Document:

Exhibit

Exhibit 10.1

VISTA OUTDOOR INC.
2020 STOCK INCENTIVE PLAN

Section 1.    Purpose of the Plan.

The purpose of the Vista Outdoor Inc. 2020 Stock Incentive Plan (hereinafter called the "Plan") is to aid the Company in recruiting and retaining employees, officers, consultants and non-employee Directors capable of assuring the future success of the Company through the grant of Awards to such persons under the Plan. The Company expects that Awards of stock‐based compensation and opportunities for stock ownership in the Company will provide incentives to Plan participants to exert their best efforts for the success of the Company’s business and thereby align the interests of Plan participants with those of the Company’s stockholders.

Section 2.    Definitions.

The following capitalized terms used in the Plan have the meanings set forth in this Section:

(a)    “Affiliate” means (i) any entity that, directly or indirectly through one or more intermediaries, is controlled by, controls or is under common control with, the Company and (ii) any entity in which the Company has a significant equity interest, in each case as determined by the Committee.

(b)    “Award” means any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Dividend Equivalent, Performance Award, Stock Award or Other Stock-Based Award granted under the Plan.

(c)    “Award Agreement” means any written or electronic agreement, contract or other instrument or document evidencing an Award granted under the Plan.  Each Award Agreement shall be subject to the applicable terms and conditions of the Plan and any other terms and conditions (not inconsistent with the Plan) determined by the Committee.

(d)    “Board” means the Board of Directors of the Company.

(e)    “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any regulations promulgated thereunder.

(f)    “Committee” means the Compensation Committee of the Board or any successor committee of the Board designated by the Board to administer the Plan.

(g)    “Company” means Vista Outdoor Inc., a Delaware corporation.

(h)    “Director” means a member of the Board.

(i)    “Dividend Equivalent” means any right granted under Section 6(d) of the Plan.

(j)    “Eligible Person” means any employee, officer, consultant or non-employee Director of the Company or any Affiliate whom the Committee determines to be an Eligible Person.

(k)    “Exchange Act” means the Securities Exchange Act of 1934, as amended.

(l)    “Fair Market Value” means, with respect to any property (including, without limitation, any Shares or other securities), the fair market value of such property determined by such methods or procedures as shall be established from time to time by the Committee.  Notwithstanding the foregoing, unless otherwise determined by the Committee, the Fair Market Value of Shares on a given date for purposes of the Plan shall be the closing sale price of the Shares on the New York Stock Exchange as reported in the consolidated transaction reporting system on such date or, if such Exchange is not open for trading on such date, on the most recent preceding date when such Exchange is open for trading.

(m)    “Incentive Stock Option” means an option granted under Section 6(a) of the Plan that is intended to meet the rules and requirements of Section 422 of the Code or any successor provision.

(n)    “Non-Qualified Stock Option” means an option granted under Section 6(a) of the Plan that is not intended to be an Incentive Stock Option.

(o)    “Option” means an Incentive Stock Option or a Non-Qualified Stock Option.

(p)    “Other Stock-Based Award” means any right granted under Section 6(g) of the Plan.

(q)    “Participant” means an Eligible Person who is designated by the Committee to be granted an Award under the Plan.

(r)    “Performance Award” means any right granted under Section 6(e) of the Plan.

(s)    “Performance Goal” means a measurable performance goal or goals providing for a targeted level or levels of achievement using one or more of the following measures, or such other measures as determined by the Committee (including individual Participant performance goals), in its sole discretion: (i) sales or revenues (including, without limitation, sales or revenue growth); (ii) gross profit; (iii) income before interest and taxes; (iv) income before interest, taxes, depreciation and amortization; (v) net income; (vi) net income from operations; (vii) operating results excluding pension mark-to-market; (viii) earnings per Share; (ix) return measures (including, without limitation, return on assets, capital, invested capital, equity, sales or revenues); (x) productivity ratios; (xi) expense or cost reduction measures; (xii) margins; (xiii) operating efficiency; (xiv) market share; (xv) orders; (xvi) customer satisfaction; (xvii) working capital targets; (xviii) budget comparisons; (xix) implementation or completion of specified projects or processes; (xx) the formation of joint ventures, establishment of research or development collaborations or the completion of other transactions; (xxi) cash flow (including, without limitation, operating cash flow, free cash flow and cash flow return on equity); (xxii) Share price (including, without limitation, growth in Share price and total stockholder return); (xxiii) profitability of an identifiable business unit or product; (xxiv) economic profit or economic value added; (xxv) cash value added; or (xxvi) any other objective or subjective criteria as established by the Committee. The foregoing measures may relate to the Company, one or more of its subsidiaries or one or more of its divisions or units, or any combination of the foregoing, and may be applied on an absolute basis and/or be relative to one or more peer group companies or indices, or any combination thereof, all as the Committee shall determine.  Performance goals shall be pre-established in writing by the Committee, and achievement thereof certified in writing prior to payment of the Award. The Committee may specify that the achievement of the Performance Goals will be calculated without regard to the negative or positive effect of certain events, including, without limitation, any of the following events: charges for extraordinary items and other unusual or non-recurring items of loss or gain; asset impairments; litigation or claim judgments or settlements; changes in the Code or tax rates; changes in accounting principles; changes in other laws, regulations or other provisions affecting reported results; charges relating to restructurings, discontinued operations, severance and contract termination and other costs incurred in rationalizing certain business activities; gains or losses from the acquisition or disposition of businesses or assets or from the early extinguishment of debt; and foreign currency exchange gains or losses.

(t)    “Person” means any individual, corporation, partnership, association or trust.

(u)    “Plan” means this Vista Outdoor Inc. 2020 Stock Incentive Plan, as amended from time to time.

(v)    “Prior Plans” means the Vista Outdoor Inc. 2014 Stock Incentive Plan, as amended, and any other predecessor plans under which awards are outstanding.

(w)    “Restricted Stock” means any Share granted under Section 6(c) of the Plan.

(x)    “Restricted Stock Unit” means any unit granted under Section 6(c) of the Plan evidencing the right to receive a Share (or a cash payment equal to the Fair Market Value of a Share) at some future date.

(y)    “Rule 16b-3” means Rule 16b-3 promulgated by the Securities and Exchange Commission under the Exchange Act or any successor rule or regulation.

(z)    “Shares” means shares of common stock, par value of $0.01 per share, of the Company or such other securities or property as may become subject to Awards pursuant to an adjustment made under Section 4(c) of the Plan.

(aa)    “Stock Appreciation Right” means any right granted under Section 6(b) of the Plan.

(bb)    “Stock Award” means any Share granted under Section 6(f) of the Plan.

Section 3.    Administration.

(a)    Power and Authority of the Committee. The Plan shall be administered by the Committee.  Except as otherwise determined by the Board, the Committee (i) shall be comprised of not fewer than two directors, (ii) shall meet any applicable requirements under Rule 16b-3, including any requirement that the Committee consist of “Non-Employee Directors” (as defined in Rule 16b 3), and (iii) shall meet any applicable requirements of any stock exchange or other market quotation system on which the Shares are listed. Subject to the express provisions of the Plan and to applicable law, the Committee shall have full power and authority to:  (i) designate Participants; (ii) determine the type or types of Awards to be granted to each Participant under the Plan; (iii) determine the number of Shares to be covered by (or the method by which payments or other rights are to be calculated in connection with) each Award; (iv) determine the terms and conditions of any Award or Award Agreement; (v) amend the terms and conditions of any Award or Award Agreement, provided, however, that, except as otherwise provided in Section 4(c) hereof or in connection with a Change in Control, the Committee shall not reprice, adjust or amend the exercise price of Options or the grant price of Stock Appreciation Rights or purchase rights previously awarded to any Participant, whether through amendment, cancellation and replacement grant, exchange for cash or any other Awards, or any other means; (vi) accelerate the exercisability of any Award or the lapse of restrictions relating to any Award; (vii) determine whether, to what extent and under what circumstances Awards may be exercised in cash, Shares, other securities, other Awards or other property, or canceled, forfeited or suspended; (viii) determine whether, to what extent and under what circumstances cash, Shares, other securities, other Awards, other property and other amounts payable to a Participant with respect to an Award under the Plan shall be deferred either automatically or at the election of the holder of the Award or the Committee; (ix) interpret and administer the Plan and any instrument or agreement, including any Award Agreement, relating to the Plan; (x) establish, amend, suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (xi) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan.  Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations and other decisions under or with respect to the Plan or any Award or Award Agreement shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon any Participant, any holder or beneficiary of any Award or Award Agreement, and any employee of the Company or any Affiliate.

(b)    Delegation. The Committee may delegate its powers and duties under the Plan to one or more Directors (including a Director who is also an officer of the Company) or a committee of Directors, subject to such terms, conditions and limitations as the Committee may establish in its sole discretion; provided, however, that the Committee shall not delegate its powers and duties under the Plan with regard to officers or directors of the Company or any Affiliate who are subject to Section 16 of the Exchange Act.

(c)    Power and Authority of the Board of Directors. Notwithstanding anything to the contrary contained herein, the Board may, at any time and from time to time, without any further action of the Committee, exercise the powers and duties of the Committee under the Plan.

Section 4.    Shares Available for Awards.

(a)    Shares Available. Subject to adjustment as provided in Section 4(c) of the Plan, the aggregate number of Shares that may be issued under the Plan shall be equal to the sum of (i) 1,600,000 and (ii) the number of Shares available under the 2014 Stock Incentive Plan immediately prior to stockholder approval of the Plan, subject to the counting, adjustment and substitution provisions of the Plan.  On and after the effective date of the Plan (as provided in Section 11), no new awards may be granted under the Company’s 2014 Stock Incentive Plan or any other Prior Plan, it being understood that (i) awards outstanding under any Prior Plans as of the effective date shall remain in full force and effect under such plans according to their respective terms, and (ii) to the extent that any such award granted under the Prior Plans are forfeited, terminated, cancelled, expired or lapsed without being exercised (to the extent applicable), or settled for cash, the Shares subject to such award not delivered as a result thereof shall again be available for Awards under this Plan, Shares to be issued under the Plan will be authorized but unissued Shares or Shares that have been reacquired by the Company and designated as treasury shares.  Shares that are subject to Awards that terminate, lapse, expire or are cancelled or forfeited shall be available again for grant under the Plan. 

Shares that are tendered by a Participant or withheld by the Company as full or partial payment to the Company of the purchase or exercise price relating to an Award or to satisfy tax withholding obligations relating to an Award shall not be available for future grants under the Plan.  In addition, if Stock Appreciation Rights are settled in Shares upon exercise, the gross number of Shares subject to the Award (rather than the net number of Shares issued upon exercise) shall be counted against the number of Shares authorized under the Plan.  If the exercise price of an Option under the Plan is paid in Shares, then the gross number of Shares for which the Option is exercised (rather than the net number of Shares issued upon exercise) shall be counted against the number of Shares authorized under the Plan. Shares purchased on the open market with the cash proceeds from the exercise of Options shall not be added back to the number of Shares authorized for issuance under the Plan and shall not be available for grant under the Plan.  Notwithstanding the foregoing, any Award or portion of an Award that, in accordance with the terms of the applicable Award Agreement, is payable only in cash or is actually settled in cash shall not be counted against the number of Shares authorized under the Plan.

(b)    Accounting for Awards.  For purposes of this Section 4, if an Award entitles the holder thereof to receive or purchase Shares, the number of Shares covered by such Award or to which such Award relates, measured at target in the case of performance-based Awards, shall be counted on the date of grant of such Award against the aggregate number of Shares available for granting Awards under the Plan, subject to adjustment as required under Section 4(a); upon vesting of an Award, the aggregate number of Shares available for grants under the Plan shall be appropriately adjusted to reflect the final number of Shares actually issued with respect to such Award.

(c)    Adjustments.  In the event that an equity restructuring, as defined as a nonreciprocal transaction between the Company and its stockholders that causes the per-share fair value of the Shares underlying an Option or similar Award to change (e.g., stock dividend, stock split, spinoff, extraordinary cash dividend, etc.), has occurred, the Committee shall make an equitable adjustment to (i) the number and type of Shares (or other securities) that thereafter may be made the subject of Awards, (ii) the number and type of Shares (or other securities) subject to outstanding Awards, (iii) the purchase or exercise price with respect to any Award, and (iv) performance goals.

In the event that the Committee shall determine that an event other than an equity restructuring, as defined above, affects the Shares such that an adjustment is determined by the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the number and type of Shares (or other securities or other property) that thereafter may be made the subject of Awards, (ii) the number and type of Shares (or other securities or other property) subject to outstanding Awards, (iii) the purchase or exercise price with respect to any Award, and (iv) any performance goals.

It is intended that any adjustments contemplated by the preceding two paragraphs be done in a manner consistent with Section 409A of the Code and (where applicable) Section 424 of the Code.  The determination of the Committee as to the foregoing adjustments, if any, shall be conclusive and binding on Participants under this Plan.

(d)    Award Limitations Under the Plan.

(i)    Limitation on Awards Granted to Non-Employee Directors.  The maximum value of Shares subject to Awards granted during a single fiscal year to any non-employee director, calculating the value of any such Awards based on the grant date fair value of such Awards for financial reporting purposes, taken together with any cash fees paid during the fiscal year to the non-employee director, in respect of the Director’s service as a member of the Board during such year (including service as a member or chair of any committees of the Board), shall not exceed $500,000 in total value.

(ii)    Limitation on Incentive Stock Options. The number of Shares available for granting Incentive Stock Options under the Plan shall not exceed (A) 1,600,000, subject to adjustment as provided in Section 4(c) of the Plan and subject to the provisions of Section 422 or 424 of the Code or any successor provision, plus (B) any amounts previously approved for granting of Incentive Stock Options under the 2014 Plan and available as of the effective date of the Plan, subject to adjustment as provided herein.

(iii)    Minimum Vesting Period. Notwithstanding any other provision of the Plan to the contrary, Awards granted under the Plan (other than cash-based awards) shall vest no earlier than the first anniversary of the date on which the Award is granted; provided, that the following Awards shall not be subject to the foregoing minimum vesting requirement: any (i) substitute Awards granted in connection with awards that are assumed, converted or substituted pursuant to a merger, acquisition or similar transaction entered into by the Company or any of its subsidiaries, (ii) Shares delivered in lieu of fully vested cash obligations, (iii) Awards to non-employee directors that vest on the earlier of the one-year anniversary of the date of grant and the next annual meeting of stockholders, and (iv) any additional Awards the Committee may grant, up to a maximum of five percent (5%) of the available share reserve authorized for issuance under the Plan pursuant to Section 4(a) (subject to adjustment under Section 4(c)); and, provided, further, that the foregoing restriction does not apply to the Committee’s discretion to provide for accelerated exercisability or vesting of any Award, including in cases of retirement, separation from service, death, Disability or a Change in Control, in the terms of the Award Agreement or otherwise.

Section 5.    Eligibility.

Any Eligible Person may be designated to be a Participant.  In determining which Eligible Persons shall receive an Award and the terms of any Award, the Committee may take into account the nature of the services provided by the respective Eligible Persons, their present and potential contributions to the success of the Company or such other factors as the Committee, in its discretion, shall deem relevant. Notwithstanding the foregoing, an Incentive Stock Option may only be granted to full-time or part-time employees (which term as used herein includes, without limitation, officers and Directors who are also employees), and an Incentive Stock Option shall not be granted to an employee of an Affiliate unless such Affiliate is also a “subsidiary corporation” of the Company within the meaning of Section 424(f) of the Code or any successor provision.

Section 6.    Awards.

(a)    Options.  The Committee may grant Options with the following terms and conditions and with such additional terms and conditions consistent with the provisions of the Plan as the Committee shall determine:

(i)    Exercise Price.  The purchase price per Share purchasable under an Option shall be determined by the Committee and shall not be less than 100% of the Fair Market Value of a Share on the date of grant of such Option; provided, however, that the Committee may designate a per share exercise price below Fair Market Value on the date of grant if the Option is granted in substitution for a stock option previously granted by an entity that is acquired by or merged with the Company or an Affiliate.

(ii)    Option Term.  The term of each Option shall be fixed by the Committee but shall not be longer than 10 years from the date of grant. Notwithstanding the foregoing, in the event that on the last business day of the term of an Option or Stock Appreciation Right (x) the exercise of such Award is prohibited by applicable law or (y) Shares may not be purchased or sold by certain employees or directors of the Company due to the “black-out period” of a Company policy or a “lock-up” agreement undertaken in connection with an issuance of securities by the Company, the Committee may provide that the term of the Option and Stock Appreciation Right shall be extended but not beyond a period of thirty (30) days following the end of the legal prohibition, black-out period or lock-up agreement and provided further that no extension will be made if the exercise price of such Option or Stock Appreciation Right at the date the initial term would otherwise expire is above the Fair Market Value.

(iii)    Time and Method of Exercise.  The Committee shall determine the time or times at which an Option may be exercised in whole or in part, and the method or methods by which, and the form or forms (including, without limitation, cash, Shares, other securities, other Awards or other property, or any combination thereof, having a Fair Market Value on the exercise date equal to the applicable exercise price) in which, payment of the exercise price with respect thereto may be made or deemed to have been made.

(b)    Stock Appreciation Rights.  The Committee may grant Stock Appreciation Rights subject to the terms of the Plan and such additional terms and conditions consistent with the provisions of the Plan as the Committee shall determine.  A Stock Appreciation Right granted under the Plan shall confer on the holder thereof a right to receive upon exercise thereof the excess of (i) the Fair Market Value of one Share on the date of exercise over (ii) the grant price of the Stock Appreciation Right as specified by the Committee, which price shall not be less than 100% of the Fair Market Value of one Share on the date of grant of the Stock Appreciation Right; provided, however, that the Committee may designate a per share grant price below Fair Market Value on the date of grant if the Stock Appreciation Right is granted in substitution for a stock appreciation right previously granted by an entity that is acquired by or merged with the Company or an Affiliate.

(c)    Restricted Stock and Restricted Stock Units.  The Committee may grant Awards of Restricted Stock and Restricted Stock Units with the following terms and conditions and with such additional terms and conditions not inconsistent with the provisions of the Plan as the Committee shall determine:

(i)    Restrictions.  Shares of Restricted Stock and Restricted Stock Units shall be subject to such restrictions as the Committee may impose (including, without limitation, any limitation on the right to vote a Share of Restricted Stock or the right to receive any dividend or other right or property with respect thereto), which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise, as the Committee may deem appropriate; provided, however, in no event will any dividends or dividend equivalents be paid until the vesting of the underlying Restricted Stock or Restricted Stock Units.  Notwithstanding the foregoing, the Committee may permit acceleration of vesting of such Awards, including, in the event of the Participant’s death, disability, retirement, separation from service or in connection with a Change in Control.

(ii)    Issuance and Delivery of Shares.  Any Restricted Stock granted under the Plan shall be issued at the time such Awards are granted and may be evidenced in such manner as the Committee may deem appropriate, including book-entry registration or issuance of a stock certificate or certificates, which certificate or certificates shall be held by the Company.  Such certificate or certificates shall be registered in the name of the Participant and shall bear an appropriate legend referring to the restrictions applicable to such Restricted Stock.  Shares representing Restricted Stock that is no longer subject to restrictions shall be delivered to the Participant promptly after the applicable restrictions lapse or are waived.  In the case of Restricted Stock Units, no Shares shall be issued at the time such Awards are granted.  Upon the lapse or waiver of restrictions and the restricted period relating to Restricted Stock Units evidencing the right to receive Shares, such Shares shall be issued and delivered to the holder of the Restricted Stock Units.

(iii)    Forfeiture.  Except as otherwise determined by the Committee, upon a Participant’s termination of employment or resignation or removal as a Director (in either case, as determined under criteria established by the Committee) during the applicable restriction period, all Shares of Restricted Stock and all Restricted Stock Units held by the Participant at such time shall be forfeited and reacquired by the Company; provided, however, that the Committee may, when it finds that a waiver would be in the best interest of the Company, waive in whole or in part any or all remaining restrictions with respect to Shares of Restricted Stock or Restricted Stock Units.

(d)    Dividend Equivalents.  The Committee may grant Dividend Equivalents under which the Participant shall be entitled to receive payments (in cash, Shares, other securities, other Awards or other property as determined in the discretion of the Committee) equivalent to the amount of any cash dividends paid by the Company to holders of Shares with respect to a number of Shares determined by the Committee.  Subject to the terms of the Plan, such Dividend Equivalents may have such terms and conditions as the Committee shall determine, provided, however, in no event will any dividend equivalents be paid until the vesting of the underlying Award.  In no event shall Dividend Equivalents be granted with respect to Options, Stock Appreciation Rights or other purchase rights. 

(e)    Performance Awards.  The Committee may grant Performance Awards denominated in Shares that may be settled or payable in Shares (including, without limitation, Restricted Stock or Restricted Stock Units) or cash. The Committee may also grant Performance Awards denominated in cash that may be settled or payable in cash or equivalent Shares (including, without limitation, Restricted Stock or Restricted Stock Units). Performance Awards shall be conditioned on the achievement of one or more Performance Goals, and such Performance Goals shall be pre-established by the Committee. Subject to the terms of the Plan and any applicable Award Agreement, the Performance Goals to be achieved during any performance period, the length of any performance period, the amount of any Performance Award granted, the amount of any payment or transfer to be made pursuant to any Performance Award, and any other terms and conditions of any Performance Award shall be determined by the Committee.  The Committee shall also certify in writing that such Performance Goals have been met prior to payment of the Performance Awards. 

(f)    Other Stock-Based Awards.  The Committee may grant such other Awards that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Shares (including, without limitation, stock awards and securities convertible into Shares), as are deemed by the Committee to be consistent with the purpose of the Plan.  The Committee shall determine the terms and conditions of such Awards, subject to the terms of the Plan and the Award Agreement.  To the extent Shares or other securities are delivered pursuant to a purchase right granted under this Section 6(f), such Shares or securities shall be purchased for consideration having a value equal to at least 100% of the Fair Market Value of such Shares or other securities on the date the purchase right is granted.

(g)    General.

(i)    Consideration for Awards.  Awards may be granted for no cash consideration or for any cash or other consideration as may be determined by the Committee or required by applicable law.

(ii)    Awards May Be Granted Separately or Together.  Awards may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with or in substitution for any other Award or any award granted under any other plan of the Company or any Affiliate.  Subject to the terms of the Plan, Awards granted in addition to or in tandem with other Awards or in addition to or in tandem with awards granted under any other plan of the Company or any Affiliate may be granted either at the same time as or at a different time from the grant of such other Awards or awards.

(iii)    Forms of Payment under Awards.  Subject to the terms of the Plan and of any applicable Award Agreement, payments or transfers to be made by the Company or an Affiliate upon the grant, exercise or payment of an Award may be made in such form or forms as the Committee shall determine (including, without limitation, cash, Shares, other securities, other Awards or other property, or any combination thereof), and may be made in a single payment or transfer, in installments or on a deferred basis, in each case in accordance with rules and procedures established by the Committee. Such rules and procedures may include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of dividends or Dividend Equivalents with respect to installment or deferred payments.

(iv)    Term of Awards.  The term of each Award shall be for a period not longer than 10 years from the date of grant.

(v)    Limits on Transfer of Awards.  No Award and no right under any such Award shall be transferable by a Participant other than (1) by will or by the laws of descent and distribution or (2) by transfer of an Award back to the Company, including a transfer of an Award (but not any Stock Options, Stock Appreciation Rights, purchase rights or Restricted Stock not constituting a Performance Award) to the Company in connection with a deferral election under a Company deferred compensation plan. The Committee may establish procedures as it deems appropriate for a Participant to designate a Person or Persons, as beneficiary or beneficiaries, to exercise the rights of the Participant and receive any property distributable with respect to any Award in the event of the Participant’s death.  Each Award under the Plan or right under any such Award shall be exercisable during the Participant’s lifetime only by the Participant or, if permissible under applicable law, by the Participant’s guardian or legal representative. No Award or right under any such Award may be pledged, alienated, attached or otherwise encumbered, and any purported pledge, alienation, attachment or encumbrance thereof shall be void and unenforceable against the Company or any Affiliate.

(vi)    Restrictions; Securities Exchange Listing.  All Shares or other securities delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such restrictions as the Committee may deem advisable under the Plan, applicable federal or state securities laws and regulatory requirements, and the Committee may cause appropriate entries to be made or legends to be placed on the certificates for such Shares or other securities to reflect such restrictions.  If the Shares or other securities are traded on a securities exchange, the Company shall not be required to deliver any Shares or other securities covered by an Award unless and until such Shares or other securities have been admitted for trading on such securities exchange.

Section 7.    Change in Control.

For purposes of the Plan, “Change in Control” means any of the following, unless otherwise provided in an Award Agreement:

(a)    during any period of 24 consecutive calendar months, individuals who were directors of the Company on the first day of such period (the “Incumbent Directors”) cease for any reason to constitute a majority of the Board; provided, however, that any individual becoming a director subsequent to the first day of such period whose election, or nomination for election, by the Company’s stockholders was approved by a vote of at least a majority of the Incumbent Directors shall be considered as though such individual were an Incumbent Director, but excluding, for purposes of this proviso, any such individual whose initial assumption of office occurs as a result of an actual or threatened proxy contest with respect to election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person (as used in Section 13(d) of the Exchange Act), in each case other than the Board;

(b)    the consummation of (i) a merger, consolidation, statutory share exchange or similar form of corporate transaction involving (x) the Company or (y) any of its subsidiaries, but in the case of this clause (y) only if the voting power of the securities eligible to vote for the election of the Board (“Company Voting Securities”) are issued or issuable (each of the events referred to in this clause (i) being hereinafter referred to as a “Reorganization”) or (ii) the sale or other disposition of all or substantially all the assets of the Company to an entity that is not an Affiliate (a “Sale”), in each case, if such Reorganization or Sale requires the approval of the Company’s stockholders under the law of the Company’s jurisdiction of organization (whether such approval is required for such Reorganization or Sale or for the issuance of securities of the Company in such Reorganization or Sale), unless, immediately following such Reorganization or Sale, (A) all or substantially all the persons (as used in Section 13(d) of the Exchange Act) who were the beneficial owners of the Company Voting Securities outstanding immediately prior to the consummation of such Reorganization or Sale continue to beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities of the corporation or other entity resulting from such Reorganization or Sale (including a corporation or other entity that, as a result of such transaction, owns the Company or all or substantially all the Company’s assets either directly or through one or more subsidiaries) (the “Continuing Company”) in substantially the same proportions as their ownership, immediately prior to the consummation of such Reorganization or Sale, of the outstanding Company Voting Securities (excluding, for such purposes, any outstanding voting securities of the Continuing Company that such beneficial owners hold immediately following the consummation of the Reorganization or Sale as a result of their ownership prior to such consummation of voting securities of any corporation or other entity involved in or forming part of such Reorganization or Sale other than the Company), (B) no person (as used in Section 13(d) of the Exchange Act, excluding any employee benefit plan (or related trust) sponsored or maintained by the Continuing Company or any entity controlled by the Continuing Company) beneficially owns, directly or indirectly, 50% or more of the combined voting power of the then outstanding voting securities of the Continuing Company and (C) at least 50% of the members of the board of directors of the Continuing Company were Incumbent Directors at the time of the execution of the definitive agreement providing for such Reorganization or Sale or, in the absence of such an agreement, at the time at which approval of the Board was obtained for such Reorganization or Sale;

(c)    the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company; or

(d)    any person (as used in Section 13(d) of the Exchange Act), corporation or other entity or “group” (as used in Section 13(d) of the Exchange Act, other than (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or an Affiliate or (iii) any entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the voting power of the Company Voting Securities) becomes the beneficial owner, directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company Voting Securities; provided, however, that for purposes of this subparagraph (d), the following acquisitions shall not constitute a Change in Control:(w) any acquisition directly from the Company, (x) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or an Affiliate (y) any acquisition by an underwriter temporarily holding such Company Voting Securities pursuant to an offering of such securities or any acquisition by a pledgee of Company Voting Securities holding such securities as collateral or temporarily holding such securities upon foreclosure of the underlying obligation or (z) any acquisition pursuant to a Reorganization or Sale that does not constitute a Change in Control for purposes of subparagraph (b) above.

Unless otherwise provided in an Award Agreement, upon a Change in Control prior to the end of the applicable vesting period of an Award, any such Award shall remain outstanding and shall continue to be subject to the vesting and other restrictions in accordance with its terms, without regard to the occurrence of such Change in Control; provided, however, that if the continuing or surviving company following such Change in Control does not assume or substitute an outstanding Award for a substantially equivalent award (including, without limitation, with respect to vesting schedule and intrinsic value as of the Change in Control), as determined by the Committee, the restrictions with respect to any outstanding unvested Award shall vest immediately prior to such Change in Control. If, during the two-year period following a Change in Control, a Participant’s employment is terminated by the Company without Cause or, in the case of an Executive Officer of the Company or a participant in the Company’s Income Security Plan (“ISP”) or any successor, such Participant terminates employment for Good Reason, then the restrictions with respect to any outstanding Award shall, subject to any conditions provided in the Award Agreement, lapse upon such termination of employment; provided, further, that if the Participant is also a participant in the ISP or any successor or is a party to an Employment Agreement, the terms of vesting of an Award in the event of a Change in Control shall be governed by the provisions of the ISP or the Participant’s Employment Agreement, as applicable. Notwithstanding the foregoing, for any Award that constitutes non-qualified deferred compensation within the meaning of Section 409A of the Code, a Change in Control shall not constitute a settlement or distribution event with respect to such Award or an event that otherwise changes the timing of settlement or distribution of such Award, unless the Change in Control also constitutes a “change in ownership” of the Company, a “change in effective control” of the Company or a “change in the ownership of a substantial portion of the assets” of the Company, in each case, as defined under Section 409A of the Code (a “Section 409A CIC”); provided, however, that whether or not a Change in Control is a Section 409A CIC, such Change in Control may result in the accelerated vesting of such Award as provided by the Award Agreement, this Plan, any Award Agreement or otherwise by the Committee.

For purposes of the preceding paragraph, “Cause” means the occurrence of any of the following: (a) the Participant willfully and continually fails to substantially perform his duties of employment (other than because of a mental or physical impairment) for a period of at least 30 days after being given notice of such failure; (b) the Participant (i) engages in any act of dishonesty, wrongdoing or moral turpitude (whether or not a felony) or (ii) violates the Company’s code of conduct or a Company policy, which violation has an adverse effect upon the Company; (c) the Participant breaches his duty of loyalty; or (d) the Participant breaches any of the restrictive covenants contained within an Award Agreement. For purposes of this definition, no act or failure to act on the part of the Participant shall be considered “willful” unless it is done, or omitted to be done, by the Participant in bad faith or without reasonable belief that his action or omission was in the best interests of the Company. For purposes of the preceding paragraph, “Good Reason” means, without the Participant’s express written consent, the occurrence of any one or more of the following: (a) a material reduction of the Participant’s authorities, duties or responsibilities as in effect immediately prior to the Change in Control; (b) a material reduction in the Participant’s annual base salary in effect immediately prior to the Change in Control other than a general reduction in base salary that affects all similarly situated employees in substantially the same proportions; (c) the failure of the Company to continue in effect, or the failure to continue the Participant’s participation on substantially the same basis in, any annual incentive plan, long-term cash incentive plan or equity compensation plan in which he participated immediately prior to the Change in Control, which results in a material reduction in his total compensation; or (d) a relocation of the Participant’s principal place of employment by more than 50 miles from his principal job location immediately prior to the Change in Control. Good Reason shall not exist until and unless the Participant has provided written notice to the Company of the existence of the circumstances providing grounds for termination for Good Reason within 90 days of the initial existence of such grounds and the Company has had 30 days from the date on which such notice is provided to cure such circumstances, if curable (the “Cure Period”). If the Participant does not terminate his employment for Good Reason within a reasonable period of time, not to exceed three months after the end of the Cure Period, then he will be deemed to have waived his right to terminate for Good Reason with respect to such grounds.

Section 8.    Amendment and Termination; Corrections.

(a)    Amendments to the Plan.  The Board of Directors of the Company may amend, alter, suspend, discontinue or terminate the Plan, provided that no such action may materially adversely affect the rights of the holder of an outstanding Award without the consent of the Participant; provided, further, that, notwithstanding any other provision of the Plan or any Award Agreement, prior approval of the stockholders of the Company shall be required for any amendment to the Plan that:

(i)    requires stockholder approval under the rules or regulations of the Securities and Exchange Commission, the New York Stock Exchange, any other securities exchange or the Financial Industry Regulatory Authority, Inc. that are applicable to the Company;

(ii)    increases the number of shares authorized under the Plan as specified in Section 4(a) of the Plan (other than pursuant to Section 4(c));

(iii)    permits repricing, cancellation and replacement, or exchange of Options, Stock Appreciation Rights or purchase rights which are prohibited by Section 3(a)(v) of the Plan; or

(v)    permits the award of Options, Stock Appreciation Rights or purchase rights at a price less than 100% of the Fair Market Value of a Share on the date of grant of such Option, Stock Appreciation Right or purchase right, contrary to the provisions of Sections 6(a)(i), 6(b) and 6(f) of the Plan.

(b)    Amendments to Awards.  Subject to the provisions of the Plan, the Committee may waive any conditions of or rights of the Company under any outstanding Award, prospectively or retroactively.  Except as otherwise provided in the Plan, the Committee may amend, alter, suspend, discontinue or terminate any outstanding Award, prospectively or retroactively, but no such action may materially adversely affect the rights of the holder of such Award without the consent of the Participant or holder or beneficiary thereof.

(c)    Correction of Defects, Omissions and Inconsistencies.  The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award or Award Agreement in the manner and to the extent it shall deem desirable to implement or maintain the effectiveness of the Plan.

Section 9.    Tax Withholding.

The Company may take such action as it deems appropriate to withhold or collect from a Participant the applicable federal, state, local or foreign payroll, withholding, income or other taxes that are required to be withheld or collected by the Company upon the grant, exercise, vesting or payment of an Award.  The Committee may require the Company to withhold Shares having a Fair Market Value equal to the amount necessary to satisfy up to the Company’s maximum statutory withholding requirements upon the grant, exercise, vesting or payment of an Award from Shares that otherwise would have been delivered to a Participant.  The Committee may, subject to any terms and conditions that the Committee may adopt, permit a Participant to elect to pay all or a portion, up to the maximum statutory rate, of taxes by (a) having the Company withhold Shares otherwise to be delivered upon the grant, exercise, vesting or payment of an Award with a Fair Market Value equal to the amount of such taxes, (b) delivering to the Company Shares other than Shares issuable upon the grant, exercise, vesting or payment of an Award with a Fair Market Value equal to the amount of such taxes or (c) paying cash.  Any such election must be made on or before the date that the amount of tax to be withheld is determined. The obligations of the Company under this Plan shall be conditional on such payment or arrangements, and the Company and its Affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to such Participant. If a Participant makes a disposition of Shares acquired upon the exercise of an Incentive Stock Option within the applicable disqualifying period, the Participant shall promptly notify the Company and the Company shall have the right to require the Participant to pay to the Company an amount sufficient to satisfy any tax withholding requirements. The Committee may establish such procedures as it deems appropriate, including making irrevocable elections, for the settlement of withholding obligations with Shares.

Section 10.    General Provisions.

(a)    No Rights to Awards.  No Eligible Person, Participant or other Person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of Eligible Persons, Participants or holders or beneficiaries of Awards under the Plan.  The terms and conditions of Awards need not be the same with respect to any Participant or with respect to different Participants.

(b)    Award Agreements.  No Participant shall have rights under an Award granted to such Participant unless and until an Award Agreement shall have been duly executed on behalf of the Company and, if requested by the Company, signed by the Participant.

(c)    No Rights of Stockholders.  Except with respect to Restricted Stock and (if applicable), Stock Awards or Other Stock-Based Awards constituting Shares, neither a Participant nor the Participant’s legal representative shall be, or have any of the rights and privileges of, a stockholder of the Company with respect to any Shares issuable upon the exercise or payment of any Award, in whole or in part, unless and until the Shares have been issued.

(d)    No Limit on Other Compensation Plans or Arrangements.  Nothing contained in the Plan shall prevent the Company or any Affiliate from adopting or continuing in effect other or additional compensation plans or arrangements.

(e)    No Right to Employment or Directorship.  The grant of an Award shall not be construed as giving a Participant the right to be retained as an employee of the Company or any Affiliate, or a Director to be retained as a Director, nor will it affect in any way the right of the Company or an Affiliate to terminate a Participant’s employment at any time, with or without cause or the Company and its stockholders with respect to the election, appointment or removal of directors.  In addition, the Company or an Affiliate may at any time dismiss a Participant from employment free from any liability or any claim under the Plan or any Award, unless otherwise expressly provided in the Plan or in any Award Agreement.

(f)    Company Policies.  All Awards granted under the Plan shall be subject to any applicable clawback or recoupment policies, share trading policies and other policies that may be implemented by the Company from time to time.

(g)    Governing Law.  The internal law, and not the law of conflicts, of the State of Delaware, shall govern all questions concerning the validity, construction and effect of the Plan or any Award, and any rules and regulations relating to the Plan or any Award.  In addition, it is the intent of the Company that the Plan and applicable Awards under the Plan comply with the applicable provisions of Section 422 of the Code.  To the extent that any legal requirement of Section 16 of the Exchange Act or Section 422 of the Code ceases to be required under Section 16 of the Exchange Act or Section 422 of the Code, that Plan provision shall cease to apply.

(h)    Severability.  If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the purpose or intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction or Award, and the remainder of the Plan or any such Award shall remain in full force and effect.

(i)    No Trust or Fund Created.  Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate and a Participant or any other Person.  To the extent that any Person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company or any Affiliate.

(j)    Securities Matters.  The Company shall not be required to deliver any Shares until the requirements of any federal or state securities or other laws, rules or regulations (including the rules of any securities exchange) as may be determined by the Company to be applicable are satisfied.

(k)    No Fractional Shares.  No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash shall be paid in lieu of any fractional Share or whether such fractional Share or any rights thereto shall be canceled, terminated or otherwise eliminated.

(l)    Compliance with Code Section 409A.  The Plan is intended to comply with the requirements of Section 409A of the Code, to the extent applicable.  All Award Agreements shall be construed and administered such that the Award either (i) qualifies for an exemption from the requirements of Section 409A of the Code or (ii) satisfies the requirements of Section 409A of the Code. If an Award is subject to Section 409A of the Code, (I) payment, distribution or settlement, as applicable, shall only be made in a manner and upon an event permitted under Section 409A of the Code, (II) payment, distribution or settlement, as applicable, to be made upon a termination of employment shall only be made upon a “separation from service” under Section 409A of the Code, and (III) in no event shall a Participant, directly or indirectly, designate the calendar year in which a payment, distribution or settlement, as applicable, is made except in accordance with Section 409A of the Code.  Notwithstanding anything in this Plan or an Award Agreement to the contrary, if a Participant is a “specified employee,” within the meaning of Section 409A of the Code and as determined under the Company’s policy for determining specified employees, on the date of his or her “separation from service”, within the meaning of Section 409A of the Code, the distribution, payment or settlement, as applicable, of all of Participant’s Awards that are both (i) subject to Section 409A of the Code and (ii) distributable, payable or settleable, as appropriate, on account of a separation from service, shall be postponed for six months following the date of the Participant’s separation from service. If a distribution, payment or settlement, as applicable, is delayed pursuant to this paragraph, the distribution, payment or settlement, as applicable, shall be made within the 30-day period following the first business day of the seventh month following the Participant’s separation from service; provided that if the Participant dies during such six-month period, any postponed amounts shall be paid within 90 days of the Participant’s death. This distribution, payment or settlement, as applicable, shall include the cumulative amount of any amount that could not be paid or provided during such period.  To the extent that any provision of the Plan or an Award Agreement would cause a conflict with the requirements of Section 409A of the Code, or would cause the administration of the Plan or an Award to fail to satisfy the requirements of Section 409A of the Code, such provision shall be deemed amended to the extent practicable to avoid adverse tax consequences under Section 409A of the Code for the Participant (including his or her beneficiaries).  Notwithstanding any provision in this Plan to the contrary, neither the Company nor the Committee shall have any liability to any person in the event such Section 409A of the Code applies to any Award in a manner that results in adverse tax consequences for the Participant or any of his or her beneficiaries.

(m)    Headings.  Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference.  Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof.

Section 11.    Effective Date and Term of the Plan.

The Plan shall be effective on August 4, 2020, subject to its approval by the stockholders of the Company. No Award may be granted under the Plan after August 3, 2030. Awards granted on or prior to August 3, 2030 shall remain outstanding in accordance with this Plan and their respective terms and the Committee shall retain authority with respect thereto.Exhibit

EXECUTION VERSION

EXHIBIT 10.1
August 6, 2020

Andrew Feldstein via email

Dear Andrew: 

This separation agreement (the “Agreement”) will confirm our understanding regarding the separation of your employment from AG US Group Services Inc. (the “Company”) and BlueMountain Capital Management, LLC (“BCM”).  Assured Guaranty Ltd. (“Parent”) and Assured Guaranty US Holdings Inc. (“AGUS”) (the Parent, AGUS, the Company, BCM and their Affiliates collectively referred to as the “Assured Guaranty Group”) are expressly intended to be third party beneficiaries of this Agreement.  Reference is made herein to that certain Employment Agreement, dated August 7, 2019 by and between you, the Company and BCM (the “Employment Agreement”).  Capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Employment Agreement.

SECTION 1
RESIGNATION AND TRANSITION

In discussions with the Company, you and the Company have agreed that you will resign as Chief Investment Officer and Head of Asset Management of the Assured Guaranty Group and from all other director or officer positions you hold and from all board and management committees on which you serve in the Assured Guaranty Group, including as an executive officer of Parent and as Chief Executive Officer and Chief Investment Officer of BCM, BlueMountain CLO Management LLC and BlueMountain GP Holdings, LLC (collectively, the “BlueMountain Operating Companies”), effective as of August 6, 2020.  Subject to the terms of this Agreement, during the period beginning immediately following your resignation and ending on the earlier of (i) October 31, 2020 and (ii) the termination of your employment with the Company in accordance with the terms of this Agreement (such earlier date, the “Separation Date” and such period, the “Transition Period”), you shall remain employed by the Company as a non-executive officer with a title of Senior Advisor to the Chief Executive Officer and Chief Investment Officer of the BlueMountain Operating Companies (the “BCM CEO”).  In such capacity you shall report to the BCM CEO and shall have such duties and responsibilities as may be assigned to you in the reasonable discretion of the BCM CEO, including ensuring an orderly transition of such duties and responsibilities; provided that such duties and responsibilities are not inconsistent with your role as Senior Advisor.  Upon the conclusion of the Transition Period you will be deemed to resign, effective as of the Separation Date, from all positions, titles, duties and authorities with the Assured Guaranty Group that you may hold at such time.  Notwithstanding the foregoing, the Company may elect to place you on garden leave for all or any part of the Transition Period (such period, the “Garden Leave Period”).  During the Garden Leave Period, the other provisions of this Agreement shall continue to have full force and effect and you shall continue to receive the salary and benefits set forth in Section 2.1 of this Agreement and shall continue to carry out any duties for or on behalf of the Assured Guaranty Group as the Company may reasonably request; provided that you shall not be entitled to access any premises of the Assured Guaranty Group without the prior written consent 

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of the Company.  You acknowledge and agree that, for the duration of the Transition Period, you will continue to comply with Section 2(b) of the Employment Agreement.  Under no circumstances shall the Company terminate your employment other than for Cause and under no circumstances shall you have any rights to resign from the Company for Good Reason or otherwise (other than due to your Disability).  You and the Company expressly acknowledge and agree that the six (6) month notice period required pursuant to Section 6(a) of the Employment Agreement shall be shortened such that it will end on October 31, 2020.  Notwithstanding anything herein to the contrary, during and after the Transition Period, you shall continue to serve on the board of directors and/or board of managers of any BlueMountain Funds on which you currently serve unless the Company otherwise requests you resign from any such position, which you shall do upon such direction, provided that following the Transition Period you receive the same compensation and benefits for such non-employee director service as is provided to any similarly situated non-employee director serving on such board..    

The offer to you set forth in this Agreement shall remain outstanding during the period described in the release of claims attached hereto as Exhibit A (the “First Release”), provided that the Company may, in its sole discretion, by written notice to you, extend this date.  The release of claims attached hereto as Exhibit B (the “Second Release”) should be signed and returned to the Company on or after the Separation Date such that the Second Release becomes effective within the sixty-day period following the Separation Date.

SECTION 2
PAYMENTS AND CONSIDERATION

You shall be entitled to compensation, benefits, and consideration from the Company in accordance with this Section 2.

2.1.    Amounts Prior to Separation Date.

(a)Base Salary.  Your annual base salary through the Separation Date shall remain at the current annual rate of $800,000.

(b)Employee Benefits.  Prior to the Separation Date, you shall remain eligible for continued participation in the employee benefit plans (including retirement plans) maintained by the Company and its Affiliates in which you participated immediately prior to the date hereof, subject to the terms and conditions of such plans, as may be in effect from time to time.

(c)Within thirty (30) days of the Separation Date or such earlier date as required by applicable law, the Company shall pay you (i) the amount of all earned and previously unpaid salary for the period ending on the Separation Date and (ii) an amount that is in settlement of any and all vacation days that you have accrued but did not use, and to which you are entitled from the Company.  You will not accrue or be entitled to any vacation after the Separation Date.  As of the date of this Agreement, you have fourteen (14) accrued, unused vacation days, which vacation days you may elect to use at any time during the Transition Period.

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2.2.    Co-Investment and Forfeiture Amount.
 
(a)Other than as expressly modified herein, you expressly acknowledge and agree that the co-investment obligations set forth in Section 5 of the Employment Agreement (and the rights of the Company relating thereto) will remain in full force and effect until the end of the Co-Investment Required Period.  The Company agrees to provide you with updated information, including the specific detailed investment and other information necessary to calculate the Required Investment Amount, on a monthly basis following the date hereof until the expiration of the Co-Investment Required Period, including the specific investments in each fund that give rise to the co-investment obligation.  For purposes of determining the Required Investment Amount, separately managed accounts and single-investor investment vehicles shall be excluded from the calculation.

(b)In full satisfaction of your obligation pursuant to Section 5(a)(vi) of the Employment Agreement to transfer to AGUS interests held by you in BlueMountain Funds with a total net asset value equal to the Forfeiture Amount, you shall instead transfer to Parent, on December 31, 2020 or, if unable to do so, as soon as reasonably practicable thereafter, shares of Parent Common Stock held by you with a value equal to the Forfeiture Amount, with the price per share of such Parent Common Stock determined based on the VWAP of Parent Common Stock for the first ten (10) NYSE trading days in the month of December 2020 (such period, the “VWAP Period”).  In satisfying your obligations pursuant to the foregoing sentence, you shall (i) first deliver shares of Parent Common Stock held by you, and (ii) to the extent the Forfeiture Amount exceeds the value of the Parent Common Stock held by you and transferred to the Company in accordance with the foregoing clause (i), you shall pay to the Company an amount in cash equal to the excess of the Forfeiture Amount over the value of the Parent Common Stock so transferred (as measured in accordance with this Section 2.2(b)).  Any shares of Parent Common Stock transferred to Parent hereunder shall be offset against, and shall reduce the amount of, Parent Common Stock subject to the Amended and Restated Lock-Up Agreement dated October 1, 2019 by and between you and Parent (the “Lock-Up Agreement”).  The Parties hereby amend the Lock-Up Agreement to reflect the reduction in Parent Common Stock subject to the Lock-Up Agreement as a result of the foregoing and shall negotiate in good faith a revised schedule for the release from the lock-up of the remaining Parent Common Stock, if any, subject to the Lock-Up Agreement. As of the date hereof, the Parties agree that an aggregate of 477,995 shares of Parent Common Stock are subject to the Lock-Up Agreement. 

(c)Notwithstanding the foregoing, effective as of the date hereof, (i) the maximum Required Investment Amount shall be reduced from one hundred fifty million dollars ($150,000,000) to one hundred million dollars ($100,000,000) and (ii) the Forfeiture Amount shall be reduced to twelve million dollars ($12,000,000); provided, that in the event you (x) do not sign either the First Release or the Second Release, or revoke your acceptance of the First Release or the Second Release, as applicable, (y) breach this Agreement or Sections 7 or 10 of the Employment Agreement or materially breach Sections 8 or 9 of the Employment Agreement, as determined in accordance with Section 5.3 of this Agreement or (z) do not remain employed until October 31, 2020 (unless your employment ends earlier on account of your death or Disability), then the maximum Required Investment Amount shall immediately be increased from one hundred million dollars ($100,000,000) to one hundred fifty million dollars ($150,000,000).  

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With respect to all interests held by you and/or your Immediate Family Members in any BlueMountain Funds or Affiliated Funds (other than those in which any member of the Assured Guaranty Group has a limited partner interest), you shall be offered any concession granted to any other investor in such BlueMountain Funds after the date hereof with respect to fees, liquidity, information rights and transparency.  With respect to all interests held by you and/or your Immediate Family Members in any BlueMountain Funds or Affiliated Funds in which any member of the Assured Guaranty Group has a limited partner interest and in which you are currently invested or to which you commit capital on or prior to December 31, 2022, (x) to the extent there are no third party investors in such BlueMountain Funds or Affiliated Funds, you shall be offered terms no less favorable than those offered to any member of the Assured Guaranty Group as a limited partner therein with respect to fees, liquidity, information rights and transparency, and (y) to the extent there are third party investors in such BlueMountain Funds or Affiliated Funds, you shall be granted customary size-based most favored nation protection with respect to fees, liquidity, information rights and transparency.  In addition, BCM agrees to promptly respond to any reasonable inquiries by you with respect to the limited partnership interests of you and/or your Immediate Family Members in any BlueMountain Funds and/or Affiliated Funds in which you are currently invested or to which you commit capital on or prior to December 31, 2022.  For purposes of Section 5 of the Employment Agreement, you may deem a fund investment to be unavailable if such fund is not audited or administered by an institution reasonably acceptable to you; provided that you hereby acknowledge and agree that PricewaterhouseCoopers and SS&C GlobeOp are auditors and administrators reasonably acceptable to you.  For purposes of this paragraph, your “Immediate Family Members” shall include Forward Vision.
(d)For the purposes of this Agreement, the terms set forth below shall have the following meanings:

“Disability” means mental, physical or other illness, disease or injury for which you would be determined to be eligible for long-term disability benefits under the AG US Group Services Inc. Health and Welfare Plan (or any successor plan thereto) in accordance with its terms and conditions.
 
“NYSE” means the New York Stock Exchange Inc.

“Parent Common Stock” means the common shares, par value $0.01 per share, of Parent.

“VWAP” means for the Parent Common Stock, the volume weighted average trade price per share of Parent Common Stock on the NYSE (calculated to the nearest one-hundredth of a cent) as reported by Bloomberg L.P., or any successor thereto, through its “Volume Weighted Average Price” function.

2.3.    Indemnification.  The Company agrees that if you are made a party or are threatened to be made a party to any action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”), by reason of the fact that you are or were a director, officer or trustee of any member of the Assured Guaranty Group or any predecessor of any such member (including, without limitation, the BlueMountain Operating Companies) or are or were serving at the request of any member of the Assured Guaranty Group or any predecessor of any such member (including, 

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without limitation, the BlueMountain Operating Companies) as a director, officer, member, trustee, employee or agent of any corporation, partnership, joint venture, trust or other enterprise, including, without limitation, service with respect to employee benefit plans, whether or not the basis of such Proceeding relates to alleged action prior to, upon, or following consummation of the Transaction, whether or not the basis of such Proceeding relates to alleged action in an official capacity as a director, officer, member, trustee, service provider or agent while serving as a director, officer, member, service provider or agent, you shall be indemnified and held harmless by Parent (or, if Parent shall fail to indemnify you and hold you harmless, by the Company and/or its Affiliates (other than Parent)) to the fullest extent authorized by Bermuda, Delaware, or other applicable law, as the same exists or may hereafter be amended, against all expenses incurred or suffered by you in connection therewith, and such indemnification shall continue as to you even if you have ceased to be an officer, director, trustee or agent, or if no longer a service provider of the Company and/or its Affiliates and shall inure to the benefit of your heirs, executors and administrators.  Subject to a customary undertaking to repay such advances as set forth herein, Parent shall advance (or, if Parent shall fail to advance, the Company and/or its Affiliates (other than Parent) shall advance) you all reasonable expenses related to the defense of any such Proceeding.  Notwithstanding anything to the contrary in this Section 2.3, no indemnification may be made to you or on your behalf hereunder if a final judgment or other final adjudication adverse to you establishes that your acts or omissions involved fraud, gross negligence, intentional misconduct or a knowing violation of law and in such event you shall be required to immediately repay to Parent the gross amount of any expenses advanced to you in connection with this Section 2.3.  The rights and obligations set forth herein shall be in addition to, and not in lieu of, any other rights and obligations you may be entitled to under any other agreements or policies, including without limitation, Parent’s or the Company’s and/or its Affiliates (other than Parent) by-laws and organizational and operating agreements. 
During the Transition Period and for a minimum period of six (6) years thereafter, Parent or the Company and/or its Affiliates (other than Parent) shall continue to cover you under the directors & officers’ insurance coverage provided to the most senior executives of Parent or the Company and/or its Affiliates (other than Parent), as in effect from time to time.  
2.4.    Other Payments.  Except as specified in this Section 2, or as otherwise expressly provided in or pursuant to this Agreement, during the Transition Period or in connection with your termination of employment, you shall not be entitled to any compensation, benefits, consideration or other payments or distributions, including any severance payments or benefits, bonus payments, non-equity incentive compensation grants or equity incentive compensation grants (including, without limitation, the AIP Grant and Equity Incentive Compensation contemplated by Section 3(b) of the Employment Agreement or any Severance Payment contemplated by Section 6 of the Employment Agreement), whether pursuant to the Employment Agreement or otherwise. References in the First Release and the Second Release to the release of claims against the Company shall be deemed to also include reference to the release of claims against all compensation and benefit plans and arrangements established or maintained by the Company and its Affiliates, subject to the terms and conditions of the First Release and the Second Release, as applicable.  

SECTION 3
PROTECTION OF COMPANY INTERESTS

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As a condition of the mutual promises and agreements set forth herein, you and the Company expressly acknowledge and agree to the terms of this Section 3.

3.1.    Restrictive Covenants.  You and the Company expressly acknowledge and agree that the restrictive covenants set forth in Section 10 of the Employment Agreement (including the non-competition, non-solicitation and non-disparagement obligations) will remain in full force and effect during the Covenant Period; provided, however, that, notwithstanding anything in the Employment Agreement to the contrary, the Covenant Period shall end on December 31, 2022.

3.2.    Confidential Information.  You expressly acknowledge and agree that the confidentiality obligations set forth in Section 7 of the Employment Agreement will remain in full force and effect at all times on and following the date hereof, as expressly modified herein.  Nothing in this Section 3.2 or this Agreement prohibits you from reporting possible violations of applicable law or regulation to any governmental agency or entity or making other disclosures that are protected under the whistleblower provisions of any applicable law or regulation.

3.3.    Return of the Company Property.  You and the Company expressly acknowledge and agree that the obligations set forth in Section 8 of the Employment Agreement will remain in full force and effect at all times on and following the date hereof, as expressly modified herein.  You represent and warrant that you have or on or prior to the Separation Date you will have (i) removed your personal effects from your offices at the Assured Guaranty Group, (ii) vacated such offices, (iii) returned to the Company all property of the Assured Guaranty Group, including, without limitation, any computer, iPhone, iPad, any keys, credit cards, passes, files, confidential documents or material, or other property belonging to the Assured Guaranty Group, and (iv) returned all writings, files, records, correspondence, notebooks, notes and other documents and things (including any copies thereof) containing any trade secrets relating to the Assured Guaranty Group; provided, that, solely to the extent such property or material is personal in nature, you shall be permitted to remove and retain all personal records, data, files, records and other information stored on BCM and/or Company or its Affiliates’ property or records, including without limitation computer servers and electronic or other data bases, as applicable, and the Company shall cooperate with you in determining what property belongs to the Company or its Affiliates and what property belongs to you (and any property that is not determined to belong to the Company or any of its Affiliates shall not be subject to this Section 3.3 or Section 8 of the Employment Agreement); provided, further, that you and the Company acknowledge and agree that you shall be allowed to retain and remove (i) the works of original art located in your office at 280 Park Avenue, 12th Floor, New York, NY 10017 (“280 Park”) and in the Southwest Conference Room in the Breezeway at 280 Park, and (ii) the books located in your office at 280 Park, and you hereby represent that you are currently the legal and rightful owner of such works of original art and books, and the Company further agrees to allow you to retain and remove the photographic art displayed in your office and in the conference rooms other than the Southwest Conference Room in the Breezeway at 280 Park (and shall take any such further action required to transfer such photographic art to your legal ownership and possession).  For the purposes of this Agreement, the term “trade secrets” shall mean information, including a formula, pattern, compilation, program device, method, technique, or process, that: (i) derives independent economic value, actual or potential, from not being generally known to, and 

-6-

not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use, and (ii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.  You further represent and warrant that, to your knowledge, in the twelve (12) months immediately preceding the date hereof, you have not deleted or altered any documents, files or information in any such computer, iPhone, iPad, or in the Company’s electronic or other records, or duplicated, downloaded or otherwise retained any documents, files or other information belonging to the Assured Guaranty Group, other than a routine deletion or alteration in the ordinary course of business and excluding any personal property or material as provided herein.  You further covenant that (i) during the Transition Period you will not delete or alter any documents, files or information in any Company computer, iPhone, iPad, or in the Company’s electronic or other records, or duplicate, download or otherwise retain any documents, files or other information belonging to the Assured Guaranty Group, other than a routine deletion or alteration in the ordinary course of business and excluding any personal property or material as provided herein and (ii) after the Separation Date, you will not delete or alter any documents, files or information in the Company computer, iPhone, iPad, or duplicated, downloaded or otherwise retained any documents, files or other information belonging to the Assured Guaranty Group, other than a routine deletion or alteration in the ordinary course of business and excluding any personal property or material as provided herein. 

3.4.    Intellectual Property Rights.  You expressly acknowledge and agree that the obligations set forth in Section 9 of the Employment Agreement will remain in full force and effect at all times on and following the date hereof.

3.5.    Securities Trading Restrictions.  You expressly acknowledge and agree that, except as expressly permitted to satisfy your obligations pursuant to Section 2.2(b) of this Agreement, and subject to the amendment contemplated therein, the Lock-Up Agreement shall continue to have full force and effect with respect to any shares of Parent Common Stock subject thereto.  In addition, except as set forth below, you expressly acknowledge and agree that, you will not be permitted to trade in the securities of Parent until the end of the VWAP Period; provided, however, that you shall be permitted to purchase shares of Parent Common Stock during the VWAP Period in an amount up to $12 million, calculated based on the purchase price(s) paid by you.  You further expressly acknowledge and agree that you shall comply with all applicable laws, and with all policies and practices of the Assured Guaranty Group, in each case that prohibit insider trading, trading in the securities of Parent or any of its Affiliates on the basis of material nonpublic information, or any other impermissible trading practices.  

3.6.    No Interference with Rights.  The parties agree that nothing in this Agreement shall be construed to prohibit you from challenging illegal conduct or engaging in protected activity, including without limitation reporting possible violations of any law or regulation to any governmental agency or regulatory entity or making other disclosures that are protected under the whistleblower provisions of any law or regulation, filing a charge or complaint with, and/or participating in any investigation or proceeding conducted by, the National Labor Relations Board, the Equal Employment Opportunity Commission, the Securities and Exchange Commission, and/or any other federal, state or local government agency. Further, the parties agree that nothing in this Agreement shall be construed to interfere with the ability of any federal, state or local government 

-7-

agency to investigate any such charge or complaint, or your ability to communicate voluntarily with any such agency.  However, by signing this Agreement, you understand that you are waiving your right to receive individual relief based on claims asserted in any such charge or complaint, except where such a waiver is prohibited.  Notwithstanding anything herein or in any other agreement with or policy of any member of the Assured Guaranty Group to which you are or were subject, nothing herein or therein shall (i) prohibit you from making reports of possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or of any other whistleblower protection provisions of state or federal law or regulation, or (ii) require notification or prior approval by the Company or any of its Affiliates of any reporting described in clause (i); provided, however, that you are not authorized to disclose communications with counsel for the Assured Guaranty Group that were made for the purpose of receiving legal advice or that contain legal advice or that are protected by the attorney work product or similar privilege between such counsel and the Assured Guaranty Group.  Furthermore, you shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (1) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, in each case, solely for the purpose of reporting or investigating a suspected violation of law or (2) in a complaint or other document filed in a lawsuit or proceeding, if such filings are made under seal.

3.7.    Assistance in Proceedings.  The Company and you expressly acknowledge and agree that the obligations set forth in Section 21 of the Employment Agreement will remain in full force and effect at all times on and following the date hereof.  In addition, you agree that, in the event you are subpoenaed by any person or entity (including, but not limited to, any government agency) to provide documents or give testimony (in a deposition, court proceeding or otherwise) or are requested by a governmental or regulatory body to provide an interview, which in any way relates to your employment with any member of the Assured Guaranty Group, unless otherwise prohibited by law, you will give prompt notice of such request to General Counsel, AG US Group Services Inc., 1633 Broadway, New York, NY 10019 (generalcounsel@agltd.com) (or his or her successor or designee) and, unless otherwise required by law, will make no disclosure or production until the Company or its Affiliates have had a reasonable opportunity to contest the right of the requesting person or entity to such disclosure or production.

3.8.    Effect of Covenants.  Nothing in this Section 3 shall be construed to adversely affect the rights that the parties hereto would possess in the absence of the provisions of such Section.

SECTION 4
RELEASE AND WAIVER

As part of this Agreement, and in consideration of the additional consideration provided to you in accordance with this Agreement, you are required to execute the First Release, in the form set forth as Exhibit A of this Agreement, and the Second Release, in the form set forth as Exhibit B of this Agreement, which are attached to and form a part of this Agreement.  This Agreement (including all Exhibits to this Agreement), and the rights, commitments and obligations of all parties hereunder: (a) shall become final and binding immediately following the expiration of your right 

-8-

to revoke the execution of the First Release in accordance with paragraph 6(d) of the release; (b) shall not become final and binding until the expiration of such right to revoke; and (c) shall not become final and binding if you revoke such execution.  Notwithstanding anything herein to the contrary, (1) in the event you fail to execute and return the First Release or the Second Release within the twenty-one (21) day period provided in the applicable release or you revoke the First Release or the Second Release within the revocation period provided in the applicable release, the First Release or Second Release, as applicable, shall be void ab initio and the Company, Parent, AGUS and/or BCM and their respective Affiliates shall be entitled to any rights they have under this Agreement or otherwise that are conditioned on their execution and delivery of the First Release and/or Second Release, as applicable and (2) in the event the Company, Parent, AGUS, or BCM fails to execute and return the First Release or the Second Release within the thirty (30) day period following your execution and delivery of the First Release or the Second Release, as applicable, the First Release or Second Release, as applicable, shall be void ab initio and you shall be entitled to any rights you have under this Agreement or otherwise that are conditioned on your execution, delivery and non-revocation of the First Release and/or Second Release, as applicable.

SECTION 5
MISCELLANEOUS

5.1.    Amendment.  This Agreement may be amended or canceled only by mutual agreement of the parties in writing, without the consent of any other person.  So long as you live, no person, other than the parties hereto (including the members of the Assured Guaranty Group as third-party beneficiaries), shall have any rights under or interest in this Agreement or the subject matter hereof.  For avoidance of doubt, in the event of your death or Disability, your estate or personal representative, as applicable, shall succeed to any rights under or interest in this Agreement that you may have.

5.2.    Waiver of Breach.  The waiver by either you or the Company (or its Affiliates) of a breach of any provision of this Agreement shall not operate as or be deemed a waiver of any subsequent breach by either you or the Company (or its Affiliates).  Continuation of benefits hereunder by you or the Company (or its Affiliates) following a breach by you or the Company or its Affiliates, as applicable, of any provision of this Agreement shall not preclude you or the Company (or its Affiliates), as applicable, from thereafter exercising any right that you or it may otherwise independently have to terminate said benefits based upon the same violation.

5.3.    Effect of Breach.  The Company and you acknowledge that the Company or you, as applicable, would be irreparably injured by the Company’s or your violation of Section 3 of this Agreement, and the Company and you agree that the Company and its Affiliates or you, as applicable, in addition to any other remedies available to them or you for such breach or threatened breach, shall be entitled to a preliminary injunction, temporary restraining order, or other equivalent relief, restraining the Company and its Affiliates or you from any actual or threatened breach of Section 3 of this Agreement.  If a bond is required to be posted in order for the Company or you to secure an injunction or other equitable remedy, the parties agree that said bond need not be more than a nominal sum.  The Company and you acknowledge that each of the covenants contained in Section 3 of this Agreement are an essential part of this Agreement and a condition to the Company’s and your agreement to provide the payments and benefits described in Section 2 of this Agreement.  If 

-9-

any covenant or term of Section 3 of this Agreement is determined to be invalid or unenforceable in any instance, such determination shall not prevent the reassertion thereof with respect of any other breach or violation.  If, in any proceeding, a court (or other tribunal) refuses to enforce the covenants contained in Section 3 of this Agreement because such covenants cover too extensive a geographic area or too long a period of time, any such covenant shall be deemed amended to the extent (but only to the extent) required by law to permit its enforceability hereunder.  For purposes of the foregoing, in order for a party to this Agreement or the Employment Agreement to be in breach of this Agreement or Sections 7 or 10 of the Employment Agreement or in material breach of Sections 8 or 9 of the Employment Agreement, in each case, the non-breaching party must first notify the alleged breaching party in writing, specifying the event alleged to constitute such breach or material breach, as applicable, within ninety (90) days after the non-breaching party first becomes aware of the occurrence of the event the non-breaching party believes constitutes a breach or material breach. The alleged breaching party will then have a period of thirty (30) days after the receipt of such notice in which to cure any acts constituting such breach or material breach (the “Cure Period”), except for a breach or material breach which, by its nature, cannot reasonably be expected to be cured.  If the non-breaching party is required to provide notice and the breach or material breach is cured (to the extent it can reasonably be expected to be cured) within this period, the alleged breaching party will be deemed to be in compliance with this Agreement or Sections 7, 8, 9 or 10 of the Employment Agreement, as applicable.  The remedies under this Agreement are without prejudice to the rights of the parties hereto to seek any other remedy to which it or you may be entitled at law or in equity.

5.4.    Severability.  The invalidity or unenforceability of any provision of this Agreement will not affect the validity or enforceability of any other provision of this Agreement, and this Agreement will be construed as if such invalid or unenforceable provision were omitted (but only to the extent that such provision cannot be appropriately reformed or modified).

5.5.    Other Agreements.  Except for those provisions set forth in the Employment Agreement that survive the termination thereof as or as otherwise specifically provided in this Agreement, this instrument constitutes the entire agreement between you and the Company and its Affiliates and supersedes all prior agreements and understandings, written or oral, including, without limitation, the Employment Agreement and any other agreements that may have been made by and between you and the Company or its predecessors or Affiliates; provided, however, that for the avoidance of doubt, the Company, BCM, and you agree that each remains bound by the Lock-Up Agreement and Sections 5, 7, 8, 9, 10, 12, 21, 23, 24 and 25 of the Employment Agreement (in each case, as modified in this Agreement), to the extent applicable; provided, however, Section 12 of the Employment Agreement is hereby modified to provide that any notice to you shall either be (i) personally delivered, sent by reputable overnight courier service, or mailed by first class mail, return receipt requested, and (ii) delivered via e-mail, at the last known home and e-mail addresses the Company has on file for you or such home or e-mail addresses which you provide the Company in writing following the date of this Agreement:

With a copy to:

Peter D. Greene

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Lowenstein Sandler LLP
1251 Avenue of the Americas
New York, NY 10020
E-mail: pgreene@lowenstein.com.

5.6.    Governing Law.  Sections 18, 19 and 20 of the Employment Agreement are hereby incorporated by reference and made a part of this Agreement as if set forth directly herein; provided, however, that notwithstanding anything in Section 18 of the Employment Agreement to the contrary, the choice of law, for purposes of this Agreement and the Employment Agreement, shall be the internal laws of the State of New York rather than the State of Illinois.  

5.7.    Agreement Part of Settlement Discussions/No Admission of Liability.  The Company and you represent and warrant that any payments or benefits provided to the Company or you, as applicable, under the terms of this Agreement do not constitute an admission by any member of Assured Guaranty Group or you that it or you has violated any law or legal obligation with respect to any aspect of your employment or separation therefrom.  If you, the Company, Parent, AGUS or BCM does not accept this Agreement, you or the Company (or its Affiliates), as applicable, acknowledge and agree that the delivery of this Agreement is in contemplation of the settlement of any potential claims you may have against any member of the Assured Guaranty Group or any member of the Assured Guaranty Group may have against you, and will not be admissible for any purpose against any member of the Assured Guaranty Group or against you, and that any payments or benefits contemplated in this Agreement do not constitute an admission by any member of the Assured Guaranty Group or you that it has or you have, as applicable, violated any law or legal obligation with respect to any aspect of your employment or separation therefrom.

5.8    Costs.  The parties shall each bear their own costs, attorneys’ fees and other fees incurred in connection with this Agreement and the First and Second Release.
 
5.9.    Exhibits, Other Documents.  Except as otherwise expressly provided in this Agreement, or except where the context clearly requires otherwise, all references in this Agreement to “the Agreement” or “this Agreement” shall be deemed to include references to each of the Exhibits to this Agreement.  To the extent that the terms of this Agreement (including the Exhibits to this Agreement) provide that your rights or obligations set forth in this Agreement (including the Exhibits to this Agreement) are to be determined under, or are to be subject to, the terms of any other plan or other document, this Agreement (including the Exhibits to this Agreement) shall be deemed to incorporate by reference such plan or other document.

5.10.    Construction of Agreement.  The parties hereto acknowledge and agree that each party has reviewed and negotiated the terms and provisions of this Agreement and has had the opportunity to contribute to its revision.  Accordingly, the rule of construction to the effect that ambiguities are resolved against the drafting party shall not be employed in the interpretation of this Agreement.  Rather, the terms of this Agreement shall be construed fairly as to both parties hereto and not in favor or against either party.

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5.11    Counterparts.  This Agreement may be executed in more than one counterpart, but all of which together will constitute one and the same agreement.

If you accept the terms of this Agreement, please indicate your acceptance by signing and returning a copy of this Agreement to the undersigned, along with a signed copy of Exhibit A (First Release) and a signed copy of Exhibit B (Second Release) within the time period specified on or after the Separation Date.

Remainder of Page Intentionally Left Blank – Signature Page Follows

-12-

IN WITNESS WHEREOF, the parties hereto have executed this Agreement, effective as of the date first written above.
AG US GROUP SERVICES, INC.

______________________________
By: Ling Chow
Its: General Counsel

BLUEMOUNTAIN CAPITAL MANAGEMENT, LLC

______________________________
By: Dawn Jasiak
Its: General Counsel
 

ASSURED GUARANTY LTD.

______________________________
By: Ling Chow
Its: General Counsel

ASSURED GUARANTY US HOLDINGS INC.

______________________________
By: Ling Chow
Its: General Counsel

______________________________
Name: Andrew Feldstein
    

EXHIBIT A
MUTUAL RELEASE AND WAIVER

Offer Date: August 6, 2020

1.This document is attached to, is incorporated into, and forms a part of, the separation agreement dated August 6, 2020 (the “Agreement”) by and between Andrew Feldstein (the “Executive”), BlueMountain Capital Management, LLC (“BCM”), AG US Group Services, Inc. (the “Company”), Assured Guaranty Ltd. (“Parent”) and Assured Guaranty US Holdings Inc. (“AGUS”) (the Parent, AGUS, the Company, BCM and their Affiliates collectively referred to as the “Assured Guaranty Group”).
 
2.General Release and Waiver of Claims by Executive.  In exchange for the Company Releasors’ waiver and release of claims against the Executive Releasees and other good and valuable consideration as provided in the Agreement, Executive, on behalf of himself and the other Executive Releasors, knowingly and voluntarily releases and forever discharges the Company, BCM, Parent, AGUS and the other Company Releasees from any and all Claims which Executive now has or claims, or might hereafter have or claim (or the other Executive Releasors may have, to the extent that it is derived from a Claim which Executive may have), against the Company Releasees based upon or arising out of any matter or thing whatsoever, occurring or arising on or before the date of this Mutual Release and Waiver, including, but not limited to, Claims that arise out of or relate to Executive’s employment by the Company and its Affiliates as defined in the Agreement and/or Executive’s termination or resignation therefrom (“Potential Executive Claims”). However, nothing in this Mutual Release and Waiver shall constitute a release of any Claims of Executive (or other Executive Releasors) for a breach by the Company, Parent, AGUS, and/or BCM of the Agreement; or claims that arise in connection with the Purchase Agreement; or purport to release any Claims which may not lawfully be released. Notwithstanding the foregoing, by executing this Release, Executive hereby confirms that, based upon due inquiry, as of the date hereof, Executive is not aware of any claims against the Company Releasors (as defined below), that are not released by this Section 2, including any claims that arise in connection with the Purchase Agreement.  The Company Releasees shall be third-party beneficiaries of this Section 2.

3.Release and Waiver of Claims by Company, BCM, Parent and AGUS.  In exchange for Executive’s waiver and release of claims against the Company Releasees and other good and valuable consideration as provided in the Agreement, the Company, BCM, Parent and AGUS, individually and on behalf of their respective Affiliates, (collectively, the “Company Releasors”) knowingly and voluntarily release and forever discharge the Executive Releasees from any and all past and present claims, rights, dues, sums of money, accounts, complaints, judgments, executions, suits, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, which the Company Releasors may have or may hereafter have based upon or arising out of any matter or thing whatsoever, whether known or unknown, occurring or arising on or before the date of this Mutual Release and Waiver, including, but not 

limited to, claims which relate to Executive’s employment with any member of the Assured Guaranty Group following the Closing Date and/or Executive’s termination or resignation therefrom (the “Potential Company Claims”); provided, that nothing in this Mutual Release and Waiver shall constitute a release of any claims of the Company Releasors for a breach by the Executive of the Agreement; or claims that arise in connection with the Purchase Agreement; or purport to release any claims which may not lawfully be released.  Notwithstanding the foregoing, by executing this Release, each of the Company, Parent, AGUS, and BCM hereby confirm that, based upon due inquiry of the named executive officers of Parent, as of the date hereof, neither the Company, Parent, AGUS, nor BCM is aware of any claims against Executive Releasees not released by this Section 3, including any claims that arise in connection with the Purchase Agreement.  The Executive Releasees shall be third-party beneficiaries of this Section 3.

4.For purposes of this Mutual Release and Waiver, the terms set forth below shall have the following meanings:

		
	(a)
	The term “Agreement” shall include the Agreement and the Exhibits thereto, and including the plans and arrangements under which Executive is entitled to benefits in accordance with the Agreement and the Exhibits.

		
	(b)
	The term “Claims” shall include any and all rights, claims, demands, debts, dues, sums of money, accounts, attorneys’ fees, complaints, judgments, executions, suits, controversies, cross-claims, counter-claims, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs, liabilities, actions and causes of action of any nature whatsoever, known or unknown, cognizable at law or equity, and shall include claims related to pay, commission, hours, bonuses, pension, disability, physical or mental affliction, benefits including vacation days and payment for unused vacation, reimbursement for expenses, terms and conditions of employment and claims of discrimination on account of age, race, color, sex, sexual harassment, sexual orientation, marital status, disability, national origin, citizenship, religion, or retaliation and shall include, without limitation, claims arising under (or alleged to have arisen under) (i) the Age Discrimination in Employment Act of 1967, as amended (“ADEA”); (ii) Title VII of the Civil Rights Act of 1964, as amended; (iii) The Civil Rights Act of 1991; (iv) Section 1981 through 1988 of Title 42 of the United States Code, as amended; (v) the Employee Retirement Income Security Act of 1974, as amended; (vi) The Immigration Reform Control Act, as amended; (vii) The Americans with Disabilities Act of 1990, as amended; (viii) The National Labor Relations Act, as amended; (ix) The Fair Labor Standards Act, as amended; (x) The Occupational Safety and Health Act, as amended; (xi) The Family and Medical Leave Act of 1993; (xii) the Sarbanes-Oxley Act; (xiii) the federal Worker Adjustment and Retraining Notification Act and any similar state laws; (xiv) any state antidiscrimination law; (xv) any state or local wage and hour law; (xvi) any other local, state or federal law, regulation or ordinance; (xvii) any whistleblower law; (xviii) any public policy, contract, tort, or common law; or 

(xix) any allegation for costs, fees, or other expenses including attorneys’ fees incurred in these matters. (Executive specifically releases any claim based on any amendment to the laws referenced, whenever such amendment was enacted, and specifically releases any claim under the Lily Ledbetter Fair Pay Act and any new laws enacted after January 1, 2009.  Executive does not, however, release any claim which the statute provides may not be released under any circumstances.)

Claims shall exclude (i) any rights Executive may have to receive vested amounts under any member of the Assured Guaranty Group’s employee benefit plans and/or pension plans or programs that are subject to ERISA; (ii) Executive’s rights in and to any equity, limited partnership, or other ownership interest that Executive continues to hold following termination in any BlueMountain Fund or Affiliated Fund; (iii) Executive’s rights to medical benefit continuation coverage, on a self-pay basis, pursuant to federal or state law (COBRA); (iv) any rights or claims that the law does not allow to be released and/or waived by private agreement; (v) any rights or claims that are based on events occurring after the date on which Executive signs this Mutual Release and Waiver; (vi) any claims to indemnification or insurance coverage, including but not limited to “D&O coverage”, that Executive may have with respect to any claims made or threatened against Executive in Executive’s capacity as a director, officer or employee of any member of the Assured Guaranty Group; and (vii) any claims for contribution in the event Executive and any of the releasees are found to be jointly liable.  

Notwithstanding any other provision of this Mutual Release and Waiver, this release is not intended to interfere with Executive’s right to file a charge with the Equal Employment Opportunity Commission (the “EEOC”) in connection with any claim Executive believes Executive may have against any member of the Assured Guaranty Group.  However, by executing this Mutual Release and Waiver, Executive hereby waives the right to recover in any proceeding Executive may bring before the EEOC or any state or local human rights commission or in any proceeding brought by the EEOC or any state or local human rights commission on Executive’s behalf.  In addition, this release is not intended to interfere with Executive’s right to challenge that Executive’s waiver of any and all ADEA claims pursuant to this Mutual Release and Waiver is a knowing and voluntary waiver, notwithstanding Executive’s specific representation that Executive has entered into this Mutual Release and Waiver knowingly and voluntarily. 

		
	(c)
	The term “Closing Date” shall have the meaning set forth in the Purchase Agreement, dated as of August 7, 2019, by and among Assured Guaranty Ltd., Assured Guaranty US Holdings Inc., Executive, and the other persons party thereto.

		
	(d)
	The term “Company Releasees” shall include the Assured Guaranty Group, and their officers, directors, trustees, members, representatives, agents, employees, shareholders (other than the holders of shares publicly traded on a nationally recognized securities exchange), partners, attorneys, assigns, administrators and fiduciaries under any employee benefit plan of the Company and its Affiliates, and insurers, and their predecessors and successors.

		
	(e)
	The term “Executive Releasees” shall mean Executive, Executive’s related estate planning vehicles and all successors and assigns of Executive.

		
	(f)
	The term “Executive Releasors” shall include Executive, and his family, heirs, executors, representatives, agents, insurers, administrators, successors, assigns, and any other person claiming through Executive.

		
	(g)
	The term “Purchase Agreement” shall mean the purchase agreement by and among the Blue Mountain Operating Companies, Executive, and certain other sellers named therein pursuant to which AGUS agreed to purchase all of the equity interests in each of the BlueMountain Operating Companies (including those owned by Executive), subject to the terms and conditions contained therein.

5.Covenant Not to Sue.  Executive agrees not to file any lawsuit or court proceeding regarding or in any way related to any of the Claims, and further agrees that this Agreement is, will constitute and may be pleaded as, a bar to any such claim, action, cause of action or proceeding.  The Assured Guaranty Group agrees not to file any lawsuit or court proceeding regarding or in any way related to any of the Potential Company Claims, and further agree that this Agreement is, will constitute and may be pleaded as, a bar to any such claim, action, cause of action or proceeding.  The Assured Guaranty Group and Executive acknowledge that this Agreement does not limit either Party’s right, where applicable, to file or participate in any charge of discrimination or other investigative proceeding of any federal, state or local governmental agency.  To the extent permitted by law, if any government agency or court assumes jurisdiction of any charge, complaint, or cause of action covered by this Agreement, each member of the Assured Guaranty Group and Executive will not seek and will not accept any personal, equitable or monetary relief in connection with such investigation, civil action, suit or legal proceeding.  The Executive Releasees and Company Releasees shall be third-party beneficiaries of this Section 5.

6.The following provisions are applicable to and made a part of the Agreement and this Mutual Release and Waiver:

		
	(a)
	By this Mutual Release and Waiver, the Executive Releasors and Company Releasors do not release or waive any right or claim which they may have which arises after the date of execution of this Mutual Release and Waiver.

		
	(b)
	In exchange for this Mutual Release and Waiver, Executive, the Company, BCM, Parent, and AGUS each hereby acknowledge that they have received separate 

consideration beyond that to which they otherwise are entitled under the Company’s policy, any agreements or applicable law.

		
	(c)
	The Company hereby expressly advises Executive to consult with an attorney of his choosing prior to executing this Mutual Release and Waiver.

		
	(d)
	Executive has twenty-one (21) days from the Offer Date to consider whether or not to execute this Mutual Release and Waiver.  In the event of such execution, Executive has a further period of seven (7) days from the date of said execution in which to revoke said execution.  This Mutual Release and Waiver will not become effective until expiration of such revocation period.

		
	(e)
	This Mutual Release and Waiver:

		
	i.
	shall become final and binding immediately following the expiration of Executive’s right to revoke the execution of this Mutual Release and Waiver in accordance with paragraph 6(d) of this Exhibit A;

 
		
	ii.
	shall not become final and binding until the expiration of such right to revoke; 

		
	iii.
	shall not become final and binding if Executive revokes such execution; 

		
	iv.
	shall be void ab initio in the event Executive fails to execute and return this Mutual Release and Waiver within twenty-one (21) days from the Offer Date or revokes this Mutual Release and Waiver within the revocation period provided above; provided, however, the Company, BCM, Parent and AGUS shall be entitled to any rights the Company, BCM, Parent and AGUS have hereunder, under the Agreement, or otherwise that are conditioned on their execution and delivery of this Mutual Release and Waiver; and

		
	v.
	shall be void ab initio in the event the Company, BCM, Parent, or AGUS fails to execute and return this Mutual Release and Waiver within twenty one (21) days following Executive’s execution hereof; provided, however, Executive shall be entitled to any rights Executive has hereunder, under the Agreement, or otherwise that are conditioned on Executive’s execution, delivery and non-revocation of this Mutual Release and Waiver.

7.Executive hereby acknowledges that he has carefully read and understands the terms of the Agreement and this Mutual Release and Waiver and each of his rights as set forth therein and is entering into this Mutual Release and Waiver knowingly and voluntarily.

AGREED TO AND ACCEPTED BY:

_____________________________
Andrew Feldstein
Date: _______________________

		
	AG US Group Services, Inc.
	BlueMountain Capital Management, LLC

		
	Name:_________________________
	Name:_________________________

		
	Date:_________________________
	Date:_________________________

		
	Assured Guaranty US Holdings Inc.
	Assured Guaranty Ltd.

		
	Name:_________________________
	Name:_________________________

		
	Date:_________________________
	Date:_________________________

EXHIBIT B
MUTUAL RELEASE AND WAIVER

Offer Date: 

1.This document is attached to, is incorporated into, and forms a part of, the separation agreement dated August 6, 2020 (the “Agreement”) by and between Andrew Feldstein (the “Executive”), BlueMountain Capital Management, LLC (“BCM”), AG US Group Services, Inc. (the “Company”), Assured Guaranty Ltd. (“Parent”) and Assured Guaranty US Holdings Inc. (“AGUS”) (the Parent, AGUS, the Company, BCM and their Affiliates collectively referred to as the “Assured Guaranty Group”).
 
2.General Release and Waiver of Claims by Executive.  In exchange for the Company Releasors’ waiver and release of claims against the Executive Releasees and other good and valuable consideration as provided in the Agreement, Executive, on behalf of himself and the other Executive Releasors, knowingly and voluntarily releases and forever discharges the Company, BCM, Parent, AGUS and the other Company Releasees from any and all Claims which Executive now has or claims, or might hereafter have or claim (or the other Executive Releasors may have, to the extent that it is derived from a Claim which Executive may have), against the Company Releasees based upon or arising out of any matter or thing whatsoever, occurring or arising on or before the date of this Mutual Release and Waiver, including, but not limited to, Claims that arise out of or relate to Executive’s employment by the Company and its Affiliates as defined in the Agreement and/or Executive’s termination or resignation therefrom (“Potential Executive Claims”). However, nothing in this Mutual Release and Waiver shall constitute a release of any Claims of Executive (or other Executive Releasors) for a breach by the Company, Parent, AGUS, and/or BCM of the Agreement; or claims that arise in connection with the Purchase Agreement; or purport to release any Claims which may not lawfully be released. Notwithstanding the foregoing, by executing this Release, Executive hereby confirms that, based upon due inquiry, as of the date hereof, Executive is not aware of any claims against the Company Releasors (as defined below), that are not released by this Section 2, including any claims that arise in connection with the Purchase Agreement.  The Company Releasees shall be third-party beneficiaries of this Section 2.

3.Release and Waiver of Claims by Company, BCM, Parent and AGUS.  In exchange for Executive’s waiver and release of claims against the Company Releasees and other good and valuable consideration as provided in the Agreement, the Company, BCM, Parent and AGUS, individually and on behalf of their respective Affiliates, (collectively, the “Company Releasors”) knowingly and voluntarily release and forever discharge the Executive Releasees from any and all past and present claims, rights, dues, sums of money, accounts, complaints, judgments, executions, suits, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, which the Company Releasors may have or may hereafter have based upon or arising out of any matter or thing whatsoever, whether known or unknown, occurring or arising on or before the date of this Mutual Release and Waiver, including, but not 

limited to, claims which relate to Executive’s employment with any member of the Assured Guaranty Group following the Closing Date and/or Executive’s termination or resignation therefrom (the “Potential Company Claims”); provided, that nothing in this Mutual Release and Waiver shall constitute a release of any claims of the Company Releasors for a breach by the Executive of the Agreement; or claims that arise in connection with the Purchase Agreement; or purport to release any claims which may not lawfully be released.  Notwithstanding the foregoing, by executing this Release, each of the Company, Parent, AGUS, and BCM hereby confirm that, based upon due inquiry of the named executive officers of Parent, as of the date hereof, neither the Company, Parent, AGUS, nor BCM is aware of any claims against Executive Releasees not released by this Section 3, including any claims that arise in connection with the Purchase Agreement.  The Executive Releasees shall be third-party beneficiaries of this Section 3.

4.For purposes of this Mutual Release and Waiver, the terms set forth below shall have the following meanings:

		
	(a)
	The term “Agreement” shall include the Agreement and the Exhibits thereto, and including the plans and arrangements under which Executive is entitled to benefits in accordance with the Agreement and the Exhibits.

		
	(b)
	The term “Claims” shall include any and all rights, claims, demands, debts, dues, sums of money, accounts, attorneys’ fees, complaints, judgments, executions, suits, controversies, cross-claims, counter-claims, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs, liabilities, actions and causes of action of any nature whatsoever, known or unknown, cognizable at law or equity, and shall include claims related to pay, commission, hours, bonuses, pension, disability, physical or mental affliction, benefits including vacation days and payment for unused vacation, reimbursement for expenses, terms and conditions of employment and claims of discrimination on account of age, race, color, sex, sexual harassment, sexual orientation, marital status, disability, national origin, citizenship, religion, or retaliation and shall include, without limitation, claims arising under (or alleged to have arisen under) (i) the Age Discrimination in Employment Act of 1967, as amended (“ADEA”); (ii) Title VII of the Civil Rights Act of 1964, as amended; (iii) The Civil Rights Act of 1991; (iv) Section 1981 through 1988 of Title 42 of the United States Code, as amended; (v) the Employee Retirement Income Security Act of 1974, as amended; (vi) The Immigration Reform Control Act, as amended; (vii) The Americans with Disabilities Act of 1990, as amended; (viii) The National Labor Relations Act, as amended; (ix) The Fair Labor Standards Act, as amended; (x) The Occupational Safety and Health Act, as amended; (xi) The Family and Medical Leave Act of 1993; (xii) the Sarbanes-Oxley Act; (xiii) the federal Worker Adjustment and Retraining Notification Act and any similar state laws; (xiv) any state antidiscrimination law; (xv) any state or local wage and hour law; (xvi) any other local, state or federal law, regulation or ordinance; (xvii) any whistleblower law; (xviii) any public policy, contract, tort, or common law; or 

(xix) any allegation for costs, fees, or other expenses including attorneys’ fees incurred in these matters. (Executive specifically releases any claim based on any amendment to the laws referenced, whenever such amendment was enacted, and specifically releases any claim under the Lily Ledbetter Fair Pay Act and any new laws enacted after January 1, 2009.  Executive does not, however, release any claim which the statute provides may not be released under any circumstances.)

Claims shall exclude (i) any rights Executive may have to receive vested amounts under any member of the Assured Guaranty Group’s employee benefit plans and/or pension plans or programs that are subject to ERISA; (ii) Executive’s rights in and to any equity, limited partnership, or other ownership interest that Executive continues to hold following termination in any BlueMountain Fund or Affiliated Fund; (iii) Executive’s rights to medical benefit continuation coverage, on a self-pay basis, pursuant to federal or state law (COBRA); (iv) any rights or claims that the law does not allow to be released and/or waived by private agreement; (v) any rights or claims that are based on events occurring after the date on which Executive signs this Mutual Release and Waiver; (vi) any claims to indemnification or insurance coverage, including but not limited to “D&O coverage”, that Executive may have with respect to any claims made or threatened against Executive in Executive’s capacity as a director, officer or employee of any member of the Assured Guaranty Group; and (vii) any claims for contribution in the event Executive and any of the releasees are found to be jointly liable.  

Notwithstanding any other provision of this Mutual Release and Waiver, this release is not intended to interfere with Executive’s right to file a charge with the Equal Employment Opportunity Commission (the “EEOC”) in connection with any claim Executive believes Executive may have against any member of the Assured Guaranty Group.  However, by executing this Mutual Release and Waiver, Executive hereby waives the right to recover in any proceeding Executive may bring before the EEOC or any state or local human rights commission or in any proceeding brought by the EEOC or any state or local human rights commission on Executive’s behalf.  In addition, this release is not intended to interfere with Executive’s right to challenge that Executive’s waiver of any and all ADEA claims pursuant to this Mutual Release and Waiver is a knowing and voluntary waiver, notwithstanding Executive’s specific representation that Executive has entered into this Mutual Release and Waiver knowingly and voluntarily. 

		
	(c)
	The term “Closing Date” shall have the meaning set forth in the Purchase Agreement, dated as of August 7, 2019, by and among Assured Guaranty Ltd., Assured Guaranty US Holdings Inc., Executive, and the other persons party thereto.

		
	(d)
	The term “Company Releasees” shall include the Assured Guaranty Group, and their officers, directors, trustees, members, representatives, agents, employees, shareholders (other than the holders of shares publicly traded on a nationally recognized securities exchange), partners, attorneys, assigns, administrators and fiduciaries under any employee benefit plan of the Company and its Affiliates, and insurers, and their predecessors and successors.

		
	(e)
	The term “Executive Releasees” shall mean Executive, Executive’s related estate planning vehicles and all successors and assigns of Executive.

		
	(f)
	The term “Executive Releasors” shall include Executive, and his family, heirs, executors, representatives, agents, insurers, administrators, successors, assigns, and any other person claiming through Executive.

		
	(g)
	The term “Purchase Agreement” shall mean the purchase agreement by and among the Blue Mountain Operating Companies, Executive, and certain other sellers named therein pursuant to which AGUS agreed to purchase all of the equity interests in each of the BlueMountain Operating Companies (including those owned by Executive), subject to the terms and conditions contained therein.

5.Covenant Not to Sue.  Executive agrees not to file any lawsuit or court proceeding regarding or in any way related to any of the Claims, and further agrees that this Agreement is, will constitute and may be pleaded as, a bar to any such claim, action, cause of action or proceeding.  The Assured Guaranty Group agrees not to file any lawsuit or court proceeding regarding or in any way related to any of the Potential Company Claims, and further agree that this Agreement is, will constitute and may be pleaded as, a bar to any such claim, action, cause of action or proceeding.  The Assured Guaranty Group and Executive acknowledge that this Agreement does not limit either Party’s right, where applicable, to file or participate in any charge of discrimination or other investigative proceeding of any federal, state or local governmental agency.  To the extent permitted by law, if any government agency or court assumes jurisdiction of any charge, complaint, or cause of action covered by this Agreement, each member of the Assured Guaranty Group and Executive will not seek and will not accept any personal, equitable or monetary relief in connection with such investigation, civil action, suit or legal proceeding.  The Executive Releasees and Company Releasees shall be third-party beneficiaries of this Section 5.

6.The following provisions are applicable to and made a part of the Agreement and this Mutual Release and Waiver:

		
	(a)
	By this Mutual Release and Waiver, the Executive Releasors and Company Releasors do not release or waive any right or claim which they may have which arises after the date of execution of this Mutual Release and Waiver.

		
	(b)
	In exchange for this Mutual Release and Waiver, Executive, the Company, BCM, Parent, and AGUS each hereby acknowledge that they have received separate 

consideration beyond that to which they otherwise are entitled under the Company’s policy, any agreements or applicable law.

		
	(c)
	The Company hereby expressly advises Executive to consult with an attorney of his choosing prior to executing this Mutual Release and Waiver.

		
	(d)
	Executive has had at least twenty-one (21) days from the Offer Date to consider whether or not to execute this Mutual Release and Waiver.  In the event of such execution, Executive has a further period of seven (7) days from the date of said execution in which to revoke said execution.  This Mutual Release and Waiver will not become effective until expiration of such revocation period.

		
	(e)
	This Mutual Release and Waiver:

		
	i.
	shall become final and binding immediately following the expiration of Executive’s right to revoke the execution of this Mutual Release and Waiver in accordance with paragraph 6(d) of this Exhibit B;

 
		
	ii.
	shall not become final and binding until the expiration of such right to revoke; 

		
	iii.
	shall not become final and binding if Executive revokes such execution; 

		
	iv.
	shall be void ab initio in the event Executive fails to execute and return this Mutual Release and Waiver within twenty-one (21) days from the Offer Date or revokes this Mutual Release and Waiver within the revocation period provided above; provided, however, the Company, BCM, Parent and AGUS shall be entitled to any rights the Company, BCM, Parent and AGUS have hereunder, under the Agreement, or otherwise that are conditioned on their execution and delivery of this Mutual Release and Waiver; and

		
	v.
	shall be void ab initio in the event the Company, BCM, Parent, or AGUS fails to execute and return this Mutual Release and Waiver within twenty one (21) days following Executive’s execution hereof; provided, however, Executive shall be entitled to any rights Executive has hereunder, under the Agreement, or otherwise that are conditioned on Executive’s execution, delivery and non-revocation of this Mutual Release and Waiver.

7.Executive hereby acknowledges that he has carefully read and understands the terms of the Agreement and this Mutual Release and Waiver and each of his rights as set forth therein and is entering into this Mutual Release and Waiver knowingly and voluntarily.

AGREED TO AND ACCEPTED BY:

_____________________________
Andrew Feldstein
Date: _______________________

		
	AG US Group Services, Inc.
	BlueMountain Capital Management, LLC

		
	Name:_________________________
	Name:_________________________

		
	Date:_________________________
	Date:_________________________

		
	Assured Guaranty US Holdings Inc.
	Assured Guaranty Ltd.

		
	Name:_________________________
	Name:_________________________

		
	Date:_________________________
	Date:_________________________

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