Document:

EX-10.13

 Exhibit 10.13 

AMENDED AND RESTATED 

MBIA INC. DEFERRED COMPENSATION AND EXCESS BENEFIT PLAN 

(Formerly the MBIA Inc. 2005 Deferred Compensation and Excess Benefit Plan and the MBIA Inc. Pre-2005
Deferred Compensation and Excess Benefit Plan) 
 1. Purpose. The purpose of the Amended and Restated MBIA Inc.
Deferred Compensation and Excess Benefit Plan (the “Plan”) is to permit selected employees of MBIA Inc. to defer compensation and to permit all affected employees to receive benefits, subject to the terms and conditions
hereof, which could not otherwise be provided in accordance with the terms of the Money Purchase Plan and the 401(k) Plan by reason of the benefit limitation and nondiscrimination provisions of the Code. 

2. Definitions. 

“Account” means the account maintained by the Company for the benefit of any one Participant as described in Section 4
below. A Participant’s Account shall include, as may be applicable, any elective deferrals, Discretionary Contributions, Excess Allocations, and Company Matching Contributions credited on behalf of such Participant. 

“Beneficiary” means any person or persons, estate or trust designated in accordance with Section 7 below, to receive the
amount payable under this Plan upon the death of a Participant. 
 “Board” means the Board of Directors of the Company.

 “Change of Control” shall have the meaning set forth in Section 4(h). 

“Code” means the Internal Revenue Code of 1986, as amended, or any subsequent income tax law of the United States. References
to Code sections shall be deemed to include all subsequent amendments of those sections or the corresponding provisions of any subsequent income tax law. 

“Committee” means the Compensation and Governance Committee of the Board, or any successor to such committee, or if there is
no such committee, the Board. 
 “Company” means MBIA Inc., its successors and assigns and any Subsidiary. 

“Compensation” means the aggregate salary and annual bonus paid to a Participant in any Plan Year (including amounts that
would have been paid to him but for his election to defer part or all of such amounts under this or any other plan of deferred compensation of the Company) for services rendered as an employee; provided, however, that amounts earned by an
employee before becoming a Participant shall be excluded; provided further that with respect to the Plan Years beginning on or after January 1, 2017, amounts earned in excess of $2,000,000 shall be disregarded for purposes of determining
Excess Allocations. 
 “Deferral Election” means the election described in Section 3(a) below. 

“Disability” means any medically determined physical or mental impairment which is expected to last for a continuous period
of not less than 12 months, and which results in the Participant (i) being absent from work for a continuous period of not less than 12 months and (ii) receiving income replacement benefits for a period of not less then 3 months under an
accident and health plan maintained for the Company’s employees. 
 “Discretionary Contribution” means amounts
credited by the Company to a Participant’s Account pursuant to Section 3(d) below. 

 “Eligible Employee” means any employee of the Company selected by the Committee
to participate in the Plan, based on the office or position held by the employee, the employee’s degree of responsibility for and opportunity to contribute to the growth and success of the Company, the employee’s term of service and such
other factors as the Committee may deem proper and relevant, and who is eligible to make “Elective Contributions” under the 401(k) Plan. Notwithstanding the foregoing, with respect to Excess Allocations, the term “Eligible
Employee” shall include each employee whose benefits under the Money Purchase Plan or the 401(k) plan are limited by reason of the application of Section 415 of the Code. 

“Excess Allocation” shall mean an allocation to a Participant’s Account pursuant to Section 3(c) in lieu of a
contribution under the Money Purchase Plan. 
 “401(k) Plan” means the MBIA Inc. Employees 401(k) Plan, as it may be
amended from time to time, and any successor plan thereto or similar plan or plans established by the Company. 
 “Matching
Contributions” means amounts credited by the Company to a Participant’s Account pursuant to Section 3(b) below. 

“Maximum Elective Contributions” shall have the meaning set forth in Section 3(a)(ii) below. 

“Money Purchase Plan” means the MBIA Inc. Employees Pension Plan, as it may be amended from time to time, and any successor
plan thereto or similar plan or plans established by the Company. 
 “Participant” means any Eligible Employee from and
after the date his Deferral Election become effective or with respect to whom an Account is being maintained. Notwithstanding the foregoing, the term Participant shall also include any employee who is an Eligible Employee only with respect to Excess
Allocations. 
 “Phantom Fund” means a mutual fund or other investment vehicle which shall be used to determine the
hypothetical investment experience of all or a portion of a Participant’s Account under the Plan. 
 “Plan Year” means
the calendar year. 
 “Subsidiary” means a corporation, the majority of the voting stock of which is owned directly or
indirectly by the Company. 
 “Valuation Date” means the last day of any calendar quarter. 

“Year of Service” has the meaning ascribed to such term in the MBIA Inc. Employee 401(k) Plan. 

3. Participation. 

(a) Deferred Compensation. 

(i) An Eligible Employee may make an irrevocable election with respect to any Plan Year to have a portion of his Compensation
for such year deferred under this Plan (a “Deferral Election”). Any such election shall be: 
 (A)
made no later than the end of the Plan Year preceding the Plan Year during which the services giving rise to the compensation are performed, to be effective with the first pay period in such subsequent Plan Year, except as provided in Section
3(a)(iii)or 3(a)(iv) below; and 
 (B) subject to such other terms and conditions as are determined by the Committee. 

(ii) An Eligible Employee making a Deferral Election shall indicate the aggregate percentage of his salary and bonus to be
withheld and deferred under both the 401(k) Plan and this Plan. The portion 

  
 2 

 
of any such deferrals to be contributed under the 401(k) Plan shall be determined pursuant to the applicable provisions of the 401(k) Plan and the remaining portion (the “Non-Qualified Deferral Percentage”) shall be deferred under this Plan, by holding back such Non-Qualified Deferral Percentage from each payment of the
Participant’s salary and bonus during the applicable Plan Year. With respect to any Plan Year, in no event shall the actual amount deferred under this Plan pursuant to a Participant’s Deferral Election be more than or less than the excess
of (A) the aggregate amount elected for deferral under this Section 3(a)(ii) over (B) the maximum amount of elective deferrals permitted to be made by such Participant (including any
catch-up contributions) under the 401(k) Plan pursuant to Section 402(g) of the Code (the “Maximum Elective Contributions”). 

(iii) Notwithstanding anything in Section 3(a)(i) above, subject to such additional rules as the Committee shall establish from
time to time, an Eligible Employee who, pursuant to the requirements of Section 409A of the Code is eligible to make a Deferral Election with respect to compensation that constitutes “performance-based compensation” within the meaning of
Section 409A of the Code may make a Deferral Election in respect of such performance-based compensation not later than six months before the end of the performance period, provided that the Participant performs services continuously from the later
of the beginning of the performance period or the date the performance criteria are established through the date the Deferral Election is made and provided further that, in no event may an election to defer performance-based compensation be made
after such compensation has become “readily ascertainable” within the meaning of the regulations promulgated under Section 409A of the Code. 

(iv) An employee who does not participate and is not otherwise eligible to participate in an “Account Balance Plan”
of the Company within the meaning of Section 409A of the Code who first becomes an Eligible Employee during a Plan Year may make an initial Deferral Election within 30 days of first becoming eligible to participate in the Plan. Such election shall
be effective only with respect to compensation in respect of services performed after the date on which the Eligible Employee makes the election and, with respect to deferrals of performance-based compensation made after the performance period has
begun, shall apply only to the portion of the compensation that is attributable on a pro rata basis to the portion of the performance period that follows such election. 

(v) A Deferral Election shall be effective for the Plan Year to which it relates and for each future Plan Year until revoked or
changed for future Plan Years; provided that no Deferral Election may be revoked or changed after the Plan Year to which it relates has commenced. 

(b) Matching Contributions. The Company shall make a Matching Contribution on behalf of any Participant making a Deferral Election in
the amount of one dollar for each dollar deferred pursuant to his Deferral Election, provided that for any payroll period the total of the Company’s Matching Contributions under this Section 3(b) shall not exceed (i) five percent of
the Participant’s Compensation for such payroll period minus (ii) the Maximum Elective Contributions allocable to such payroll period. Matching Contributions shall be credited to each Participant’s Account as of the end of the
payroll period with respect to which the corresponding amount is withheld pursuant to the Participant’s Deferral Election. 
 (c)
Limitation on Deferrals. For any Plan Year, the amount a Participant defers under the Plan pursuant to a Deferral Election shall not exceed the difference of (A) twenty-five percent of such Participant’s Compensation for such
Plan Year minus (B) the Maximum Elective Contributions. 
 (d) Excess Allocation. Each employee who is eligible to
participate in the Money Purchase Plan and who is credited with contributions under such Money Purchase Plan for a given Plan Year which are less than the amount which would have been contributed but for any limitation imposed under the Code,
including, but not limited to, the provisions of Sections 401(a)(4), 401(a)(17) and 415, shall have an Excess Allocation credited to his Account at such time as, and in an amount equal to that amount of, the prohibited contribution which would
have been made under the Money Purchase Plan but for such limitations. 

  
 3 

 (e) Discretionary Contributions. Notwithstanding anything in this Plan to the contrary,
the Company may make one or more additional contributions on behalf of any Participant in such amounts as may be determined by the Committee. Unless the Committee shall determine that the Participant does not otherwise have a legally binding right
to such contributions (within the meaning of Section 409A of the Code) at the time the commitment is made in respect of such contributions, the Participant’s right to be credited with any such contributions shall be established in a calendar
year prior to the calendar year in which services relevant to such contributions are to be performed. 
 4. Participant Accounts and
Allocations. 
 (a) Accounts. The Company shall establish and maintain an Account for each Participant and shall make
additions to and subtractions from such Account as provided in this Section 4. At the times provided in Sections 3(a)(ii), 3(b), 3(c) and 3(d) above, each Participant’s Account shall be credited with: 

(i) any amount withheld and deferred under this Plan pursuant to his Deferral Election, 

(ii) any Matching Contributions made by the Company, 

(iii) any Excess Allocation creditable for a Plan Year, and 

(iv) any Discretionary Contributions made by the Company. 

(b) Additions to Account. Compensation allocated to a Participant’s Account pursuant to this Section 4 shall be credited to
such Account as of the date such compensation would otherwise have been paid to the Participant. 
 (c) Designation of Phantom Investment
Funds. The Committee shall select one or more Phantom Funds which shall be used to determine the hypothetical investment experience of Participants’ Accounts under the Plan; provided, however, that unless the Committee
otherwise determines, the hypothetical investment experience for any calendar quarter shall be based upon the average of the long-term component of the Lehman Brothers Government/Corporate Bond Index for the preceding three (3) months. 

(d) Investment Election. In the event the Company establishes multiple Phantom Funds, each Participant (or, during the period in which
installment payments are being made under Section 6, each Beneficiary) shall from time to time designate on a form approved by the Committee the Phantom Fund or Funds that shall determine the investment experience with respect to such
Participant’s Account; provided, however, that the Committee may require that the Participant’s Account be credited or debited as though such Account were invested in the same Phantom Funds, and in the same percentages, as
such Participant’s account balance is invested from time to time under the 401(k) Plan. The Committee may, in its discretion, (i) establish minimum amounts (in terms of dollar amounts or a percentage of a Participant’s
Account), which may be allocated to any Phantom Fund, (ii) preclude any Participant who is an executive officer of the Company from designating any Phantom Fund which invests primarily in securities issued by the Company,
(iii) establish rules regarding the time at which any such election (or any change in such election permitted under Section 4(e)) shall become effective, and (iv) permit different designations with respect to a
Participant’s existing Account balance and amounts to be credited to such Account under Section 4(b) after the date the election form is filed with the Company. If a Participant (or Beneficiary, if applicable) fails to make a valid election
with respect to any portion of his Account (or if any such election ceases to be effective for any reason), such Participant (or Beneficiary) shall be deemed to have elected to have his entire Account deemed invested in the Phantom Fund which the
Committee determines generally to have the least risk of loss of principal. 
 (e) Change in Designation of Phantom Fund. Effective
as of the first business day of the calendar quarter commencing more than 10 business days after the proper form is filed with the Company (or such other time as the Committee shall require or permit), a Participant (or, during the period in which
installments are being made under Section 6, a Beneficiary) may change the Phantom Funds designated with respect to all or any portion of such Participant’s Account. Any such change shall comply with all rules applicable with respect to
any initial designation of such Phantom Funds. 

  
 4 

 (f) Crediting of Phantom Investment Experience. As of the end of each day (or such other
time as the Committee shall establish from time to time), each Participant’s Account shall be credited or debited, as the case may be, with an amount equal to the net investment gain or loss which such Participant would have realized had he
actually invested in each Phantom Fund an amount equal to the portion of his Account designated as deemed invested in such Phantom Fund during that calendar quarter (or such other period as may have been established by the Committee). In the event
the balance of a Participant’s Account is to be distributed in installments pursuant to Section 5(a), or, subsequent to a Participant’s death, pursuant to Section 6, the balance of such Account shall continue to be credited (or
charged) with the hypothetical investment experience provided for in this Section 4(f) until the entire amount subject to installment distribution has been paid. 

(g) No Actual Investment. Notwithstanding anything else in this Section 4 to the contrary, no amount standing to the credit of any
Participant’s Account shall be set aside or invested in any actual fund on behalf of such Participant; provided, however, that, nothing in this Section 4(g) shall be deemed to preclude the Company from making investments for its
own account in any Phantom Funds (whether directly or through a grantor trust) to assist it in meeting its obligations to the Participants (or Beneficiaries) hereunder. 

(h) Vesting of Accounts. A Participant’s right to amounts withheld and deferred under this Plan pursuant to his Deferral Election,
together with any earnings thereon, shall at all times be fully vested. A Participant’s right to Matching Contributions and any Excess Allocation made on his behalf under Sections 3(b) and 3(c) above, and unless otherwise determined by the
Committee, Discretionary Contributions under Section 3(d), together with any earnings thereon, shall become vested in accordance with the following schedule: 
  

			
	 Participant’s 
Years of Service
	  	 Vested 
Percentage

	 1
	  	0%
	 2
	  	20%
	 3
	  	60%
	 4
	  	80%
	 5
	  	100%

 Upon a Participant’s termination of employment for any reason, that portion of his Account which has not become vested
pursuant to the above schedule shall be forfeited. Amounts thus forfeited shall not be reallocated to other Participants. 
 Notwithstanding
the vesting schedule above, or any other provision of this Section 4(h), a Participant shall be 100% vested with respect to Matching Contributions and any Excess Allocation made on his behalf under Sections 3(b) and 3(c) above, and unless otherwise
determined by the Committee, Discretionary Contributions under Section 3(d), together with any earnings thereon, upon a “Change of Control” (as defined below). A “Change of Control” shall mean the happening of any of the
following: 
 (i) The acquisition by any person (within the meaning of Section 3(a)(9) the Securities Exchange Act of
1934, as amended (the “Exchange Act”, including any group (within the meaning of Rule 13d-5(b) under the Exchange Act), but excluding any of the Company, any Subsidiary or any
employee benefit plan sponsored or maintained by the Company or any Subsidiary, of “beneficial ownership” (within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing 25% or more of the combined voting power of the Company’s securities, notwithstanding anything else contained in such clause to the contrary, the acquisition by Warburg Pincus Equity Fund X (the
“WP Fund”), of beneficial ownership of twenty-five percent (25%) or more of either the then outstanding shares of stock or the combined voting power of the Company’s then outstanding voting securities, whether pursuant
to the Investment Agreement, dated as of December 10, 2007, between the WP Fund and the Company or otherwise, shall not constitute a Change in Control; or 

  
 5 

 (ii) Within any 24-month period, the
persons who were directors of the Company at the beginning of such period (the “Incumbent Directors”) shall cease to constitute at least a majority of the Board or the board of directors of any successor to the Company;
provided, however, that any director elected to the Board, or nominated for election, by a majority of the Incumbent Directors then still in office shall be deemed to be an Incumbent Director for purposes of this subclause (ii); or 

(iii) Upon the consummation of a merger, consolidation, share exchange, division, sale or other disposition of all or
substantially all of the assets of the Company which has been approved by the shareholders of the Company (a “Corporate Event”), and immediately following the consummation of which the stockholders of the Company immediately
prior to such Corporate Event do not hold, directly or indirectly, a majority of the voting power of (x) in the case of a merger or consolidation, the surviving or resulting corporation, (y) in the case of a share exchange,
the acquiring corporation or (z) in the case of a division or a sale or other disposition of assets, each surviving, resulting or acquiring corporation which, immediately following the relevant Corporate Event, holds more than 25% of the
consolidated assets of the Company immediately prior to such Corporate Event. 
 5. Distribution of Accounts. 

(a) Method and Time of Distributions. 

(i) Upon a separation from service (within the meaning of Section 409A of the Code) of a Participant from the Company for any
reason, the Committee shall determine the value of the Participant’s Account as of the Valuation Date coincident with or next succeeding the date of the Participant’s separation from service based on such Participant’s account balance
under the Plan (as determined in accordance with the terms of the Plan), and shall cause the vested portion of such Participant’s Account to be distributed in one lump sum during the 90 day period commencing immediately following such Valuation
Date. 
 (ii) Upon the death or Disability of a Participant, the Committee shall determine the value of the
Participant’s Account as of the Valuation Date coincident with or next succeeding the date of the Participant’s death or Disability based on such Participant’s account balance under the Plan (as determined in accordance with the terms
of the Plan), and shall cause the vested portion of such Participant’s Account to be distributed in one lump sum during the 90 day period commencing immediately following such Valuation Date. 

(iii) Notwithstanding the foregoing, other than with respect to Discretionary Contributions, a Participant may elect to receive
a distribution from his or her Account in a number of annual installments (such number not to exceed 10) as the Participant shall designate, if such election is made at the time of the initial Deferral Election or in an amended Deferral Election
pursuant to Section 5(b) below, and subject to such other conditions as the Committee may impose. Unless a Participant otherwise elects an alternative commencement date pursuant to rules as established by the Committee, in the case of any
distribution being made in annual installments, the first installment payable hereunder shall be paid no later than the end of the first calendar month of the Plan Year immediately following the Participant’s death, Disability or separation
from service and each subsequent installment shall be paid no later than the end of the first calendar month of each succeeding Plan Year until the entire amount subject to such installment election shall have been paid. Any installment payments
hereunder shall be calculated in a uniform and non-discriminatory manner as may be determined by the Committee from time to time in a manner consistent with Section 409A of the Code. 

(iv) Notwithstanding Section 5(a)(i) above, a Participant who is a “specified employee” under Section 409A of the
Code may not receive distributions in connection with a separation from service earlier than 6 months after the date of such separation and any distribution that would have been made to such employee within such 6 month period shall instead be made
on the first business day following such 6 month period. 
 (v) Solely in respect of amounts deferred for Plan Years ending
prior to January 1, 2010, in lieu of distributions upon a separation from service, death or disability, as set forth in clauses (i), (ii) and (iii) of 

  
 6 

 
this Section 5(a), a Participant may, subject to such other conditions and limitations as the Committee or its delegate may impose, elect (i) to receive a distribution from his or her
Account in one lump-sum payment, or in such number of annual installments (not to exceed ten) as the Participant may designate and (ii) the year in with such lump sum shall be paid or such annual
installment payments shall commence (with each subsequent annual installment made during each succeeding year). Such election may also specify that payment shall be made (or commence to be made) as of the earlier or the later of such pre-determined year and the date on which the Participant experiences a separation from service, death, and/or Disability. Any such election shall be made at the time of the initial Deferral Election or in an
amended Deferral Election pursuant to Section 5(b) below). Any installment payments hereunder shall be calculated in a uniform and non-discriminatory manner as may be determined by the Committee or its
delegate from time to time in a manner consistent with Section 409A of the Code. 
 (vi) The right to a series of installment
payments under this Plan shall be treated as a right to a series of separate payments within the meaning of Section 409A. 
 (b)
Amendment of Distribution Election. 
 (i) A Participant may, at any time and from time to time during active
employment, elect to change the method in which distributions from his or her Account shall be made from that determined under Section 5(a) to any other method of distribution that would have been permitted under Section 5(a); provided,
however, that (A) no such amended Deferral Election shall be effective unless it is filed not later than one year prior to the date the first payment otherwise would have been paid and (B) installment payments and any lump
sum payment made pursuant to the amended Deferral Elections shall not begin until at least 5 years after the first payment otherwise would have been paid. Such election shall take effect one year after the amended Deferral Election is made and shall
be subject to such other conditions as the Committee may impose. Any election made pursuant to this Section 5(b) that does not meet the conditions specified herein (or any other conditions imposed by the Committee) shall be void and without effect
and any distribution to the Participant shall be made at the time and in the form determined under Section 5(a). For purposes of this Section 5(b)(i), a Participant may change the method in which Discretionary Contributions are distributed to any
method permitted for Deferral Elections. 
 (ii) In Plan Year 2006, a Participant may elect to change the method in which
distributions from his or her Account shall be made from that determined under Section 5(a) to any other method of distribution that would have been permitted under Section 5(a) without regard to Section 5(b)(i)(A) or Section 5(b)(i)(B), above,
provided that no such amendment shall (A) change a Deferral Election with respect to distributions that the Participant otherwise would receive in Plan Year 2006 or (B) cause a distribution to occur in 2006. 

(iii) In Plan Year 2007, a Participant may elect to change the method in which distributions from his or her Account shall be
made from that determined under Section 5(a) to any other method of distribution that would have been permitted under Section 5(a) without regard to Section 5(b)(i)(A) or Section 5(b)(i)(B), above, provided that no such amendment shall
(A) change a Deferral Election with respect to distributions that the Participant otherwise would receive in Plan Year 2007 or (B) cause a distribution to occur in 2007. 

(iv) In Plan Year 2008, a Participant may elect to change the method in which distributions from his or her Account shall be
made from that determined under Section 5(a) to any other method of distribution that would have been permitted under Section 5(a) without regard to Section 5(b)(i)(A) or Section 5(b)(i)(B), above, provided that no such amendment shall
(A) change a Deferral Election with respect to distributions that the Participant otherwise would receive in Plan Year 2008 or (B) cause a distribution to occur in 2008. 

(c) Crediting of Investment Experience on Installment Payments. Where a Participant receives the balance of his Account in annual
installments, the amount of each installment shall reflect the investment experience as provided for in Section 4(b). 

  
 7 

 (d) Distributions for Unforeseeable Emergencies. During a Participant’s employment
with the Company or during the period in which installment payments are being made to a Participant under Section 5(a) (or, subsequent to a Participant’s death, to a Beneficiary under Section 6), a Participant (or, if applicable, a
Beneficiary) may request that all or a portion of the vested amount credited to the Participant’s Account be distributed to him. Such a distribution shall be permitted only on account of an “unforeseeable emergency” as defined in
Section 409A(a)(2)(B)(ii) of the Code. The amount distributed shall not exceed the amounts necessary to satisfy the emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the
extent to which the unforeseeable emergency is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the participant’s assets (to the extent the liquidation of the assets would not itself cause
severe financial hardship), or any other limits set by Section 409A of the Code. Payment with respect to an unforeseeable emergency shall be made 10 days following the date on which the request for distribution is received by the Company. The
Participant (or Beneficiary) shall provide the Committee with financial data to support his request for distribution and shall certify as to the financial need and the availability of funds from other resources. Any action on a Participant’s
(or Beneficiary’s) request will be within the exclusive discretion of the Committee. Such decision shall be final and binding on all interested parties. If a distribution for an unforeseeable emergency occurs other than on a Valuation Date, the
amount distributed shall reduce the Participant’s Account as of the immediately preceding Valuation Date. 
 (e) Termination of
Accounts. Upon a complete distribution of a Participant’s Account, such Account shall be terminated. 
 (f) Acceleration of
Payment. Notwithstanding anything in the Plan to the contrary, neither the Participant nor the Company may change the Participant’s Distribution Election so as to accelerate the date of distribution, other than as described in Section
5(b)(ii), Section 5(g) or Section 6 or otherwise permit a deferral or distribution in violation of Section 409A of the Code. 
 (g)
Change of Control. Notwithstanding the foregoing, upon a Change of Control (as defined in Section 4(h)) that also constitutes a “change in control” within the meaning of Section 409A of the Code, a Participant’s Account shall
immediately be distributed to a Participant in a lump sum distribution within 15 days following the occurrence of such Change of Control. 

(h) Form of distribution. Unless otherwise determined by the Committee, distributions from any Phantom Fund which invests primarily in
securities issued by the Company shall be in the form of such securities and all other distributions shall be in the form of cash. 
 6.
Distribution on Death. If a Participant shall die before payment of all amounts credited to such Participant’s Account has been completed, the total unpaid balance then credited to such Participant’s Account shall be paid to
the Participant’s designated Beneficiary or Beneficiaries or to the legal representative of the Participant’s estate as provided in Section 7 in a single lump-sum payment during the 90 day
period commencing with the date of the Participant’s death. Notwithstanding the foregoing, at the time he or she becomes a Participant or at the time and subject to the conditions specified in Section 5(b), a Participant may elect that upon
such Participant’s death the unpaid balance credited to such Participant’s Account shall be distributed in such number of annual installments (not to exceed 10) as the Participant may designate. 

7. Designation of Beneficiary. Unless a Participant shall designate a different beneficiary in accordance with this
Section 7, in the event of the death of the Participant, the Beneficiary designated by the Participant to receive such Participant’s benefits under the MBIA Inc. Employees’ Pension Plan shall receive the amount which the Participant
would have been entitled to receive pursuant to Section 5 above. A Participant may at any time designate a Beneficiary solely for the purposes of this Plan (subject to such limitations as to the classes and number of Beneficiaries and
contingent Beneficiaries and such other limitations as the Committee may from time to time prescribe) or revoke or change any designation of Beneficiary. No such designation shall be valid unless in writing and signed by the Participant, dated and
filed with the Company. Any such designation shall be 

  
 8 

 
controlling over any testamentary or other disposition. In the case of a failure of a designation or the death of a Beneficiary without a designated successor, distribution shall be made to the
legal representative of the Participant, in which case, the Company, the Committee and any members thereof shall not be under any further liability to any other person. 

8. Administration of this Plan. 

(a) Authority of Committee. Except as otherwise expressly provided herein, full power and authority to construe, interpret and
administer this Plan shall be vested in the Committee. All expenses of administering this Plan shall be paid by the Company. The Committee shall adopt such rules, regulations, policies and practices as it considers desirable for the conduct of its
business and the administration of this Plan, provided they do not conflict with this Plan. The Committee may at any time terminate, amend, modify or suspend such rules, regulations, policies and practices as it, in its sole discretion, may
determine in connection with the administration of or the performance of its responsibilities under this Plan. The Committee may delegate responsibility with respect to the administration and operation of the Plan to such employees or group of
employees of the Company as it shall determine. The Committee or its delegates may hire such agents and consultants, including legal counsel, as it or they shall determine to be necessary or appropriate to fulfill its or their duties hereunder. 

(b) Determination of Committee. Each determination made pursuant to the provisions of this Plan by the Committee shall be final and
shall be binding and conclusive for all purposes and upon all persons. 
 (c) Notices and Elections. All notices given and elections
made under this Plan shall be deemed given or made when received by the Committee. 
 (d) Operation of the Plan; Good Faith Compliance
with Section 409A. From January 1, 2005 and until December 31, 2008, this Plan was administered in good faith compliance with Section 409A of the Code. 

9. Rights of Participants to Accounts. Anything to the contrary notwithstanding, nothing contained herein shall be deemed to
create a trust of any kind or create any fiduciary relationship. Amounts deemed invested under this Plan shall continue for all purposes to be part of the general funds of the Company and no person other than the Company shall, by virtue of the
provisions of this Plan, have any interest in such funds. To the extent that any person acquires the right to receive payments from the Company under this plan, such right shall be no greater than the right of any unsecured general creditor of the
Company. 
 10. Amendment of this Plan. The Committee shall have the right to amend or modify this Plan at any time and from
time to time; provided, however, that no such amendment or modification shall affect any right or obligation with respect to any deferral or allocation previously made. 

11. Code Section 409A. Notwithstanding anything else in the Plan, all deferrals hereunder are intended to comply with Section
409A of the Code. 
 12. No Right to Continued Employment. Neither the establishment of this Plan nor any payment hereunder
nor any action of the Company or of the Committee shall be held or construed to confer upon a Participant any right to continued employment with the Company, nor shall it interfere in any way with the right of the Company to terminate a
Participant’s employment at any time. 
 13. Withholding. The Company shall provide for the withholding of any taxes
required to be withheld by federal, state or local law in respect of any payment or distribution made pursuant to this Plan. 
 14.
Inalienability of Accounts. Except as otherwise required or permitted by law, a Participant’s Account shall not be assignable or otherwise transferable, or subject to surrender, anticipation, the debts of any person, or legal
process. 

  
 9 

 15. Governing Law. This Plan shall be governed by the laws of the State of New York
without regard to the principles of conflict of laws. 
 16. No Rights as Shareholder. No Participant or Beneficiary shall
have any rights as a shareholder with respect to any securities of the Company to be distributed under the Plan until he or she has become the holder thereof. 

17. Compliance with Legal and Exchange Requirements. The Plan and any obligations of the Company under the Plan, shall be
subject to all applicable federal, state, and foreign country laws, rules, and regulations, and to such approvals by any regulatory or governmental agency as may be required, and to any rules or regulations of any exchange on which the
Company’s securities are listed. The Company, in its discretion, may postpone the issuance or delivery of securities or any other action permitted under the Plan to permit the Company, with reasonable diligence, to complete such stock exchange
listing or registration or qualification of such securities or other required action under any federal, state or foreign country law, rule, or regulation and may require any Participant to make such representations and furnish such information as it
may consider appropriate in connection with the issuance or delivery of securities in compliance with applicable laws, rules, and regulations. The Company shall not be obligated by virtue of any provision of the Plan to sell or issue securities in
violation of any such laws, rules, or regulations. 

  
 10EX-10.14

 Exhibit 10.14 

SEPARATION AGREEMENT 
 Separation Agreement
(“Agreement”), by and between Ram D. Wertheim who resides at Two Catamount Road Westport, CT 06880 (the “Executive”) and MBIA Services Corporation (the “Employer”) on behalf of
any of its past or present parent entities, subsidiaries, divisions, affiliates and related business entities, assets, employee benefit plans or funds, successors and assigns, and any of its or their past or present directors, officers, fiduciaries,
agents, trustees, administrators, employees and assigns (collectively the “MBIA Entities and Persons”). 
 1. Separation
from Employment. The Executive agrees that from and after March 2, 2017, he will step down from his position as Chief Legal Officer and Secretary of MBIA Inc. (“MBIA”) and will resign from all of his other positions
with MBIA and/or its affiliates (including the Employer) (collectively, the “MBIA Entities”), except that, unless terminated by the Executive or the Employer earlier, the Executive will remain employed as an employee of the
Employer and retain the title of Executive Vice President of MBIA until January 1, 2018, which (unless terminated by the Executive or the Employer earlier) shall be the last day of the Executive’s employment (the last day of employment
being referred to herein as the “Separation Date”). From and after March 2, 2017 through the Separation Date, the Executive will make himself available to the Employer as may be reasonably necessary to provide transition
and other reasonable services as the Employer may request. 
 2. Consideration for this Agreement. Subject to the Executive’s compliance
with the terms and conditions of this Agreement, the Executive shall be entitled to the payments and benefits described in the Severance Terms attached as Exhibit A to this Agreement (the “Severance Terms”). The
Executive’s right to receive the payments and benefits set forth in Section 2 of the Severance Terms (the “Severance Benefits”) is conditioned upon the Executive’s executing and not revoking a release of claims
in favor of the MBIA Entities and Persons, a form of which is attached as Exhibit B to this Agreement, after the Separation Date but not later than 28 days after the Separation Date. The Executive acknowledges that the Severance Benefits:
(i) in his view, exceed any payment, benefit, or other thing of value to which he might otherwise be entitled under any policy, plan, or procedure of the MBIA Entities or pursuant to any prior agreement or contract (oral, written or otherwise)
between any MBIA Entity and the Executive; and (ii) shall be in full discharge of any and all liabilities and obligations of the MBIA Entities to the Executive, monetarily or with respect to employee benefits (except for vested benefits under
any MBIA employee benefit pension plan) or otherwise, any and all obligations arising under any alleged written or oral employment agreement, policy, plan or procedure of the MBIA Entities and/or any alleged understanding or arrangement between the
Executive and any MBIA Entity. 
 3. Restrictions on Post-Employment Activities. Payment of the Severance Benefits is conditional on the
Executive’s compliance with the restrictions of this paragraph during the Executives employment and for a period of two years following the Separation Date (the “Restriction Period”). During the Restriction Period, the
Executive shall not engage in any of the activities described below: 
 a. Except with the prior written consent of the Employer’s CEO, directly
or indirectly, own any interest in, operate, join, control or participate as a partner, director, principal, officer, or agent of, enter into the employment of, act as a consultant to, or perform any services for any monoline financial guarantee
company, whether currently in existence or formed after the date hereof, which currently includes Assured Guaranty, BAM, AMBAC, FGIC, Syncora or any of their affiliates or successors or with any other company that is established for the purposes of
providing financial guaranty or similar credit enhancement products, that would compete with MBIA. Notwithstanding anything herein to the contrary, the foregoing shall not prevent the Executive from acquiring as an investment securities
representing not more than two percent (2%) of the outstanding voting securities of any publicly held corporation or from the general practice of law. 

 b. Directly or indirectly (i) hire, solicit, or help another person or entity to hire or solicit any
employee of any MBIA Entity or any person who has been an employee of any MBIA Entity within a one year period prior to the first date on which the Executive attempts to hire, solicit or help another person or entity to hire or solicit such person
or (ii) induce or encourage any employee of any MBIA Entity to leave such MBIA Entity’s employ. 
 4. Confidential Information.
Subject to Section 11, the Executive agrees that he will not use for his own benefit or disclose to third parties any Confidential Information, as defined herein, relating to any MBIA Entity and its businesses, including any Confidential
Information of customers of any MBIA Entity, obtained by him during his employment and not otherwise public knowledge or known within the applicable industry (other than by acts by the Executive in violation of this Agreement). For purposes
of this Agreement, “Confidential Information” shall include, without limitation, information not otherwise known in the applicable industry and/or not previously disclosed to the public by any MBIA Entity or its management
(other than the Executive) with respect to the operations, facilities and methods, strategies, trade secrets and other intellectual property, systems, procedures, technical know-how, methods of investment,
processes, customers, clients, investors, markets, marketing methods, manuals, confidential reports, fee information, finances, financial or listing information (including, without limitation, the revenues, costs or profits associated with any
activities or products of the MBIA Entities, business plans, prospects, budgetary objectives, opportunities or other information of or relating to the MBIA Entities). “Confidential Information” shall not include information which is known
within the applicable industry or is or becomes generally available to the public other than as a result of disclosure by the Executive in violation of this paragraph. 

5. Non-Disparagement. 

a. Subject to Section 11, the Executive agrees that he will not publicly disparage or encourage or induce others to publicly disparage the MBIA
Entities and Persons. For the purposes of this Agreement, the term “disparage” includes, without limitation, comments or statements to the press and/or media, the MBIA Entities and Persons or any individual or entity with whom any
MBIA Entity has a business relationship which would adversely affect in any manner (i) the conduct of the business of the MBIA Entities (including, without limitation, any business plans or prospects) and/or (ii) the business reputation of
the MBIA Entities and Persons. 
 b. The Executive agrees that he will direct all requests for employment references or verification to the
Managing Director, Human Resources of the Employer (currently Liz Blasius, located at 1 Manhattanville Rd., Suite 301, Purchase, NY 10577), and to no other person at the MBIA Entities. The Managing Director, Human Resources of the Employer
shall respond to any such request in accordance with Employer policy providing only neutral employment information, and will make no statements that disparage the Executive. 

6. Cooperation. 
 a. The Executive agrees that,
subject to his reasonable scheduling needs, he will reasonably cooperate, including participation in telephonic or in-person meetings or interviews reasonably requested from time to time, with the MBIA
Entities and their counsel in connection with any investigation, administrative proceeding or litigation relating to any matter that occurred during his employment in which he was involved or of which he has knowledge. MBIA will reimburse the
Executive for reasonable out-of-pocket expenses incurred and relating to his compliance with requests from the MBIA Entities made in accordance with or in furtherance of
this paragraph. 
 b. Subject to Section 11, the Executive agrees that, in the event he is subpoenaed or otherwise required by any person or
entity (including, but not limited to, any government agency) to give testimony (in a deposition, court proceeding or otherwise) which in any way relates to his employment with any MBIA Entity, he will give prompt notice of such request to the
Managing Director, Human Resources of the Employer (currently Liz Blasius, located at 1 Manhattanville Rd., Suite 301, Purchase, NY 10577), and will make no disclosure until the MBIA Entities have had a reasonable opportunity to contest the right of
the requesting person or entity to such disclosure. The Executive understands that nothing contained in this Agreement is intended to prohibit or restrict the Executive from providing truthful information concerning his employment with any MBIA
Entity or the MBIA Entities’ business, to any governmental, regulatory or self-regulatory agency or in response to any inquiry or investigation conducted by any such governmental or regulatory or self-regulatory authority, or in any legal
action in which he is subpoenaed pursuant to properly issued legal process. 

  
 2 

 7. Return of Company Property. The Executive agrees that, upon his termination of employment, he
shall promptly return to the Employer all Employer property and all copies thereof in his possession or control. 
 8. Injunctive Relief and Other
Remedies with Respect to Promises Made. The Executive agrees that if he breaches any of the terms of paragraphs (including subparagraphs) 3 through 7, it shall constitute a material breach of this Agreement as to which the MBIA Entities and
Persons may seek all available relief under law, including, but not limited to, recoupment of the amounts paid to the Executive pursuant to the Severance Terms. The Executive also agrees that his obligations with respect to the restrictive covenants
contained in paragraph 3 herein relate to special, unique and extraordinary matters and a violation of any of the terms of such covenants and obligations will cause the MBIA Entities and Persons irreparable injury for which adequate remedies are not
available at law. Therefore, the MBIA Entities and Persons shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond) restraining the Executive from committing any violation of the
covenants and obligations contained herein. These remedies are cumulative and are in addition to any other rights and remedies the MBIA Entities may have at law or in equity. In the event the Executive breaches any provision of this Agreement in any
material respect, in addition to any remedy at law or in equity, the Executive shall not be entitled to receive any Severance Benefits. 
 9. Non-Admission. This Agreement is not intended, and shall not be construed, as an admission that any of the MBIA Entities and Persons has or have violated any federal, state or local law (statutory or
decisional), ordinance or regulation, breached any contract or committed any wrong whatsoever against the Executive. 
 10. Severability;
Reformation. If any provision of this Agreement is held by a court of competent jurisdiction to be illegal, void, or unenforceable, such provision shall be of no force and effect, and such provision shall have no effect upon, and shall not
impair the enforceability of, any other provision of this Agreement. If a court should determine that any provision of this Agreement is overbroad or unreasonable, such provision shall be given effect to the maximum extent possible by narrowing or
enforcing in part that aspect of the provision found to be overbroad or unreasonable. In addition, upon any finding by a court or agency of competent jurisdiction that any provision of this Agreement is illegal, void, or unenforceable, the Executive
agrees, unless otherwise prohibited by law, to execute a release, waiver and/or covenant that is/are legal and enforceable; provided that the expiration of the Restriction Period set forth in paragraph 3 shall not be extended. 

11. Permitted Actions. Nothing in this Agreement, including but not limited to any confidentiality,
non-disclosure, non-disparagement, or cooperation provisions, waives or limits the Executive’s right to report possible violations of law or regulation to any
governmental agency or federal or state regulatory authority or self-regulatory organization, making other disclosures that are protected under any law or regulation, or to cooperate with any investigation or proceeding by a governmental agency,
federal or state regulatory authority, or self-regulatory organization. 
 12. Agreement as Evidence. The Executive agrees that this Agreement
may only be used as evidence in a subsequent proceeding in which one of the parties alleges a breach of and/or indemnification under this Agreement. 

13. Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the State of New York without regard to the
principles of conflict of law. 
 14. Binding Effect. This Agreement is binding upon, and shall inure to the benefit of, the parties and their
respective heirs, executors, administrators, successors and assigns. 
 15. Entire Agreement. The Executive understands that this Agreement and
the documents referred to herein, constitute the complete understanding between the MBIA Entities and the Executive, and supersedes any and all agreements, understandings, and discussions, whether written or oral between the Executive and the MBIA
Entities. No other promises or agreements shall be binding unless in writing and signed by both MBIA or the Employer and the Executive. 
 16. No
Waiver by Breach or Default. Waiver by any party hereto of any breach or default by the other party of any of the terms of this Agreement shall not operate as a waiver of any other breach or default, whether similar to or different from the
breach or default waived. No waiver of any provision of this Agreement shall be implied from any course of dealing between the parties hereto or from any failure by either party hereto to assert any rights hereunder on any occasion or series of
occasions. 

  
 3 

 17. Headings and Captions. The headings and captions in this Agreement are provided for reference
and convenience only. They shall not be considered part of the Agreement and shall not be employed in the construction of the Agreement. 
  

			
	Signature:  	 	 /s/ Ram Wertheim

		 	Ram D. Wertheim
	
	Dated: February 28, 2017
	
	MBIA Services Corporation
		
	By:	 	 /s/ Elizabeth Blasius

	Name:	 	  Elizabeth Blasius
	Title:	 	Managing Director
	
	Date: February 28, 2017

  
 4 

 Exhibit A to 

Separation Agreement 
 Confidential 

Severance Terms 
 For Ram D. Wertheim 

This document sets forth the severance benefits that Ram D. Wertheim (“you”) will be eligible to receive as described below. The severance benefits being
offered to you as described below are subject to the terms set forth in the Separation Agreement of which this Exhibit is a part (the “Agreement”), including without limitation, your executing and not revoking a release as
provided in Section 2 of the Agreement. 
 Section 1: Compensation and Benefits For Services Performed During 2017 

 

	 	•	 	2017 Salary and Benefits: During your continued employment, you will continue to receive your base salary at the current level and to participate in the same benefit plans available to all employees of the
Employer as long as you continue to be an employee of Employer. 

  

	 	•	 	2017 Performance Bonus and LTI Grant: Unless your employment is terminated for “cause”, you will be entitled to receive a cash performance bonus for 2017 based on individual and company
performance with the target bonus amount being $600,000 for the year. In addition, unless your employment is terminated for “cause”, in lieu of the long term incentive restricted stock award for 2017, you will receive a cash payment in an
amount equal to the target LTI amount of $750,000. Such amounts will be paid to you at the same time as they are paid to other members of the senior management team regardless of whether you are employed by MBIA when they are paid. Further, on
April 2, 2019, the Company will pay you $60,000 in lieu of the contribution it would have made to your non-qualified deferred compensation retirement account in respect of the 2017 bonus that will be paid
in 2018. 

 Section 2: Severance Benefits 
  

	 	•	 	Severance: Unless your employment is terminated for “cause”, you will be eligible to receive a severance payment in an amount of $$750,000 (the “Severance Payment”). In addition,
the Company will pay to you the sum of $250,000 (the “Additional Amount”) in consideration for your agreement that the unvested grant of 100,000 shares of performance based restricted stock pursuant to Section 3(c) of the Cash Retention
Award and Restricted Stock Agreement dated December 21, 2012 is hereby forfeited in its entirety. The Severance Payment and the Additional Amount (less applicable taxes and withholdings) will be paid to you as practicable following your last
day of employment, but not later than March 15, 2018. 

  

	 	•	 	Continued Vesting of Restricted Stock: Notwithstanding your termination of employment as contemplated hereunder and subject to your continued compliance with Section 3 of the Separation Agreement, all
unvested grants to you of Restricted Stock including the 59,242 shares of restricted granted to you on March 3, 2016 and all shares of restricted stock to be granted to you in March 2017 for the 2016 performance year, will not be subject to
forfeiture as a result of your termination of employment hereunder but shall continue to vest in accordance with the terms of such grants and shall be treated as follows: 

(i) any unvested shares of time based restricted stock shall all vest on January 2, 2020 and shall not be subject to any restrictions on transfer
from and after January 2, 2020 and you shall have the option to satisfy any tax liability arising from such vesting through “net share settlement” consistent with the Company’s practices for net share settlements for executives
of the Company (the “Net Settlement Procedures”); and 
 (ii) the number of shares of performance based restricted stock to be granted to you
in March of 2017 (the “Performance Based Shares”) that shall have been earned by you in accordance with the terms of the grant shall be fully vested on January 2, 2020 and you shall have the option to satisfy any tax liability arising
from such vesting through the Net Settlement Procedures; provided that you shall be restricted from transferring or selling any net shares of the Performance Based Shares you receive on January 2, 2020 after application of the Net Settlement
Procedures until January 2, 2022 (other than any transfers for estate planning purposes or after your death or disability as may be permitted in accordance with the terms of such grants). 

  
 5 

	 	•	 	KEEPA Plan: Effective immediately, you will no longer be covered under the Key Employee Protection Plan and your agreement thereunder with MBIA is terminated. 

 

	 	•	 	Pre-65 Retiree Medical / Dental Benefits: If you are enrolled in MBIA’s medical and/or dental plan, you may elect to continue your current coverage for the period
starting on the Separation Date and ending May 15, 2019 (or such later date in accordance with applicable law), at which time your coverage will cease. The Company shall pay the cost of such coverage for a period of up to nine months after the
Separation Date after which you may continue the coverage at your own expense. 

  

	 	•	 	Financial Planning/Outplacement: The Company shall pay you $10,000 to cover the cost of financial planning and/or outplacement. 

If you die before receiving any of the payments and benefits set forth herein, they shall accrue to your estate. 

As used herein, “cause” means (i) your willful failure to perform substantially your duties as an employee (other than as a result of incapacity due to
physical or mental illness); (ii) an intentional act of fraud, embezzlement, theft or any other material violation of law that occurs during or in the course of your employment; (iii) your engaging in serious misconduct that is injurious to the
company or its affiliates in any way, including, but not limited to, by way of damage to its/their respective reputations or standings, (iv) your being charged with, convicted of, or entering a plea of nolo contendere to, a crime that
constitutes a felony or which involves moral turpitude; (v) your intentional disclosure or misuse of confidential information; (vi) intentional engagement in any competitive activity which would constitute a breach of your duty of loyalty
to the company or its affiliates; or (vi) intentional material breach of any of the company’s or its affiliates’ policies or intentional misuse or material damage to their property. 

Section 3 Accrued Benefits 
 In addition, you will be eligible to
receive the following benefits to which you are entitled regardless of whether you sign the Agreement. 
  

	 	•	 	Pension / 401k: You may contact Fidelity Investments directly at (800) 421-3844 or on-line at 401k.com regarding your retirement
account balances, distribution options and income tax implications. 

  

	 	•	 	MBIA Inc. Deferred Compensation Plan: Any vested retirement assets must be distributed following your separation date in the form of lump sum or in installment payments as previously elected. As a
“specified employee”, any distribution is subject to a six month waiting period from the Separation Date in accordance with IRC 409A. Any payments to you will be made in accordance with the plan.  

 

	 	•	 	Vacation: You will receive payment for any accrued and unused vacation days as of your last day of employment. 

  
 6 

 Exhibit B to 

Separation Agreement 
 General Release

 By and in consideration of the Severance Benefits to be provided by MBIA Services Corporation (the “Company”) pursuant to the
Separation Agreement (the “Agreement”), dated                     
        , 2018, between the Company and Ram D. Wertheim (the “Executive”), whereby the Executive terminates his employment with the Company effective
                         , 201    , the Executive hereby agrees that: 

1. General Release of Claims. 
 a. The
Executive for himself and for his heirs, executors, administrators, and assigns (hereinafter referred to collectively as “Releasors”), forever releases and discharges the Company on behalf of any of its past or present parent
entities, subsidiaries, divisions, affiliates and related business entities, assets, employee benefit plans or funds, successors and assigns, and any of its or their past or present directors, officers, fiduciaries, agents, trustees, administrators,
employees and assigns (collectively the “MBIA Entities and Persons”), from any and all claims, demands, causes of action, fees and liabilities of any kind whatsoever, whether known or unknown, which the Executive ever had,
now has, or may have against the MBIA Entities and Persons by reason of any actual or alleged act, omission, transaction, practice, conduct, statement, occurrence, or other matter arising out of the Executive’s employment, and/ or retirement
from employment, up to and including the date on which the Executive signs this General Release. 
 b. Without limiting the generality of the
foregoing, this General Release is intended to and shall release the MBIA Entities and Persons from any and all claims, whether known or unknown, which Releasors ever had, now have, or may have against the MBIA Entities and Persons arising out of
the Executive’s employment, and/or termination of that employment, including but not limited to any claim under: (i) the Age Discrimination in Employment Act; (ii) Title VII of the Civil Rights Act; (iii) the
American with Disabilities Act; (iv) the New York State Human Rights Law; (v) the New York City Administrative Code; (vi) any claim under any other federal, state or local law (statutory or decisional), regulation
or ordinance relating to and/or prohibiting employment discrimination, harassment and/or retaliation; (vii) any claim under the Employee Retirement Income Security Act (excluding claims for accrued, vested benefits under any employee
benefit pension plan of the Company in accordance with the terms and conditions of such plan and applicable law); (viii) any claim under the Family and Medical Leave Act; (ix) any other claim (whether based on federal, state, or
local law, statutory or decisional) relating to or arising out of the Executive’s employment, the terms and conditions of such employment, the separation of such employment, including but not limited to breach of contract (express or implied),
wrongful discharge, detrimental reliance, defamation, emotional distress or compensatory or punitive damages; and (x) any claim for attorneys’ fees, costs, disbursements and/or the like. Nothing in this General Release shall be a
waiver of claims that may (1) arise after the date on which the Executive signs this General Release, (2) are preserved by the Agreement, or (3) relate to the Executive’s rights as a shareholder of MBIA. 

c. Nothing in the provisions above shall be construed to prevent the Executive from filing a charge with, or participating in any investigation conducted
by, a governmental agency. Nevertheless, the Executive acknowledges and agrees that by virtue of the foregoing, he has waived any relief available to him (including without limitation, monetary damages, equitable relief and reinstatement) under any
of the claims and/or causes of action waived above. Therefore the Executive agrees that he will not accept any award or settlement from any source or proceeding (including but not limited to any proceeding brought by any other person or by any
government agency) with respect to any claim or right waived in this General Release. 
 2. Governing Law. This General Release shall be
construed and enforced in accordance with, and governed by, the laws of the State of New York, without reference to principles of conflict of laws. 

  
 7 

 3. Acknowledgments. The Executive acknowledges that: (a) he has been advised by the Company in
writing to consult with an attorney of his choosing in connection with this General Release; (b) he has carefully read this General Release in its entirety; (c) he has had the opportunity to consider fully for at least forty-five
(45) days the terms of this General Release; (d) he fully understands the significance of all of the terms and conditions of this General Release and he has discussed it with independent legal counsel, or has had a reasonable opportunity
to do so; (e) he has had answered to his satisfaction any questions he has asked with regard to the meaning and significance of any of the provisions of this General Release; and (f) he is signing this General Release voluntarily and of
his own free will and assent to all the terms and conditions contained herein with the intent to be bound hereby. 
 4. Acceptance. The
Executive hereby accepts this General Release by fully executing it and returning it to the Managing Director, Human Resources of the Company (currently Liz Blasius, located at 1 Manhattanville Rd., Suite 301, Purchase, NY 10577), no sooner than the
Separation Date (as defined in the Agreement), and no later than 21 days following the Separation Date. After executing this General Release, the Executive shall have seven (7) days (the “Revocation Period”) to revoke
this General Release by indicating his desire to do so in writing addressed and delivered to the Managing Director, Human Resources of the Company (currently Liz Blasius, located at 1 Manhattanville Rd., Suite 301, Purchase, NY 10577), no later than
the close of business on the seventh (7th) day following the date the Executive executes this General Release. In the event the Executive does not accept this General Release as set forth above,
or in the event he revokes this General Release during the Revocation Period, the obligation of the Company to provide the Severance Benefits which are conditioned on his signing and not revoking this General Release shall be deemed automatically
null and void. 

  
 8 

			
		
	Dated:	 	 

  

			
		
	Signature:	 	 
		 	    Ram D. Wertheim

 STATE OF
                        ) 

                            
                ) SS.: 
 COUNTY OF
                   ) 
 On this     
day of              201    , before me personally came
                                     to be known and known to
me to be the person described and who executed the foregoing General Release, and he duly acknowledged to me that he executed the same. 

                           
              Notary Public 

  
 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}]]