Document:

Form of Stock Option Agreement (CEO / President)

 March 12, 2003 
  
 Exhibit 10.64 
  
 FORM OF 
 STOCK OPTION AGREEMENT 
 (CHIEF EXECUTIVE OFFICER/PRESIDENT) 
  
 AGREEMENT made between MBIA Inc., a Connecticut corporation (the “Company”), and
                         (the “Optionee”). 
  
 WITNESSETH: 
  
 WHEREAS, the Company has established the MBIA Inc. 2000 Stock Option Plan (the “Plan”) providing for the granting of options to purchase shares
(“Stock Options”) of Common Stock, par value $1 per share, of the Company (“Shares”) to key employees of the Company and certain wholly-owned subsidiaries of the Company; and 
  
 WHEREAS, the Optionee is a key employee of the Company and the Company has
determined it to be in the interest of the Company and its shareholders for the Optionee to be granted a stock option (the “Option”) under the Plan as an inducement for him to remain in the service of the Company and as an incentive
for continuing effort during such service; and 
  
 WHEREAS, the
Compensation and Organization Committee (the “Committee”) of the Board of Directors of the Company has determined to grant to the Optionee this Option, subject to the terms set forth herein; 
  
 NOW, THEREFORE, in consideration of the mutual covenants hereinafter set
forth, and for other good and valuable consideration, receipt of which is hereby acknowledged, the Company and the Optionee (together, the “Parties”) do hereby agree as follows: 
  
 1. Grant. Pursuant to the terms and provisions of the Plan, and the
action of the Committee on                          approving the grant, the Company hereby grants to the Optionee, such
grant effective as of                         , the right and option to purchase, on the terms and conditions hereinafter
set forth,                         
(                        ) Shares. 
  
 2. Option Price. The purchase price of each of the Shares subject to the Option (the “Option Price”) is
$             per share, which is the Market Price (as defined in Section 19) of a Share on
                        . 
  
 3. Term of Option. Subject to the terms and provisions of the Plan and this Stock Option Agreement (the “Agreement”), this Option
may be exercised during the periods set forth in Sections 4 and 5 below but no later than 11:59 p.m. on
                         (the “Option Period”). The Optionee’s rights during the Option Period shall
be subject to limitations as hereinafter provided and shall be subject to sooner termination as provided in Section 5. 
  
 4. Exercisability. 
  

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 (a) General Rule. One hundred percent (100%) of the Shares subject to the Option may be exercised, in whole
or in part, and from time to time, on or after the earlier to occur of (i)                          or (ii) the later to
occur of (1)                          and (2) the last day of a period of ten consecutive Trading Days on which a Share
has traded at least $     at any point during each such Trading Day, subject to exercise at an earlier date in the event of certain terminations of the Optionee’s employment, as provided in Section 5. Upon the
Option’s becoming exercisable under this Agreement, it shall, except as expressly provided herein, be treated as fully vested and nonforfeitable in all respects. 
  
 (b) Change of Control. Notwithstanding anything herein to the contrary, including, without limitation, Sections 4(a), 4(b) and
5, this Option shall upon any Change of Control (as defined in Section 19) immediately become fully exercisable. 
  
 5. Termination of Employment. 
  
 (a) Death. In the event that the Optionee dies while employed by the Company, this Option shall immediately become fully exercisable and the estate or other
legal representative of the Optionee, or his successors and assigns as permitted under this Agreement, as the case may be, shall be entitled, during the period ending on the earlier of (i) the third anniversary of the Optionee’s death and (ii)
                        , to exercise this Option with respect to all of the Shares then subject to this Option. To the
extent any portion of this Option is not exercised on or before such earlier date, such unexercised portion of this Option shall expire. Notwithstanding any other provision of this Section 5, in the event the Optionee dies subsequent to the
termination of his employment with the Company, but at a time at which all or a portion of this Option is exercisable pursuant to the provisions of this Section 5, the estate or other legal representative of the Optionee, or his successors and
assigns as permitted under this Agreement, as the case may be, shall be entitled to exercise the portion of this Option that is exercisable at the date of the Optionee’s death for the period otherwise specified in this Section 5 or, if longer,
until the earlier of the first anniversary of the Optionee’s death or                         . 
  
 (b) Disability. In the that event the Optionee’s employment with the
Company is terminated by either Party due to Disability (as defined in Section 19), this Option shall immediately become fully exercisable and the Optionee shall be entitled, during the period ending on the earlier of (i) the third anniversary of
the date of his termination of employment due to Disability and (ii)                         , to exercise this Option
with respect to all of the Shares then subject to this Option. To the extent any portion of this Option is not exercised on or before such earlier date, such unexercised portion of this Option shall expire. 
  
 (c) Retirement. In the event that the Optionee’s employment with the
Company is terminated by his Retirement, the Optionee shall be entitled, during the period ending on the earlier of (i) the third anniversary of the date of his termination of employment due to Retirement and (ii)
                        , to exercise the Option with respect to the sum of (1) that number of Shares with respect to
which the Optionee could have exercised the Option on the date of his Retirement, determined in accordance with Section 4 above, and (2) his Pro-Rata Percentage of any Shares as to which this Option is not exercisable at the date of his Retirement.
To the extent any portion of this Option is not exercised on or before such earlier date, such unexercised portion of this Option shall expire. For this purpose, “Retirement” shall mean termination of the Optionee’s employment,
other than a termination by the Company for Cause or a termination to 
  

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which Section 5(a), 5(b) or 5(d) applies, within the meaning of the Company’s Pension Plan; and “Pro Rata Percentage” shall mean the percentage
determined by dividing (i) the number of whole and partial months of the Optionee’s award from
                         to the date of his Retirement by (ii)
                        . 
  
 (d) Termination Without Cause. In the event that the Optionee’s employment is terminated by the Company for any reason other than due to death or
Disability or for Cause (as each such term is defined in Section 19), this Option shall immediately become fully exercisable and the Optionee shall be entitled, during the period ending on the earlier of (x) the fifth anniversary of the date of his
termination of employment and (y)                        , to exercise this Option with respect to all of the Shares then
subject to this Option. To the extent any portion of this Option is not exercised on or before such earlier date, such unexercised portion of this Option shall expire. 
  
 (e) Voluntary Termination. In the event that the Optionee terminates his employment with the Company voluntarily and none of
Sections 5(a) through 5(d) apply, then the Optionee shall be entitled during the period ending on the earlier of (i) the first anniversary of his termination of employment and
(ii)                        , to exercise the Option with respect to the number of Shares as to which the Option was
exercisable by the Optionee at the date of such termination of employment. To the extent any portion of this Option is not exercised on or before such earlier date, such unexercised portion of this Option shall expire. 
  
 (f) Other Termination. In the event the Optionee’s employment with the
Company is terminated for any reason other than those described in subsection (a), (b), (c), (d), and (e) above, then the Optionee shall be entitled during the period ending on the earlier of (i) the three month anniversary of his termination of
employment and (ii)                         , to exercise the Option with respect to the number of Shares as to which the
Option was exercisable by the Optionee at the date of such termination of employment. To the extent any portion of this Option is not exercised on or before such earlier date, such unexercised portion of this Option shall expire. 
  
 (g) Committee Discretion. Without limiting the generality of the foregoing, the
Committee shall have the authority in its discretion to provide terms and conditions with respect to the exercisability of the Option before or after termination of employment that are more favorable to the Optionee than those set forth in Section 4
or Section 5. 
  
 6. No Rights of Shareholder or Continued
Employment. The Optionee shall not, by virtue hereof, be entitled to any rights of a shareholder of the Company, either at law or in equity. Neither the grant of this Option nor the exercise of such Option shall be construed as granting to the
Optionee any right of continued employment, and the right of the Company to terminate the Optionee’s employment at any time at will (whether by dismissal, discharge or otherwise) is specifically reserved. 
  
 7. Exercise of Option. 
  
 (a) Method of Exercise. In order to exercise this Option, in whole or in part,
the Optionee (or any other person entitled to exercise this Option in accordance with the terms hereof) shall submit to the Company an instrument in writing (which shall be substantially in the form of Exhibit A hereto or in another form which shall
contain the data required by such form) specifying the whole number of Shares in respect of which the Option is being exercised and accompanied by payment in full (or an arrangement 
  

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for payment in full in accordance with Section 7(b)) of the aggregate Option Price for the Shares in respect of which the Option is being exercised. The number of
Shares for which the Option has thus been exercised shall then promptly be issued by the Company (the “Option Shares”) and a certificate promptly delivered to the Optionee (or such other person as shall be exercising this Option);
provided, however, that the Company shall not be obligated to issue any Option Shares hereunder if the issuance of such Option Shares would violate any provisions of any applicable law or regulation of any governmental authority. 
  
 (b) Method of Payment. Payment of the aggregate Option Price for Option Shares
may be made (i) by delivery to the Company of cash or a check to the order of the Company in an amount equal to the aggregate Option Price of such Shares; (ii) by delivery to the Company of Shares then owned by the Optionee having an aggregate
Market Price on the date of delivery equal to the aggregate Option Price of the Shares for which the Option is being exercised; (iii) through reasonable cashless exercise procedures that are from time to time established by the Company (which
procedures the Company agrees to establish if requested by the Optionee) and that afford the Optionee the opportunity to sell immediately some or all of the Shares underlying the exercised portion of the Option in order to generate sufficient cash
to pay the aggregate Option Price of such Shares or (iv) by any combination of (i), (ii) or (iii). 
  
 (c) Delivery of Shares in Payment of Option Price. Payment by delivery of Shares may be effected by delivering one or more stock certificates or otherwise by
delivering Shares to the Company’s reasonable satisfaction (including, without limitation, through an “attestation” procedure that is reasonably acceptable to the Company) in each case accompanied by such endorsements, stock powers,
signature guarantees or other documents or assurances as may reasonably be required by the Company. If a certificate or certificates or other documentation representing Shares in excess of the amount required are delivered, a certificate (or other
satisfactory evidence of ownership) representing the excess number of Shares shall be returned by the Company. The Company need not accept fractional Shares. 
  
 (d) Additional Company Obligations. The Company shall, upon and to the extent of any written request from the Optionee, use its reasonable commercial best
efforts to assure that all Option Shares shall be, and shall remain, (i) fully registered (at the Company’s expense) for issuance under the Securities Act of 1933, as amended; (ii) fully registered or qualified (at the Company’s request)
under such state securities laws as the Optionee may reasonably request, both for issuance and resale, (iii) listed on a national securities exchange or eligible for sale on the NASDAQ National Market; and (iv) validly issued, fully paid and
nonassessable. The Company shall at all times reserve and keep available sufficient Shares to satisfy the requirements of this Agreement and shall pay all original issue taxes with respect to the issuance of Option Shares and all other fees and
expenses incurred in connection therewith. 
  
 8. Adjustments for Changes
in Structure and Special Transactions. In the event of any merger, consolidation, reorganization, recapitalization, spin-off, split-up, combination, share exchange, liquidation, dissolution, stock split, extraordinary cash dividend, stock
dividend, distribution of stock or other property in respect of the Shares or other securities of the Company, or other change in corporate structure or capitalization affecting the Shares, appropriate adjustment(s) will be made in the number and
kind of equity securities subject to this Option, the Market Price specified in Section 4(a)(i)(2), the number of Shares specified in Section 4(b) and/or in the Option Price or 
  

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other terms and conditions of this Option and/or appropriate provision shall be made for supplemental payments of cash or other property, so as to avoid dilution or
enlargement of the rights of the Optionee and of the economic opportunity and value represented by this Option. The Company will use its reasonable commercial best efforts to obtain the agreement of any successor in interest to provide the
opportunity for the Optionee to receive options for its common equity in substitution for this Option, but shall not have any obligation to take any action that would be detrimental to the interests of the Company’s shareholders. 
  
 9. Deferral of Option Gains. The Optionee shall have the right, by furnishing
written notice to the Company at least six months prior to any exercise of this Option, to elect to defer any gains realized upon such exercise. Any such deferral, including the manner of exercise of this Option in connection with such deferral,
shall be made in such manner as may reasonably be required by the Company, including such requirements as may apply in order to defer such gains for Federal income tax purposes and as the independent public accountants for the Company reasonably
advise are necessary in order that such gains not result in a charge against the earnings of the Company. At the time the Optionee elects to defer such gains, such gains shall be deferred into any non-qualified deferral plan of the Company that
accepts such deferrals on terms and conditions that satisfy the requirements of the preceding sentence. If no such plan is available, the Optionee may make an irrevocable written election to defer such gains into Share Units (with each Share Unit
representing a Share, including the right to be credited with any dividends or other distributions that may be declared or made thereon during the period of the deferral). Amounts deferred under this Section 10 shall be paid out under the terms of
the Optionee’s election to defer. 
  
 10. Confidential Information;
Nonsolicitation. (a) Confidential Information. Without the prior written consent of the Company, and except to the extent required in the performance of his duties as an officer or employee of the Company or as compelled by an order of a
court having competent jurisdiction or under subpoena from an appropriate government agency, the Optionee shall not disclose to any third person any trade secrets, customer lists, product development, marketing plans, sales plans, management
organization, operating policies and manuals, business plans, financial records, any information related to any of the foregoing or other financial, commercial, business or technical information related to the Company or any of its subsidiaries
unless such information has been previously disclosed to the public by the Company or has become public knowledge other than by Optionee’s breach of the covenant contained in this Section 10(a). 
  
 (b) Nonsolicitation. The Optionee agrees that, in consideration of the grant of
this Option, during his period of employment with the Company or any of its affiliates and for the period following the termination of such employment ending on the first anniversary thereof, the Optionee will not hire or seek to hire (whether on
his own behalf or on behalf of some other person or entity) any person who is at that time (or was at any time during the three preceding months) an employee of the Company and/or its affiliates. The Optionee will not, directly or indirectly, induce
or encourage any employee of the Company and/or any of its affiliates to leave the Company and/or such affiliate’s employ. 
  
 11. Nonassignability of Option. This Option is personal and no rights granted hereunder may be transferred, assigned, pledged, hypothecated in any way
(whether by operation of law or otherwise) nor shall any such rights be subject to execution, 
  

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attachment or similar process, except that this Option may be transferred, in whole or in part, (i) by will or the laws of descent and distribution; (ii) to any
organization that is exempt from Federal income taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”) or any private foundation that is exempt for Federal income taxation under Section 509 of
the Code, provided that such organization or foundation agrees to be bound by the terms of this Agreement and any reasonable conditions that the Company may impose in order to assure compliance with its obligations under the Federal securities laws;
and (iii) to any Immediate Family Member or to any trust, the sole beneficiaries of which are the Optionee and/or his Immediate Family Members, or to any entity (including, without limitation, any corporation, partnership or limited liability
company) in which the Optionee, his Immediate Family Members or trusts solely for the benefits of such persons hold all the beneficial interests, provided that such Immediate Family Members and/or trusts and/or other entities (and upon distribution
their beneficiaries) are bound by the provisions of this Agreement. For purposes of this Agreement, the term “Immediate Family Member” shall mean the Optionee’s parents and spouse and any of the lineal descendants of the
Optionee, his spouse or either of his parents (including, without limitation, descendants by adoption). Any person or entity to whom this Option has been transferred in whole or in part in part in accordance with this Section 12 shall to the extent
of the transfer, succeed to the rights of the Optionee under Sections 3, 4(a), 4(c), 5, 7, 8, 16 and 17. 
  
 12. Restrictions on Transfer of Option Shares. Neither Option Shares acquired on exercise of the Option, nor any interest in such Option Shares may be sold,
assigned, pledged, hypothecated, encumbered or in any other manner transferred or disposed of, in whole or in part, except in compliance with the terms, conditions and restrictions as set forth in the Certificate of Incorporation or By-Laws of the
Company, applicable federal and state securities laws or any other applicable laws or regulations, and the terms and conditions hereof. 
  
 13. Withholding. The Optionee agrees to make appropriate arrangements with the Company for satisfaction of any applicable tax withholding requirements
(“tax obligations”) arising out of this Agreement. Such tax obligations may be satisfied in any of the manners provided in Section 7(b) for payment of the purchase price of the Option Shares or, at the election of the Optionee, by
authorizing the Company to withhold up to the greatest number of whole Shares that would otherwise would be delivered to the Optionee and that have an aggregate Market Price on the date of exercise equal to the amount of taxes required to be
withheld. 
  
 14. Amendment or Waiver. No provision of this Agreement
may be amended unless such amendment is set forth in a writing signed by the Parties. No waiver by any person of any breach of any condition or provision contained in this Agreement shall be deemed a waiver of any similar or dissimilar condition or
provision at the same or any prior or any subsequent time. To be effective, any waiver must be in writing signed by the waiving person. 
  
 15. References and Headings. References herein to rights and obligations of the Optionee shall apply, where appropriate, to the estate or other legal
representative of the Optionee or his successors and assigns as permitted under this Agreement, as the case may be, without regard to whether specific reference to such estate or other legal representative or his successors and assigns is contained
in a particular provision of this Agreement. The headings of Sections contained in this Agreement are for convenience 
  

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only and shall not control or affect the meaning or construction of any provision of this Agreement. 
  
 16. Notices. Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed to have
been given (i) when delivered directly to the person concerned or (ii) three business days after being sent by postage-prepaid certified or registered mail or by nationally recognized overnight carrier, return receipt requested, duly addressed to
the person concerned at the location indicated below (or to such changed address as such party may subsequently by similar process give notice of): If to the Company, at the Company’s headquarters and to the attention of the Office of the
Secretary. If to the Optionee, at the Company’s headquarters and to the attention of the Optionee. If to a transferee permitted under Section 12, to the address (if any) supplied by the Optionee to the Company. 
  
 17. Resolution of Disputes  Any dispute or controversy arising out of
or relating to this Agreement, the Optionee’s employment with the Company, or the termination thereof, shall be resolved by binding confidential arbitration, to be held in New York City before three arbitrators in accordance with the Commercial
Arbitration Rules of the American Arbitration Association. Each of the Parties shall be entitled to appoint one of the three arbitrators and the third arbitrator shall be appointed by the arbitrators appointed by the Parties. Judgment upon the award
rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. The Company shall promptly pay all costs and expenses, including without limitation reasonable attorneys’ fees, incurred by the Optionee (or his permitted
successors and assigns) in resolving any claim raised in such an arbitration, other than any claim brought by the Optionee (or the Optionee’s permitted successors and assigns) that the arbitrator(s) determine to have been brought (i) in bad
faith or (ii) without any reasonable basis. In the event that there is a dispute regarding the Optionee’s rights under this Agreement, the Optionee shall have the right at any time and from time to time to deliver to the Company a written
conditional exercise and sales notice with respect to all or any portion of this Option, the effect of which shall be to establish the Optionee’s damages in the event that any proceeding is resolved in his favor assuming that he would have
exercised the Option to the extent provided in such notice on the date of such notice and immediately sold the Option Shares related to such deemed exercise on such date at the Market Price. In the event that any such proceeding is resolved
favorably to the Company and against the Optionee, any such conditional exercise and sales notice shall be deemed void and without effect, but the period during which the Option shall remain exercisable as otherwise specified in Section 5 shall in
no event expire earlier than the earlier of (i) February 12, 2013 and (ii) 30 days after the arbitrator’s decision is rendered in writing in favor of the Company. 
  
 18. The Company’s Representations. The Company represents and warrants that (i) sufficient shares are available under the
Plan for the grant of the Option hereunder; (ii) it is fully authorized by action of the Board and of the Committee (and of any other person or body whose action is required) to enter into this Agreement and to perform its obligations hereunder;
(iii) the grant of this Option and this Agreement have been approved in accordance with Rule 16b-3(d)(1) promulgated under the 1934 Act; (iv) the execution, delivery and performance of this Agreement by the Company does not violate any applicable
law, regulation, order, judgment or decree or any agreement, plan or corporate governance document of the Company; and (v) upon the execution and delivery of this Agreement by the Company and the Optionee, this Agreement shall be the valid and
binding obligation of the Company, enforceable in accordance with its 
  

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terms, except to the extent enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights
generally. 
  
 19. Definitions. For purposes of this Agreement, the
following terms shall have the following meanings: 
  
 (a) “Change
of Control” shall mean the occurrence of any of the following events: 
  
 (i) any “person”, as such term is currently used is Section 13(d) or 14(d) of the 1934 Act, other than the Company, its majority owned subsidiaries, or any employee benefit plan of the Company or any of its majority-owned
subsidiaries, becomes a “beneficial owner” (as such term is currently used in Rule 13d-3, as promulgated under the 1934 Act) of 25% or more of the Voting Power of the Company; 
  
 (ii) a majority of the Board consists of individuals other than Incumbent Directors, which term means the members of the Board who
were serving on the Board on the date hereof, provided that any individual who becomes a director subsequent to that date whose election or nomination for election was supported by two-thirds of the directors who then comprised the Incumbent
Directors shall be considered to be an Incumbent Director for purposes of this subsection 19(a)(ii); 
  
 (iii) the Board adopts any plan of liquidation providing for the distribution of all or substantially all of the Company’s assets; 
  
 (iv) the stockholders of the Company approve a merger, consolidation, share exchange,
division, sale or other disposition of substantially all of the assets of the Company (a “Corporate Event”), as a result of which the shareholders of the Company immediately prior to such Corporate Event (the “Company
Shareholders”) shall not hold, directly or indirectly, immediately following such Corporate Event a majority of the Voting Power of (x) in the case of a merger or consolidation, the surviving or resulting corporation, (y) in the case of a share
exchange, the acquiring corporation or (z) in the case of a division or a sale or other disposition of substantially all of the Company’s assets, each surviving, resulting or acquiring corporation; provided that, such a division
or sale shall not be a Change of Control for purposes of this Agreement to the extent that, following such Corporate Event, the Optionee continues to be employed by a surviving, resulting or acquiring entity with respect to which the Company
Shareholders hold, directly or indirectly, a majority of the Voting Power immediately following such Corporate Event. 
  
 (b) “Cause” shall mean: (i) the Optionee is convicted of a felony involving moral turpitude or (ii) the Optionee engages in conduct that
constitutes willful gross neglect or willful gross misconduct in carrying out his duties for the Company, resulting, in either case, in material economic harm to the Company, unless the Optionee believed in good faith that such conduct was in, or
not opposed to, the best interests of the Company. 
  
 (c)
“Disability” shall mean the Optionee’s inability, due to physical or mental incapacity, to substantially perform his duties and responsibilities as an officer of the Company for a period of 180 consecutive days as determined by
an approved medical doctor. For this purpose, an approved medical doctor shall mean a medical doctor selected by the Parties. If the Parties cannot agree on a medical doctor, each Party shall select a medical doctor and the two doctors shall select
a third who shall be the approved medical doctor for this purpose. 
  

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 (d) “Market Price”, when used with respect to the price of Shares on a particular day,
shall mean the closing price for which a Share is purchased that day (or, if such day is not a Trading Day, on the most recent preceding Trading Day on which such a purchase occurred) on the principal national securities exchange or national market
system on which Shares are then listed or eligible for sale (or, if Shares are not listed or eligible for sale on any such exchange or market system, the price as determined by agreement between the Parties or, in the absence of such agreement, the
price as determined in accordance with Section 17). 
  
 (e)
“Person”, when used in the definition of a Change of Control, shall have the meaning ascribed to such term in Section 3(a)(9) of the 1934 Act, as supplemented by Section 13(d)(3) of the 1934 Act; provided, however, that Person shall
not include (i) the Company or any subsidiary of the Company or (ii) any employee benefit plan sponsored by the Company or any subsidiary of the Company. 
  
 (f) “Trading Day” shall mean a day on which the principal national securities exchange or national market system on which Shares are then
listed or eligible for sale is open for buying and selling Shares (or, if Shares are not listed or eligible for sale on any such exchange or market system, any day that is not a Saturday, a Sunday, or a legal holiday in New York City). 

 
 (g) When used in the definition of a Change of Control, a specified
percentage of “Voting Power” of a company shall mean such number of the Voting Securities as shall enable the holders thereof to cast such percentage of all the votes which could be cast in an annual election of directors and
“Voting Securities” shall mean all securities of a company entitling the holders thereof to vote in an annual election of directors. 
  
 20. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Connecticut without
regard to the principles of conflict of laws. 
  
 21.
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which, when taken together, shall constitute one document. 
  
 22. Survival. The provisions of Sections 9, 16, 17, and 18 shall
survive the exercise or expiration of this Option. 
  
 IN WITNESS
WHEREOF, the undersigned have executed this Agreement as of the date first written above. 
  

			
	 MBIA INC.

	
	 
	

	 By:
	 	 
	
	 OPTIONEE

	
	 
	

	 	 	 

  

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 EXHIBIT A 
  

MBIA INC. 2000 STOCK OPTION PLAN 
 OPTION EXERCISE FORM 
  
 Name:
                                        
                                        
                                        
                                        
                                        
    
  
 Address:
                                        
                                        
                                        
                                        
                                        

 
                                       
                                        
                                        
                                        
                                        
                    
  
 Social Security Number:
                                        
                                        
                                        
                                        
          
  
 Office Telephone
Number:
                                        
                                        
                                        
                                        
     
  
 Pursuant to the terms of the MBIA Inc. 2000 Stock
Option Plan, I hereby exercise the Option granted pursuant for the number of shares listed below: 
  
 1.     Number of shares as to which the option is being exercised:
                                        
                                        
             
  
 2.     Per share exercise price: $ 
  
 3.
    Method of payment:
                                        
                                        
                                        
                                        
        
  
 4.     If a
cashless exercise, to be executed by (provide name, phone and fax
number):                                      
                  
  
                                       
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                    
  
 I understand that the amount by which the aggregate fair market value of the shares that I am purchasing exceeds the aggregate exercise price is subject to applicable
income and employment tax withholding. I agree that the Company shall calculate the amount required by law to be withheld. The amount required to be withheld shall be satisfied as
follows:                                      
                                        
                                        
                                        
                     
  
 Date: 
                                        
                                        
             
Signed :                                      
                                        
                
  
 DO NOT WRITE BELOW THIS LINE 
  
 Date
Received:  
                                        
                                Fair Market Value:  
                                        
                                
  
 RETURN TO THE SECRETARY OF MBIA INC. 
  

 10Form of MBIA Inc. 2000 Stock Option Plan

 Exhibit 10.65 
  
 FORM OF 
  
 MBIA INC. 2000 STOCK OPTION PLAN 
 NONQUALIFIED STOCK OPTION AGREEMENT 
  
 EXECUTIVE OFFICERS 
  
 NONQUALIFIED STOCK OPTION
AGREEMENT, between MBIA Inc., a Connecticut corporation (the “Company”) and
                                        
(the “Agreement”), under the Company’s 2000 Stock Option Plan, as the same may be amended from time to time (the “Plan”). 
  
 1. Confirmation of Grant; Option Price. The Company hereby confirms the grant to you, effective as of
                                        
(the “Grant Date”), of options (the “Options”) to purchase              shares of the Company’s Common Stock, par value $1.00 per share (“Common
Stock”) at an option price of $         per share (the “Option Price”). The Options are not intended to be incentive stock options under Section 422 of the Internal Revenue Code of 1986,
as amended. This Agreement is subject in all respects to the terms of the Plan, which are made a part of and incorporated into this Agreement. Terms used in this Agreement with initial capital letters, but not defined herein, shall have the same
meanings as under the Plan. 
  
 2. Exercisability. Except
as otherwise provided in this Agreement, the Options shall become exercisable, subject to the provisions hereof, as follows: 40% of the Options shall become exercisable on the second anniversary of the Grant Date and the remaining 60% of the Options
shall become exercisable in equal 20% installments on each of the third, fourth and fifth anniversaries of the Grant Date. Unless an earlier termination date is specified in accordance with Section 4, the Options shall terminate on the tenth
anniversary of the Grant Date (the “Normal Expiration Date”). 
  
 3. Method of Exercise and Payment. You may exercise any portion of the Options that has become exercisable by (i) written notice of exercise to the Company’s Secretary in the form attached as Exhibit A hereto and (ii) either (A)
paying the exercise price in full in cash or cash equivalents, including by personal check, or (B) entering into other arrangements with the Company to ensure payment of the exercise price. The exercise price may also be paid in whole or in part in
shares of Common Stock held by you for at least six months, based on the Fair Market Value of such Common Stock on the date of exercise. As soon as practicable after receipt of a written exercise notice and payment of the exercise price of any
exercisable Options, the Company shall deliver to you a certificate or certificates representing the shares of Common Stock acquired upon the exercise thereof. In the event that the Committee shall determine that any certificates issued under this
Section 3 must bear a legend restricting the transfer of such Common Stock, such certificates shall bear the appropriate legend. 
  
 4. Termination of Employment. 
  
 (a) Death or Disability. In the event that your employment with the Company or any of its Subsidiaries terminates by reason of your death or
Disability, then 100% of the Options shall be exercisable as of the date of such termination, and such Options may be exercised by you or your beneficiary as designated in accordance with Section 8, at any time on or before the earlier to occur of
(i) the Normal Expiration Date or (ii) the first anniversary of your death or termination of employment due to Disability. 
  
 (b) Termination for Cause. In the event that your employment with the Company or any of its Subsidiaries is terminated for Cause, all of your
unexercised Options (whether or not then exercisable) shall terminate and be canceled immediately upon such termination of employment. Your right to exercise any Options hereunder shall be suspended during any period in which the Company is
conducting any investigation to determine whether Cause exists for the termination of your employment. In the event that such 
  

 1 

 investigation results in a determination that Cause exists for a termination of your employment, all of your unexercised
Options (whether or not then exercisable) shall terminate and be canceled immediately upon such determination. 
  
 (c) Other Termination of Employment. Unless otherwise determined by the Committee, in the event that your employment with the Company or any of its
Subsidiaries terminates for any reason other than (i) your death or Disability or (ii) for Cause, then all of your Options that are exercisable at the date of your termination of employment may be exercised at any time prior to the
expiration of the term of the Options or the ninetieth day following your termination of employment, whichever period is shorter, and any Options that are not exercisable at the time of your termination of employment shall be immediately forfeited.

  
 (d) Forfeiture of Options. If, after your termination
of employment, the Committee determines that, either during or after your employment by the Company or any of its Subsidiaries, you engaged in conduct that (i) would have permitted the Company or any of its Subsidiaries to terminate your
employment for Cause had you still been employed or (ii) otherwise results in damage to the business or reputation of the Company or any of its Subsidiaries, all of the Options that are still outstanding at the time of such determination
shall immediately terminate and be canceled immediately upon such determination by the Committee. Upon such a determination by the Committee, the Company may disregard any attempted exercise of the Options by notice delivered prior to such
determination, if, at such time, the Company had not completed the steps necessary to effect such exercise. In such case, the Company shall only be obligated to return to you any amounts or shares of Common Stock remitted in order to exercise such
Options. 
  
 5. Change of Control. 
  
 (a) Accelerated Vesting and Payment. Unless the Committee shall
otherwise determine in the manner set forth in Section 5(b), in the event of a Change of Control each Option shall become fully exercisable (regardless of whether such Options are at such time otherwise exercisable) and the Committee may, in its
discretion, provide that each Option shall be canceled in exchange for a payment in cash of an amount equal to the excess, if any, of the Change of Control Price over the Option Price. 
  
 (b) Alternative Awards. Notwithstanding Section 5(a), no cancellation, acceleration of exercisability, vesting or
cash settlement or other payment shall occur with respect to any Option if the Committee reasonably determines in good faith, prior to the occurrence of a Change of Control, that such Option shall be honored or assumed, or new rights substituted
therefore (such honored, assumed or substituted award being hereinafter referred to as an “Alternative Award”), provided that any such Alternative Award must: 
  
 (i) be based on stock which is traded on an established securities market, or that the Committee reasonably
believes will be so traded within 60 days after the Change of Control; 
  
 (ii) provide you with rights and entitlements substantially equivalent to or better than the rights, terms and conditions applicable under such Option, including, but not limited to, an identical or better exercise
and vesting schedule and identical or better timing and methods of payment; 
  
 (iii) have substantially equivalent economic value to such Option (determined at the time of the Change of Control); and 
  
 (iv) have terms and conditions which provide that in the event that your employment is involuntarily or constructively terminated within
two years following a Change of Control, except if your employment is terminated for Cause, any conditions on your rights under, or any restrictions on transfer or exercisability applicable to, each such Alternative Award shall be waived or shall
lapse. 
  
 (c) Key Employee Agreement. Notwithstanding
anything contained herein or in the Plan to the contrary, to the extent that you are entitled to receive the severance benefits described in Section 7(c) of the Key Employee Protection Agreement (the “Key Employee Agreement”) between you
and the company, (i) the Options granted hereunder (unless such Options shall already have become exercisable pursuant to Section 
  

 2 

 5(a) above upon a Change of Control, in which case such Options shall be so exercisable as of such Change of Control), or
any Alternative Award, shall automatically be and become fully exercisable on the Date of Termination (as defined in the Key Employee Agreement) without any further action on anyone’s part and (ii) you shall the right to exercise any such
Option or any such Alternative Award until the earlier to occur of the expiration of the term of the Options or the expiration of the term of such Alternative Award and the fifth anniversary of such Date of Termination. 
  
 For purposes of this Section 5(b), a “constructive termination”
shall mean a termination of employment by you following a material reduction in your base salary or your incentive compensation opportunity or a material reduction in your responsibilities, in either case without your written consent. 
  
 6. Tax Withholding. Whenever Common Stock is to be issued pursuant to
the exercise of an Option, the Company shall have the power to withhold, or require you to remit, an amount sufficient to satisfy Federal, state, and local withholding tax requirements relating to such transaction, and the Company may defer payment
of cash or issuance of Common Stock until such requirements are satisfied. The Committee may permit you to elect, subject to such conditions as the Committee shall impose, (i) to have shares of Common Stock otherwise issuable upon the
exercise of an Option withheld or (ii) to deliver to the Company previously acquired shares of Common Stock having a Fair Market Value as of the date of exercise sufficient to satisfy the estimated total Federal, state, and local tax
obligation associated with the transaction. 
  
 7.
Nontransferability of Awards. No Options granted hereby may be sold, transferred, pledged, assigned, encumbered or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution; provided, however,
that you may transfer the Options to any of your Family Members (including, without limitation, pursuant to a domestic relations order). In order to transfer any options to any Family Member, you must sign and deliver to the Secretary of MBIA a
completed Stock Option Transfer Form attached as Exhibit B hereto. Following your death, all rights with respect to Options shall be exercised by your designated beneficiary (or, if applicable, your estate). 
  
 8. Beneficiary Designation. You may from time to time name any
beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under the Plan is to be paid or by whom any right under this Agreement is to be exercised in case of your death. Each designation will revoke all prior
designations, shall be in a form reasonably acceptable to the Company, and will be effective only when filed in writing with the Secretary of the Company during your lifetime. 
  
 9. Adjustment of the Number of Option Shares. The number, class and exercise price of any outstanding Options (and
the number of shares of Common Stock subject to outstanding Options), shall be adjusted by the Committee if, in its sole discretion, it shall deem such an adjustment to be necessary or appropriate to reflect any Common Stock dividend, stock split or
share combination or any recapitalization, merger, consolidation, exchange of shares, liquidation or dissolution of the Company. 
  
 10. Requirements of Law. The granting of Options and the issuance of shares of Common Stock pursuant to the Options shall be subject to all
applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. No shares of Common Stock shall be issued upon exercise of any Options granted hereunder, if such
exercise would result in a violation of applicable law, including the federal securities laws and any applicable state securities laws. 
  
 11. No Guarantee of Employment. Nothing in this Agreement shall interfere with or limit in any way the right of the Company or any of its
Subsidiaries to terminate your employment at any time, nor confer upon you any right to continue in the employ of the Company or any Subsidiary. 
  
 12. No Voting Rights. You shall have no right, in respect of Options granted hereby, to vote on any matter submitted to the Company stockholders
until such time as the shares of Common Stock issuable upon exercise of such Options have been so issued. 
  
 13. Interpretation; Construction. Any determination or interpretation by the Committee under or pursuant to the Plan and this Agreement shall be
final and conclusive on all persons affected hereby. In the 
  

 3 

 event of a conflict between any term of this Agreement and the terms of the Plan, the terms of the Plan shall control.

  
 14. Amendments. The Committee shall have the right, in
its sole discretion, to amend this Agreement, from time to time, provided that no such amendment shall impair your rights under this Agreement without your consent. Subject to the preceding sentence, any alteration or amendment of this Agreement by
the Committee shall, upon adoption thereof by the Committee, become and be binding and conclusive on all persons affected thereby without requirement for consent or other action with respect thereto by any such person. The Company shall give written
notice to you of any such alteration or amendment of this Agreement as promptly as practicable after the adoption thereof. This agreement may also be amended in a written document signed by both you and the Company. 
  
 15. Miscellaneous. 
  
 (a) Notices. All notices and other communications required or
permitted to be given under this Agreement shall be in writing and shall be deemed to have been given if delivered personally or sent by certified mail, return receipt requested, postage prepaid, or by any recognized international equivalent of such
mail delivery, to the Company or you, as the case may be, at the following addresses or to such other address as the Company or you shall specify by notice to the other party: 
  
 (i) if to the Company, to: 
      MBIA Inc. 
      113 King Street 
      Armonk, NY 10504 
      Attn: General Counsel 
  
 (ii)
if to you, to the address recorded on the books and records of the Company. 
  
 All such notices and communications shall be deemed to have been received on the date of delivery or on the third business day after the mailing thereof. 
  
 (b) Applicable Law. This Agreement shall be governed by and construed in accordance with the law of the State of
Connecticut, regardless of the law that might be applied under principles of conflict of laws. 
  
 (c) Section and Other Headings. The section and other headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. 
  
 IN WITNESS WHEREOF, the Company and you have duly executed this Agreement as
of the date first above written. 
  

			
	MBIA INC.
		
	By:	 	 
	 	 	

	 	 	 
	 EMPLOYEE

	
	 
	

	 	 	 

  

 4 

 EXHIBIT A - CASHLESS EXERCISE 
  
 MBIA INC. 2000 STOCK OPTION PLAN 
 OPTION EXERCISE FORM 
  

			
	Name:	  	 
	 	 	

  

			
	Address:	  	 
	 	 	

  

			
	Social Security Number:	  	 
	 	 	

  

			
	Office Telephone Number:	  	 
	 	 	

  
 Pursuant to the terms of the
MBIA Inc. 2000 Stock Option Plan, I hereby exercise the Option granted to me on                      for the number of shares listed below
subject to the cashless exercise procedures in the Plan. 
  

			
	 1. Number of shares as to which the option is being exercised:
	  	 
	 	 	

	 2. Per share exercise price:
	  	$                                       
                 
	 	 	

	 3. To be executed by (please specify name, telephone number and fax number):
	  	 

	 	

  

	 	

  

	 	

			
	4. Sell instructions:	 	 (            ) Sell at Market Price
 (            ) Sell at
$                                 or higher

  
 I understand that the amount by
which the aggregate fair market value of the shares that I am purchasing exceeds the aggregate exercise price is subject to applicable income and employment tax withholding. I agree that the Company shall calculate the amount required to be withheld
and such amount will be subtracted from the net proceed of the sale. 
  

			
	 Date:
                                        
                                       
 
	  	Signed:                                     
                                        
    

  
 DO NOT WRITE BELOW THIS LINE

  

  

			
	 Date Received:
                                        
                        
	  	Fair Market Value:                                  
                          

  
 RETURN TO THE SECRETARY OF MBIA INC. 

 

 5 

 EXHIBIT B 
  
 OPTION TRANSFER FORM 
  
 Pursuant to the terms of the MBIA Inc. 2000 Stock Option Plan, the undersigned hereby transfers
(#)             options from the options granted on
                             to (insert name of transferee)
                                        
                            . 
  
  
 Family member (transferee) information: 
  

			
	Relationship of transferee to the undersigned:	  	 
	 	 	

  

			
	Transferee Address:	  	 
	 	 	

	 	  	 
	 	 	

  

			
	Transferee Social Security #:	  	 
	 	 	

  

			
	Transferee Phone #:	  	 
	 	 	

  

			
	Date:
                                        
                                	  	Signed:
                                        
                                

  

  
 The undersigned transferee acknowledges that he/she has read the non-qualified Stock Option Agreement and agrees to abide by its terms.

  

			
		
	Transferee Signature:	 	 
	 	 	

		
	Transferee Name (print):	 	 
	 	 	

		
	Date:	 	 
	 	 	

  
 RETURN TO THE SECRETARY OF MBIA
INC. 
  

 6

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