Employee, for himself, his attorney, heirs, executors and assigns, does hereby fully and forever release and discharge AMBAC and its past, current and future affiliated entities, as well as their predecessors, successors, assigns, and their past, current and former directors, officers, partners, agents, employees, attorneys, and administrators from all suits, causes of action, and/or claims, demands or entitlements of any nature whatsoever, whether known, unknown, or unforeseen, which Employee has or may have against any of them arising out of or in connection with his employment by AMBAC, the Employment Agreement, the termination of his employment with AMBAC, or any event, transaction, or matter occurring or existing on or before the date of Employee’s signing of this Agreement related to AMBAC, except that Employee is not releasing any claims arising under Section 10 of the Employment Agreement, any other right to indemnification or director and officer liability insurance coverage that Employee may otherwise have, any claims that Employee may have to vested payments or benefits pursuant to any qualified pension plan, any claims relating to any rights Employee may have pursuant to equity and equity-based awards granted to Employee by AMBAC (whether in his capacity as a director only or in his capacity as an officer and director) that vested or will vest on or before the Termination Date or any of the 2015 Grants, or any claims arising after the date of his signing this Agreement. Employee agrees not to file or otherwise institute any claim, demand or lawsuit seeking damages or other relief and not to otherwise assert any claims, demands or entitlements that are released herein. Employee further hereby irrevocably and unconditionally waives any and all rights to recover any relief or damages concerning the claims, demands or entitlements that are released herein. Employee represents and warrants that Employee has not previously filed or joined in any such claims, demands or entitlements against AMBAC or the other persons or entities released herein and that Employee will indemnify and hold them harmless from all liabilities, claims, demands, costs, expenses and/or attorney’s fees incurred as a result of any such claims, demands or lawsuits.