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EXHIBIT 10.6F    
    

 
 

FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.
  
    AGREEMENT EVIDENCING AN AWARD OF DEXIA RESTRICTED STOCK    
    

February 14,
2008 

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, 2010 and (ii) 66-2/3% to the four-year Restricted Period scheduled to end December 31, 2011. 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, 2010	 	33-1/3	%
	June 30, 2011	 	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 with 5 Years of Service or such other date as you shall be eligible to retire under any agreement with the Corporation (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: 

	Vesting Date
 
	 	Restricted Period Ended
	 	% of Dexia Restricted Stock Award Becoming Unrestricted
	 
	June 30, 2010	 	December 31, 2010	 	33-1/3	%
	June 30, 2011	 	December 31, 2011	 	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 

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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 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 

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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 on the first regular payroll payment date that is at least 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, 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 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, 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. 

        "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. 

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For
purposes hereof, Book Value shall be determined excluding the after-tax effect of (i) accumulated other comprehensive income (the total mark-to-market on
investment assets not subject to hedge accounting and the credit risk component of the mark-to-market on investment assets subject to hedge accounting), (ii) the credit
risk component of the mark-to-market on liabilities accounted for under the fair value option and (iii) gains or losses attributable to
mark-to-market of Investment Grade credit derivatives. 

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

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         (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. By acceptance of this Agreement, you hereby agree that the Plan, as amended through February 14, 2008, shall apply to all outstanding awards of Dexia Restricted Stock held by you, and
that any award agreement(s) in respect of such outstanding awards shall be deemed amended to be consistent with the Plan as so amended. 

         (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

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)	

 

6

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EXHIBIT 10.6F

FINANCIAL SECURITY ASSURANCE HOLDINGS LTD. AGREEMENT EVIDENCING AN AWARD OF DEXIA RESTRICTED STOCKQuickLinks
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Exhibit 10.14    
    

 
  FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.
  
    Annual Bonus Pool Guideline    
    

        Financial Security Assurance Holdings Ltd. (including its direct and indirect subsidiaries, the "Company") maintains an annual bonus pool (the "Bonus
Pool") for the benefit of Company employees equal to a predetermined percentage (the "Specified Percentage") of the increase in adjusted book value ("ABV") of the Company during the applicable year
(as derived from the Company's IFRS financial statements), excluding unrealized gains and losses on investments, net of tax, and excluding the mark-to-market, net of tax, of
investment grade credit derivatives, but including a return on equity ("ROE") modifier described below. For the 2004 Bonus Pool, the Human Resources Committee of the Board of Directors of the Company
(the "HR Committee") has set the Specified Percentage at 11.25%. The increase in ABV during the applicable year will be equal to (a) the percentage growth in ABV per share during such year,
with credit given for dividends paid, multiplied by (b) ABV as of the beginning of such year. The HR Committee retains the right to evaluate the Bonus Pool formula annually; however, the intent
is to maintain the Bonus Pool formula as long as practical to promote stability. 

        The
ROE modifier will adjust downward the percentage growth in ABV per share if the "Target ROE" exceeds the ROE achieved in the aggregate for all transactions insured during the
applicable year (the "Actual Average ROE"), with a maximum adjustment of 2%. The "Target ROE" equals the after-tax book yield on the Company's investment portfolio (excluding the
investment portfolios for Financial Products, variable interest entities, and refinanced transactions) (determined as of the December 31 immediately preceding the compensation year) plus 9%,
with a maximum Target ROE of 15%. In the event that the Actual Average ROE is less than the Target ROE for any year, then the percentage growth in ABV per share for such year will be reduced by an
amount equal to 1/2 the excess of the Target ROE (expressed as a percentage) over the Actual Average ROE (expressed as a percentage), subject to a maximum reduction of 2%. 

        The
following example illustrates the calculation of the Bonus Pool, including the effect of the ROE modifier, based on the assumptions below: 

	
 ABV at beginning of year:	
 	

$4 billion	
 	

After-tax portfolio book yield	
 	

5	
%
	

Growth in ABV per share:	
 	

13%	
 	

Target ROE	
 	

14	
%
	

Specified Percentage:	
 	

9.5%	
 	

Actual Average ROE	
 	

12	
%
	

ROE modifier = 1/2 × (14% - 12%) = 1%	
 	

 	
 
	

Bonus Pool = $4 billion × (13% - 1%) × 9.5% = $45.6 million	
 	

 	
 

        Amounts
of the Bonus Pool in respect of any year, determined as provided above, that are not distributed to employees for that year will be credited to a "Rainy Day Fund" that will be
available in subsequent years to fund bonus payments to employees in excess of the Bonus Pool determined as provided above, provided that the Rainy Day Fund shall not exceed an amount equal to
$25 million, adjusted to reflect increases in the Consumer Price Index from and after January 1, 2005. 

(as
approved by the Human Resources Committee at its meeting on February 13, 2008) 

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Exhibit 10.14

FINANCIAL SECURITY ASSURANCE HOLDINGS LTD. Annual Bonus Pool Guideline

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