SEC Contract Filing

Filing Date: 2022-05-10

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>a02-026ambcxex102x1q22x10q.htm
<DESCRIPTION>EX-10.2
<TEXT>
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<title>Document</title></head><body><div id="ic76eea58086e431285ca8fb8c0d4c046_1"></div><div style="min-height:63.36pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:139%">Exhibit 10.2</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:139%">AMBAC FINANCIAL GROUP, INC.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:139%">RESTRICTED STOCK UNIT AGREEMENT</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:139%">FOR LONG-TERM INCENTIVE COMPENSATION AWARD</font></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Effective as of February 28, 2022 (the &#8220;Grant Date&#8221;), &#91;&#91;FIRSTNAME&#93;&#93; &#91;&#91;LASTNAME&#93;&#93; (the &#8220;Participant&#8221;) has been granted a Full Value Award under the Ambac Financial Group, Inc. 2020 Incentive Compensation Plan (the &#8220;Incentive Plan&#8221;) in the form of restricted stock units. In addition to the terms and conditions of the Incentive Plan, the Award shall be subject to the following terms and conditions (sometimes referred to as this &#8220;Agreement&#8221;).</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#010000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:27pt;text-decoration:underline">Defined Terms</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">. Capitalized terms used in this Agreement which are not otherwise defined herein shall have the meaning specified in the Incentive Plan.</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#010000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:27pt;text-decoration:underline">Grant of Restricted Stock Units</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">. Subject to the terms of this Agreement, and the Incentive Plan, effective as of the Grant Date the Participant is hereby granted &#91;&#91;SHARESGRANTED&#93;&#93; restricted stock units (the &#8220;Restricted Stock Units&#8221;). This Award contains the right to dividend equivalents (&#8220;Dividend Equivalents&#8221;) as described in Section 3. Each Restricted Stock Unit shall become vested as described in Section 4 and each vested Restricted Stock Unit shall be settled in accordance with Section 6.</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#010000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:27pt;text-decoration:underline">Dividend Equivalents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">. The Participant shall be entitled to Dividend Equivalents, which may consist of Deferred Cash Dividend Equivalents or Dividend Equivalent Units (each as defined below), in accordance with the following&#58;</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:-27pt"><font style="color:#010000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:13.7pt">If a dividend with respect to shares of Common Stock is payable in cash, then, as of the applicable dividend payment date, the Participant shall be credited with a right to receive a &#8220;Deferred Cash Dividend Equivalents&#8221; equal to (i) the cash dividend payable with respect to a share of Common Stock, multiplied by (ii) the number of Restricted Stock Units outstanding (i.e., the number of Restricted Stock Units granted hereunder less the number of such Restricted Stock Units that have settled in accordance with Section 6 below) on the applicable dividend record date. </font></div><div style="padding-left:36pt;text-indent:-27pt"><font><br></font></div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:-27pt"><font style="color:#010000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:13.02pt">If a dividend with respect to shares of Common Stock is payable in shares of Common Stock, then, as of the dividend payment date, the Participant shall be credited with that number of &#8220;Dividend Equivalent Units&#8221; equal to (i) the number of shares of Common Stock distributed in t