AMBAC FINANCIAL GROUP, INC. 2011 DIRECTORS COMPENSATION TABLE (EFFECTIVE AS OF FEBRUARY 1, 2011)
Exhibit 10.04
AMBAC FINANCIAL GROUP, INC.
2011 DIRECTORS’ COMPENSATION TABLE
(EFFECTIVE AS OF FEBRUARY 1, 2011)
| TYPE OF FEE | AMOUNT | MANNER OF PAYMENT | ||||
| Annual Fees/Awards | ||||||
| • Annual fee for serving as a director of Ambac Financial Group, Inc. (Parent) and Ambac Assurance Corporation (Subsidiary) | $ | 90,000 | Payable monthly in arrears in cash | |||
| • Annual fee for chairing the Audit and Risk Assessment Committee of Ambac Financial Group, Inc. | $ | 20,000 | Payable monthly in arrears in cash | |||
| • Annual fee for chairing the Compensation Committee of Ambac Financial Group, Inc. | $ | 10,000 | Payable monthly in arrears in cash | |||
| • Annual fee for chairing the Governance Committee of Ambac Financial Group, Inc. | $ | 10,000 | Payable monthly in arrears in cash | |||
| • Annual fee for serving as Presiding Director of Ambac Financial Group, Inc. | $ | 25,000 | Payable monthly in arrears in cash | |||
| Non-Executive Chairman Retainer Fee | ||||||
| • Annual fee for serving as Chairman of the Board of Ambac Financial Group and Ambac Assurance Corporation | $ | 150,000 | Payable monthly in arrears in cash | |||
| Meeting Fees | ||||||
| • Annual or special meeting of Ambac Financial Group, Inc. stockholders | $ | 2,500 | Payable monthly in arrears in cash | |||
| • Ambac Financial Group, Inc. Board meeting | $ | 2,500 | Payable monthly in arrears in cash | |||
| • Ambac Assurance Corporation Board meeting | $ | 2,500 | Payable monthly in arrears in cash | |||
| • Standing or special committee meeting held in conjunction with a stockholder or board meeting | $ | 1,500 | Payable monthly in arrears in cash | |||
| • Standing or special committee meeting not held in conjunction with a stockholder or board meeting | $ | 1,500 | Payable monthly in arrears in cash | |||
| Travel and Related Expenses | ||||||
| • Travel and related expenses incurred in attending a stockholder, board or committee meeting | | 100% of expenses incurred | | Payable in cash promptly upon submission of receipts to the Ambac Financial Group, Inc. and Ambac Assurance Corporation | ||
| OTHER BENEFITS | DESCRIPTION | |
| • Health and welfare | Each non-employee director is permitted to enroll (without paying any premium) in the Ambac Assurance Corporation medical and dental plan and is eligible to receive a $50,000 term life insurance policy (without paying any premium) |
