Document:

Exhibit 10.6E

FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.

AGREEMENT EVIDENCING AN AWARD OF DEXIA RESTRICTED STOCK

January 23, 2007

To:  [                    ] “Employee”

We are pleased to notify you
that by the determination of the Human Resources Committee (the “Committee”)
of the Board of Directors of Financial Security Assurance Holdings Ltd. (together with any successor thereto, the
“Company”) (Number of Shares) (             ) shares of Dexia Restricted Stock have been awarded to you under
the Financial Security Assurance Holdings Ltd. 2004 Equity Participation Plan (as amended from time to time, the “Plan”).  Unless otherwise defined herein, all
capitalized terms contained herein shall have the definitions that are ascribed
to them in the Plan.

As described herein, your shares of Dexia Restricted Stock
will be allocated (i) 33-1/3% to
the three-year Restricted Period
scheduled to end December 31, 2009
and (ii) 66-2/3% to the four-year Restricted Period scheduled to end December 31, 2010. 
Pursuant to the terms of
the Plan and this Agreement, the restrictions on vested Dexia Restricted Stock
allocated to each Restricted Period will lapse at the end of such Restricted
Period and unrestricted shares
of Dexia Stock will be distributed at that time.  During the Restricted Period, your shares of Dexia Restricted Stock will be held in custody in a securities
account maintained by a custodian designated by the Company, subject to the provisions of this Agreement
and the Plan.

1.             Purpose of Award.

The purpose of the Plan
pursuant to which your shares of Dexia
Restricted Stock have been awarded
is to enable the Company to retain and attract executives and employees who
will contribute to the Company’s
success by their ability, ingenuity and industry, and to enable such executives
and employees to participate in the long-term growth of the Company and Dexia by obtaining a proprietary
interest in the Company or Dexia and/or
the cash equivalent thereof.

2.             Acceptance of the Dexia Restricted Stock Award Agreement.

Your execution of this Dexia Restricted Stock award agreement (this “Agreement”) will
indicate your acceptance of, and your agreement to be bound by, the terms set
forth in this Agreement and in the Plan.

3.             Vesting
Period.

On the date hereof, you are vested in none of the
shares of Dexia Restricted Stock subject to this award.  Subject to the provisions of this Section 3
and the Plan, your shares of Dexia Restricted Stock shall vest according to the
following schedule:

 

	
  Vesting Date

  	
   

  	
   

  	
   

  	
  % of Dexia Restricted Stock Award Vesting

  	
   

  
	
  June 30, 2009

  	
   

  	
  33-1/3%

  	
   

  
	
  June 30, 2010

  	
   

  	
  66-2/3%

  	
   

  

 

The
period from the date of grant of your shares of Dexia Restricted Stock to the
date such shares are scheduled to become vested is referred to as the “Normal
Vesting Period.”

In the event of termination of your employment for
any reason during the Normal Vesting Period, (i) you shall forfeit all your
shares of Dexia Restricted Stock that have not become vested prior to your date
of termination, except as specified below in this Section 3, and (ii) any
shares of vested Dexia Restricted Stock held by you (including shares that
become vested as specified below in this Section 3) will be distributed in the
form of shares of unrestricted Dexia Stock at the conclusion of the applicable
Restricted Period, subject to your right to sell such shares to the Company as
described in Section 6.  The period from
the date of award of your Dexia Restricted Stock to the actual date of vesting
(taking into account the earlier vesting as a result of the events described
below in this Section 3) is referred to as the “Forfeiture Period.”

·                                          Upon termination of
your employment by the Company without Cause, a portion of your shares of Dexia
Restricted Stock subject to this award that have not become vested prior to the
date of such termination shall vest as of such date, such portion to equal the
ratio of (i) the number of days in the Normal Vesting Period applicable to such
shares that have elapsed as of the date of termination, over (ii) the total
number of days in such Normal Vesting Period.

·                                          Upon becoming
eligible for Retirement at age 55 (or
such other date as you shall become eligible to retire under any agreement with
the Company) (your “Retirement Eligibility Date”), a
portion of your shares of Dexia Restricted Stock subject to this award that
have not become vested prior to your Retirement Eligibility Date shall vest as
of such date, such portion to equal the ratio of (i) the number of days in the
Normal Vesting Period applicable to such shares that have elapsed as of the
Retirement Eligibility Date, over (ii) the total number of days in such Normal
Vesting Period.  The shares of Dexia
Restricted Stock subject to this award that are still unvested following your
Retirement Eligibility Date shall vest in equal installments as of the last day
of each of the Company’s fiscal quarters ending during the remaining term of
the applicable Normal Vesting Period, provided that, in the case of each such
installment, you remain employed by the Company until the applicable vesting
date.

·                                          All your unvested
shares of Dexia Restricted Stock awarded hereunder shall vest (i) upon your
death or Disability while you are employed by the Company or (ii) to the same
extent that Performance Shares vest, in the event of a Change in Control while
you are employed by the Company.

4.             Restricted
Period.

From
the date of award of your Dexia Restricted Stock until 6 months following the
expiration of the Forfeiture Period (such period, the “Restricted Period”),
you shall not be permitted, voluntarily or involuntarily, to sell, transfer,
pledge, anticipate, alienate, encumber or assign your shares of Dexia
Restricted Stock awarded hereunder except by will or the laws of descent and
distribution; provided that the Restricted Period for any shares of Dexia
Restricted Stock that are automatically sold to the Company or to Dexia to
satisfy withholding tax requirements in accordance with Section 8 below shall
expire at the expiration of the applicable Forfeiture Period.  The Restricted Periods set forth below shall
apply to your shares of Dexia Restricted Stock that vest at the conclusion of
the Normal Vesting Period:

 2
 

 

	
  Vesting Date

  	
   

  	
   

  	
   

  	
  Restricted Period Ended

  	
   

  	
  % of Dexia Restricted Stock Award

  Becoming Unrestricted

  
	
  June 30, 2009

  	
   

  	
  December
  31, 2009

  	
   

  	
  33-1/3%

  
	
  June 30, 2010

  	
   

  	
  December 31,
  2010

  	
   

  	
  66-2/3%

  

 

5.             Dividends
and Voting Rights.

Other than the restrictions on transfer
during the Restricted Period, the risk of forfeiture during the Normal Vesting
Period and any other terms and conditions of your award set forth herein and in
the Plan, you shall have all of the rights of a holder of Dexia Stock in
respect of your shares of Dexia Restricted Stock, including the right to vote
the shares and the right to receive any cash dividends; provided that any stock
dividends paid, or proceeds of stock splits, shall remain Dexia Restricted
Stock subject to the same custody arrangement, vesting provisions and
Restricted Period applicable to the Dexia Restricted Stock in respect of which
such stock dividend was paid or stock split was made.  Cash dividends received with respect to your
Dexia Restricted Stock shall be converted into U. S. dollars at the then
applicable exchange rates and paid to you promptly following receipt by the
custodian of such dividends but, in any event, not later than 2 1⁄2 months
following the year in which such cash dividends are received by the custodian.

6.             Election
to Sell Stock.

Prior to the date on which the Restricted Period
shall be completed with respect to vested shares of Dexia Restricted Stock
awarded to you hereunder, you shall be given an opportunity to elect to sell to
the Company all or a portion of such shares, if any, that you would be entitled
to receive following completion of such Restricted Period.  Such election shall be made in writing and
shall be delivered to the Company’s Chief Financial Officer or General Counsel,
or such other officer as the Committee shall from time to time designate.  Notwithstanding any election to sell made by
you, the Committee may, in its sole and absolute discretion, on behalf of the
Company, refuse to purchase shares of unrestricted Dexia Stock from you.  If you fail to make a timely election with
respect to any vested shares of Dexia Restricted Stock prior to completion of
the Restricted Period, the Committee, in its sole discretion, may nonetheless
purchase shares of Dexia Stock that you offer for sale to the Company.  Any Dexia Stock purchased by the Company
pursuant to this Section 6 shall be purchased at the Fair Market Value of Dexia
Stock as of the last day of the Restricted Period (or if such day is not a
trading day for Dexia Stock, then the first succeeding trading day for Dexia
Stock), converted into U. S. dollars using the noon buying rate published by the Federal
Reserve Bank of New York for such date (or, if such rate is no longer
published, such other rate as the Committee shall approve).

7.             Distributions
and Payments on Completion of Restricted Period.

In furtherance of an election made under
Section 6 of this Agreement, and subject to the Company’s rights thereunder,
distributions of Dexia Stock and/or payments of cash for the purchase of shares
of Dexia Restricted Stock allocated to a particular Restricted Period covered
by this award shall be made to you within ten (10) days after the completion of
such Restricted Period.

8.             Tax
Withholding.

In accordance with Section 11(d) of the Plan,
you shall automatically sell to the Company a number of whole and/or fractional
shares of Dexia Stock that would otherwise be distributed to you upon 

 3
 

expiration of the Forfeiture Period in order to
satisfy the minimum withholding requirement for all applicable Federal, state
and local income, excise and employment taxes; provided that you may elect to
satisfy any such withholding requirement by the delivery of cash.  Such election must be made in writing and
delivered to the Company’s Chief Financial Officer or General Counsel or such
other officer as the Committee shall from time to time designate no later than
thirty (30) days prior to the date of any such withholding requirement.  Any shares of Dexia Stock sold to the Company
pursuant to this Section 8 shall be valued at their Fair Market Value on the
date of the applicable withholding requirement (or if such day is not a trading
day for Dexia Stock, then the first succeeding trading day for Dexia Stock),
converted into U. S. dollars using the noon buying rate published by the Federal Reserve Bank of New York
for such date (or, if such rate is no longer published, such other rate as the
Committee shall approve).

9.             Dexia Stock Ceases to be Outstanding.

If, as a result of any merger, reorganization or other business
combination or any other event or occurrence (a “Realization Event”),
Dexia Stock is converted or exchanged for cash, shares or other consideration
(the “Realization Consideration”), each share of Dexia Restricted Stock
awarded hereunder outstanding immediately prior to such Realization Event shall
be converted into the Realization Consideration at the same time and on the
same terms as applicable to Dexia Stock in general and shall be subject to the
terms and conditions of Section 6(c) of the Plan applicable to the Dexia
Restricted Stock for which the Realization Consideration was paid, including
the timing of payment, transfer and forfeiture provisions applicable with
respect to the remaining term of the applicable Restricted Period and the
Forfeiture Period, unless, in any such case, waived by the Committee in its
sole discretion; provided that (i) to the extent that the Realization
Consideration consists of shares, the provisions hereof applicable to Dexia
Restricted Stock shall apply to such shares as if such shares were Dexia
Restricted Stock; and (ii) to the extent that the Realization Consideration
consists of cash (the “Restricted Cash Amount”), the Restricted Cash
Amount shall be paid to you six months after the end of the Normal Vesting
Period applicable to the Dexia Restricted Stock for which the Restricted Cash
Amount was substituted.  Such Restricted
Cash Amount shall be converted into U.S. dollars using the noon buying rate
published by the Federal Reserve Bank of New York for the date of receipt of
such cash (or if such rate is no longer published, such other rate as the Committee
shall approve) and credited with a rate of return equal to the Company’s ROE
from the date of conversion into cash until the date of payment.  The Company’s obligation to pay the
Restricted Cash Amount, along with any deemed earnings or losses thereon, shall
be an unfunded contractual obligation that will be satisfied out of the Company’s
general assets.  Participants shall have
only the rights of a general unsecured creditor of the Company with respect to
such amounts.

For purpose of the
foregoing:

“ROE”
means, in respect of any period, the average of:

(i)            the discount rate (expressed as an
annual percentage rate) such that (a) the Adjusted Book Value per share of the
Company’s common stock (“FSA Stock”) on the last day of the last
calendar quarter in such period, adjusted to exclude the after-tax change in
accumulated other comprehensive income (unrealized gains and losses in the
Company’s investment portfolio and any other component of other comprehensive
income) during such period, and the dividends paid per share during such
period, each discounted at such discount rate to the 

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first day of the
first calendar quarter in such period, equals (b) the Adjusted Book Value per
share of FSA Stock on the first day of the first calendar quarter in such period;
and

(ii)           the discount rate (expressed as an
annual percentage rate) such that (a) the Book Value per share of FSA Stock on
the last day of the last calendar quarter in such period, adjusted to exclude
the after-tax change in accumulated other comprehensive income (unrealized
gains and losses in the Company’s investment portfolio and any other component
of other comprehensive income) during such period, and the dividends paid per
share during such period, each discounted at such discount rate to the first
day of the first calendar quarter in such period, equals (b) the Book Value per
share of FSA Stock on the first day of the first calendar quarter in such
period.

“Adjusted Book
Value” means, as of a particular date, the Book Value on such date, subject
to the following adjustments, each of which shall have been derived from the
Company’s IFRS financial statements for the period ended on such date (or, if
not derivable from such financial statements, shall be determined in good faith
by the Company), but reduced by the amount of the federal income tax applicable
thereto:

(i)            add to the Book Value the sum of (A)
the unearned premiums net of prepaid reinsurance premiums at such date, (B) the
estimated present value of future installment premiums, net of reinsurance, at
such date, (C) the estimated present value of ceding commissions to be received
related to reinsured future installment premiums at such date and (D) the
estimated present value of future net interest margin at such date, and

(ii)           subtract from such total the sum of
(A) the deferred acquisition costs at such date and (B) the estimated present
value of premium taxes to be paid related to future installment premiums.

For purposes hereof, Adjusted Book Value shall be determined excluding
the after-tax effect of gains or losses attributable to mark-to-market of
Investment Grade credit derivatives.

“Adjusted Book
Value per share” means, as of a particular date, Adjusted Book Value on
such date divided by the number of shares of FSA Stock outstanding (excluding
treasury shares other than those owned to hedge obligations under the Company’s
Deferred Compensation Plan(s) or Supplemental Executive Retirement Plan(s)) on
such date.

“Book Value”
means, as of a particular
date, the Company’s total shareholders’ equity on such date, as derived from
the Company’s IFRS financial statements for the period ended on such date.  For purposes hereof, Book Value shall be
determined excluding the after-tax effect of gains or losses attributable to
mark-to-market of Investment Grade credit derivatives.

 5
 

“Book Value per
share” means, as of a particular date, Book Value on such date divided by
the number of shares of FSA Stock outstanding (excluding treasury shares other
than those owned to hedge obligations under the Company’s Deferred Compensation
Plan(s) or Supplemental Executive Retirement Plan(s)) on such date.

10.           Subject to Terms
of the Plan.

This Agreement shall be subject in all respects to the terms and
conditions of the Plan and in the event of any question or controversy relating
to the terms of the Plan, or any ambiguity in interpreting the provisions
thereof, the decision of the Committee shall be conclusive.

11.           Miscellaneous.

(a)           All decisions made
by the Committee pursuant to the provisions of this Agreement and the Plan
(including without limitation any interpretation of this Agreement and the
Plan) shall be final and binding, in the absence of bad faith or manifest
error, on all persons and otherwise entitled to the maximum deference permitted
by law, including the Company and you. 
Any dispute, controversy or claim between the parties hereto arising out
of or relating to this Agreement shall be settled by arbitration conducted in
the City of New York, in accordance with the Commercial Rules of the American
Arbitration Association then in force and New York law.  In any dispute or controversy or claim
challenging any determination by the Committee, the arbitrator(s) shall uphold
such determination in the absence of the arbitrator’s finding of the presence
of bad faith or manifest error of the Committee.  The arbitration decision or award shall be
final and binding upon the parties.  The
arbitration shall be in writing and shall set forth the basis therefor.  The parties hereto shall abide by all awards
rendered in such arbitration proceedings, and all such awards may be enforced
and executed upon in any court having jurisdiction over the party against whom
enforcement of such award is sought. 
Each party shall bear its own costs with respect to such arbitration, including
reasonable attorneys’ fees; provided, however, that: (i) the fees of the
American Arbitration Association shall be borne equally by the parties; and
(ii) if the arbitration is resolved in your favor, your costs of arbitration
(including such fees) shall be paid by the Company.

(b)           All certificates for
shares of Dexia Stock delivered
pursuant to this Agreement shall be subject to such stock-transfer orders and
other restrictions as the Committee may deem advisable under the rules,
regulations, and other requirements of the Securities and Exchange Commission,
any stock exchange upon which Dexia
Stock is then listed, and any applicable Federal, state or foreign securities
law, and the Committee may cause a legend or legends to be put on any such
certificates to make appropriate reference to such restrictions.

(c)           This Agreement shall
not confer upon you any right to
continued employment with the Company, nor shall it interfere in any way with
the right of the Company to terminate your  employment at any time.  Notwithstanding any other provisions of this
Agreement or the Plan, if the Committee determines that any individual entitled
to take action or receive payments hereunder is an infant or incompetent by
reason of physical or mental disability, it may permit such action to be made
by or cause 

 6
 

such payments to be made to a different individual, without any further
responsibility with respect thereto under this Agreement or the Plan.

(d)           All notices hereunder shall be in
writing and, if to the Company, shall be delivered or mailed to its principal
office, addressed to the attention of the General Counsel; and if to you, shall
be delivered personally or mailed to you at the address appearing in the
records of the Company.  Such addresses
may be changed at any time by written notice to the other party given in
accordance with this Section 11.

(e)           Notwithstanding any
other provision of the Plan or this Agreement, the Plan and this Agreement
shall be construed or deemed to be amended as necessary to comply with the
requirements of Section 409A of the Code to avoid taxation under Section
409A(a)(1) of the Code.  The Committee,
in its sole discretion, shall determine the requirements of Section 409A of the
Code applicable to the Plan and this Agreement and shall interpret the terms of
the Plan and this Agreement consistently therewith.  Under no circumstances, however, shall the
Company have any liability under the Plan or this Agreement for any taxes,
penalties or interest due on amounts paid or payable pursuant to the Plan or
this Agreement, including any taxes, penalties or interest imposed under
Section 409A(a)(1) of the Code.

(f)            The failure of you or the Company to
insist upon strict compliance with any provision of this Agreement or the Plan,
or to assert any right you or the Company may have under this Agreement or the
Plan, shall not be deemed to be a waiver of such provision or right or any
other provision or right of this Agreement or the Plan.

(g)           This Agreement contains the entire
agreement between the parties with respect to the subject hereof and supersedes
all prior agreements, written or oral, with respect thereto.

(h)           THIS AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REFERENCE TO
PRINCIPLES OF CONFLICT OF LAWS.

	
   

  	
   

  	
  Sincerely yours,

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FINANCIAL
  SECURITY ASSURANCE HOLDINGS LTD.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Sean W. McCarthy,

  
	
   

  	
   

  	
   

  	
  President

  
	
   

  	
   

  	
   

  	
   

  

 

 7
 

 

	
  Agreed to and accepted as of
  the

  	
   

  	
   

  
	
  date first set
  forth above (Please sign on the line

  	
   

  	
   

  
	
  below and print
  name in the space provided):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (signature)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  (print name)

  	
   

  	
   

  

 

 8Exhibit
10.6F

AMENDMENT
dated as of February 14, 2007 to AGREEMENTS EVIDENCING AWARDS OF DEXIA
RESTRICTED STOCK to ROBERT P. COCHRAN.

WHEREAS,
Robert P. Cochran has been awarded shares of Dexia Restricted Stock under the
Financial Security Assurance Holdings Ltd. (the “Company”) 2004 Equity
Participation Plan in 2005 and 2006 (the “2005/2006 Awards”);

WHEREAS,
the agreements (the “Award Agreements”) evidencing the 2005/2006 Awards provide
for vesting of the Dexia Restricted Stock upon eligibility for retirement at
age 55;

WHEREAS,
Mr. Cochran is party to an employment agreement with the Company pursuant to
which he is not eligible to retire until age 60; and

WHEREAS,
the parties hereto endeavor to provide that from and after January 1, 2007, the
2005/2006 Awards will henceforth only vest upon eligibility for retirement when
Mr. Cochran is eligible at age 55 or such other date as he shall become
eligible to retire in accordance with any agreement that he may have with the
Company;

NOW,
THEREFORE, the parties hereto hereby agree as follows:

1.             The
second bullet point paragraph in Section 3 (“Vesting Period”) of each of the
Award Agreements shall be revised to read as follows:

·                                          Upon becoming eligible for Retirement at age
55 (or such other date as you shall become eligible to retire under any
agreement with the Company) (your “Retirement
Eligibility Date”), a portion of your shares of Dexia Restricted Stock subject
to this award that have not become vested prior to your Retirement Eligibility
Date shall vest as of such date, such portion to equal the ratio of (i) the
number of days in the Normal Vesting Period applicable to such shares that have
elapsed as of the Retirement Eligibility Date, over (ii) the total number of
days in such Normal Vesting Period.  The
shares of Dexia Restricted Stock subject to this award that are still unvested
following your Retirement Eligibility Date shall vest in equal installments as
of the last day of each of the Company’s fiscal quarters ending during the
remaining term of the applicable Normal Vesting Period, provided that, in the
case of each such installment, you remain employed by the Company until the
applicable vesting date.

2.             Any
shares of Dexia Restricted Stock awarded under the Award Agreements that shall
have vested by reason of eligibility for retirement prior to January 1, 2007
shall remain so vested.

3.             Except
as expressly provided herein, the Award Agreements shall remain unchanged and
in full force and effect.  Unless the
context otherwise requires, capitalized terms used herein have the meanings
provided in the Award Agreements.  This
Amendment shall be governed by, and construed in accordance with, the laws of
the State of New York.

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

	
  

  	
  FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Bruce E.
  Stern

  
	
   

  	
   

  	
  General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
  ROBERT P. COCHRAN

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Robert P.
  Cochran

  

 

 2

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