0000874501-15-000073.txt : 20151006 0000874501-15-000073.hdr.sgml : 20151006 20151006171434 ACCESSION NUMBER: 0000874501-15-000073 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150930 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20151006 DATE AS OF CHANGE: 20151006 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMBAC FINANCIAL GROUP INC CENTRAL INDEX KEY: 0000874501 STANDARD INDUSTRIAL CLASSIFICATION: SURETY INSURANCE [6351] IRS NUMBER: 133621676 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10777 FILM NUMBER: 151146678 BUSINESS ADDRESS: STREET 1: ONE STATE ST PLZ CITY: NEW YORK STATE: NY ZIP: 10004 BUSINESS PHONE: 2126680340 MAIL ADDRESS: STREET 1: ONE STATE ST PLZ CITY: NEW YORK STATE: NY ZIP: 10004 FORMER COMPANY: FORMER CONFORMED NAME: AMBAC INC /DE/ DATE OF NAME CHANGE: 19930328 8-K 1 a04-0198xkitem502tavakolie.htm 8-K 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 30, 2015
Ambac Financial Group, Inc.
(Exact name of Registrant as specified in its charter)
Delaware
 
1-10777
 
13-3621676
(State of incorporation)
 
(Commission
file number)
 
(I.R.S. employer
identification no.)
One State Street Plaza, New York, New York 10004
(Address of principal executive offices) (Zip Code)
(212) 658-7470
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
 
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4c))



Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 23, 2014, Ambac Financial Group, Inc. (the “Company”) announced that Mr. Nader Tavakoli had been appointed as interim President and Chief Executive Officer of the Company, effective as of January 1, 2015.  On March 30, 2015, the Company and Mr. Tavakoli agreed to arrangements for Mr. Tavakoli’s employment in such role through a date not later than September 30, 2015.  Effective as of September 30, 2015, the Company and Mr. Tavakoli have agreed that Mr. Tavakoli will continue to act as interim President and Chief Executive Officer of the Company through October 31, 2015 on the same terms and conditions as set forth in the letter agreement dated March 30, 2015, between the Company and Mr. Tavakoli.

Item 9.01 Financial Statements and Exhibits.
(d)
Exhibits.
 
The following exhibit is filed as part of this Current Report on Form 8-K:
 
 
 
 
 
Exhibit
 
 
 
Number
 
Description of Exhibit
 
10.1
 
Letter Agreement dated as of September 30, 2015, by and between Ambac Financial Group, Inc. and Nader Tavakoli.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
 
Ambac Financial Group, Inc.
 
 
 
(Registrant)
 
 
 
 
 
 
Dated:
October 6, 2015
 
By:
 
/s/ William J. White
 
 
 
 
 
First Vice President, Secretary, and Assistant General Counsel


Exhibit Index
Exhibit
 
 
Number
 
Exhibit Description
10.1
 
Letter Agreement dated as of September 30, 2015, by and between Ambac Financial Group, Inc. and Nader Tavakoli.


 EX-10.1 2 ex101-ntextensionletter9x3.htm EXHIBIT 10.1 Exhibit

Exhibit 10.1

September 30, 2015

Dear Mr. Tavakoli,
Reference is made to the letter agreement, dated as of March 30, 2015 (the “Letter Agreement”), between Ambac Financial Group, Inc. (“AFG”) and you, whereby the parties agreed that you would remain in the position of interim President and Chief Executive Officer until a date no later than September 30, 2015 on the terms and conditions set forth therein.

AFG hereby notifies you of its desire for you to remain in the position of interim President and Chief Executive Officer of AFG until October 31, 2015 on the same terms and conditions as set forth in the Letter Agreement.

Please indicate your agreement to this extension and the other terms of this letter agreement by signing this letter in the space below and returning it to the undersigned.

 
Sincerely,
 
 
 
 
AMBAC FINANCIAL GROUP, INC.
 
 
 
 
By
/s/ Stephen M. Ksenak
 
Stephen M. Ksenak
 
Senior Managing Director and
 
General Counsel
By signing below I agree to remain in the position of interim President and Chief Executive Officer of AFG until October 31, 2015, subject to the terms and conditions set forth in the Letter Agreement and this letter agreement.
 
/s/ Nader Tavakoli
Nader Tavakoli
Date: September 30, 2015