Assured Guaranty Ltd. Performance Retention Award Grant Letter to Employee
Assured Guaranty Ltd. grants the employee a Performance Retention Award under its Performance Retention Plan, effective February 14, 2008. The award amount depends on the company’s financial performance and the employee’s continued employment through December 31, 2012. If the employee leaves before this date, the award is forfeited, except in cases of death or qualifying disability. In such cases, the award is paid to the employee’s estate or designated beneficiary. The plan’s committee has final authority over award eligibility and interpretation of terms.
Exhibit 10.60
Cliff Vesting
[on company letterhead]
[date]
Dear [employee name]:
We would like to inform you that, on February 14, 2008 (the “Grant Date”), the Company granted you the right to receive Performance Retention Award payments (sometimes referred to as “Awards” or “Award Payments”) under the Assured Guaranty Ltd. Performance Retention Plan (the “Plan”). You have been granted this Award in order to reward you for your contributions to the Company and to provide you with an incentive to work for and share in the Company’s continued growth in the future. This letter provides only a summary of the Award program, and your rights to the Award will be subject to the enclosed Award Terms and the Plan.
Your right to receive the Award Payments, and the amount of the Award Payments, will be based on (i) the performance (positive or negative) of the Company’s Modified Adjusted Book Value and Operating Return on Equity for the Performance Period ending December 31, 2012, (ii) the Principal Amount of $ , and (iii) whether you remain employed by the Company during the entire Performance Period.
You will be entitled to an Award only if you remain employed through December 31, 2012. If you are not employed through the December 31, 2012, then, except as described below, you will forfeit the Award. However, you will be vested and entitled to an Award if you die or become disabled while employed before December 31, 2012. You will not be considered as terminating employment as a result of disability unless you fulfill certain criteria specified in the Award Terms, and the Committee administering the Plan will make the final determination of whether you have fulfilled those criteria.
Upon your death, any Award Payment that may be due to you will be paid to your estate. However, payment will instead be made to your beneficiary if you complete the attached Beneficiary Designation Form and return it to .
The Committee that administers the Plan has the authority to interpret the terms of the Plan and the Award Terms and make the final determination of whether you are vested and entitled to payment of an Award.
