Document:

First Amendment to the Agreement and Plan of Merger, dated October 2, 2008

 Exhibit 10.3 
 FIRST AMENDMENT TO THE AGREEMENT AND PLAN OF MERGER 
 Pursuant to this First Amendment to the
Agreement and Plan of Merger, dated October 2, 2008 (this “Amendment”), the parties hereto hereby amend that certain Agreement and Plan of Merger, dated as of September 19, 2008, among Eclipsys Corporation, a
Delaware corporation (“Eclipsys”), Sirona Acquisition Corporation, an Iowa corporation and a wholly owned Subsidiary of Eclipsys, MediNotes Corporation, an Iowa corporation (“MediNotes”),
the stockholders of MediNotes named on the signature page hereto and Danny R. Wipff as the Stockholders’ Representative (the “Merger Agreement”), and Travis Bond as a party to the Merger Agreement and in his capacities
as owners’ representative under the Bond Agreement and a duly authorized officer of each of the Sellers (as defined in the Bond Agreement). 
 WHEREAS, pursuant to Section 6.9 of the Merger Agreement, the Stockholders’ Representative has been appointed as the attorney-in-fact of the Major Stockholders prior to Closing, including amending the Merger Agreement; and

 WHEREAS, the parties desire to amend the Merger Agreement to broaden the indemnification rights of the Eclipsys Indemnified Parties with
respect to any breach or inaccuracy in the representations and warranties of MediNotes contained in Section 4.24(a) of the Merger Agreement, and to make certain other changes, including the agreement of Eclipsys to cause MediNotes to repay the
Stockholder Notes and accrued dividends on the MediNotes preferred stock concurrent with, or promptly after, Closing. 
 NOW, THEREFORE, in
consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth herein, and for other good and valuable consideration, intending to be legally bound, the parties hereto hereby agree as follows:

  

	1.	Definitions. Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Merger Agreement. 

  

	2.	Definition of Final Closing Date Cash. The definition of “Final Closing Date Cash” is hereby amended and restated in its entirety as follows:

 “Final Closing Date Cash” means the amount of cash of MediNotes, as of 11:59 p.m. on the Closing Date, less
$1,000,000, less the amount of all obligations under the Stockholder Notes payable pursuant to Section 6.21(a), and the aggregate liquidation preference payable pursuant to Section 6.21(b), in each case, whether or not they are unpaid as
of such date and time. For the avoidance of doubt, any employee bonuses payable as a result of consummation of the Merger that are unpaid as of such date and time shall also be deducted from the amount of cash in determining the Final Closing Date
Cash.” 
  

	3.	Definition of Final Closing Date Debt. The definition of “Final Closing Date Debt” is hereby amended and restated in its entirety as follows:

 “Final Closing Date Debt” means all Debt of MediNotes, as of 11:59 p.m. on the Closing Date, including capital
lease obligations. For the avoidance of doubt, any obligations under the Stockholder Notes payable pursuant to Section 6.21(a), the 

 
aggregate liquidation preference payable pursuant to Section 6.21(b), and employee bonuses payable as a result of consummation of the Merger that are
unpaid as of such date and time shall not be included in the amount of Debt of MediNotes in determining the Final Closing Date Debt.” 
  

	4.	Amendments to Section 6.20(c) of the Merger Agreement. 

  

	 	(a)	The introductory clause of Section 6.20(c) is hereby amended and restated as follows: “Each of the Equity Owners (as defined in the Bond Agreement) shall:”

  

	 	(b)	The following provision is hereby added as a new Section 6.20(g) of the Merger Agreement: 

 “In his capacity as owners’ representative under the Bond Agreement, Travis Bond hereby represents and warrants that: (i) the entire Bond
Escrow Fund may be retained by Eclipsys in accordance with Sections 2.03 and 10.05 of the Bond Agreement and Section 6.20(b) hereof; (ii) the Equity Owners were aware, at the time of the closing of the transactions contemplated by the Bond
Agreement, that the shares of MediNotes Series C Preferred Stock issued to them were subject to Sections 2.03 and 10.05 of the Bond Agreement and formed part of the Bond Escrow Fund; and (iii) the Equity Owners are aware that all shares of
Eclipsys Common Stock and cash in the Bond Escrow Fund issued in exchange for such shares of MediNotes Series C Preferred Stock (or any common stock of MediNotes into which such shares of Series C Preferred Stock were converted prior to the
Effective Time) in the Merger remains subject to Sections 2.03 and 10.05 of the Bond Agreement. Travis Bond, in his capacity as an officer of each of the Sellers, agrees that the Sellers (as defined in the Bond Agreement) shall indemnify Eclipsys
from and against any damages, costs or losses, including attorney’s fees, arising in connection with any claims by one or more of the Equity Owners that Eclipsys is not permitted to retain the Bond Escrow Fund, or set-off all or any portion
thereof, in accordance with Sections 2.03 and 10.05 of the Bond Agreement and Section 6.20(b) hereof or any similar or related claim.” 
  

	5.	New Section 6.21 of the Merger Agreement. The following provision is hereby added as a new Section 6.21 of the Merger Agreement: 

 “Section 6.21 Payment of Stockholder Notes and Unpaid Dividends. 
 (a) Eclipsys shall pay, or cause MediNotes, or the Surviving Corporation to pay, in full, all obligations owing on each of the Stockholder
Notes concurrently with the Effective Time, or, if later, promptly after the receipt by Eclipsys of (i) wire transfer instructions for payment in respect of such Stockholder Note pursuant to this Section 6.21, and (ii) an
acknowledgment of cancellation of such Stockholder Note and the related Security Agreement in form and substance acceptable to Eclipsys in its reasonable discretion. 

 (b) Eclipsys shall pay, or cause MediNotes, or the Surviving Corporation to pay, in full,
all unpaid dividends accrued on all shares of Series A Preferred Stock and Series B Preferred Stock outstanding immediately prior to Closing, concurrently with the Effective Time or, if later, promptly after the receipt by Eclipsys of (i) wire
transfer instructions for payment in respect of such dividends pursuant to this Section 6.21(b), and (ii) an acknowledgment of payment of accrued dividends in full.” 
  

	6.	Amendment to Section 7.3(a) of the Merger Agreement. Section 7.3(a) is hereby amended and restated in its entirety to read as follows: 

 “(a) Neither Eclipsys, nor the Stockholders will have any liability (for indemnification or otherwise) with respect to any representation or warranty
contained in this Agreement, other than those in Sections 3.1, 3.2, 3.5, 4.3, 4.6(a), 4.9, 4.10, 4.11(b), 4.14, 4.16 and 4.24(a), except to the extent that on or before the
last day of the Survival Period, the party seeking recovery for Damages provides notice in writing pursuant to Section 7.6 or Section 7.7 of a claim for Damages specifying the factual basis of that claim in reasonable detail
to the extent then known by such party. In such event, the party giving such notice shall continue to have the right to recover hereunder, and to all other rights and remedies under this Agreement, with respect to the matter or matters to which such
claim relates until such claim has been finally resolved and payment made, if any.” 
  

	7.	Amendment to Section 7.3(b) of the Merger Agreement. Section 7.3(b) is hereby amended and restated in its entirety to read as follows: 

 “(b) Subject to Section 7.4, a claim with respect to Sections 3.1, 3.2, 3.5, 4.3, 4.6(a), 4.9,
4.10, 4.11(b), 4.14, 4.16 and 4.24(a), must be made at any time prior to the earlier of (i) 90 days after the expiration of the applicable statute of limitations period or (ii) the seventh
anniversary of the Closing Date, except to the extent that on or before such date, the party seeking recovery for Damages provides the notice in writing pursuant to Section 7.6 or Section 7.7 of a claim for Damages specifying
the factual basis of that claim in reasonable detail to the extent then known by such party. In such event, the party seeking recovery for Damages shall continue to have the right to recover hereunder, and to all other rights and remedies under this
Agreement, with respect to the matter or matters to which such claim relates until such claim has been finally resolved and payment made, if any.” 

	8.	Amendment to Section 7.4(a) of the Merger Agreement. Section 7.4(a) is hereby amended and restated in its entirety to read as follows: 

 “(a) The Stockholders shall have no liability (for indemnification or otherwise) with respect to any matters under this Agreement (except for all
claims, rights or causes of action arising from (i) Stockholder Fraud or (ii) a breach of any of the representations and warranties contained in Section 3.1, 3.2, 3.5, 4.3, 4.6(a), 4.9, 4.10,
4.11(b), 4.14, 4.16, 4.23 and 4.24(a), as to which the threshold described in this Section 7.4(a) shall be inapplicable) unless the total Damages for matters hereunder exceed $300,000; once such amount
has been met, the Stockholders shall be liable for all amounts of such Damages, in excess of $200,000.” 
  

	9.	New Section 10.16 of the Merger Agreement. The following provision is hereby added as a new Section 10.16 of the Merger Agreement: 

 “Final Distribution. All costs and expenses of the Paying Agent with respect to the distribution of all or any portion of the Holdback Amount
shall be paid 50% by Eclipsys and 50% by the Holders (as defined in the Holdback Escrow Agreement), which amount payable by the Holders may be paid from the Stockholder Fund Amount to the extent funds are available and then from any remaining
portion of the Indemnification Amount after the Holdback Termination Date, if any, if there are no Open Indemnification Claims (as defined in the Holdback Escrow Agreement), and after settlement of all Open Indemnification Claims, if such claims
exist. Notwithstanding anything to the contrary in this Agreement, in the event that any portion of the Holdback Amount is released to the Paying Agent for distribution to the Holders after the Holdback Termination Date pursuant to the Holdback
Escrow Agreement, the Stockholders’ Representative shall deliver to the Paying Agent instructions respecting the allocation of such portion of the Holdback Amount amongst the Holders, and the Paying Agent shall distribute the portion of the
Holdback Amount to the Holders in accordance with such allocation. In connection with the preparation of such allocation, the Stockholders’ Representative may reallocate funds from the Stockholder Fund Amount remaining, if any, to compensate
Holders whose nominal accounts under the Holdback Escrow Agreement were debited more than their Pro Rata Portion due to a reduction of the Escrow Shares (as defined in the Escrow Agreement) under Section 4.2 of the Escrow Agreement. Eclipsys
shall have no responsibility or liability regarding the accuracy of any allocation amongst the Holders hereunder.” 
  

	10.	Amendment to Disclosure Schedule. The following is hereby added to Section 4.4(a)(xiv) of the Disclosure Schedule, effective as of the initial delivery of the Disclosure
Schedule: “Amended and Restated Stockholders Agreement, dated March 7, 2008 by and among MediNotes Corporation and the persons listed on the Schedules attached to the Stockholders Agreement.” 

  

	11.	Capitalization. Notwithstanding the representation of MediNotes included in Section 4.3(a)(iv) of the Merger Agreement, the Articles of Amendment to designate 1,000
shares of MediNotes preferred stock as Series D Preferred Stock were not filed until October 1, 2008. Section 4.3(b) of the Disclosure Schedule is hereby supplemented by the addition of the following, effective as of the date hereof:
“Fred Dawli and Phil Phillips were granted Company Options to purchase 8,000 and 10,000 shares of Company Common Stock, respectively, at an exercise price of $4.75 per share.” 

	12.	Merger Agreement in Full Force and Effect. Except as expressly amended above, the Merger Agreement shall continue in full force and effect in accordance with its terms.

  

	13.	Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware, regardless of the laws or rules that might otherwise
govern under applicable principles of conflicts of laws thereof. 

  

	14.	Arbitration. The parties agree that the any disputes, claims or controversies arising out of or relating to this Amendment shall be subject to arbitration as set forth in
Section 24 of the Merger Agreement. 

  

	15.	Headings. The headings contained in this Amendment are inserted for convenience only and do not constitute a part of this Agreement and shall not affect the meaning or
interpretation hereof. 

  

	16.	Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed to be an original and all of which together shall be considered to be
one document. 

 [Signature page follows] 

 IN WITNESS WHEREOF, each of the parties has caused this First Amendment to the Agreement and Plan of
Merger to be executed as of the day and year first above written. 
  

									
	 “ECLIPSYS”
	 		 	“MEDINOTES”
	Eclipsys Corporation,	 		 	MediNotes Corporation,
	a Delaware corporation	 		 	an Iowa corporation
					
	By: 	 	/s/ Brian W. Copple	 		 	By: 	 	/s/ Donald G. Schoen
	Name: 	 	Brian W. Copple	 		 	Name: 	 	Donald G. Schoen
	Title:	 	Secretary	 		 	Title:	 	CEO & President
				
	 “MERGER SUB”
	 		 		 	
	Sirona Acquisition Corporation,	 		 		 	
	an Iowa corporation	 		 		 	
				
	By:	 	/s/ Brian W. Copple	 		 	/s/ Travis Bond
	Name:	 	Brian W. Copple	 		 	 Travis Bond, as Owners’ Representative and
 as a duly authorized officer of each of the
 Sellers under the Bond Agreement

	Title:	 	Secretary	 		 
		 		 		 
				
	“STOCKHOLDERS’ REPRESENTATIVE”	 		 		 	
				
	/s/ Danny R. Wipff	 		 		 	
	Danny R. WipffEmployment Agreement dated as of September 22, 2008

 EXHIBIT 10.01 
  

							
	 	  	 	  	 	  	 Ambac Financial Group, Inc.
 One
State Street Plaza
 New York, NY 10004
212.208.3443 Fax: 212.208.3131
gbienstock@ambac.com

				
		  		  		  	 Gregg L. Bienstock. Esq. Senior Vice President,
 Chief Administrative Officer and Employment Counsel

							
		 		 	 September 18, 2008
 Revised as of:

 September 22, 2008

	  
 

	 		 	  
 Mr. John W. Uhlein, III
 416 West Road

		 		 	New Canaan, CT 06840
		 		 	  
 Dear John:

		 		 	  
 This agreement (the “Agreement”) sets forth our
agreement concerning the terms and conditions of the resignation of your employment from Ambac Financial Group, Inc. (“Ambac”).

		 	  
 1.
	 	  
 Effective Date of Resignation

		 		 	  
 Your last day of employment with Ambac (the “Resignation
Date”) will be February 1, 2009.

		 	  
 2.
	 	  
 Employment Period & Payments

		 		 	  
 (a)
	 	  
 During the period from the date of this Agreement (“Agreement Date”
or “Date of Agreement”) through the Resignation Date (the “Employment Period”), you will continue to report to Ambac’s CEO. You will not be required to report to the office or perform your full-time duties but will be
required to provide transition and consulting services to and on behalf of Ambac as requested by the CEO or his designee.

				
		 		 	  
 (b)
	 	  
 During the Employment Period, you will continue to receive your regular
salary at the rate in effect as of the Date of Agreement. Such salary will be paid to you in accordance with Ambac’s normal payroll practices and procedures.

		 		 	  
 (c)
	 	  
 Subject to Section 4, you will be awarded a bonus of $750,000 for the 2008
performance year (the “2008 Bonus”), to be paid

  

 1 

							
	 

	 		 	 (d)
	  	Subject to Section 4, you will be paid severance in the amount of $350,000 in consideration of your signing this Agreement. The fee will be paid within ten business days of the date you
execute this Agreement and Waiver and General Release Agreement annexed hereto as Exhibit A.
	 	  
 3.
	 	  
 Outplacement and Legal Expenses

	 		 	  
 Ambac will pay up to a total of $25,000 for (i) legal expenses in
reviewing this document and (ii) outplacement services to be provided to you until the date on which you secure new employment. You must engage such outplacement services by March 15, 2009 otherwise you forfeit the right to the payment arrangement
set forth in the preceding sentence. The selection of the service provider, dates and scope of services will be as you elect, All invoices for legal fees and/or outplacement must be made out to Ambac Financial Group, Inc., Attention: Gregg
Bienstock. All such invoices must note services for John Uhlein.

	 	  
 4.
	 	  
 Release Obligation

	 		 	  
 Ambac’s obligations under this Agreement, including its
obligation to provide you with the payments set forth in paragraphs 2 and 3, are contingent on the execution, delivery and non-revocation of this Agreement and the Waiver and General Release Agreement in the form set forth as Exhibit A hereto and,
in addition, the execution, delivery and non-revocation, on the Resignation Date, of the Waiver and General Release Agreement in the form set forth as Exhibit A hereto in respect of the period from the date you initially sign the Waiver and General
release Agreement through the Resignation Date. In the event the agreement described in the preceding sentence is not executed and delivered, or revoked, (a) any Option and/or RSU Award that has vested from the date hereof through the Resignation
Date will be forfeited and (b) you will be required to reimburse Ambac the entire amount of the payments set forth in paragraphs 2 and 3 within ten business days of the revocation date.

	 	  
 5.
	 	  
 Accrued Obligations

	 		 	  
 On the Resignation Date, Ambac will pay you any unused, fully
accrued vacation as of the Resignation Date. In addition, Ambac will pay you for any unreimbursed business expenses incurred by you for the period through the Resignation Date, provided, that all of your reimbursable business expenses are submitted
in accordance with Ambac’s business expense reimbursement policy. Such reimbursement(s), if any, shall be paid in accordance with Ambac’s normal practices and procedures.

  

 2 

							
	 

	 	  
 6.
	 	  
 Welfare Benefits

	 		 	  
 (a)    
	  	  
 Through January 31, 2010, you will continue be eligible to participate in all
medical, dental and prescription drug programs available to Ambac’s full-time employees in accordance with the terms of such programs. You will be required to make premium contributions as applicable to all full-time employees with like
coverage. If you obtain alternative coverage, you are required to advise Ambac and terminate the Ambac coverage.

	 		 	  
 (b)
	  	  
 On and after February 1, 2010, you will be entitled to receive continuation
coverage under Section 4980B(f) of the Internal Revenue Code of 1986, as amended (relating to “COBRA” coverage),

	 	  
 7.
	 	  
 Retirement Benefits

	 		 	  
 Through the Resignation Date, company-match and profit-sharing
contributions will be credited on your behalf to the Ambac Savings Incentive Plan in accordance with the terms and conditions of such plan.

	 	  
 8.
	 	  
 Other Benefits

	 		 	  
 Ambac will pay you all vested amounts, if any, due but not
previously paid to you, pursuant to the terms of any welfare, deferred compensation or other benefit plan as of the Resignation Date, or which by their terms extend to or beyond the Resignation Date. Notwithstanding the foregoing, any amount due
under the Non-Qualified Savings Incentive Plan will be paid to you no sooner than six months and one day from the Resignation Date.

	 	  
 9.
	 	  
 Stock Options and Restricted Stock
Units

	 		 	  
 As of the date of this Agreement, 16,050 of the Ambac stock options
that have been granted to you by the Compensation Committee of Ambac Financial Group, Inc.’s Board of Directors are vested. As of the Resignation Date, an additional 21,334 Ambac stock options that have been granted to you by the Compensation
Committee of Ambac Financial Group, Inc.’s Board of Directors will be vested. You will have one year from the Resignation Date to exercise the vested stock options. The terms of the 1997 Equity Plan as Amended and the General Terms and
Conditions of the respective stock option grants shall govern. Any vested options not exercised within the time frame set forth above will be forfeited. All unvested long-term compensation is forfeited.

  

 3 

							
	 

	 		 	Restricted stock units that are vested as of the Resignation Date will be settled within ten business days of the Resignation Date. The terms of the 1997 Equity Plan as Amended and
the General Terms and Conditions of the respective restricted stock unit grants shall govern. All unvested long-term and deferred compensation is forfeited as is any other unvested restricted stock unit.
	 	  
 10.
	 	  
 Return of Property

	 		 	  
 Any Ambac property currently in your possession and any property
made available to you in connection with your employment relationship with Ambac must be returned to Ambac on or prior to the Resignation Date.

	 	  
 11.
	 	  
 Confidentiality

	 		 	  
 In consideration for the payments described above, you agree to the
following:

	 		 	  
 (a)
	  	  
 Ambac (for purposes of this Section 11, Ambac refers to Ambac and all of its
affiliates) is engaged in a highly competitive business and that, in connection with your employment, you have access to information relating to Ambac’s business that provides Ambac with a competitive advantage, that is not generally known by
persons not employed by Ambac, and that could not easily be determined or learned by someone outside Ambac (collectively, “Confidential Information”). Subject to the foregoing, such Confidential Information may include, but is not
limited to, the characteristics and preferences of Ambac’s customers (as defined below) and accounts, matters relating to information, pricing, fee and commission structures, trading policies and procedures, trade secrets, records, files,
memoranda, documents, reports, and other written, printed or recorded materials and data, regardless of data storage method (collectively “Documents”) received, created, or used by you during the course of your employment and other
methods of doing business, whether or not marketed as confidential or secret. As used herein, “Customer” shall include all clients and actively pursued prospective clients of Ambac.

	 		 	  
 (b)
	  	  
 You agree that before and after the Resignation Date, you shall not, directly
or indirectly, use or disclose such Confidential Information, except as may be necessary in the good faith performance of your duties to Ambac. You acknowledge that all Confidential Information will remain the sole property of Ambac and all such
Confidential Information, other than intellectual knowledge, will be returned by you to Ambac within five business days of the Resignation Date. The terms and conditions of this Section 11 (a) and (b) are in addition to and do not supersede or
replace the terms and obligations of Ambac’s Code of Business Conduct.

  

 4 

							
		 		 	 (c)
	  	You further agree that from the Agreement Date through the one year anniversary of the Resignation Date, you will not for any reason, unless Ambac consents in writing, solicit the business of
or encourage or assist any other party in competition with Ambac to solicit any such Customer or account of Ambac in connection with any business activities of Ambac as of the Resignation Date.
	

	 		 		  	  
 If you breach the terms of this Section 11(c), you forfeit your right to
future payments provided for herein from the date of such breach and, to the extent any payments have been made, you agree to return all payments made pursuant to this Resignation Agreement including, but not limited to, the gross payments provided
for in paragraphs 2 and 3. The return of the aforementioned payments must be made within ten business days of the breach of this Section 11(c).

		 		 	  
 (d)
	  	  
 In view of the nature of Ambac’s business, you also acknowledge that the
restrictions contained in this Section 11 are fair, reasonable and necessary to protect the legitimate business interests of Ambac and that Ambac will suffer irreparable harm in the event of any actual or intended violation by you of this paragraph.
You, therefore, agree that, in the event of any actual or intended violation by you of Section 11(b) or 11(c), Ambac shall be entitled to a court order requiring you to cease any such violations in addition to and without prejudice to any other
rights or remedies which may be available to Ambac through the legal system.

		 		 	  
 (e)
	  	  
 You shall not be deemed to be in breach of any covenant set forth in this
Resignation Agreement on the basis of any communications you may have with third parties relating to: (i) the fact and circumstances of your employment and resignation by/from Ambac; (ii) your job titles at Ambac; (iii) the dates of your employment
by Ambac; (iv) the responsibilities and authorities of your positions at Ambac; (v) the nature and extent of your achievements during employment by Ambac; (vi) the names and positions of individuals with whom you worked during your employment at
Ambac; and (vii) the restrictions on your post-resignation date employment activities. You hereby authorize Ambac to provide the information responsive to items (i) through (iv) and (vi) to prospective employers.

		 		 	  
 (f)
	  	  
 You shall not be deemed in breach of the confidentiality obligations set
forth in this Section 11 if, compelled by legal process or court order, you are to participate in any

  

 5 

							
	 

	 		 		  	administrative, judicial or criminal investigation, probe, grand jury proceeding or other demand for testimony, information or documentation.
	 		 	  
 (g)
	  	  
 In the event of any breach of this paragraph 11, Ambac shall
provide you with written notice (to the address set forth on page one of this Agreement) and you will have ten business days from the date of receipt of said written notice to cure any curable breach. If you fail to cure any such breach or the
breach is not curable, Ambac shall be released from any obligation to make any payment to you or on your behalf and provide any benefits under this Agreement. Ambac shall be further entitled to pursue any and all of its remedies under the law
arising out of such breach including, but not limited to, recoupment as outlined in Section 1l(c). In any action alleging breach of this Agreement, the prevailing party shall be entitled to recover reasonable costs and/or attorneys’ fees
incurred to enforce this Agreement. Upon written request, you will receive Ambac’s determination in writing regarding whether a particular activity or act would be deemed in breach of your obligations and/or covenants under this Resignation
Agreement.

	 		 		  
	 		 		  
	 	  
 12.
	 	  
 Withholding

	 		 	  
 Any payments made or benefits provided to you under this Resignation
Agreement will be reduced by any applicable withholding taxes.

	 	  
 13.
	 	  
 Cooperation

	 		 	  
 (a)
	  	  
 You agree to make yourself available to Ambac (for purposes of this Section
12, Ambac refers to Ambac and all of its affiliates), at reasonable times and places, and subject to non-interference with your then employment or business activities, to provide information to Ambac or its representatives in connection with any
matters relating to the business or affairs of Ambac, and any pending or future governmental or regulatory investigation, civil or administrative proceeding, litigation, arbitration or other proceeding related to the business of Ambac during your
term as an officer of Ambac or your employment with Ambac. Ambac will reimburse you at your then daily rate of base compensation, certified by you in writing, for any lost wages and/or reasonable out-of-pocket expenses incurred in connection with
the provision of such cooperation and assistance, provided that Ambac’s prior written approval for such expenses have been obtained. Such expenses will include reasonable attorney fees only in the event representation by Ambac’s
counsel is deemed, by Ambac’s counsel, to be a conflict of interest. You agree to reasonable requests by Ambac to travel in performing services pursuant to this Section 13(a).

  

 6 

							
	

	 		 	(h)	  	To the extent you are a named party to any action, suit or proceeding as a result of your having been an officer or employee of Ambac or any of its affiliates, Ambac will indemnify you to the
fullest extent permitted (including payment of expenses and fees in advance of final disposition of a proceeding) by the laws of the State of Delaware or by the Certificate of Incorporation and By-Laws of Ambac and you shall be entitled to the
protection of any insurance policies Ambac may elect to maintain generally for the benefit of its directors and officers (and to the extent Ambac maintains such an insurance policy or policies, you shall be covered by such policy or policies, in
accordance with its or their terms, to the maximum extent of the coverage provided for any officer or director of Ambac), against all costs, charges and expenses whatsoever incurred or sustained by you or your legal representatives at the time such
costs, charges and expenses are incurred or sustained, in connection with such actions.
	 	  
 14.
	 	  
 Entire Agreement

	 		 	  
 This Resignation Agreement sets forth the entire agreement and
understanding of the parties hereto and supersedes and replaces all prior or contemporaneous agreements or understandings, oral or written, negotiations, or discussions relating to the subject matter of this Resignation Agreement. This Resignation
Agreement may be amended only by written document signed by the parties hereto.

	 	  
 15.
	 	  
 Severability

	 		 	  
 In the event that any one or more of the provisions of this
Resignation Agreement shall be held invalid, illegal or unenforceable, the validity and enforceability of the remainder of the Resignation Agreement shall not in any way be affected or impaired thereby.

	 	  
 16.
	 	  
 Governing Law

	 		 	  
 This Resignation Agreement will be governed by, and construed in
accordance with, the laws of the State of New York.

	 	  
 17.
	 	  
 Revocation

	 		 	  
 (a)
	  	  
 You are required to execute and deliver the Waiver and General Release
Agreement in the form set forth as Exhibit A hereto at times heretofore set forth.

	 		 	  
 (b)
	  	  
 This Waiver and General Release Agreements may be revoked by you within the
7-day period described therein. In the event of

  

 7 

							
	

	 		 		  	any such revocation by you, all of Ambac’s obligations under this Resignation Agreement will terminate and be of no further force and effect as of the date of such revocation. No such
revocation by you will be effective unless it is in writing and signed by you and received by Ambac prior to the expiration of the Revocation Period. The revocation must be mailed or delivered to Gregg L. Bienstock, Esq., Senior Vice President,
Ambac Financial Group, Inc., One State Street Plaza, New York, New York 10004.
				
		 		 		  	* * *
				
		 		 		  	IN WITNESS WHEREOF, Ambac has executed this Resignation Agreement as of the date first set forth above and you have executed this Resignation Agreement as of the date set forth below
(or, if you do not include a date under your signature line, the date set forth shall be the date this Resignation Agreement, signed by you, is received by the Ambac.

  

			
	AMBAC FINANCIAL GROUP, INC.
		
	By:	 	 /s/ Gregg L. Bienstock

		 	 Gregg L. Bienstock
 Senior Vice
President

  

			
	ACCEPTED AND AGREED:
		
	By:	 	 /s/ John W. Uhlein, III

		 	John W. Uhlein, III
		
	Date:	 	September 23, 2008

  

 8 

							
	EXHIBIT A
	
	WAIVER AND GENERAL RELEASE AGREEMENT
	 

	 		 		  	  
 This Waiver and General Release Agreement (this
“Release”) is entered into as of the date indicated on the signature page of this Release by John W. Uhlein, III (“Executive”). Executive has been employed by Ambac Financial Group, Inc. (the
“Company”), and in connection with Executive’s resignation and for the consideration of the payments and benefits set forth in the Agreement between Executive and the Company dated as of September
    , 2008 (the “Agreement”), the receipt and adequacy of which are herein acknowledged Executive agrees as follows:

	 	  
 1.
	 		  	General Release
	 		 		  	  
 Executive and Executive’s heirs, executors, administrators, trustees,
legal representatives and assigns (hereinafter collectively referred to as the “Releasors”) hereby irrevocably and unconditionally release and forever discharge Ambac, and any and all of its parent corporations, shareholders,
subsidiaries, divisions, affiliated and related entities, employee benefit and/or pension plans or funds, successors and assigns, and any and all of its or their past, present or future officers, directors, agents, stockholders, fiduciaries,
administrators, employees or assigns (whether acting as agents for Ambac or in their individual capacities) (hereinafter collectively referred to as the “Released Parties”), of and from any and from any and all claims, actions,
causes of action, rights, judgments, obligations, damages, demands, accountings or liabilities of whatever kind or character (collectively, “Claims”), including, without limitation, any Claims under any federal, state, local or
foreign law, that the Releasors may have, or in the future may possess, arising out of (i) the Executive’s employment relationship with and service as an employee, officer or director of the Company, and the termination of such relationship or
service, and (ii) any event, condition, circumstance or obligation that occurred, existed or arose on or prior to the date hereof; provided, however, that the Executive does not release, discharge or waive any rights to payments and
benefits provided under the Resignation Agreement that are contingent upon the execution, delivery and non-revocation by the Executive of this Release.

	 	  
 2.
	 		  	ADEA Release
	 		 		  	  
 The Releasors hereby unconditionally release and forever discharge Ambac, its
subsidiaries and affiliates and each of their respective officers, employees, directors, shareholders and agents from any and all Claims that the Releasors may have arising under the Federal Age Discrimination in Employment Act of 1967, as amended,
and the applicable rules and regulations promulgated thereunder (“ADEA”). By signing this Release, you hereby acknowledge and confirm the following:

		 		 	  
 (a)
	  	  
 Executive was advised by Ambac in connection with his resignation to consult
with an attorney of his choice prior to signing this Release and to have such attorney explain to you the terms of this Release, including, without limitation, the terms relating to your release of claims arising under ADEA;

  

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 (b)
	  	  
 Executive was given a period of not fewer than 21 days to consider the terms
of this Release and to consult with an attorney of her choosing with respect thereto;

		 		 	  
 (c)
	  	  
 Executive is providing the release and discharge set forth in this Section
only in exchange for consideration in addition to anything of value to which he is already entitled; and

	

	 		 	  
 (d)
	  	that Executive knowingly and voluntarily accept the terms of this Release.
		 	  
 3.
	 	  
 No Legal Claim

		 		 	  
 (a)
	  	  
 Executive represents and warrants that he will not commence, maintain,
prosecute or participate in any action or proceeding of any kind (judicial or administrative) against any of the Released Parties, arising out of any act, omission, transaction or occurrence happening up to and including the Effective Date (as
defined below) of this Release, and has not done so as of the Effective Date of this Release.

		 		 	  
 (b)
	  	  
 If Executive commences or voluntarily and affirmatively joins any legal
action against a Released Party, Executive will promptly indemnify such Released Party for its reasonable costs and attorneys fees incurred in defending such action as well as any monetary judgment obtained by Executive against any Released Party in
such action. If Executive is named as a party or included in a class action against any Released Party, Executive agrees to execute a waiver of rights and release of any such claims against Released Party.

		 	  
 4.
	 	  
 Non-Disparagement

		 		 	  
 Executive and Ambac each agree with respect to the other to refrain
from making, directly or indirectly, now or at any time in the future, whether in writing, orally or electronically: (i) any defamatory or product disparaging comment concerning the Executive and Ambac or any of its current or former directors,
officers, employees or share holders, or (ii) any other comment that could reasonably be expected to be detrimental to the Executive or Ambac’s business or financial prospects or reputation.

  

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 5.
	 	Continuing Obligations
	 		 	  
 This Release shall not supersede any continuing obligations
Executive may have under the terms of the Resignation Agreement or any other agreement between Executive and the Company.

	 	  
 6.
	 	  
 Governing Law

	 		 	  
 This Release will be governed by, and construed in accordance with
the laws of the State of New York.

	 	  
 7.
	 	  
 Effective Date

	 		 	  
 This Release shall not become effective until the day following the
last day of the Revocation Period (as defined below) (the “Effective Date”).

	 	  
 * * *

	 	  
 Executive shall have the right to revoke this Release during the
seven-day period (the “Revocation Period”) commencing immediately following the date Executive signs and delivers this Release to the Company. The Revocation Period shall expire at 5:00 p.m. New York City Time on the last day of the
Revocation Period; provided, however, that if such seventh day is not a business day, the Revocation Period shall extend to 5:00 p.m. New York City Time on the next succeeding business day. In the event Executive revokes this Release,
all obligations of the Company under the Resignation Agreement shall terminate and be of no further force and effect as of the date of such revocation. No such revocation by Executive shall be effective unless it is in writing and signed by
Executive and received by the Company prior to the expiration of the Revocation Period.

  

					
		 	By:	 	 /s/ John W. Uhlein III

		 		 	John W. Uhlein, III
			
		 	Date:	 	September 23, 2008

  

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