Document:

Amended and Restated Management Agreement

 Exhibit 10.23 
  
  
 AMENDED AND RESTATED MANAGEMENT AGREEMENT 

 by and between 
 TENASKA CAPITAL MANAGEMENT, LLC 
 and 
 INFRASTRUX GROUP, INC. 
 dated as of 
 November 3, 2006 
  
  

 AMENDED AND RESTATED 
 MANAGEMENT AGREEMENT 
 THIS AMENDED AND RESTATED MANAGEMENT AGREEMENT (this
“Agreement”) is made and entered into as of November 3, 2006 (the “Commencement Date”), by and between Tenaska Capital Management, LLC, a limited liability company organized and existing under the laws of the
State of Delaware (the “Company”), and InfrastruX Group, Inc., a corporation organized and existing under the laws of the State of Washington (“InfrastruX”) (the Company and InfrastruX sometimes hereinafter being
referred to individually as a “Party” and collectively as the “Parties”) with reference to the following: 
 RECITALS 
 WHEREAS, InfrastruX and the Company entered into a Management Agreement, dated as of May 8, 2006 (the
“Current Agreement”), pursuant to which the Company agreed to perform certain services with respect to InfrastruX and its various subsidiaries; and 
 WHEREAS, the Parties now wish to amend and restate the Current Agreement. 
 NOW, THEREFORE, in consideration
of the foregoing premises, the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 DEFINITIONS AND
INTERPRETATION 
 1.1 Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set
forth below, unless the context requires otherwise. Capitalized terms used and not otherwise defined in this Agreement shall have the meanings ascribed to them in the Credit Agreement (hereinafter defined). 
 (a) “Administrative Agent” means Credit Suisse, Cayman Islands Branch and any successor to the Administrative Agent appointed pursuant
to the Loan Documents. 
 (b) “Agreement” has the meaning set forth in the Preamble. 
 (c) “Company” has the meaning set forth in the Preamble. 
 (d) “Commencement Date” has the meaning set forth in the Preamble. 
  

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 (e) “Credit Agreement” means that certain Credit Agreement, dated as of November 3,
2006 among InfrastruX, as borrower, the guarantors party thereto, the lenders party thereto, Credit Suisse, Cayman Islands Branch, as letter of credit issuing bank, swing line lender, and as the administrative agent, as amended, restated, replaced,
supplemented or modified from time to time. 
 (f) “Default” has the meaning given in the Loan Documents. 
 (g) “Deferred Payment” has the meaning set forth in Section 7.2. 
 (h) “Event of Default” has the meaning given in the Loan Documents. 
 (i) “Indemnitees” has the meaning set forth in Section 5.1. 
 (j) “Indemnitor” has the meaning set forth in Section 5.1. 
 (k) “Joint Venture” means InfrastruX Energy Services Group LP. 
 (l) “Joint Venture Credit Agreement” has the meaning given in Section 1.01 of the Credit Agreement. 
 (m) “Joint Venture Effective Date” has the meaning given in Section 1.01 of the Credit Agreement. 
 (n) “InfrastruX” has the meaning set forth in the Preamble. 
 (o) “Loan Documents” means collectively (i) the Credit Agreement, and (ii) each other document defined as a “Loan
Document” under the Credit Agreement. 
 (p) “Obligations” means, without duplication, all Obligations outstanding
under (i) the Credit Agreement, (ii) the other Loan Documents, (iii) any Swap Agreement entered into by InfrastruX and any Secured Swap Provider or any Affiliate of a Lender at the time such Swap Agreement was entered into, it being
understood, for avoidance of doubt, that such obligations shall remain Obligations even if the counterparty (or the Affiliate of the counterparty) ceases to be a Lender, (iv) all Guaranty Obligations, fees, expenses, indemnities and other
amounts payable from time to time pursuant to the Loan Documents, in each case whether or not allowed or allowable in an insolvency or liquidation proceeding, and (v) renewals, extensions, refundings, refinancings, deferrals, restructurings,
amendments (including amendments which increase the principal amount thereof and interest and fees thereon) and modifications of the items described in any of (i) through (iv) above. “Obligations” shall include (x) all
interest accrued or accruing (or which would, absent commencement of an insolvency or liquidation proceeding, accrue) in accordance with the rate specified in the relevant Loan Document and (y) all fees, costs and charges incurred in connection
with the Loan Documents and provided for thereunder, in the case of each of clause (x) and clause (y) whether before or after commencement of an insolvency or liquidation proceeding, and irrespective of whether any claim for such interest,
fees, costs or charges is allowed as a claim in such insolvency or liquidation proceeding. 
  

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 (q) “Person” means any natural person, corporation, partnership, limited liability
company, firm, association, governmental authority or any other entity having legal capacity whether acting in an individual, fiduciary or other capacity. 
 (r) “Senior Default” has the meaning set forth in Section 7.2. 
 (s) “Superior
Obligations” means all Obligations. 
 (t) “Services” has the meaning set forth in Section 2.1. 
 (u) “Services Fee” has the meaning set forth in Section 3.1. 
 1.2 Construction of Terms. As used in this Agreement, the terms “herein,” “herewith,” “hereof” and
“hereunder” are references to this Agreement, taken as a whole; the term “includes” or “including” shall mean “including, without limitation;” the word “or” is not exclusive; and references to a
“Section,” “subsection,” “clause,” “Exhibit,” “Appendix,” “Schedule,” “Annex” or “Attachment” shall mean a Section, subsection, clause, Exhibit, Appendix, Schedule,
Annex or Attachment of this Agreement, as the case may be, unless in any such case the context requires otherwise. Exhibits, Appendices, Schedules, Annexes or Attachments to any document shall be deemed incorporated by reference in such document.
All references to or definitions of any agreement, instrument or other document (a) shall include all documents, instruments or agreements issued or executed in replacement thereof, and (b) except as otherwise expressly provided, shall
mean such agreement, instrument or document, or replacement or predecessor thereto, as modified, amended, supplemented and restated through the date as of which such reference is made. All references to a law, regulation or ordinance includes any
amendment or modification thereof. A reference to a Person includes its successors and permitted assigns. The singular shall include the plural and the masculine shall include the feminine, and vice versa. References to “days” shall mean
calendar days. 
 ARTICLE II 
 ENGAGEMENT OF THE COMPANY 
 2.1 Services. InfrastruX hereby engages the Company, during the term of this
Agreement, to perform certain management and other support services for InfrastruX and its subsidiaries described on Exhibit A attached hereto, as such services may be requested from time to time by InfrastruX (the
“Services”), all on the terms and conditions and as more fully described in this Agreement. The Company hereby accepts such engagement and agrees to perform the Services in accordance with the terms and conditions of this Agreement.

  

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 2.2 Compliance with Laws; Standard of Performance; Use of Third Parties. The Company shall
perform the Services in accordance with (a) all applicable federal, state and local laws, (b) reasonable prudence and sound business judgment; and (c) in conformance with the standards of diligence and skill customarily provided by
providers of comparable services in the construction industry. In the performance of such services, the Company shall be authorized to use accounting, tax, legal, engineering, clerical and other skills from among its employees or others as it
reasonably deems fit, and the costs of retaining such services shall be billed to and paid directly by InfrastruX. 
 2.3 Authority of
the Company. The Company at all times shall have the power and authority hereunder to do on behalf of InfrastruX and in InfrastruX’s name all such things as are necessary, proper, or desirable to carry out the duties and
responsibilities of the Company under this Agreement. 
 ARTICLE III 
 PAYMENTS TO BE MADE TO THE COMPANY 
 3.1 Services
Fee. The Company shall be paid an annual fee (the “Services Fee”) (a) prior to the Joint Venture Effective Date of either (i) Two Million Dollars ($2,000,000.00) or (ii) provided the requirements of
Section 7.09(e)(i)(B) of the Credit Agreement are satisfied, Three Million Dollars ($3,000,000), and (b) after the Joint Venture Effective Date, Two Million Dollars ($2,000,000) so long as the requirements of Section 7.09(e)(ii) of
the Credit Agreement are satisfied. The first payment shall be prorated for the portion of the year beginning on the Commencement Date and ending on December 31, 2006, and shall be due and payable on such date. Thereafter, the Services Fee
shall accrue quarterly in arrears without interest and such accrued but unpaid Services Fee shall become due and payable on each successive March 31st, June 30th
, September 30th, and
December 31st during the term of this Agreement. The Company shall have the
right, in its sole discretion, to defer payment of the Services Fee. If such payment is deferred by the Company or is for any other reason not paid as provided in this Section 3.1 (including pursuant to any deferral of any payment pursuant to
Section 7.2 below), the Services Fee shall accrue with interest at the Alternate Base Rate then in effect and any such deferred Services Fee, together with all accrued interest thereon, subject to Section 7.2 hereof, shall become due and
payable on the date that is three (3) business days after the Company sends InfrastruX a demand for payment thereof. If this Agreement expires or is terminated in accordance with the terms hereof, the annual Services Fee shall be reduced on a
pro-rata basis through the date of the expiration or termination of this Agreement, and such pro-rata amount (together with all accrued but unpaid interest and other amounts then due and payable hereunder) shall be paid in full on the date of such
expiration or termination. 
 3.2 Total Compensation. The Services Fee is the total amount payable by InfrastruX to the Company
for the performance of its duties and obligations in accordance with this Agreement and includes all labor, salaries, supervision, materials, payroll taxes, 

  

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 fringe benefits, insurance, profit and overhead (including salaries of all home and field office personnel and all office
supplies and equipment) but does not include technical and professional services provided by third parties or any other out of pocket expenses in accordance with Section 2.2. 
 ARTICLE IV 
 TERM AND TERMINATION 
 4.1 Term. This Agreement shall become effective on the Commencement Date and shall expire on the date all of outstanding obligations due
and payable pursuant to the Loan Documents are repaid in full and the commitments under the Loan Documents are terminated in accordance therewith, unless earlier terminated pursuant to this Article IV. 
 4.2 Termination by InfrastruX. InfrastruX shall have the right at its election to terminate this Agreement upon written notice to the
Company, if the Company is in breach of any material term or condition of this Agreement, and such breach is not remedied within thirty (30) days after the receipt of notice of such breach; provided, that if the Company commences and diligently
pursues to cure such breach within the thirty (30) day period and such breach has not been cured, then, upon notice from the Company to InfrastruX, InfrastruX may not terminate this Agreement for an additional sixty (60) days so long as
the Company continues to diligently pursue such cure. 
 4.3 Termination by the Company. The Company shall have the right at
its election to terminate this Agreement upon written notice to InfrastruX, if InfrastruX is in breach of any material term or condition of this Agreement, and such breach is not remedied within thirty (30) days after the receipt of notice of
such breach; provided, that if InfrastruX commences and diligently pursues to cure such breach within the thirty (30) day period and such breach has not been cured, then, upon notice from InfrastruX to the Company, the Company may not terminate
this Agreement for an additional sixty (60) days so long as InfrastruX continues to diligently pursue such cure. 
 4.4
Termination by Either Party. In the event that neither the Company nor any affiliate of the Company is the majority shareholder of InfrastruX, either Party may terminate this Agreement with immediate effect upon written notice to the
other Party. 
 4.5 Non-Exclusive Remedy. Termination of this Agreement pursuant to the foregoing shall not be the exclusive
remedy of the terminating party, but, subject to the provisions of Sections 7.2 and 7.9, such Party shall be entitled to pursue any other remedy provided under this Agreement, or available at law or in equity. 
  

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 ARTICLE V 
 INDEMNIFICATION 
 5.1 Each Party (the “Indemnitor”) agrees to indemnify, defend and
hold harmless the other Party and its partners, directors, employees, shareholders, members, agents and representatives (the “Indemnitees”) from and against any claims, actions, costs, expenses, damages and liabilities, including
reasonable attorneys’ fees, arising out of or connected with the breach of this Agreement by the Indemnitor or the bad faith, willful misconduct or grossly negligent acts or omissions of the Indemnitor or its directors, officers, employees or
agents. However, no Indemnitor shall indemnify any Indemnitee against any claims, actions, costs, expenses, damages or liabilities, including attorneys’ fees, resulting from the bad faith, misconduct or grossly negligent acts or omissions of an
Indemnitee or its directors, officers, employees or agents. The duty to indemnify hereunder shall continue in full force and effect notwithstanding the expiration or early termination of this Agreement with respect to any claims based on facts or
conditions that occurred prior to termination. 
 ARTICLE VI 
 DISPUTE RESOLUTION 
 6.1 Informal Negotiation. The Parties agree
to make a diligent, good faith attempt to resolve by informal negotiation all disputes relating to or arising out of this Agreement, but if the Parties are unable to resolve any dispute within twenty (20) business days after notice from one
Party to the other of the dispute, either Party may then institute proceedings in any court having jurisdiction. 
 6.2 Continued
Performance. Unless otherwise provided herein or otherwise agreed in writing, the Parties shall continue to perform under the terms and conditions of this Agreement during the pendency of any proceeding to resolve a dispute pursuant to
Section 6.1. 
 ARTICLE VII 
 MISCELLANEOUS 
 7.1 Entire Agreement; Amendment; Waiver. This Agreement constitutes the entire agreement
between the Parties as to its subject matter and supersedes all prior and contemporaneous agreements, representations, warranties, statements, promises and understandings, whether oral or written, with respect to its subject matter. Subject to
Section 7.2 and 7.12, this Agreement may not be amended, altered or modified except by a writing signed by both of the Parties hereto. The failure of any Party to insist upon strict performance of a covenant hereunder or of any obligation
hereunder, irrespective of the length of time for which such failure continues, shall not be a waiver of such Party’s right to demand strict compliance in the future. No consent or waiver, express or implied, to or of any breach or default in
the performance of any obligation hereunder shall constitute a consent or waiver to or of any other breach or default in the performance of the same or any other obligation hereunder. 
  

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 7.2 Subordination. The payment of any and all obligations under this Agreement, including
without limitation the Services Fee, are expressly subordinated to the payment of all Superior Obligations under and in respect of the Credit Agreement to the extent and in the manner set forth in this Agreement. InfrastruX and the Company shall not
amend or modify this Agreement in any manner except as permitted by Section 7.12 hereof. Without limiting the generality of the foregoing, InfrastruX shall not consent to or permit an increase in any fees, expenses, compensation or any other
payments to the Company under this Agreement, or waive, forgive, release or modify, or attempt to waive, forgive, release or modify, compliance by the Company with any subordination provisions of this Agreement except with the consent of the
Required Lenders under the Credit Agreement as specified in Section 7.12 hereof. The Lenders under the Credit Agreement have made loans to InfrastruX in reliance on these provisions and such provisions are for the benefit of such Lenders.

 So long as no Default or Event of Default then exists under the Credit Agreement or would result from the making of any such payment (any such event, a
“Senior Default”), InfrastruX may pay and the Company may accept regularly scheduled payments (including any delayed or deferred payments and all accrued but unpaid interest thereon) of the Service Fees and other fees and
reimbursement of expenses under this Agreement in accordance with Section 7.09(e) of the Credit Agreement (or successor provision). Upon the occurrence of a Senior Default, until such Senior Default has been cured or has been waived in writing
by the Administrative Agent and the Required Lenders, InfrastruX shall not pay, and the Company shall not accept, any payments (by or on behalf of InfrastruX) of any kind associated with this Agreement. To the extent any amounts owing under this
Agreement are not paid as a result of the provisions of this Section 7.2 (the “Deferred Amount”), InfrastruX shall (and is hereby permitted to) make a “catch-up” payment of the Deferred Amount, together with all
accrued but unpaid interest thereon, at such earliest time as no Senior Default then exists or would result from such payment and so long as such payment is in accordance with the Credit Agreement, including without limitation Section 7.09(e)
thereof. 
 Any payments (whether in cash, securities or other property) with respect to the obligations under this Agreement received by the Company in
violation of the above provisions or the provisions of the Credit Agreement shall be held in trust for the Lenders under the Credit Agreement and the Company will forthwith turn over any such payments in the form received, properly endorsed or
assigned, to the Administrative Agent, to be applied in accordance with the Credit Agreement. In the event of the failure of the Company to endorse or assign any such payment, distribution, or security, the Administrative Agent is hereby irrevocably
authorized to endorse or assign the same. 
  

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 Until all of the Superior Obligations are paid in full in cash, the Company will not ask, demand, accept, receive or
retain any lien or collateral security for the payment of the obligations under this Agreement, or any other form of payment assurance as to the obligations under this Agreement, from InfrastruX or any of their Subsidiaries, and will not initiate,
maintain, continue or prosecute, or encourage any other Person to initiate or prosecute any claim or other proceeding for any obligation subordinated under this Section 7.2 except that a claim or action may be brought for amounts that
InfrastruX is permitted to pay under this Section 7.2 (including any Deferred Amount and all accrued but unpaid interest thereon). 
 7.3 Assignability. Neither Party shall assign its interest in this Agreement or delegate its duties hereunder without the written consent of the other Party, which consent may be withheld for any reason or no reason, except as
to assignment of the Services Fee, and any attempted assignment or delegation in violation of the foregoing, whether by operation of law or otherwise, shall be null and void. All the rights, benefits, duties, liabilities and obligations of the
Parties hereto shall inure to the benefit of and be binding upon their respective successors and permitted assigns. 
 7.4 Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to conflict of law doctrines. 
 7.5 Excusable Delay. Neither Party shall be liable for nonperformance or delay in performance of its obligations under this Agreement due to acts of God, flood, drought, earthquake, storm, fire,
pestilence, lightning and other natural catastrophes, epidemic, war, riot, civil disturbance or civil disobedience, or any other cause, whether or not similar to the foregoing, which is beyond the reasonable control of, and not due to the fault or
negligence of, the Party affected and which could not have been avoided by such Party’s due diligence and use of its reasonable efforts. 
 7.6 Notifications. All notices required or provided for in this Agreement shall be in writing and shall be deemed given if delivered personally, or by express courier, or if mailed by registered or certified mail, return
receipt requested, to the Parties at the following addresses: 
 If to the Company: 
 Tenaska Capital Management, LLC 
 1044 N.
115th Street, Suite 400 
 Omaha, Nebraska 68154 
 Attention: Ryan Schroer 
  

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 If to InfrastruX: 
 InfrastruX Group, Inc. 
 c/o Tenaska Capital Management, LLC 
 1044 N. 115th Street, Suite 400 
 Omaha,
Nebraska 68154 
 Attention: Ryan Schroer 
 7.8 Independent Contractor. The Company shall be deemed an independent contractor in the performance of services under this Agreement and none of its employees shall be considered employees of InfrastruX
or any of its subsidiaries. Nothing in this Agreement shall be deemed to constitute either Party a partner, joint venturer, agent or legal representative of the other Party, nor shall either Party have the right or authority to assume, create or
incur any liability or obligation, express or implied, against, in the name of, or on behalf of the other Party, except as expressly provided in this Agreement or authorized in writing by such other Party. The Company shall be solely responsible for
all matters relating to the payment of its employees, including compliance with social security, withholding and all other similar regulations governing such matters, and the Company shall be solely responsible for the services performed hereunder.

 7.9 Limitation of Liability. In no event shall either Party be liable, whether in contract, tort, negligence, strict
liability or otherwise for any special, indirect, incidental, consequential, punitive or exemplary damages of any nature arising at any time or from any cause whatsoever in connection with this Agreement. Notwithstanding any other provisions of this
Agreement to the contrary, the Company’s aggregate cumulative annual liability in any year during the term of this Agreement, arising out of or in any way relating to this Agreement, shall in no event exceed an amount equal to the Services Fee
payable to the Company pursuant to Section 3.1 for such year. The Parties intend and agree that the waivers and disclaimers of liability, releases from liability, and limitations and apportionments of liability expressed throughout this
Agreement shall apply, whether in contract or in tort, even in the event of the fault, negligence (in whole or in part), strict liability or breach of contract of the Party released or whose liability is waived, disclaimed, limited, or apportioned,
and shall extend to such Party’s Affiliates and its and their partners, shareholders, members, directors, officers, employees and agents. The Parties also intend and agree that such provisions shall continue in full force and effect
notwithstanding the completion, termination, suspension, cancellation or rescission of the Services or this Agreement. 
 7.10
Survival. The provisions of Article 5 and Section 7.9 of this Agreement shall survive the expiration, cancellation or other termination of this Agreement. 
 7.11 Further Assurances. Each Party agrees to execute and deliver all further instruments and documents, and take all further action not
inconsistent with the provisions of this Agreement that may be reasonably necessary to perform the Services and to effectuate the purposes and intent of this Agreement. 
  

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 7.12 Third Party Beneficiaries. All holders of Superior Obligations and the Administrative
Agent shall be third party beneficiaries of this Agreement and the provisions hereof including without limitation Section 7.2 hereof. No amendments or modifications affecting any of the subordination provisions of this Agreement or adversely
affecting the rights or provisions benefiting any of the third party beneficiaries shall be amended, modified, terminated or otherwise affected without the prior written consent of the Required Lenders. In addition to the foregoing, each of such
third party beneficiaries shall be permitted to bring an action to enforce the provisions of this Agreement. 
 7.13 Article and
Section Headings. Article and Section headings have been inserted herein for convenience of reference only and shall not affect the construction of, or be taken into consideration in interpreting, any provision of this Agreement. 

7.14 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all
of which together shall constitute one and the same instrument. 
 7.15 Severability. Every provision in this Agreement is
intended to be severable such that if any term or provision hereof is illegal or invalid for any reason whatsoever, such provision shall be severed from this Agreement and shall not affect the validity of the remainder of this Agreement. 

[The Remainder of the Page Intentionally Left Blank; Signature Page Follows.] 
  

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 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first above written. 
  

			
	Tenaska Capital Management, LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ Alan B. Levande

	Name:	 	Alan B. Levande
	Title:	 	
	
	InfrastruX Group, Inc.,
	a Washington corporation
		
	By:	 	 /s/ Michael T. Lennon

	Name:	 	Michael T. Lennon
	Title:	 	President and Chief Executive Officer

 INFRASTRUX GROUP, INC. 
 MANAGEMENT AGREEMENT 

 Exhibit A 
 Services 
 1. Books, Records, Accounts and Reports. Assist in producing and maintaining
InfrastruX’s and its subsidiaries records and accounts, including accounting and tax records and reports required under the Loan Documents. 
 2. Preparation of Tax Returns. Assist with preparation and distribution of all tax returns required to be prepared by InfrastruX and its subsidiaries. 
 3. Administration of Accounting Services. Administer, on behalf of the InfrastruX and its subsidiaries, all contractual arrangements with
certified public accounting firm(s) selected by InfrastruX from time to time to perform annual audit and income tax services. 
 4.
Other Services. Subject to the approval of the Company, provide such other services that may be reasonably requested by InfrastruX or its subsidiaries from time to time in connection with the ongoing administration of the business of
InfrastruX and its subsidiaries.Employment Agreement dated as of June 26, 2009

 Exhibit 10.20 
 EMPLOYMENT AGREEMENT 
 EMPLOYMENT AGREEMENT dated as of June 26, 2009 by and between
ABK INVESTMENT ADVISORS, INC., a Delaware corporation (the “Company”), and ROBERT S. SMITH (the “Executive”). 
 WHEREAS, the Company has agreed to acquire substantially all of the assets (the “Acquisition”) of NSM Capital Management LLC and
Structured Credit Solutions LLC (collectively the “Selling Companies”) pursuant to that certain Purchase Agreement dated as of the date hereof by and among, among other persons, the Selling Companies, the
Executive and the Company (the “Purchase Agreement”); and 
 WHEREAS, the Company and the Executive
wish to enter into this Agreement to provide for the Executive’s service with the Company on the terms and conditions set forth herein; 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows (capitalized terms used herein without definition shall have the meanings ascribed to such terms in
Section 5 below): 
 1. Employment and Duties. 
 (a) Term of the Agreement. This Agreement shall become effective only upon the Initial Closing (as defined in the Purchase Agreement) and will apply for a nonrenewable term beginning on the Initial Closing Date
and ending on the sixth anniversary thereof (the “Term”). The Executive’s employment may continue beyond the end of the Term, but nothing herein shall require the Executive to continue his employment with the Company
after the end of the Term. In addition, nothing in this Agreement shall alter the Executive’s status as an “at will” employee of the Company, subject to the Executive’s rights and obligations under this Agreement. This Agreement
shall automatically terminate and be of no further force or effect upon any termination of the Purchase Agreement. 
 (b) General.

 (i) Title/Reporting. The Executive will serve as Chief Executive Officer of the Company during the Term, subject to
the supervision and direction of the Board of Directors of the Company (the “Board”), and reporting to David Wallis, its Chairman, or his successor as chief executive officer of Ambac, and shall not be required to report to
any other individual. 
 (ii) Work Location. During the current term of the Lease by and between The Mill Owners
Company LLC and NSM Capital Management LLC, dated April 3, 2008, the principal office of the Executive shall be in Greenwich, CT and thereafter may be in any location approved by the Board within 50 miles thereof, unless the Executive otherwise
consents in writing. 
 (iii) Scope of Business/Authority. The Executive and Tim Stevens (or such other individual as
may be designated from time to time by the Board) shall be the senior-most 
  

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 executives of the Company and shall share day to day operational authority of the Organic Business and
the Synergistic Business, subject to the supervision and direction of the Board consistent with the terms of this Agreement. The Executive shall have authority over the hiring or termination of any personnel within the Organic Business. During the
Term, the Company shall be subject to the budget review and oversight of the Chief Executive Officer of Ambac or the Chairman of the Board. 
 (c) Full-Time Employment. The Executive shall devote his full-time working hours and best efforts to his duties hereunder. Executive may devote reasonable periods of time to serve as a director of other organizations if approved by
the Ambac Board, to perform charitable and other community activities, and to manage his personal investments; provided, however, that such activities do not materially interfere with the performance of his duties hereunder and are not in conflict
or competitive with, or adverse to, the interests of the Company, as reasonably determined by the Board and comply with any code of conduct applicable to the employees of the Company or its Affiliates in the opinion of Ambac’s Chief Compliance
Officer. 
 2. Compensation and Other Benefits. 
 Subject to the provisions of this Agreement, the Company shall pay and provide the following compensation and other benefits to the Executive during the Term as compensation for services rendered hereunder: 
 (a) Salary. Effective as of the Initial Closing Date, the Executive’s annual salary (the “Salary”) shall be two
hundred fifty thousand dollars ($250,000). The Salary is payable in accordance with the Company’s payroll practices as established by the Company from time to time. The Board shall periodically review and may increase, but not decrease, the
Executive’s Salary. 
 (b) Special Equity Grant. Management will recommend to the Compensation Committee (the
“Committee”) of the Board of Directors (the “Ambac Board”) of Ambac Financial Group, Inc. (“Ambac”) that the Committee approve a special grant to the Executive of phantom stock
units (“PSUs”) under Ambac’s 1997 Equity Plan, as amended (the “Equity Plan”). The number of PSUs included in such award will be determined by dividing (i) Thirty-Five Thousand dollars
($35,000) by (ii) the Fair Market Value of a share of Ambac’s common stock on the date the Committee approves such award. All PSUs included in such award will vest on the third anniversary of the date of the grant. The PSUs included in the
Executive’s award shall be settled pursuant to the terms of the Equity Plan and award agreement by delivery of the corresponding cash, which in no event shall exceed three (3) times the Fair Market Value of a share of Ambac’s common
stock on the date the Committee approved such award multiplied by the number of PSUs granted. If the Ambac Board does not approve this PSU award, the Executive shall receive $35,000 plus annual interest (computed on the basis of a 360-day year of
twelve 30-day months) accruing from the Initial Closing Date at the Interest Rate in cash on the third anniversary of the Initial Closing Date if the Executive is still employed by the Company at such time or the Executive’s employment
hereunder is terminated by the Company without Cause or by the Executive’s resignation for Good Reason. 
  

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 (c) Organic Business Earn-Out. For each twelve month period commencing on the first day of the
calendar month following the Initial Closing Date (each a “Measurement Period”), the Executive will receive the applicable percentage of Organic Net Income set forth in Table I below for such Measurement Period (each an
“Organic Payout”); provided that, unless the Executive shall have given notice to the Company within forty-five (45) days prior to the end of the sixth Measurement Period, the Executive also shall receive a
one-time lump sum payment in an amount equal to the product of (i) four (4) times (ii) fifteen percent (15%) of the average of the annual Organic Net Income for the fifth and sixth Measurement Periods in lieu of the amounts
provided for in the seventh through fifteenth Measurement Periods, inclusive, at the same time as he is paid the Organic Payout for the Sixth Measurement Period (the “Final Organic Payout”). 
  

				
	 Table I
	 
	 Measurement
 Period
	  	Organic
Percentage	 
	 1
	  	35	% 
	 2
	  	30	% 
	 3
	  	25	% 
	 4
	  	20	% 
	 5
	  	15	% 
	 6
	  	15	% 
	 7-15
	  	15	% 

 (d) Synergistic Business Earn-Out. For each Measurement Period the Executive will receive
the applicable percentage of Synergistic Net Income set forth in Table II below for such Measurement Period in the form provided in the next sentence (each, a “Synergistic Payout”). One-third (1/3) of each
Synergistic Payout will be paid in cash and two-thirds (2/3) of each Synergistic Payout (each a “PSU Payout”) will be paid by delivery of a grant, effective on the date of payment (the
“Synergistic Payout Date”) of a number of PSUs determined by dividing (i) two thirds (2/3) of the Synergistic Payout by (ii) the Fair Market Value of a share of Ambac’s common stock on the
date the Committee approves such award. PSUs included in such award will be granted at the first meeting of the Ambac Board subsequent to the determination of such amount and shall vest on the third anniversary of the Synergistic Payout Date. The
PSUs included in a Synergistic Payout shall be settled pursuant to the terms of the Equity Plan and award agreement by delivery of the corresponding cash, which, shall not exceed three (3) times the Fair Market Value of a share of Ambac’s
common stock on the date the Committee approved such award multiplied by the number of PSUs granted. If the shares of Ambac stock are trading below $0.50 per share on the date the Committee would have approved such award, the PSU Payout shall be
made in cash plus interest (computed on the basis of a 360-day year of twelve 30-day months) accruing from the Synergistic Payout Date at the Interest Rate on the third anniversary of the Synergistic Payout Date if the Executive is still employed by
the Company at such time or the Executive’s employment hereunder is terminated by the Company without Cause or by the Executive’s resignation for Good Reason. 
  

 3 

				
	 Table II
	 
	 Measurement
 Period
	  	Synergistic
Percentage	 
	 1
	  	20	% 
	 2
	  	15	% 
	 3
	  	10	% 

 (e) Time of Payment. The undisputed amount of the Organic Payout, the Final Organic Payout
and the Synergistic Payout (other than the PSU Payouts payable in cash) shall be paid within ten (10) business days of Ambac’s filing of a form 10Q or 10K with the Securities and Exchange Commission for the applicable period. Such amounts
shall be net of Revenue Accruals. Any Revenue Accruals shall be paid within ten (10) business days of Ambac’s filing of a form 10Q or 10K with the Securities and Exchange Commission for the period in which the account receivable related to
such Revenue Accrual is collected. Any disputed amount shall be paid within ten (10) business days of final determination of such amount. Subject to Sections 2(l) and 4, the Organic Payout, the Final Organic Payout and the Synergistic Payout
(other than the PSU Payout) in respect of any concluded Measurement Period shall be paid without regard to whether or not Executive is employed by the Company on the payment date. 
 (f) Reporting Requirements. The Company shall (i) designate each engagement, contract or statement of work as ABK Business, Organic Business
or Synergistic Business within fourteen (14) business days of the executed contract, statement of work or start of such engagement as appropriate and (ii) provide the Executive with a quarterly report of the Organic Net Income and the
Synergistic Net Income within thirty (30) days following the closing of the books of Ambac for such quarter and such designation decision and report shall be conclusive and binding unless the Executive notifies the Company of any objections or
disputes within thirty (30) days of receipt of such designation decision and/or report. 
 (g) Dispute Resolution. If the
Executive disputes the Company’s designation of any engagement, contract or statement of work as ABK Business, Organic Business or Synergistic Business or the quarterly report of the Organic Net Income and the Synergistic Net Income and the
dispute can not be resolved through good faith efforts by the Company and the Executive within sixty (60) days, then the dispute shall be resolved by an independent third party selected by the mutual consent of the Company and the Executive;
provided that in the event that the Company and the Executive are unable to mutually agree on an independent third party, the Company and the Executive shall each select an independent third party and the two independent third parties shall mutually
agree upon a third independent third party. A majority of the independent third parties shall determine such designation and/or amount of Organic Net Income and Synergistic Net Income and such determination shall be set forth in a written report
mutually addressed to the Company and the Executive and shall be final, conclusive and binding upon the parties. 
 (h) Operation of the
Company. The Executive agrees and acknowledges that Ambac and the Company may make, from time to time, such business decisions as each deems appropriate in the conduct of its business and the business of its Affiliates, including the acquisition
or operation of any business (including the business in which the Company is 
  

 4 

 currently engaged) or other actions that may have an impact on the Organic Business and the Synergistic Business and the
Executive will not have any right to claim any lost earn-out, compensation or other damages as a result of such decisions unless such decisions are made against the written objections of the Executive and directly and materially impede the
Executive’s ability to grow the Organic Business as currently contemplated by the parties. 
 (i) Expenses. The Company shall
reimburse the Executive for reasonable travel and other business-related expenses incurred by him in performance of the business of the Company. 
 (j) 401(k), Welfare and Fringe Benefits. The Executive shall participate in each 401(k), welfare, life insurance, health, disability and other fringe benefit plan or program maintained by the Company for its executive officers in
accordance with the terms thereof. 
 (k) Termination Due to Death or Disability. In the event of the Executive’s Disability, the
Company shall be entitled to terminate his employment. Notwithstanding anything contained in this Agreement to the contrary, if the Executive’s employment terminates before the end of the Term due to death or Disability, any Salary earned by
the Executive up to the date of such termination, plus a pro rata portion (based on the number of days elapsed prior to such termination) of his cash earn-out under Section 2(c) or 2(d) for the year in which such termination occurs, shall be
paid to the Executive or his estate, as the case may be, within thirty (30) days of his termination date together with any accrued and unpaid amounts in respect of any prior Measurement Period. 
 (l) Continuation at the End of the Term. If the Executive’s employment with the Company continues “at will” following the
expiration of the Term, then, during the twelve month period following the expiration of the Term, the Executive’s annual rate of Salary will not be less than the greater of (A) his Salary immediately prior to the expiration of the Term
and (B) two hundred fifty thousand dollars ($250,000). The rights of the Executive to receive payments and reports under Section 2 other than amounts earned and reports due prior to the end of the Term, shall not survive the termination of
the Executive’s employment after the Term, regardless of the reason for termination. 
 3. Protection of the Company’s Interests.

 (a) Confidential Information. In consideration of the Company’s undertakings herein and in the Purchase Agreement, the
Executive hereby acknowledges and reaffirms all of his confidentiality obligations described and set forth in Section 4.8 of the Purchase Agreement. All confidential information described and set forth in Section 4.8 of the Purchase
Agreement created or used by the Executive during the course of his employment with the Company shall be the sole property of the Company and the Company shall be the sole owner of all patents, copyrights, trademarks, trade secrets and other rights
and protection thereunder and shall be returned to the Company or destroyed following expiration of the Term once all amounts required to be paid hereunder at such time have been paid. 
 (b) Other Covenants. In consideration of the Company’s undertakings herein and in the Purchase Agreement, the Executive hereby acknowledges
and reaffirms all of his non-solicitation and non-competition obligations described and set forth in Section 4.7 of the 
  

 5 

 Purchase Agreement (the “Covenants”). In addition to the Covenants, if the Executive is
terminated under circumstances giving rise to Severance under Section 4(d)(iii), then (i) the Executive shall be bound by the provisions of Section 4.7(a) of the Purchase Agreement for one (1) year after termination if the amount
of Severance is between $1,500,000 and $2,499,999 and two (2) years after termination if such amount is between $2,500,000 and $4,999,999 and (ii) the Executive shall be bound by the provisions of Section 4.7(a), 4.7(b) and 4.7(c) of
the Purchase Agreement for three (3) years after termination if such amount is between $5,000,000 and $7,499,999, four (4) years after termination if such amount is between $7,500,000 and $9,999,999 and five (5) years after
termination if such amount is greater than or equal to of $10,000,000. 
 (c) The Executive agrees that the restrictive covenants set forth
in Section 3(b) are reasonable with respect to their duration, geographic area and scope and acknowledges that the Company would not be willing to consummate the transactions contemplated by this Agreement or the Purchase Agreement without the
Executive entering into the restrictive covenants set forth herein. If, at any time, the provisions of Section 3(b) shall be determined to be invalid or unenforceable by reason of being vague or unreasonable as to duration, geographic area or
scope, Section 3(b) shall be considered divisible and shall be deemed amended to only such duration, geographic area or scope as shall be determined to be reasonable and enforceable by the court or other body having jurisdiction. The
restrictive covenants set forth in this Section 3(b) are in addition to, and not in limitation of, the Covenants and shall not be deemed to in any way limit or reduce the duration, geographic area or scope of the Covenants. 
 4. Remedies. 
 (a) Injunctive Relief. Without
intending to limit the remedies available to the Company, the Executive acknowledges that, in view of the nature of the business and the business objectives of the Company in entering into this Agreement and the Purchase Agreement and the
transactions contemplated hereby and thereby, and the consideration paid hereunder, the provisions contained in Section 3 are reasonably necessary to protect the legitimate business interests of the Company and that any violation of such
agreements will result in irreparable injury to the Company for which damages will not be an adequate remedy. The Executive therefore agrees that in the event of a breach or threatened breach of any such agreements by the Executive, the Company
shall be entitled to preliminary and permanent injunctive relief without proof of actual damages or posting of any bond or other security. 
 (b) Escrow. Notwithstanding any other provision in this Agreement to the contrary, the Company may elect to retain and place in a third party escrow all or a portion of any payments due under Sections 2(c) and 2(d) for the first
measurement year to satisfy any amounts which the Company believes in good faith are due to it or to any other Buyer Indemnified Party (as defined in the Purchase Agreement) pursuant to Section 8.2 of the Purchase Agreement (the
“Claims”). Such amount placed in escrow shall be released to the appropriate person upon final resolution of all Claims. 
  

 6 

 (c) Forfeiture. In addition to the remedies set forth above in Section 4, if: 
 (x) the Executive voluntarily terminates his employment with the Company before the end of the Term; 
 (y) the Company terminates the Executive’s employment for Cause: or 
 (z) the Executive breaches any of the provisions of Section 3(a) or 3(b), 
 then, in any such case, the following shall apply: 
 (i) the Company shall cease to have any obligation to make any of the payments provided for in Section 2 that it has not made as of the date such termination or breach occurs except to the extent accrued and unpaid as of such date; and

 (ii) the Executive shall forfeit the PSU awards (or any cash substitutes therefor) provided for in Section 2(b) and
2(d), to the extent not vested at the end of the Term. 
 (d) Severance; Termination by the Company Without Cause or Resignation by the
Executive for Good Reason 
 (i) The Term and the Executive’s employment hereunder may be terminated by the Company
without Cause or by the Executive’s resignation for Good Reason, as defined herein. 
 (ii) For purposes of this
Agreement, “Good Reason” shall mean the failure of the Company to pay or cause to be paid any of the undisputed payments provided for in Section 2 or the Company’s breach of the provisions of Section 1(b)(ii); provided that
the events described in this Section will constitute Good Reason only if the Company fails to cure such event within fifteen (15) days after receipt from the Executive of written notice of the event which constitutes Good Reason. 
 (iii) If the Executive’s employment is terminated by the Company without Cause or if the Executive resigns for Good Reason, the
Executive shall not be entitled to continue to receive any compensation and other benefits set forth in Section 2 herein, but will be entitled to (A) payment within 30 days of all amounts earned pursuant to Section 2 but remaining
unpaid at the time of termination and (B) payment as a lump sum on the 60th day after termination of an amount equal to the greater of (X) two (2) times the product of the Executive’s then current Salary times the number of whole
or partial years left in the Term and (Y) the sum of (a) the product of the Executive’s then current Salary times the number of whole or partial years left in the Term and (b) the product of (i) four (4) times
(ii) fifteen percent (15%) of the average of the annual Organic Net Income for the prior two Measurement Periods (or if such termination occurs prior to end of the second Measurement Period, the product of (i) four (4) times
(ii) fifteen percent (15%) of the product of (A) the monthly average of the Organic Net Income for the period from the commencement of the first Measurement Period until such termination times (B) twelve (12)) (the
“Severance”), provided that the Executive and the Company have executed and delivered a general release for the benefit of the Company and its Affiliates in form and substance mutually satisfactory to the Company and the
Executive. 
  

 7 

 5. Definitions. For purposes of this Agreement, the following definitions shall apply.

 “ABK Business” means the provision of the following services by the Company or the Broker-Dealer, to the extent
that such business is not generated through material contribution (i.e., providing a formal introduction or unique expertise) of the Executive: 
 (i) Military Housing sector businesses; 
 (ii) Tax Credit sector businesses;

 (iii) Municipal reporting, filing and disclosure platform; 
 (iv) Healthcare sector businesses; 
 (v) Privatized Student Housing sector businesses; 
 (vi) Mortgage Servicer
Surveillance; 
 (vii) Third party surveillance, remediation and workout services for asset classes where an Affiliate of the
Company currently has those capabilities and performs similar services for itself or a third party; 
 (viii) California
Special Tax Bond advisory services; 
 (ix) United Kingdom Credit Services; or 
 (x) Any other business that is not Organic Business and for which the capability for such services was not developed through use of the
Organic Business capabilities or efforts of the Executive. 
 “Accounting Principles” means the same US GAAP
principles, consistently applied, as are used for purposes of determining the financial statements of Ambac filed with the Securities & Exchange Commission. 
 “Affiliate” includes any company or other entity or person controlling, controlled by or under common control with the Company. 
 “Broker-Dealer” means Ambac Securities Inc. or its successor. 
 “Cause” means any of the following: 
 (xi) the willful commission by the Executive of acts that are dishonest and injurious to the Company or any of its Affiliates, monetarily or otherwise; 
 (xii) the conviction of the Executive for a felonious act; 
  

 8 

 (xiii) a breach of any of the covenants set forth in Section 3 of this Agreement
(including, without limitation, the Executive’s receipt of any money or other value from any third party in connection with any agreement, understanding or arrangement that relates to services that are the same as, or similar to, services that
the Company, any Selling Company or any of their respective Affiliates provide, or have ever provided;) or 
 (xiv) the
Executive’s failure to perform his material duties in a reasonable manner commensurate with his position, provided that the Board has notified the Executive in writing of the respects in which it believes he has failed to perform satisfactorily
and has provided the Executive with at least twenty (20) business days to correct such failure. 
 “Disability”
shall be defined in the same manner as such term or a similar term is defined in any long-term disability policy maintained by the Company which covers the Executive and is in effect on the date of the Executive’s termination of employment with
the Company. Any dispute as to whether or not the Executive is disabled within the meaning of the preceding sentence shall be resolved by the Company’s long-term disability carrier. 
 “Fair Market Value” with respect to Ambac’s common stock, shall be the closing selling price per share on the date in
question as such price is reported by the New York Stock Exchange. 
 “Initial Closing Date” shall have the meaning
ascribed thereto in the Purchase Agreement. 
 “Interest Rate” shall mean the Ten Year Treasury Yield published two
(2) business days prior to the commencement of the accrual of interest. 
 “Organic Business” means the
provision of the following services by the Company utilizing the assets, platform and resources acquired through the Acquisition, for the asset classes serviced by the Selling Companies immediately prior to the Acquisition: 
 (xv) acting as valuation agent for funds or fund /company receivers; 
 (xvi) strategic management consulting (risk management, investing, and accounting); 
 (xvii) portfolio surveillance; 
 (xviii) non-discretionary investment advice; 
 (xix) liquidation agent (managed accounts for
institutions and CDOs); or 
 (xx) structured finance - arranging and placement special capital market transactions.

 “Organic Net Income” means, for any period, the net income for such period for Organic Business determined under
the Accounting Principles, less, to the extent not already deducted from revenues in determining such net income, an allocation of (i) expenditures incurred by the 
  

 9 

 Company or any of its Affiliates for services and other resources that directly support the Organic Business including
expenditures for services and resources directed or requested by the Executive (such as for additional employees, events, legal fees, consultants, etc.), (ii) an amount equal to thirty percent (30%) of the revenue included in such net
income generated through (A) meaningful contribution (including without limitation providing a formal introduction) of any employee of the Company or any of its Affiliates who spends a majority of his efforts on business other than Organic
Business or Synergistic Business or (B) business from a client a majority of whose business with the Company and its Affiliates is not Organic Business or Synergistic Business and (iii) imputed taxes based upon a fifteen percent
(15%) tax rate applied to all of such net income. 
 “Revenue Accruals” means the portion of the Organic Payout,
the Final Organic Payout and the Synergistic Payout related to revenue of the Organic Business and the Synergistic Business properly recorded under the Accounting Principles prior to the time payment for such revenue is collected. 
 “Synergistic Business” means all business of the Company and the Broker Dealer other than ABK Business and Organic Business.

 “Synergistic Net Income” means, for any period, the net revenues for such period of the Company and the
Broker-Dealer for Synergistic Business, less an allocation of (i) expenses in an amount equal to thirty percent (30%) of such revenue and (ii) taxes based upon the prevailing federal, state and local tax rates for Ambac. 

6. General Provisions. 
 (a) Notices. Any
notice hereunder by either party to the other shall be given in writing by personal delivery, telex, telecopy or certified mail, return receipt requested, to the applicable address set forth below: 
  

			
	To the Company:	  	 Ambac Financial Group, Inc.
 One State Street Plaza

 New York, NY 10004
 Attention: General
Counsel

	To the Executive:	  	at the address indicated on the signature page hereof

 or to such other person or other address as either party may specify to the other in writing. 
 (b) Limited Waiver. The waiver by the Company or the Executive of a violation of any of the provisions of this Agreement, whether express or
implied, shall not operate or be construed as a waiver of any subsequent violation of any such provision. 
  

 10 

 (c) Assignment. No right, benefit or interest hereunder shall be subject to assignment,
encumbrance, charge, pledge, hypothecation or set off by the Executive in respect of any claim, debt, obligation or similar process. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business or assets or the Company to assume expressly and to agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had
taken place. 
 (d) Amendment. This Agreement may not be amended, modified or canceled except by written agreement of the Executive
and the Company. 
 (e) Unsecured Promise. No benefit or promise hereunder shall be secured by any specific assets of the Company.
Unless otherwise stated herein, the Executive shall have only the rights of an unsecured general creditor of the Company in seeking satisfaction of such benefits or promises. 
 (f) Governing Law. This Agreement has been made in and shall be governed by and construed in accordance with the laws of the State of New York.

 (g) Entire Agreement. This Agreement and the Purchase Agreement sets forth the entire agreement and understanding of the parties
hereto with respect to the matters covered hereby. 
 (h) Headings. The headings and captions of the Sections of this Agreement are
included solely for convenience of reference and shall not control the meaning or interpretation of any provisions of this Agreement. 
 (i)
Counterparts. This Agreement may be executed by the parties hereto in counterparts, each of which shall be deemed an original, but all such counterparts shall together constitute one and the same document. 
 (j) Withholding. The payment of any amounts pursuant to Sections 2 or 4 shall be subject to applicable withholding and payroll taxes. 

(k) Consent to Jurisdiction. Any Proceeding brought with respect to this Agreement must be brought in any court of competent jurisdiction
sitting in the Borough of Manhattan in the State of New York and, by execution and delivery of this Agreement, each party (i) accepts, generally and unconditionally, the exclusive jurisdiction of such courts and any related appellate court and
irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement and (ii) irrevocably waives any objection it may now or hereafter have as to the venue of any such suit, action or proceeding brought in such a
court or that such court is an inconvenient forum. THE PARTIES HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING TO WHICH THEY ARE PARTIES INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH
THIS AGREEMENT. 
 (l) Severability. The determination of any court that any provision of this Agreement is invalid or unenforceable
shall not affect the validity or enforceability of the remaining terms 
  

 11 

 and provisions hereof or the validity of the offending term or provision in any other situation or in any other
jurisdiction. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated
hereby be consummated as originally contemplated to the fullest extent possible. 
 [Signature Page Follows] 
  

 12 

 IT WITNESS WHEREOF, the parties have executed this Agreement effective as of the day and year
first written above. 
  

			
	ABK INVESTMENT ADVISORS, INC.
		
	 By:
	 	 /s/    Timothy J. Stevens

	 Name:
	 	 Timothy J. Stevens

	 Title:
	 	 Senior Managing Director

	
	EXECUTIVE
		
		 	  

		 	Robert S. Smith
		
	 Address:
	 	  

		
		 	  

		
		 	  

 IT WITNESS WHEREOF, the parties have executed this Agreement effective as of the day and year
first written above. 
  

			
	ABK INVESTMENT ADVISORS, INC.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	EXECUTIVE
		
		 	 /s/    Robert S. Smith

		 	Robert S. Smith
		
	 Address:
	 	 84, Porchuck Road

		
		 	 Greenwich, CT

		
		 	 06831

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