0001193125-05-034121 Sample Contracts

February 15, 2005 Mr. David L. Boyle Greenwich, CT 06831 Dear Mr. Boyle:
Retirement Agreement • February 22nd, 2005 • Ambac Financial Group Inc • Surety insurance • New York

This retirement agreement (the “Retirement Agreement”) sets forth our agreement concerning your retirement arrangement from Ambac Financial Group, Inc. (“Ambac”).

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