Document:

Deferred Compensation Agreement between the Company and Gary R. Bradley

 EXHIBIT 10(e) 
 SUPPLEMENTAL RETIREMENT AGREEMENT 
 Between 
 GOLDEN WEST FINANCIAL CORPORATION 
 And 
 Gary Bradley 
 (Employee) 
 THIS AGREEMENT is effective as of May 1, 1989, by and between Golden West Financial Corporation, a Delaware corporation, on behalf of itself and its
subsidiaries (“Golden West”), and the above-named Employee. 
 W I T N E S S E T H: 
 WHEREAS, Employee is employed by Golden West or one of its subsidiaries; and 
 WHEREAS, Golden West recognizes that Employee is a valuable management employee and Golden West desires to reward and retain the services of Employee.

 NOW, THEREFORE, the parties agree as follows: 
 1. Supplemental Retirement 
 For purposes hereof, the “Principal Sum” is the amount so
described and set forth in Schedule A hereto. Golden West agrees to pay to Employee or Employee’s named beneficiary or estate, in installments as hereafter set forth, an amount equal to that percentage of the Principal Sum (if any) as is set
forth on Schedule A after the date upon which Employee’s employment with Golden West and all of its subsidiaries terminates. Notwithstanding the foregoing, if Employee’s employment is terminated at any time after the date hereof and prior
to full vesting as set forth in Schedule A by reason of his death, Golden West agrees to pay to Employee’s named beneficiary or his estate, in installments as hereafter set forth and in lieu of the amount determined pursuant to the preceding
sentence, the full Principal Sum. 
 2. Time of Payments 
 The amount provided for in paragraph 1 hereof shall be paid without interest in 120 equal, consecutive, monthly installments, commencing on the
Commencement Date. The Commencement Date shall be the first day of the month following the death of Employee or the date upon which Employee reaches age 65, whichever is earlier. 
 3. Recipient of Payments 
 Payments
provided to be made hereunder shall be made to Employee so long as he shall be living, and thereafter to such beneficiary as Employee may designate in a writing filed with Golden West, and if no beneficiary has been so designated by Employee, or if
the beneficiary so designated is deceased at the time payment is due and no successor beneficiary has been so designated who is then surviving, then to Employee’s estate. 
 4. Life Insurance 
 Golden West in
its discretion may apply for and procure as owner and for its own benefit insurance on the life of Employee, in such amounts and in such forms as Golden West may determine. Employee shall have no direct or indirect interest whatsoever in any such
policy or policies, but at the request of Golden West, Employee shall submit to medical examination and supply such information and execute such documents as may be required by the insurance company or companies to which Golden West applies for
insurance. The rights of Employee, or his beneficiary, or estate, to benefits under this Agreement shall be solely those of an unsecured creditor of Golden West. Any insurance policy or other assets held by Golden West or any of its subsidiaries in
connection with the liabilities assumed pursuant to this Agreement shall not be deemed to be held under any trust for the benefit of Employee, or his beneficiary, or his estate, or to be security for the 

 
performance of the obligations of Golden West but shall be, and remain, general, unpledged, and unrestricted assets of Golden West. 
 6. Nonalienability of Benefits 
 No
portion of the benefits payable hereunder shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge. 
 7. Status of Agreement 
 The benefits payable hereunder shall be independent of, and in addition to,
any compensation or other benefit payable under any other agreement or plan relating to Employee’s employment that may exist from time to time. Nothing contained herein shall restrict the right of Golden West or any of its subsidiaries to
discharge Employee, or restrict the right of Employee to terminate his employment. 
 IN WITNESS WHEREOF, the parties have entered into this
Agreement as of the date first above written. 
  

			
	 GOLDEN WEST FINANCIAL CORPORATION

		
	 By
	 	 /s/ J. L. Helvey

		 	 J. L. Helvey

		 	 Group Senior Vice President

	
	 Employee

	
	 /s/ Gary Bradley

	 Gary Bradley

 Schedule A 
  

			
	 Employee:
	  	 Gary Bradley

	 Principal Sum:
	  	 $ 300,000

	 Full Vesting Period:
	  	 16 Years Commencing on May 1, 1989

 Vesting percentage: If the employee’s employment with Golden West and all of its subsidiaries terminates
before the full vesting period is completed, partial vesting of the principal sum will be as follows: 
 4.16% per year for years 1
– 8 
 8.33% per year for years 9 – 16 
 The vesting percentages set forth above shall be prorated for any partial year of employment with Golden West or any of its subsidiaries prior to the completion of the full vesting period. 

 AMENDMENT NO. 8 
 To 
 SUPPLEMENTAL RETIREMENT AGREEMENT 
 Between 
 GOLDEN WEST FINANCIAL CORPORATION 
 And 
 Gary R. Bradley 
 Employee 
 WHEREAS, Golden West Financial
Corporation, a California corporation, on behalf of itself and its subsidiary corporations (collectively, “Golden West”), and the above-named Employee, entered into a Supplemental Retirement Agreement (the “Agreement”) effective
as of May 1, 1989; and 
 WHEREAS, Golden West and Employee now wish to amend the Agreement, effective as of January 1, 2002, to increase the
Principal Sum set forth on Schedule A to the Agreement; 
 NOW, THEREFORE, the parties agree as follows: 
 1. The Principal Sum set forth on Schedule A to the Agreement is hereby changed to $3,000,000. 
 2. The vesting schedule set forth on Schedule A to the Agreement shall apply to the Principal Sum as Follows: 
 Vesting Percentage 
 If the
employee’s employment with Golden West terminates before the full vesting period is completed, partial vesting of the principal sum will be as follows: 
  

			
	 As to $600,000
 Full vesting shall be:
	  	 16 years commencing May 1, 1989
 4.16 % per year for years 1 - 8
 8.33 % per year for years 9 - 16

	  
	  
		
	 As to $50,000
 Full vesting shall be:
	  	 13 years commencing January 1, 1996
 4.76 % per year for years 1 - 7
 11.11 % per year for years 8 – 13

	  
	  
		
	 As to $600,000
 Full vesting shall be:
	  	 13 years commencing January 1, 1998
 4.76 % per year for years 1 - 7
 11.11 % per year for years 8 – 13

	  
	  
		
	 As to $ 750,000
 Full vesting shall be:
	  	 12 years commencing January 1, 2000
 5.55 % per year for years 1 - 6
 11.11 % per year for years 7 – 12

	  
	  
		
	 As to $ 1,000,000
 Full vesting shall be:
	  	 10 years commencing January 1, 2002
 6.66 % per year for years 1 - 5
 13.33 % per year for years 6 – 10

	  
	  

 The vesting percentages set forth above shall be prorated for any partial year of employment
with Golden West prior to the completion of the full vesting period. 

 IN WITNESS WHEREOF, the parties have entered into this Agreement as of the date first above written.

  

			
	 GOLDEN WEST FINANCIAL CORPORATION

		
	 By
	 	 /s/ Carl M. Andersen

	 Carl M. Andersen

	 Group Senior Vice President

	
	 Employee

	
	 /s/ Gary R. Bradley

	 Gary R. BradleyForm of Restricted Stock Agreement

 Exhibit 10.79 
             , 2006 
 Name 
 Address 
 City, State Zip 
 AWARD OF RESTRICTED STOCK 
 Dear             : 
 We are pleased to confirm to you that, subject to the restrictions described below, you have been awarded
             shares of the Common Stock of MBIA Inc. (the “Company”), par value $1.00 per share (the “Restricted Shares”), pursuant to and subject to the terms of
the Company’s MBIA Inc. 2005 Omnibus Incentive Plan (the “Plan”). This letter will confirm the following agreement between you and the Company with respect to this award of Restricted Shares. 
 1. Restriction on Transfer. Except as provided in Section 8 or as the Compensation and Organization Committee of the Company’s Board of
Directors (the “Committee”) shall otherwise determine, none of the Restricted Shares may be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered (the “Transfer Restriction”) until the Restricted Shares (or a
portion thereof) vest and the Transfer Restriction with respect to such Shares lapses as determined pursuant to the following schedule or at such earlier date as such restrictions shall otherwise lapse under the terms of this letter. Subject to
Sections 3 through 5 below, a percentage of the Restricted Shares, determined pursuant to the table set forth below, shall become vested on February 27, 2009 (the “Normal Vesting Date”) or upon the dates described in Sections 4 and 5,
based on the applicable MBV Appreciation measured as of the applicable measurement date. Intermediate levels of vesting shall be determined by linear interpolation (e.g., MBV Appreciation as of the Normal Vesting Date of 10% will yield 33% vesting).

  

			
	 MBV Appreciation as of
Normal
Vesting Date
	  	Vested Percentage of
            Restricted Shares            
	      0%
	  	    0%
	   7.5%
	  	    25%
	 15.0%
	  	  50%
	 22.5%
	  	  75%
	 30.0%
	  	100%

 For purposes of this letter, the period during which the Restricted Shares remain subject to the Transfer
Restrictions set forth in this Section 1 shall be called the “Restricted Period.” 
 2. Calculation of MBV. For
purposes of this Agreement, the terms “MBV” and “MBV Appreciation” have the following meanings: 
 (i)
“MBV” as of any date shall mean the Company’s GAAP book value per share of Common Stock as of the relevant date (which unless otherwise determined by the Committee or its designees in good faith, shall be calculated as of the date of
the Company’s most recent prior quarterly measurement date) adjusted to (i) reverse the effects of unrealized gains and losses on investments and derivatives, (ii) reverse the effects of unearned compensation pertaining
to restricted stock awards held by the 

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Company’s employees and directors, (iii) add dividends declared on the Company’s Shares since January 1, 2006,
(iv) add interest accrued on dividends declared on the Company’s Shares since January 1, 2006 and (v) reverse the effects of the Company’s open market share repurchases made since January 1, 2004. 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 Company’s Common Stock or other securities of the Company, or other change in corporate structure or capitalization affecting the Common Stock, appropriate adjustment(s) will be made to the calculation of MBV so as to avoid
dilution or enlargement of your rights and of the economic opportunity and value represented by the Restricted Shares. 
 (ii)
“MBV Appreciation” as of any measurement date shall mean the percentage increase in MBV from January 1, 2006 through such measurement date, determined pursuant to the following formula: 
 (A minus B) ÷ B 
 where
“A” equals MBV as of such measurement date and “B” equals MBV as of January 1, 2006. 
 3. Forfeiture of
Restricted Stock Upon Voluntary Termination or Termination for Cause. Except as provided in Section 4 below or as the Committee shall otherwise determine, if (i) you voluntarily terminate your employment with the Company and
each of its subsidiaries or (ii) your employment is terminated by the Company for Cause (as hereinafter defined) prior to the end of the Restricted Period, any Restricted Shares then still subject to the transfer restrictions set forth
in Section 1 shall be forfeited and revert back to the Company without any payment to you. For purposes of this letter, “Cause” means (i) your willful failure to perform substantially your duties as an employee of the
Company (other than due to physical or mental illness) after reasonable notice to you of such failure, (ii) your engaging in serious misconduct that is injurious to the Company or any of its subsidiaries in any way, including, but not
limited to, by way of damage to their respective reputations or standings in their respective industries, (iii) your being convicted of, or your entry of a plea of nolo contendere to, a crime that constitutes a felony or
(iv) your breach of any written covenant or agreement with the Company or any Subsidiary not to disclose or misuse any information pertaining to, or misuse any property of, the Company or any Subsidiary or not to compete or interfere
with the Company or any Subsidiary. 
 4. Partial Vesting Upon Death, Disability, Termination by the Company Without Cause. If your
employment with the Company and its subsidiaries terminates due to (i) your death or (ii) your long-term disability (as determined in accordance with the Company’s applicable policies pertaining to long-term disability),
a pro-rata portion of the Restricted Shares shall become vested on the date of your termination due to death or disability based on MBV Appreciation through such termination date. If your employment with the Company and its subsidiaries is
terminated by the Company other than for Cause, a pro-rata portion of the Restricted Shares shall become vested on the date of your termination based on (i) MBV Appreciation through such termination date and (ii) the portion
of the Restricted Period during which you remained employed with the Company and its subsidiaries. Any portion of the Restricted Shares that does not become vested as of the date of your termination of employment pursuant to this Section 4
shall be forfeited and revert back to the Company without any payment to you. 
  

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 5. Change of Control. Notwithstanding any other provision of this letter to the contrary, upon the
occurrence of a Change of Control, a pro-rata portion of the Restricted Shares shall become vested based on (i) MBV Appreciation through such Change of Control date and (ii) the portion of the Restricted Period completed
through the Change of Control date. With respect to the portion of your Restricted Shares that does not become immediately vested upon the Change of Control date pursuant to the preceding sentence, (i) the portion of the Restricted
Shares corresponding to unsatisfied performance goals (i.e., due to MBV Appreciation of less than 30% through the Change of Control date) shall be forfeited and revert back to the Company without any payment to you and (ii) the pro-rata
portion of your Restricted Shares that does not vest as of the Change of Control date solely because such portion relates to the uncompleted portion of the Restricted Period as of the Change of Control date shall be converted into a new award to be
granted by the Company or its successor in the form of an equivalent valued new restricted stock or restricted unit award that will vest solely based upon your continued employment with the Company or its successor through the end of the Restricted
Period. If the Company or its successor declines to grant the replacement award described in clause (ii) of the preceding sentence, then the pro-rata portion of your Restricted Shares related to the uncompleted portion of the Restricted Period
shall become vested as of the Change of Control date. 
 For purposes of this Agreement, a Change of Control shall mean the occurrence of any of the
following events: 
 (i) any person (within the meaning of Section 3(a)(9) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”)), including any group (within the meaning of Rule 13d-5(b) under the Exchange Act)), but excluding any of the Company, any Subsidiary or any employee benefit plan sponsored or maintained by the Company or any
Subsidiary, acquires “beneficial ownership” (within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 25% or more of the combined Voting Power (as defined below) of the
Company’s securities; or 
 (ii) within any 24-month period, the persons who were directors of the Company at the
beginning of such period (the “Incumbent Directors”) shall cease to constitute at least a majority of the Board or the board of directors of any successor to the Company; provided, however, that any director elected to the Board, or
nominated for election, by a majority of the Incumbent Directors then still in office shall be deemed to be an Incumbent Director for purposes of this subclause (ii); or 
 (iii) upon the consummation of a merger, consolidation, share exchange, division, sale or other disposition of all or substantially
all of the assets of the Company which has been approved by the shareholders of the Company (a “Corporate Event”), and immediately following the consummation of which the stockholders of the Company immediately prior to such Corporate
Event do not hold, directly or indirectly, 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 assets, each surviving, resulting or acquiring corporation which, immediately following the relevant Corporate Event, holds more than 25% of the consolidated assets of the Company
immediately prior to such Corporate Event; or 
  

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 (iv) any other event occurs which the Board declares to be a Change of Control.

 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. 
 6. Rights as a Shareholder. Except for the transfer
restriction, you shall have all the rights of a stockholder with respect to your Restricted Shares, including the right to vote the shares and to receive dividends. 
 7. Conversions and Property Distributions. In the event your Restricted Shares are exchanged for or converted into securities other than Common Stock or in the event that any distribution is made with respect
to such Restricted Shares either in Common Stock or in other property, the securities or other property that you receive shall be subject to the same restrictions as apply to your Restricted Shares. 
 8. Transfers of Restricted Stock to Family Members. Nothing in this letter (including, without limitation, Section 1) shall preclude you from
transferring any of the Restricted Shares to any member of your immediate family, to a trust the only beneficiaries of which are you and/or members of your immediate family or to a partnership the sole partners of which are you and/or members of
your immediate family, provided that in each case (i) you notify the Company of the transfer (you must sign and deliver to the Secretary of MBIA a completed Restricted Stock Transfer Form attached as Exhibit A hereto),
(ii) the transferee must acknowledge in writing that the restrictions set forth in this letter shall continue to apply to such shares in accordance with the terms hereof and (iii) the Company may impose such reasonable
conditions on such transfer as it shall deem necessary or appropriate to preserve its rights under this letter. 
 9. Withholding. As
a condition of receiving a share certificate without legend, you shall be required to comply with any applicable Federal, state or local tax withholding requirements. 
 10. No Right to Continued Employment. Nothing in this Agreement shall be deemed to confer on you any right to continue in the employ of the Company or any of its subsidiaries, or to interfere with or limit in
any way the right of the Company or any of its subsidiaries to terminate such employment at any time. 
 11. Governing Law. This
Agreement shall be construed and enforced in accordance with, and governed by, the laws of the State of New York. 
 12. Limitation on
Shares Issuable. Notwithstanding any other provision of this Agreement, in the event that the fair market value (as of the vesting date) of the Restricted Shares that would otherwise vest in a calendar year for which you are a “Covered
Employee” (as defined in the Plan), when added to the value of any other long-term incentive awards that will or may become vested or payable to you under the Plan during the same calendar year, exceeds $5 million, then the amount of Restricted
Shares that vests under this Agreement shall be limited to the maximum number of Shares that may be delivered to you without exceeding such $5 million limit under Section 4 of the Plan. 
  

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 Please sign one of the two copies of this letter where indicated below and return it to me at your
earliest convenience. Please retain the other copy of this letter for your records. 
  

			
	MBIA INC.
		
	By:	 	  
		 	 Ram D. Wertheim, General Counsel

  

			
	ACCEPTED AND AGREED TO:
	
	  
	 <Name>

		
	Date:	 	  
		 	

  

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 EXHIBIT A 
 RESTRICTED STOCK TRANSFER FORM 
 Pursuant to the terms of the letter agreement dated
            , 2006 pursuant to which the undersigned was awarded restricted stock, the undersigned hereby transfers (#)
             shares of restricted stock from the restricted stock granted on February 27, 2006 to (insert name of
transferee)                                      
                                        
                                        
                              . 
 Family member (transferee) information: 
  

			
	Relationship of transferee to the undersigned:	 	  

  

			
	Transferee Address:	 	  
		 	  

  

			
	Transferee Social Security #:	 	  

  

			
	Transferee Phone #:	 	  

  

									
					
	Date:	 	  	 		 	 Signed:
	 	  
		 		 		 		 	 <Name>

 The undersigned transferee acknowledges that he/she has read the restricted stock letter Agreement and agrees to
abide by its terms. 
  

			
	
		
	Transferee Signature:	 	  

			
		
	Transferee Name (print):	 	  

			
		
	Date:	 	  
		 	

 RETURN TO THE SECRETARY OF MBIA INC. 
  

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