification, then the related subscription shall be null and void.

      Section 2. Deemed Purchases of Phantom Program Shares; Purchase and Sale
of Program Shares by FSA. (a) Initial Deemed Investments. During the
Subscription Period, FSA allowed Participants to make phantom investments in
Program Shares ("Phantom Program Shares") under the DCP and SERP; provided,
however, that (a) each Participant could make deemed investments in and/or
subscribe for up 131,578 Phantom Program Shares and Program Shares in the
aggregate; (b) such deemed investments in Phantom Program Shares were made by
submission to FSA of a duly completed Election Form, substantially in the form
of Exhibit C to the Initial Agreement; (c) such deemed investments in Phantom
Program Shares were effected on the fifth business day after expiration of the
Subscription Period, subject to the general terms and provisions of the DCP and
SERP; (d) deemed investments in Phantom Program Shares could not exceed the
available account balances in the Participant's DCP and SERP accounts; and (e)
initial deemed investments for a specified dollar amount of Phantom Program
Shares at $76.00 per share shall be revised, upon the consent of the
Participants to this Agreement, to represent deemed investments (pursuant to
DCP/SERP Election Forms in the form of Exhibit C hereto) for the same dollar
amount at $78.766 per share (rounded up to the nearest whole number of shares,
with a limit of 126,958 shares) effective from inception in accordance with this
Agreement.

      (b) Subsequent Deemed Investments. After expiration of the Subscription
Period, FSA intends to allow Participants to make deemed investments in Phantom
Program Shares under the DCP and SERP; provided, however, that (a) each
Participant may make deemed investments in and/or subscribe for up to 126,958
Program Shares and Phantom Program Shares in the aggregate; (b) such deemed
investments in Phantom Program Shares may be made by submission to FSA of a duly
completed DCP/SERP

                                       2
<PAGE>

Election Form, substantially in the form of Exhibit D hereto, prior to the end
of a calendar quarter, with the Resale Price determined as of the close of such
calendar quarter; (c) FSA shall notify each subscribing Participant of the
Resale Price (the "Resale Price Notification") within 45 days after the end of
the calendar quarter in which the Participant made his or her subscription, at
which time such investment election shall be effected, subject to the general
terms and provisions of the DCP and SERP; and (d) deemed investments in Phantom
Program Shares may not exceed the available account balances in the
Participant's DCP and SERP accounts.

      (c) Reinvestment Restriction for Phantom Program Shares. Deemed
investments under the DCP and SERP in Phantom Program Shares shall remain in
such deemed investment until either (i) the Deferral Period applicable to such
deemed investment shall expire or (ii) FSA common shares shall cease to be
outstanding.

      (d) Purchase and Sale of Program Shares by FSA; Distribution of Program
Shares under DCP and SERP. At any time or from time to time, DHI agrees to sell
to FSA, upon request, Program Shares up to an aggregate number of Program Shares
equal to the number of Phantom Program Shares subscribed to under the DCP and
SERP, for a purchase price, payable in cash in U.S. dollars, equal to (i) U.S.
$78.766 per share during the Subscription Period and (ii) the Resale Price after
the Subscription Period, with ABV per Share (as defined herein) measured as of
the end of the most recently completed calendar quarter; it being agreed that
initial subscriptions for a specified dollar amount of Program Shares at $76.00
per share shall be revised to represent subscriptions for the same dollar amount
(rounded up to the nearest whole number of shares for each DCP and SERP account)
at $78.766 per share effective from inception in accordance with this Agreement.
FSA agrees that investments in Phantom Program Shares under the DCP and SERP
shall be paid out in kind, after expiration of the applicable deferral period,
by delivery of Program Shares to the plan participant, less any Program Shares
withheld to satisfy required income tax withholding. Any Program Shares acquired
by FSA may be transferred by FSA to any Participant, who shall thereafter hold
such Program Shares as if he or she had acquired such Program Shares during the
Subscription Period.

      Section 3. Restrictions on Transfer. (a) Program Shares may not be sold or
otherwise transferred during the Restriction Period (as defined herein);
provided, however, that (i) Program Shares may be pledged or otherwise
encumbered with the consent of FSA, which consent shall not be unreasonably
withheld, and (ii) Program Shares may be transferred to the Participant's
beneficiaries upon death of the Participant.

      (b) For purposes hereof, the Restriction Period in respect of each
Participant shall commence on the date hereof and shall expire on the first to
occur of (i) the fourth anniversary of the date hereof and (ii) the date on
which such Participant shall cease to be a director of FSA.

      (c) Each certificate evidencing Program Shares shall be registered in the
name of the Participant or FSA, as the case may be, and shall bear a legend,
substantially in the following form:

                                       3
<PAGE>

      The transferability of this certificate and the shares of stock
      represented hereby are subject to the terms and conditions of the Share
      Purchase Program Agreement among Dexia Public Finance Bank, Dexia
      Holdings, Inc. and Financial Security Assurance Holdings Ltd. ("FSA"), as
      amended from time to time. A copy of such Agreement may be reviewed upon
      request made to the General Counsel of FSA, at the executive offices of
      FSA at 350 Park Avenue, New York, New York.

      Section 4. Repurchase of Program Shares by DPFB. Upon prior written notice
(a "Repurchase Notice"), DPFB agrees to purchase Program Shares from FSA or,
after the Restriction Period, from any Participant (or any permitted successor
or assign thereof) for a purchase price, payable in cash in U.S. dollars, equal
to the Resale Price; provided, however, that (a) in no event may a Repurchase
Notice be delivered by any Participant prior to June 30, 2001; (b) in the case
of Program Shares acquired from DHI, then, after the first anniversary of the
expiration of the Participant's membership on the FSA Board of Directors (the
"Anniversary Date"), the Resale Price shall be determined as if the Repurchase
Notice was delivered on the Anniversary Date, with ABV per Share measured as of
the close of the calendar quarter in which the Anniversary Date occurred; (c) in
the case of Program Shares acquired from FSA pursuant to Section 2(d) hereof, in
no event may a Repurchase Notice be delivered by any Participant prior to six
months after receipt of such Program Shares from FSA; and (d) in the case of
Program Shares acquired from FSA pursuant to Section 2(d) hereof, the Resale
Price shall be determined as if the Repurchase Notice was delivered on the later
of (i) the Anniversary Date and (ii) the first anniversary of receipt of such
Program Shares from FSA, with ABV per Share measured as of the close of the
calendar quarter in which the later of such two dates occurred. For purposes
hereof, the Resale Price shall equal the product of (a) 1.4676 and (b) the
adjusted book value per share of FSA common stock ("ABV per Share") determined
in accordance with the provisions for valuing performance share awards under the
FSA 1993 Equity Participation Plan, as amended to date; provided that any such
repurchase of Program Shares shall be made not later than the date 45 days after
the end of the calendar quarter in which the Repurchase Notice shall have been
delivered, with ABV per Share measured as of the close of such calendar quarter.

      Section 5. Choice of Law and Forum and Service of Process. (a) To the
extent that an action is required to further, or otherwise is not inconsistent
with, arbitration pursuant to Section 6 hereof, each party hereby irrevocably
submits to the exclusive jurisdiction of any court of general jurisdiction
sitting in New York, New York, over any action or proceeding arising out of or
relating to this Agreement, and each party hereby irrevocably agrees that all
claims in respect of such action or proceeding may be heard and determined in
such court, except that actions or proceedings to collect on judgments issued by
a New York court may be brought in any jurisdiction where the losing party has
assets. Each party hereby irrevocably waives the defense of an inconvenient
forum to the maintenance of such action or proceeding. Each party hereby
irrevocably waives, to the fullest extent it may effectively do so, any right to
trial by jury of any action or proceeding arising out of or relating to this
Agreement.

                                       4
<PAGE>

      (b) Each party hereby agrees that process in any action or proceeding may
be served by registered mail, return receipt requested, or in any other manner
permitted by the rules of the court in which the action or proceeding may be
brought.

      Section 6. Arbitration. (a) As a condition precedent to any action, any
dispute or difference arising out of this Agreement shall be referred to a Board
of Arbitration (the "Board") consisting of two arbitrators and an umpire, all of
whom shall be active or retired executive officers of insurance or reinsurance
companies having no direct or indirect financial interest in either party or its
affiliates. An arbitrator shall be chosen by each party to the dispute. The
umpire shall be chosen by the two arbitrators. Arbitration may be initiated by
any party to this Agreement (or by any Participant, as a third party beneficiary
of this Agreement) ("Petitioner") against any party to this Agreement
("Respondent") providing the other party or parties with notice (in accordance
with Section 7(c) of this Agreement) demanding arbitration and naming its
arbitrator. Respondent will then have thirty (30) days within which to designate
its arbitrator after receiving demand, in writing, from Petitioner. If
Respondent fails to designate its arbitrator within such time, Petitioner is
expressly authorized and empowered to name the second arbitrator, and Respondent
will not be deemed aggrieved thereby. The arbitrators will designate an umpire
within thirty (30) days after both arbitrators have been named. If the two
arbitrators do not agree within thirty (30) days on the selection of an umpire,
the umpire shall be designated by the Center for Public Resources, Inc. or its
successor organization or, if that entity shall no longer exist and have no
successor, by the American Arbitration Association.

      (b) The Board shall interpret this Agreement as an honorable engagement
and will make its award with a view to effecting the general purpose and intent
of this Agreement in a reasonable manner, rather than in accordance with the
technical interpretation of this Agreement. The Board will be relieved from all
judicial formalities and may abstain from following the strict rules of the law.
The decision of a majority of the Board will be final and binding upon the
parties.

      (c) Each party shall bear the cost of its arbitrator and one-half of the
fees of the umpire. If both arbitrators are chosen by Petitioner, as provided
above, each party shall bear one-half of the fees of both arbitrators and the
umpire. The remaining costs of the arbitration shall be paid as the Board shall
direct. Notwithstanding the foregoing, in the event of an arbitration involving
a Participant in which the Participant shall prevail, in whole or in part, then
the costs of the arbitration shall be borne by the other party or parties to the
arbitration.

      (d) The arbitration shall take place in the City and State of New York,
unless the Board designates another location with the consent of the parties.
The rules and procedures for pre-hearing investigations shall be established by
the Board and shall be completed within ninety (90) days after the appointment
of the umpire. Petitioner shall submit its case in writing to the Board within
thirty (30) days after completion of the pre-hearing investigations. Respondent
shall present its response in writing within thirty (30)

                                       5
<PAGE>

days after receipt of Petitioner's case in writing. A hearing shall be held
within thirty (30) days after submission of Respondent's response. The Board
shall render its decision within sixty (60) days after completion of the hearing
unless the parties consent to an extension.

      (e) The Board may alter the time periods contained in this Section 6 for
good cause.

      (f) This Section 6 shall survive the termination of this Agreement.

      Section 7. Miscellaneous.

      (a) Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without regard to principles
of conflicts of laws.

      (b) Amendments. Amendments of this Agreement shall be in writing and
signed by each party hereto.

      (c) Notices. All notices and other communications provided for under this
Agreement shall be effective upon receipt, and shall be delivered to the address
(or facsimile number) set forth below or to such other address (or facsimile
number) as shall be designated by the recipient in a written notice to the other
parties hereto:

            (i) if to DPFB: Dexia Public Finance Bank, 7 a 11 quai Andre Citroen
      BP-1002, 75 901 Paris Cedex 15, Attention: General Counsel (Facsimile:
      331-43-92-81-50);

            (ii) if to DHI: Dexia Holdings, Inc., in care of Financial Security
      Assurance Holdings Ltd., 350 Park Avenue, New York, New York 10022,
      Attention: General Counsel (Facsimile: 212-339-0849); and

            (iii) if to FSA: Financial Security Assurance Holdings Ltd., 350
      Park Avenue, New York, New York 10022, Attention: General Counsel
      (Facsimile: 212-339-0849).

      (d) Assignments. This Agreement may not be assigned by any party without
the express written consent of the other parties. Any assignment made in
violation of this Agreement shall be null and void.

      (e) Counterparts. This Agreement may be executed in counterparts by the
parties hereto, and all such counterparts shall constitute one and the same
instrument.

      (f) Third Party Beneficiaries. Each Participant (including any beneficiary
or permitted successor or assign thereof) shall be a third party beneficiary of
this Agreement, with the right and entitlement to enforce the provisions hereof
as if he or she were a party hereto.

                                       6
<PAGE>

      (g) Termination of Additional Subscriptions. At any time after expiration
of the Subscription Period, DHI may, by prior written notice to FSA, terminate
the right of Participants to acquire additional Program Shares under Section 1
hereof or additional Phantom Program Shares under Section 2 hereof; provided,
however, that any such termination shall in no way impair any rights of FSA
under Section 2(d) hereof to acquire or transfer Program Shares as provided
therein.

      (h) Termination of Initial Agreement. The Initial Agreement shall
terminate, and cease to be of any force or effect, upon receipt by FSA of
consents to this Agreement from each investor in Program Shares or Phantom
Program Shares during the Subscription Period.

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and delivered as of the date first above written.

                                 DEXIA PUBLIC FINANCE BANK,

                                 By:     /s/ Alain Delouis
                                    -----------------------------------
                                    Alain Delouis
                                    Member of the Executive Committee

                                 DEXIA HOLDINGS, INC.,

                                 By:     /s/ James R. Miller
                                    -----------------------------------
                                    James R. Miller, President

                                 FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.,

                                 By:     /s/ Bruce E. Stern
                                    -----------------------------------
                                    Bruce E. Stern, Managing Director

                                       7
<PAGE>

                                                                       Exhibit A

                        INITIAL SUBSCRIPTION APPLICATION

      The undersigned member (the "Participant") of the Board of Directors of
Financial Security Assurance Holdings Ltd. ("FSA") hereby subscribes to the
number of Program Shares set forth below in accordance with Section 1(a) of the
Share Purchase Program Agreement dated as of December 15, 2000 (the "Program
Agreement"), among Dexia Public Finance Bank, Dexia Holdings, Inc. ("DHI"), and
FSA. Capitalized terms used herein and not otherwise defined herein shall have
the meanings provided in the Program Agreement.

Number of  Program  Shares:  ___________ (insert number of Program Shares, not
                                         to exceed 126,958).

      By execution of this Application, the Participant hereby:

            (a) confirms that he or she has reviewed the Program Agreement, and
      accepts the restrictions on transfer, choice of law and forum and
      arbitration requirements specified in the Program Agreement;

            (b) represents and warrants that he or she is acquiring the Program
      Shares for investment purposes only, and not with a view towards
      distribution thereof;

            (c) agrees to pay to the order of DHI, within five business days
      after the expiration of the Subscription Period, cash in the amount of
      U.S. $78.766 times the number of Program Shares set forth above;

            (d) acknowledges that Program Shares shall be delivered to the
      Participant against receipt of payment; and

            (e) agrees that, if payment for any Program Shares is not received
      by DHI within 5 business days after the expiration of the Subscription
      Period, then this subscription shall be null and void.

      IN WITNESS WHEREOF, the undersigned Participant has duly executed and
delivered this Application as of the date set forth below.

Date: __________________   Name:      ____________________________
                                            (please print)

                           Signature: ____________________________

                                       8
<PAGE>

                                                                       Exhibit B

                       SUBSEQUENT SUBSCRIPTION APPLICATION

      The undersigned member (the "Participant") of the Board of Directors of
Financial Security Assurance Holdings Ltd. ("FSA") hereby subscribes to the
number of Program Shares set forth below in accordance with Section 1(b) of the
Share Purchase Program Agreement dated as of December 15, 2000, as amended from
time to time (the "Program Agreement"), among Dexia Public Finance Bank, Dexia
Holdings, Inc. ("DHI"), and FSA. Capitalized terms used herein and not otherwise
defined herein shall have the meanings provided in the Program Agreement.

Number of
Program Shares:  ___________ (insert number of Program Shares, not to exceed,
                             together with current Program Shares and Phantom
                             Program Shares, 126,958 in the aggregate).

      By execution of this Application, the Participant hereby:

            (a) confirms that he or she has reviewed the Program Agreement, and
      accepts the restrictions on transfer, choice of law and forum and
      arbitration requirements specified in the Program Agreement;

            (b) represents and warrants that he or she is acquiring the Program
      Shares for investment purposes only, and not with a view towards
      distribution thereof;

            (c) agrees to pay to the order of DHI, within five business days
      after receipt of the Resale Price Notification, cash in the amount of the
      Resale Price (determined as of the end of the calendar quarter in which
      FSA receives this Application) times the number of Program Shares set
      forth above;

            (d) acknowledges that Program Shares shall be delivered to the
      Participant against receipt of payment; and

            (e) agrees that, if payment for any Program Shares is not received
      by DHI within 5 business days after receipt of the Resale Price
      Notification, then this subscription shall be null and void.

      IN WITNESS WHEREOF, the undersigned Participant has duly executed and
delivered this Application as of the date set forth below.

Date: ____________________   Name:      ____________________________
                                               (please print)

                             Signature: ____________________________

                                       9
<PAGE>

                                                                       Exhibit C

                   FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.
            Deferred Compensation Plan/SERP Investment Election Form
                         Director Share Purchase Program

      The undersigned member (the "Participant") of the Board of Directors of
Financial Security Assurance Holdings Ltd. ("FSA") hereby requests that the
Human Resources Committee transfer the deemed investments of his or her Account
under the FSA Deferred Compensation Plan or SERP (the "Plan") as specified below
to make a deemed investment in the number of Phantom Program Shares specified
below as contemplated by Section 2(a) of the Share Purchase Program Agreement
dated as of December 15, 2000, as amended from time to time (the "Program
Agreement"), among Dexia Public Finance Bank, Dexia Holdings, Inc., and FSA.
Capitalized terms used herein and not otherwise defined herein shall have the
meanings provided in the Plan or the Program Agreement, as the context may
require.

Number of DCP Phantom                     Number of SERP Phantom
Program Shares: _____________             Program Shares: ______________

    (insert number of Phantom Program Shares, not to exceed 126,958 less the
     number of Program Shares subscribed to pursuant to Section 1(a) of the
                               Program Agreement)

Transfer from the specified Deemed Investments in the Participant's Account:
________________________________________________________________________________
________________________________________________________________________________
(if individual investments are not specified, a pro-rata reduction will be made)

      By execution of this Application, the Participant hereby:

            (a) confirms that he or she has reviewed the Program Agreement, and
      accepts the restrictions on transfer, choice of law and forum and
      arbitration requirements specified in the Program Agreement in the event
      that he or she should acquire actual Program Shares upon expiration of the
      applicable Deferral Period;

            (b) agrees that this deemed investment in Phantom Program Shares
      shall remain in effect until either (i) the Deferral Period applicable to
      such deemed investment shall expire or (ii) FSA common shares shall cease
      to be outstanding;

            (c) agrees that he or she will not extend the Deferral Period
      applicable to this Deemed Investment in Phantom Program Shares beyond the
      expiration of his or her membership on the FSA Board of Directors (the
      "Expiration Date"); and that any extension of a Deferral Period applicable
      to such Deemed Investment shall be deemed to be a request to extend such
      Deferral Period until the earlier of the requested extension date and the
      Expiration Date;

                                       10
<PAGE>

            (d) represents and warrants that any actual Program Shares acquired
      in connection with Plan distribution will be acquired for investment
      purposes only, and not with a view towards distribution thereof;

            (e) acknowledges that an amount equal to the value of any dividends
      paid on Program Shares shall be credited to his or her Account under the
      Plan;

            (f) acknowledges that this investment election is not binding on the
      Human Resources Committee (subject to the provisions of the Plan) and the
      right to receive payments under the Plan represents an unfunded, unsecured
      obligation of FSA; and

            (g) acknowledges that, to the extent that the Human Resources
      Committee acts on my investment change, such change will be made on the
      fifth business day after the expiration of the Subscription Period.

      IN WITNESS WHEREOF, the undersigned Participant has duly executed and
delivered this Election Form as of the date set forth below.

Date: ____________________   Name:      ____________________________
                                                (please print)

                             Signature: ____________________________

                                       11
<PAGE>

                                                                       Exhibit D

                   FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.
            Deferred Compensation Plan/SERP Investment Election Form
                         Director Share Purchase Program

      The undersigned member (the "Participant") of the Board of Directors of
Financial Security Assurance Holdings Ltd. ("FSA") hereby requests that the
Human Resources Committee transfer the deemed investments of his or her current
Account under the FSA Deferred Compensation Plan or SERP (the "Plan") as
specified below to make a deemed investment in the number of Phantom Program
Shares specified below as contemplated by Section 2(b) of the Share Purchase
Program Agreement dated as of December 15, 2000, as amended from time to time
(the "Program Agreement"), among Dexia Public Finance Bank, Dexia Holdings,
Inc., and FSA. Capitalized terms used herein and not otherwise defined herein
shall have the meanings provided in the Plan or the Program Agreement, as the
context may require.

Number of DCP Phantom                     Number of SERP Phantom
Program Shares: _____________             Program Shares: ____________
     (insert number of Phantom Program Shares, not to exceed, together with
  current Program Shares and Phantom Program Shares, 126,958 in the aggregate)

Transfer from the specified Deemed Investments in the Participant's Account:
________________________________________________________________________________
________________________________________________________________________________
(if individual investments are not specified, a pro-rata reduction will be made)

      By execution of this Application, the Participant hereby:

            (a) confirms that he or she has reviewed the Program Agreement, and
      accepts the restrictions on transfer, choice of law and forum and
      arbitration requirements specified in the Program Agreement in the event
      that he or she should acquire actual Program Shares upon expiration of the
      applicable Deferral Period;

            (b) agrees that this deemed investment in Phantom Program Shares
      shall remain in effect until either (i) the Deferral Period applicable to
      such deemed investment shall expire or (ii) FSA common shares shall cease
      to be outstanding;

            (c) agrees that he or she will not extend the Deferral Period
      applicable to this Deemed Investment in Phantom Program Shares beyond the
      expiration of his or her membership on the FSA Board of Directors (the
      "Expiration Date"); and that any extension of a Deferral Period applicable
      to such Deemed Investment shall be deemed to be a request to extend such
      Deferral Period until the earlier of the requested extension date and the
      Expiration Date;

            (d) represents and warrants that any actual Program Shares so
      acquired will be acquired for investment purposes only, and not with a
      view towards distribution thereof;

                                       12
<PAGE>

            (e) acknowledges that an amount equal to the value of any dividends
      paid on Program Shares shall be credited to his or her Account under the
      Plan;

            (f) acknowledges that this investment election is not binding on the
      Human Resources Committee (subject to the provisions of the Plan) and the
      right to receive payments under the Plan represents an unfunded, unsecured
      obligation of FSA;

            (g) acknowledges that the Resale Price (the deemed purchase price
      for the Deemed Program Shares) shall be determined as of the close of the
      calendar quarter in which this election form is duly submitted; and

            (h) acknowledges that, to the extent that the Human Resources
      Committee acts on my investment change, FSA shall notify the Participant
      of the Resale Price (the "Resale Price Notification") within 45 days after
      the end of the calendar quarter in which the Participant made his or her
      election, at which time such investment election shall be effected,
      subject to the general terms and provisions of the DCP and SERP.

      IN WITNESS WHEREOF, the undersigned Participant has duly executed and
delivered this Election Form as of the date set forth below.

Date: ____________________   Name:      ____________________________
                                                (please print)

                             Signature: ____________________________

                                       13
<PAGE>

                          CONSENT AND POWER OF ATTORNEY

      The undersigned director (the "Participant") of Financial Security
Assurance Holdings Ltd. ("FSA") participates and/or is eligible to participate
in the FSA Director Share Purchase Program pursuant to which the Participant is
entitled to purchase outstanding shares of FSA Common Stock ("Program Shares")
and make deemed investments in Program Shares ("Phantom Program Shares") under
FSA's Deferred Compensation Plan (the "DCP") and Supplemental Executive
Retirement Plan (the "SERP"), all as contemplated by the Share Purchase Program
Agreement dated as of September 4, 2000 (the "Initial Agreement"), among Dexia
Public Finance Bank ("DPFB"), Dexia Holdings, Inc. ("DHI"), and FSA.

      For good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the Participant hereby consents and agrees with DPFB, DHI
and FSA as follows:

            (i) The Share Purchase Program Agreement dated as of December 15,
      2000 (the "Program Agreement"), shall replace and correct the Initial
      Program Agreement in all respects with retroactive effect.

            (ii) All purchases by the Participant of Program Shares and all
      deemed investments by the Participant in Phantom Program Shares, in each
      case made prior to the date hereof under the Initial Agreement, shall be
      amended to represent purchases or investments, as the case may be, for the
      same dollar amount (rounded up to the nearest whole number of shares) at
      $78.766 per share (as contemplated by the Program Agreement) rather than
      $76 per share (as contemplated by the Initial Agreement); provided that
      all such Program Shares and Phantom Program Shares shall be subject to the
      Resale Price and other provisions of the Program Agreement. Each
      Subscription Application and Investment Election Form submitted under the
      Initial Agreement shall be deemed replaced with a Subscription Application
      and Investment Election Form under the Program Agreement in the forms
      attached thereto.

            (iii) The Participant does hereby (A) constitute and appoint each of
      the Chief Executive Officer, the President and the General Counsel of FSA
      to be his agent and attorney-in-fact, with the power to act fully
      hereunder and with full power of substitution to act in the name and on
      behalf of the undersigned, to sign in the name and on behalf of the
      undersigned, as shareholder of FSA, any and all written consents in lieu
      of a meeting by the shareholders of FSA, in such manner as deemed
      appropriate by DHI in its sole discretion; and (B) waive notice of any
      meeting of shareholders of FSA. The foregoing power-of-attorney and waiver
      shall be in full force and effect for so long as the undersigned shall be
      a Participant, unless and until revoked by written instrument delivered to
      the General Counsel of the Company.

      IN WITNESS WHEREOF, the undersigned Participant has caused this Consent
and Power of Attorney to be signed as of the 15th day of December, 2000.

                                 Please sign here: _____________________________

                    Name (please print name here): _____________________________

                                       14Exhibit 10.10

                              EMPLOYMENT AGREEMENT

            AGREEMENT, dated as of March 14, 2000 by and between Financial
Security Assurance Holdings Ltd., a New York corporation ("Company"), and Robert
P. Cochran ("Employee").

            WHEREAS, Dexia S.A. ("Dexia") and Company are entering into an
Agreement and Plan of Merger dated as of March 14, 2000 (the "Merger
Agreement"), whereby Company will become a wholly-owned subsidiary of Dexia; and

            WHEREAS, Company desires to employ Employee and Employee is willing
to serve as an employee of Company, subject to the terms and conditions of this
Agreement;

            NOW, THEREFORE, IN CONSIDERATION OF the mutual covenants herein
contained, and other good and valuable consideration, the parties hereto agree
as follows:

            1. Employment.

            Company hereby employs Employee, and Employee agrees to serve as an
employee of Company, on the terms and conditions set forth in this Agreement.

            2. Term.

            Employee's employment shall commence at the Effective Time (as
defined in the Merger Agreement) and end on the fourth anniversary of the
Effective Time (the "Term").

            3. Duties During Employment.

            During Employee's employment with Company, Employee shall serve as
Chairman and Chief Executive Officer of Company and shall have such duties and
responsibilities as are assigned to him by the Board of Directors of Company
(the "Board") and as are consistent with the magnitude and scope of his duties
and responsibilities as of the Effective Time. The Employee shall report
directly to the Board.

            Employee shall devote Employee's full business time and attention
and best efforts to the affairs of Company during his period of employment,
provided, however, that Employee may continue to engage in other activities,
such as activities involving professional, charitable, educational, religious
and similar types of organizations, speaking engagements, membership on the
board of directors of such other organizations, provided that such activities do
not interfere with the performance of his duties for Company.
<PAGE>

            4. Current Cash Compensation.

            (a) Base Salary.

            As compensation for his services hereunder, Company will pay to
Employee during the period of his employment a base salary at the annual rate in
effect immediately prior to the Effective Time, payable in accordance with
Company's payroll practices for senior executives. Company shall review the base
salary bi-annually (with the next review to take place January 2001) and in
light of such review may, in the discretion of the Board (but shall not be
obligated to), increase such base salary taking into account any change in
Employee's then responsibilities, performance by Employee, and other pertinent
factors.

            (b) Annual Bonus. Company shall maintain a bonus pool (the "Bonus
Pool") for the benefit of Company employees equal to seven percent (7%) of the
after-tax growth in adjusted book value, excluding realized and unrealized
gains/losses on investments and including a return on equity ("ROE") modifier
that is consistent with the Company's practice as of the date hereof. The
Company shall also maintain a reserve bonus pool (the "Reserve Pool") made up of
previously earned but undistributed Bonus Pool allocations from prior years,
equal to approximately $7 million, which shall be distributable at the
discretion of the management of the Company in consultation with Dexia. Employee
shall receive an annual cash bonus equal to at least 5.6% of each of the Bonus
Pool and the Reserve Pool, if applicable. An additional 2.9% of the Bonus Pool
and Reserve Pool, if applicable, shall be allocated among Employee, Mr. Roger K.
Taylor and Mr. Sean W. McCarthy as determined by Company's Human Resources
Committee; provided, however, that such percentage shall be reduced to (i) 1.75%
in the event Employee is no longer employed by the Company and (ii) 2.02% in the
event either Mr. Taylor or Mr. McCarthy is no longer employed by Company. It
should be noted that the above described percentages are minimum percentages and
that it is anticipated that the actual percentages of each of the Bonus Pool and
Reserve Pool to be allocated among Employee, Mr. Taylor and Mr. McCarthy will be
in the range of 17% to 20%, based on each employee's individual performance and
the performance of Company.

            (c) Performance Shares. In each calendar year in the Term, beginning
in 2001, Employee shall receive an annual Performance Share grant under the
Company's 1993 Equity Participation Plan (the "Performance Share Plan"), as
presently in effect or

                                       2
<PAGE>

as may be modified or added to by Company from time to time, equal to no less
than 50% of such Employee's 2000 Performance Share grant. Such awards shall
comply with the terms of the compensation program included in the
post-transaction compensation program prepared by Johnson Associates, Inc.
included in the Merger Agreement, except as provided herein. Except as provided
herein, such Performance Shares shall vest according to the terms of the
Performance Share Plan.

            5. Other Employee Benefits. In addition to the cash compensation
provided for in Section 4 hereof, Employee, subject to meeting eligibility
provisions thereof, shall be entitled to participate in Company's employee
benefit plans, as presently in effect or as they may be modified or added to by
Company from time to time to the same extent as are otherwise enjoyed by the
senior executives of Company, which shall not be reduced in any material respect
from plans in existence as of the Effective Time. In addition, Employee shall be
required to continue the deferral of outstanding equity bonus balances into
alternative investments under the Company's Deferred Compensation Plan.

            6. Termination.

            (a) Termination by Company Without Cause;
                Termination by Employee for Good Reason.

                  (i) During the Term. If, during the Term, Company should
      terminate Employee's employment without Cause (as defined below), or if
      Employee should terminate his employment for Good Reason (as defined
      below), Company shall pay to Employee an amount equal to two times the sum
      of (A) Employee's annual base salary at the rate in effect immediately
      prior to the date of termination and (B) the average annual bonus payable
      to Employee for the two (2) years immediately prior to the year during
      which termination occurred (the "Severance Payment"). The Severance
      Payment, which shall be in lieu of any amount payable to Employee under
      the Company's Severance Policy for Senior Management, shall be payable in
      monthly installments over the Restricted Period (as defined in Section
      7(b) below). Notwithstanding any provision of the Performance Share Plan
      to the contrary, in the event the Employee's employment is terminated
      pursuant to this Section 6(a)(i), (x) all Performance Shares then
      outstanding shall vest pro rata in proportion to the percentage of the
      performance

                                       3
<PAGE>

      cycle for such Performance Shares during which Employee was employed by
      Company, (y) Employee shall vest in two-thirds of such Performance Shares
      that are then outstanding which have not vested pursuant to clause (x),
      and (z) Employee shall be deemed to have been awarded and to have vested
      in two-thirds of the minimum annual Performance Share grant(s) provided
      for in Section 4(c) to which he is otherwise entitled and for which a
      Performance Share grant has not otherwise been made. Employee shall
      receive a cash payment with respect to all such Performance Shares valued
      pursuant to the valuation mechanism provided in the Performance Share Plan
      (which provides a mechanism for determining the number of Performance
      Shares and the price per share) as applicable to Performance Shares
      outstanding at the Effective Time and Performance Shares granted
      subsequent to the Effective Time, respectively. If the performance cycle
      includes at least one completed year, the payout for each such completed
      year shall be based on the actual results for the completed year(s) and
      100% will be used for uncompleted years; or if the performance cycle does
      not include any completed years, 100% payout. The value which is obtained
      by multiplying the number of Performance Shares determined under (x), (y)
      and (z) above by, the applicable share price determined under the
      valuation mechanism in the Performance Share Plan at the time of the
      termination will be increased with interest at 8% per year, compounded
      semi-annually, from the date of termination to the date of payment. Such
      cash payment shall be made within five (5) days after the end of the
      Restricted Period (as defined in Section 7(b)). Such cash payment shall be
      forfeited in the event Employee breaches his obligations under Section
      7(b) and (c) of this Agreement.

                  (ii) After the Term. If, at any time after the Term, Company
      should terminate Employee's employment without Cause, or if Employee
      should terminate his employment for Good Reason, Company shall pay to
      Employee the Severance Payment, which shall be in lieu of any amount
      payable to Employee under the Company's Severance Policy for Senior
      Management, payable in a lump sum within five (5) days of termination.
      Notwithstanding any provision of the Performance Share Plan to the
      contrary, in the event Employee's employment is terminated pursuant to
      this Section 6(a)(ii), (A) all Performance Shares granted

                                       4
<PAGE>

      during the Term shall vest pro rata in proportion to the percentage of the
      performance cycle for such Performance Shares during which Employee was
      employed by Company and (B) Employee shall vest in two-thirds of the
      Performance Shares granted during the Term which have not vested pursuant
      to clause (A). All Performance Shares granted after the Term shall be
      treated according to the terms of the Performance Share Plan as then in
      effect. Within five (5) days of a termination pursuant to this Section
      6(a)(ii), Employee shall receive a lump sum cash payment with respect to
      all such Performance Shares at a value of such shares multiplied by the
      applicable share price determined under the valuation mechanism in the
      Performance Share Plan.

            "Cause" shall mean (i) conviction or plea of nolo contendere (or
similar plea) in a criminal proceeding for commission of a misdemeanor or a
felony that is materially injurious to the Company; (ii) willful and continued
failure by Employee to perform substantially his duties with Company (other than
any such failure resulting from incapacity due to physical or mental illness)
after a demand for substantial performance is delivered to Employee by Company
which specifically identifies the manner in which Company believes Employee has
not substantially performed his duties; or (iii) Employee engages in willful
misconduct in carrying out his duties with Company which is directly and
materially harmful to the business or reputation of Company. Employee shall not
be terminated for Cause unless he is provided with notice stating in reasonable
detail the alleged misconduct and if such misconduct is reasonably susceptible
to cure, he is allowed a period of time (not less than ten (10) days) to cure
the misconduct; and a resolution is adopted by the Board at a scheduled meeting
at which Employee shall be entitled to attend and speak to the Board.

            "Good Reason" shall mean, without Cause: (i) a diminution of any of
Employee's significant duties or responsibilities; (ii) breach by the Company of
its obligations hereunder; (iii) Company's requiring Employee to be based at an
office that is greater than twenty-five (25) miles from the location of
Employee's office as of the Effective Time; or (iv) after the Term and prior to
January 1, 2008, a material adverse change in Employee's total compensation as
in effect at the Effective Time. Notwithstanding the foregoing, Employee shall
not be deemed to have terminated his employment for Good Reason unless he gives
60 days' prior written notice to Company

                                       5
<PAGE>

stating in reasonable detail the basis upon which "Good Reason" is asserted,
such notice is given within 120 days of the later of the occurrence of the event
or the date Employee knows or should have known of the event which would
otherwise constitute Good Reason and, if such failure or breach is reasonably
susceptible to cure, Company does not effect a cure within such 60-day period.

            (b) Termination by Company for Cause;
                Termination by Employee without Good Reason.

                  (i) During the Term. If, during the Term, Company should
      terminate Employee's employment for Cause or Employee should terminate his
      employment without Good Reason, Employee will be entitled only to be paid
      the pro-rata annual base salary otherwise payable to Employee under
      paragraph (a) of Section 4 through the date of termination. All
      Performance Shares that are unvested on the date of termination shall be
      forfeited.

                  (ii) After the Term. If, after the Term, Company should
      terminate Employee's employment for Cause or Employee should terminate his
      employment without Good Reason, Employee will be entitled to be paid the
      pro-rata annual base salary otherwise payable to Employee under paragraph
      (a) of Section 4 through the date of termination and a pro-rata annual
      bonus through the date of termination. Notwithstanding any provision of
      the Performance Share Plan to the contrary, in the event Employee's
      employment is terminated pursuant to this Section 6(b)(ii), all
      outstanding Performance Shares granted during the Term shall vest pro rata
      in proportion to the percentage of the performance cycle for such
      Performance Shares during which Employee was employed by Company. All
      Performance Shares granted after the Term shall be treated according to
      the terms of the Performance Share Plan then in effect. Within five (5)
      days of a termination pursuant to this Section 6(b)(ii), Employee shall
      receive a lump sum cash payment with respect to all such Performance
      Shares at a value of such shares multiplied by the applicable share price
      determined under the valuation mechanism in the Performance Share Plan.

            (c) Additional Payments. If applicable, Employee shall be eligible
to receive the additional payments set forth on Annex A.

                                       6
<PAGE>

            (d) No Disparaging Statements.

            In the event of termination of Employee's employment for any reason
by Company or Employee, Employee will not at any time publicly denigrate,
ridicule or intentionally criticize Company or any of its affiliates including,
without limitation, by way of news interviews, or the expression of personal
views, opinions or judgments to the news media. Similarly, neither Company nor
any of its affiliates will publicly denigrate, ridicule or intentionally
criticize Employee.

            7. Restrictive Covenants.

            (a) Confidential Information.

            Employee agrees to keep secret and retain in the strictest
confidence all confidential matters which relate to Company or any affiliate of
Company, including, without limitation, customer lists, client lists, trade
secrets, pricing policies and other nonpublic business affairs of Company and
any affiliate of Company learned by him from Company or any such affiliate or
otherwise before or after the date of this Agreement, and not to disclose any
such confidential matter to anyone outside Company or any of its affiliates,
whether during or after his period of service with Company, except as may be
required by a court of law, by any governmental agency having supervisory
authority over the business of Company or by any administrative or legislative
body (including a committee thereof) with apparent jurisdiction to order him to
divulge, disclose or make accessible such information. Employee agrees to give
Company advance written notice of any disclosure pursuant to the preceding
sentence and to cooperate at the Company's expense with any efforts by Company
to limit the extent of such disclosure. Upon request by Company, Employee agrees
to deliver promptly to Company upon termination of his services for Company, or
at any time thereafter as Company may request, all Company or affiliate
memoranda, notes, records, reports, manuals, drawings, designs, computer files
in any media and other documents (and all copies thereof) relating to Company's
or any affiliate's business and all property of Company or any affiliate
associated therewith, which he may then possess or have under his control, other
than personal notes, diaries, rolodexes and correspondence.

            (b) Covenant Not to Compete.

            During the term of this Agreement and for the remainder of the Term,
upon a termination of Employee's employment for any reason (the "Restricted
Period"),

                                       7
<PAGE>

Employee shall not directly or indirectly, own, manage, operate, join, control,
or participate in the ownership, management, operation or control of, or be
employed by or connected in any manner with, any competing business, whether for
compensation or otherwise, without the prior written consent of Company
(excluding less than 5% stakes in public vehicles). For the purposes of this
Agreement, a "competing business" shall be any financial services business which
is a significant competitor of Company or its affiliates. Should Employee,
directly or indirectly, own, manage, operate, join, control or participate in
the ownership, management, operation or control of, or be employed by or
connected in any manner with, any competing business, all payments under this
Agreement shall cease.

            (c) Covenant Not to Solicit Company Clients or Employees.

            During the term of this Agreement, and for the Restricted Period,
Employee shall not, in any manner, directly or indirectly, (i) raid or solicit
any client or prospective client of Company or its affiliates to whom Employee
provided services, or for whom Employee transacted business, or whose identity
became known to Employee in connection with Employee's employment with Company,
to transact business with a competing business or reduce or refrain from doing
any business with Company or its affiliates or (ii) interfere with or damage (or
attempt to interfere with or damage) any relationship between Company or its
affiliates and any such client or prospective client. During the term of this
Agreement, and for the Restricted Period, Employee further agrees that Employee
shall not, in any manner, directly or indirectly, solicit any person who is an
employee of Company or its affiliates to apply for or accept employment with any
competing business. The term "solicit" as used in this Agreement means any
communication of any kind whatsoever, regardless of by whom initiated, inviting,
encouraging or requesting any person or entity to take or refrain from taking
any action.

            (d) Employee agrees that during his employment and thereafter
Employee shall be available to Company and Parent and shall assist Company and
Parent in connection with any litigation brought by or against Company or its
affiliates and Parent relating to the period during which Employee was employed
by Company; provided, however, that all costs and expenses in connection with
the foregoing shall be borne by Company and/or Parent and advanced to the
Employee.

                                       8
<PAGE>

            (e) The provisions of this Section 7 shall survive the termination
or expiration of this Agreement in accordance with the terms hereof. It is the
intention of the parties hereto that the restrictions contained in this Section
7 be enforceable to the fullest extent permitted by law. Therefore, to the
extent any court of competent jurisdiction shall determine that any portion of
the foregoing restrictions is excessive, such provision shall not be entirely
void, but rather shall be limited or revised only to the extent necessary to
make it enforceable.

            8. Remedy.

            Should Employee engage in or perform, either directly or indirectly,
any of the acts prohibited by Section 7 hereof, it is agreed that Company shall
be entitled to full injunctive relief, to be issued by any competent court of
equity, enjoining and restraining Employee and each and every other person,
firm, organization, association, or corporation concerned therein, from the
continuance of such violative acts. The foregoing remedy available to Company
shall not be deemed to limit or prevent the exercise by Company of any or all
further rights and remedies which may be available to Company hereunder or at
law or in equity.

            9. Prior Notice to Prospective Employer.

            Prior to accepting employment with any other person or entity during
Employee's employment or the Restricted Period, Employee shall provide such
prospective employer with written notice of the provisions of this Agreement.

            10. Arbitration.

            If a dispute arises between the parties respecting the terms of this
Agreement or Employee's employment by Company, such dispute shall be settled
only by binding arbitration in New York, New York, in accordance with the
commercial arbitration rules of the American Arbitration Association. Company
will pay the costs of arbitration and reasonable legal fees, provided that the
claim is determined not to be frivolous.

            11. Directors' and Officers' Insurance.

            During the Employee's employment, Company shall maintain directors'
and officers' liability insurance covering Employee, which contains at least the
same coverage and amounts and contains terms and conditions no less advantageous
than that coverage provided by Company as of the Effective Time.

                                       9
<PAGE>

            12. Governing Law.

            This Agreement is governed by and is to be construed and enforced in
accordance with the laws of the State of New York, without reference to
principles relating to conflict of laws. If under such law, any portion of this
Agreement is at any time deemed to be in conflict with any applicable statute,
rule, regulation or ordinance, such portion shall be deemed to be modified or
altered to conform thereto or, if that is not possible, to be omitted from this
Agreement; the invalidity of any such portion shall not affect the force, effect
and validity of the remaining portion hereof.

            13. Notices.

            All notices under this Agreement shall be in writing and shall be
deemed effective when delivered in person, or five (5) days after deposit
thereof in the U.S. mails, postage prepaid, for delivery as registered or
certified mail, addressed to the respective party at the address set forth below
or to such other address as may hereafter be designated by like notice. Unless
otherwise notified as set forth above, notice shall be sent to each party as
follows:

            (a)   Employee, to:
                  Robert P. Cochran
                  1000 Park Avenue, Apt. 12A
                  New York, New York  10028

            (b)   Company, to:
                  7 a quai Andre Citroen BP-1002
                  75 901 Paris Cedex 15
                  Attention: Jean-Paul Gauzes

            In lieu of personal notice or notice by deposit in the U.S. mail, a
party may give notice by confirmed telegram, telex or fax, which shall be
effective upon receipt.

            14. Entire Agreement.

            This Agreement constitutes the entire understanding between Company
and Employee relating to the terms of employment of Employee by Company and
supersedes and cancels all prior written and oral agreements and understandings
with respect to the subject matter of this Agreement. This Agreement may be
amended but only by a subsequent written agreement of the parties. This
Agreement shall be binding

                                       10
<PAGE>

upon and shall inure to the benefit of Employee, Employee's heirs, executors,
administrators and beneficiaries, and Company and its successors.

            15. Successors.

            This Agreement is personal to Employee and without the prior written
consent of Company shall not be assignable by Employee otherwise than by will or
the laws of descent and distribution. This Agreement shall inure to the benefit
of and be enforceable by Employee's legal representatives. This Agreement shall
inure to the benefit of and be binding upon Company and its successors and
assigns.

            16. Withholding Taxes.

            All amounts payable to Employee under this Agreement shall be
subject to applicable withholding of income, wage and other taxes.

            17. Waiver of Breach.

            The waiver by either party of a breach of any term of this Agreement
shall not operate nor be construed as a waiver of any subsequent breach thereof.
Any waiver must be in writing and signed by the Executive or an authorized
officer of the Company, as the case may be.

            18. Survivorship.

            The respective rights and obligations of the parties hereunder shall
survive any termination of the Executive's employment to the extent necessary to
the intended preservation of such rights and obligations.

            19. Severability.

            If any one or more of the provisions contained in this Agreement
shall be invalid, illegal or unenforceable in any respect under any applicable
law, the validity, legality and enforceability of the remaining provisions
contained herein shall not in any way be affected or impaired thereby.

            20. Headings.

            The headings of the sections contained in this Agreement are for
convenience only and shall not be deemed to control or affect the meaning or
construction of any provision of this Agreement.

                                       11
<PAGE>

            21. Counterparts.

            This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original but all of which together will
constitute one and the same instrument.

            IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the year and day first above written.

                              Financial Security Assurance Holdings Ltd.

                              By: /s/ Bruce Stern
                                 ---------------------------------------
                                    Managing Director/General Counsel

                                       /s/ Robert P. Cochran
                              ------------------------------------------
                                          Robert P. Cochran

                                       12
<PAGE>

                                                                         ANNEX A

                               Additional Payments

            (a) Except as set forth below, in the event it shall be determined
that any payment or distribution by Company to or for the benefit of Employee
(whether paid or payable or distributed or distributable pursuant to the terms
of the Agreement or otherwise, but determined without regard to any additional
payments required under this Annex A) (a "Payment") would be subject to the
excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as
amended (the "Code") or any interest or penalties are incurred by Employee with
respect to such excise tax (such excise tax, together with any such interest and
penalties, are hereinafter collectively referred to as the "Excise Tax"), then
Employee shall be entitled to receive an additional payment (a "Gross-Up
Payment") in an amount such that after payment by Employee of all taxes
(including any interest or penalties imposed with respect to such taxes),
including, without limitation, any income taxes (and any interest and penalties
imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment,
Employee retains an amount of the Gross-Up Payment equal to the Excise Tax
imposed upon the Payments.

            (b) Subject to the provisions of paragraph (c), all determinations
required to be made under this Annex A, including whether and when a Gross-Up
Payment is required and the amount of such Gross-Up Payment and the assumptions
to be utilized in arriving at such determination, shall be made by Company's
independent auditors or such other certified public accounting firm reasonably
acceptable to Employee as may be designated by Company (the "Accounting Firm")
which shall provide detailed supporting calculations both to Company and
Employee within 15 business days of the receipt of notice from Employee that
there has been a Payment, or such earlier time as is requested by Company. All
fees and expenses of the Accounting Firm shall be borne solely by Company. Any
Gross-Up Payment, as determined pursuant to this Annex A, shall be paid by
Company to Employee not later than the due date for the payment of any Excise
Tax. Any determination by the Accounting Firm shall be binding upon Company and
Employee. As a result of the uncertainty in the application of Section 4999 of
the Code at the time of the initial determination by the Accounting Firm
hereunder, it is possible that Gross-Up Payments which will not have been made
by Company should have been made ("Underpayment"), consistent with the
calculations required to be made hereunder. In the event that Company exhausts
its remedies pursuant to paragraph (c) and Employee thereafter is required to
make a payment of any Excise Tax, the Accounting Firm shall determine the amount
of the Underpayment that has occurred and
<PAGE>

any such Underpayment shall be promptly paid by Company to or for the benefit of
Employee. In the event the amount of the Gross-up Payment exceeds the amount
necessary to reimburse Employee for the Excise Tax (the "Overpayment"), the
Accounting Firm shall determine the amount of the Overpayment that has been made
and any such Overpayment shall be promptly paid by Employee (to the extent
Employee has received a refund if the applicable Excise Tax has been paid to the
Internal Revenue Service) to or for the benefit of the Company. Employee shall
cooperate, to the extent expenses are reimbursed by the Company, with any
reasonable requests by the Company in connection with any contests or disputes
with the Internal Revenue Service in connection with the Excise Tax.

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