AMBAC FINANCIAL GROUP, INC. 2010 DIRECTORS COMPENSATION TABLE EFFECTIVE AS OF MARCH 15, 2010
Exhibit 10.05
AMBAC FINANCIAL GROUP, INC.
2010 DIRECTORS’ COMPENSATION TABLE
EFFECTIVE AS OF MARCH 15, 2010
| TYPE OF FEE | AMOUNT | MANNER OF PAYMENT | ||||
| Annual Fees/Awards | ||||||
| • Annual fee for serving as a director of Ambac Financial Group, Inc. | $ | 90,000 | * | Payable monthly in arrears in cash | ||
| • Annual fee for serving as a director of Ambac Assurance Corporation | None | |||||
| • 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 or 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. | $ | 75,000 | 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. | ||
| * | The cash portion of the annual fee is prorated to reflect service on the Board of less than one full year prior to the relevant annual meeting of stockholders. |
AMBAC FINANCIAL GROUP, INC.
2010 DIRECTORS’ COMPENSATION TABLE
EFFECTIVE AS OF MARCH 15, 2010
(CONTINUED PAGE 2 OF 2)
| OTHER BENEFITS | DESCRIPTION | |
| • Deferred compensation | Under the Deferred Compensation Plan for Outside Directors and Eligible Senior Officers, non-employee directors may elect to defer all or part of their director compensation (including both annual and meeting fees) that is paid in cash | |
| • Health and welfare | Each non-employee director is permitted to enroll (without paying any premium) in the Ambac Financial Group, Inc. medical and dental plan and is eligible to receive a $50,000 term life insurance policy (without paying any premium) | |
