Amendment to Restricted Stock Award Agreement between MBIA Inc. and Joseph W. Brown
MBIA Inc. and Joseph W. Brown have agreed to amend their existing Restricted Stock Award Agreement, originally dated March 17, 2014. This amendment, effective March 2, 2015, removes specific clauses (clause (C) of Section 1(b)(i) and clause (C) of Section 1(b)(ii)) from the original agreement. All other terms and conditions of the original agreement remain unchanged.
Exhibit 10.16
AMENDMENT TO
RESTRICTED STOCK AWARD AGREEMENT
This amendment (this “Amendment”) to the Restricted Stock Award Agreement (the “Agreement”) dated as of March 17, 2014, between MBIA Inc., a Connecticut corporation (together with its successors and assigns, the “Company”), and Joseph W. Brown (the “Grantee”), is dated as of March 2, 2015, between the Company and the Grantee (together, the “Parties”).
The Parties hereby agree to amend the Agreement by deleting clause (C) of Section 1(b)(i) and clause (C) of Section 1(b)(ii).
Except as expressly amended hereby, the other terms and conditions of the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first written above.
| MBIA INC. | ||
| By: | /s/ Ram Wertheim | |
| Name: Ram Wertheim | ||
| Title: Chief Legal Officer | ||
| GRANTEE | ||
| /s/ Jay Brown | ||
| Joseph W. Brown | ||
