Document:

Exhibit 4.6

 

SECOND AMENDMENT TO THE

ASSURED GUARANTY LTD. SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN

(AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2009)

 

WHEREAS, Assured Guaranty Ltd. (the “Company”)
maintains the Assured Guaranty Ltd. Supplemental Employee Retirement Plan, as
amended and restated effective January 1, 2009 (the “Plan”);

 

WHEREAS, the Company desires to amend the
provisions relating to the Employer Stock Fund (as defined in the Plan);

 

NOW, THEREFORE, the Plan
is hereby amended with respect to the Employer Stock Fund on and after June 16,
2009 by substituting the following for Exhibit B to the Plan:

 

“Exhibit B

 

ASSURED GUARANTY LTD.
SUPPLEMENTAL

EMPLOYEE RETIREMENT PLAN

 

Employer Stock Fund Rules and
Regulations

 

Subject to the following restrictions and
limitations, Participants may elect the Employer Stock Fund as an Investment
Return Rate alternative for all or a portion of their Accounts.  To the extent that the “Employer Stock Fund”
is chosen as a Participant’s Investment Return Rate for all or a portion of an
Account, the Account will be credited with Units, with each such Unit
representing the right to receive one share of common stock of the Company (“Shares”)
upon a distribution from the Plan pursuant to Exhibit A.  The number of Units credited to such
Participant’s Account will be equal to the number of Shares which could have
been purchased with the value of the Account deemed invested in the Employer
Stock Fund based on the fair market value of a Share at the time of such deemed
purchase.

 

B-1.  Eligibility.  Participants who are selected by the
Committee are eligible to invest all or a portion of their Accounts in the
Employer Stock Fund.

 

B-2.  Allocations
to Employer Stock Fund.  A
Participant may elect to have all or a portion of such Participant’s Account
allocated to the Employer Stock Fund. 
Any such election under this subsection B-2 will be effective not
earlier than the date the election is filed with the Committee or its delegate.  Such election to allocate a portion of such Account
to the Employer Stock Fund shall be irrevocable, and any such portion of the
Participant’s Account allocated to the Employer Stock Fund shall remain
allocated to the Employer Stock Fund until the Participant receives a
distribution from the Plan pursuant to Exhibit A with the number of
Shares to be distributed to such Participant equal to the number of Units held
in such Participant’s Account.  An
election to allocate a portion of a Participant’s Account to the Employer Stock
Fund may only be made at a time when a Participant would be permitted to
purchase or sell actual Shares in accordance with the Policy on Trading in
Securities Related to Assured Guaranty Ltd. or any of its Subsidiaries, as from
time to time in effect, or any replacement policy relating to trading in the
Company’s securities (the “Insider Trading Policy”).  To the extent permitted by the Committee, a
Participant may elect to have amounts which are first credited to the
Participant’s 

 

 

Account
credited directly to the Employer Stock Fund, provided, however that such
election regarding initial contributions shall be subject to the same
requirements and restrictions described above in this subsection B-2 with
respect to elections to have an existing portion of a Participant’s Account
allocated to the Employer Stock Fund.

 

B-3.  Dividends.  To the extent that any record date for
dividends on Shares occurs during the period in which all or a portion of a
Participant’s Account is allocated to the Employer Stock Fund, the Participant’s
Account will be credited with an amount equal to the dividends that would be
payable with respect to such Units, determined as though each Unit credited to
the Participant’s Account was a Share (the “Deemed Dividends”).  The Deemed Dividends shall be credited to an
Investment Return Rate that is a money market fund or other similar Investment
Return Rate selected by the Committee.”

 

2Exhibit 4.8

 

FIRST AMENDMENT TO THE

ASSURED GUARANTY CORP. SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN

(AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2009)

 

WHEREAS, Assured Guaranty Corp. (the “Company”)
maintains the Assured Guaranty Corp. Supplemental Employee Retirement Plan, as
amended and restated effective January 1, 2009 (the “Plan”);

 

WHEREAS, the Company desires to add an
employer stock fund as an Investment Fund (as defined in the Plan);

 

WHEREAS, no Company stock will be held in
such employer stock fund or issued pursuant to the Plan; and

 

NOW, THEREFORE, the Plan is hereby amended
with respect to the Investment Return Funds available on and after May 7,
2009, as follows:

 

1.  By substituting the following for subsection
5.2(a) of the Plan:

 

“A Participant may direct that his or her
Account established pursuant to Section 5.1 may be credited with earnings
and losses as if they were invested in one or more Investment Funds as made
available by the Company in one percent (1%) increments of the balance in an
Account, including the Employer Stock Fund (as defined in Exhibit A)
subject to the rules and regulations set forth in Exhibit A.  The Company may from time to time change the Investment Indexes for purposes of this Plan.”

 

2.  By
adding the following as a new Exhibit A to the Plan:

 

“Exhibit A

 

ASSURED GUARANTY CORP.
SUPPLEMENTAL

EMPLOYEE RETIREMENT PLAN

 

Employer Stock Fund Rules and
Regulations

 

Subject to the following restrictions and
limitations, a Participant may elect the Employer Stock Fund as an Investment
Index alternative for all or a portion of his or her Account.  To the extent that the “Employer Stock Fund”
is chosen as a Participant’s Investment Index for all or a portion of an
Account, the Account will be credited with Units, with each such Unit
representing the right to receive the value in cash of one share of common
stock of Assured Guaranty Ltd. (“Shares”). 
No Shares will be held or issued by reason of the inclusion of the
Employer Stock Fund in this Plan.  The
number of Units credited to such Participant’s Account will be equal to the
number of Shares which could have been purchased with the value of the Account
deemed invested in the Employer Stock Fund based on the fair market value of a
Share at the time of such deemed purchase.

 

A-1.  Eligibility.  Participants are eligible to invest all or a
portion of their Accounts in the Employer Stock Fund.

 

 

A-2.  Allocations
to and from Employer Stock Fund.  A
Participant may elect to have the Investment Index allocated to the Employer
Stock Fund with respect to amounts which are first credited to the Participant’s
Account under the Plan (“Initial Contributions”).  A Participant (i) may elect to have the
Investment Index allocated to the Employer Stock Fund with respect to amounts
that were credited to the Participant’s Account but were not initially
allocated to the Employer Stock Fund, and (ii) may elect to have the
Investment Index with respect to amounts previously allocated to the Employer
Stock Fund allocated to a different Investment Index.  Changes in the Investment Index in accordance
with the preceding sentence are sometimes referred to as “Fund Transfers”.  Any such election under this subsection A-2
will be effective not earlier than the date the election is filed with the
Committee or its delegate.  Initial
Contributions into the Employer Stock Fund and Fund Transfers into or out of
the Employer Stock Fund will be subject to the following restrictions:

 

(a)                                  Elections relating to Initial
Contributions or Fund Transfers that would constitute a purchase or sale of
Shares, if each Unit was a Share, may only be made, changed or cancelled at a
time when a Participant would be permitted to purchase or sell actual Shares in
accordance with the Policy on Trading in Securities Related to Assured Guaranty
Ltd. or any of its Subsidiaries, as from time to time in effect, or any
replacement policy relating to trading in the Company’s securities (the “Insider
Trading Policy”).

 

(b)                                 Elections to allocate Initial
Contributions to the Employer Stock Fund with respect to contributions for any
Plan Year may only be made prior to the beginning of the applicable Plan Year
to the extent required for compliance with SEC Rule 16b-3.

 

A-3.  Dividends.  A Participant’s Account will be credited with
additional Units to reflect dividends payable with respect to Shares during the
period in which the Account is allocated to the Employer Stock Fund, with the
increase in the number of Units equal to the number of Shares which could be
purchased with the dividends assuming each Unit allocated to the Participant’s
Account was a Share (the “Deemed Dividends”), based on the value of such Shares
at the time such dividends are paid. 
Notwithstanding the foregoing, in the discretion of the Committee, a
Participant may elect to have the Deemed Dividends credited to an Investment
Index other than the Employer Stock Fund. 
Any such election shall be effective not earlier than the date the
election is filed with the Committee or its delegate.”

 

2Exhibit 4.9

 

SECOND AMENDMENT TO THE

ASSURED GUARANTY CORP. SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN

(AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2009)

 

WHEREAS, Assured Guaranty Corp. (the “Company”)
maintains the Assured Guaranty Corp. Supplemental Employee Retirement Plan, as
amended and restated effective January 1, 2009 (the “Plan”);

 

WHEREAS, the Company desires to amend the
provisions relating to the Employer Stock Fund (as defined in the Plan);

 

NOW, THEREFORE, the Plan
is hereby amended with respect to the Employer Stock Fund on and after June 16,
2009 by substituting the following for Exhibit A to the Plan:

 

“Exhibit A

 

ASSURED GUARANTY CORP.
SUPPLEMENTAL

EMPLOYEE RETIREMENT PLAN

 

Employer Stock Fund Rules and
Regulations

 

Subject to the following restrictions and
limitations, Participants may elect the Employer Stock Fund as an Investment
Index alternative for all or a portion of their Accounts.  To the extent that the “Employer Stock Fund”
is chosen as a Participant’s Investment Index for all or a portion of an
Account, the Account will be credited with Units, with each such Unit
representing the right to receive one share of common stock of Assured Guaranty
Ltd. (“Shares”) upon a distribution from the Plan pursuant to Article 6.  The number of Units credited to such
Participant’s Account will be equal to the number of Shares which could have
been purchased with the value of the Account deemed invested in the Employer
Stock Fund based on the fair market value of a Share at the time of such deemed
purchase.

 

A-1.  Eligibility.  Participants who are selected by the
Administrator are eligible to invest all or a portion of their Accounts in the
Employer Stock Fund.

 

A-2.  Allocations
to Employer Stock Fund.  A
Participant may elect to have all or a portion of such Participant’s Account
allocated to the Employer Stock Fund. 
Any such election under this subsection A-2 will be effective not
earlier than the date the election is filed with the Administrator or its
delegate.  Such election to allocate a
portion of such Account to the Employer Stock Fund shall be irrevocable, and
any such portion of the Participant’s Account allocated to the Employer Stock
Fund shall remain allocated to the Employer Stock Fund until the Participant
receives a distribution from the Plan pursuant to Article 6 with the
number of Shares to be distributed to such Participant equal to the number of
Units held in such Participant’s Account. 
An election to allocate a portion of a Participant’s Account to the
Employer Stock Fund may only be made at a time when a Participant would be
permitted to purchase or sell actual Shares in accordance with the Policy on
Trading in Securities Related to Assured Guaranty Ltd. or any of its
Subsidiaries, as from time to time in effect, or any replacement policy
relating to trading in the Company’s securities (the “Insider Trading Policy”).  To the extent permitted by the Administrator,
a Participant may elect to have amounts which are 

 

 

first
credited to the Participant’s Account credited directly to the Employer Stock
Fund, provided, however that such election regarding initial contributions
shall be subject to the same requirements and restrictions described above in
this subsection A-2 with respect to elections to have an existing portion of a
Participant’s Account allocated to the Employer Stock Fund.

 

A-3.  Dividends.  To the extent that any record date for
dividends on Shares occurs during the period in which all or a portion of a
Participant’s Account is allocated to the Employer Stock Fund, the Participant’s
Account will be credited with an amount equal to the dividends that would be
payable with respect to such Units, determined as though each Unit credited to
the Participant’s Account was a Share (the “Deemed Dividends”).  The Deemed Dividends shall be credited to an
Investment Index that is a money market fund or other similar Investment Index
selected by the Administrator.”

 

2

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