Current Report Filing (8-k)
04 Januar 2022 - 12:00PM
Edgar (US Regulatory)
0001273813falseAssured Guaranty
Ltd.00012738132021-12-302021-12-300001273813exch:XNYSus-gaap:CommonStockMember2021-12-302021-12-300001273813ago:AssuredGuarantyUSHoldingsInc5000SeniorNotesDue2024Memberexch:XNYS2021-12-302021-12-300001273813exch:XNYSago:AssuredGuarantyUSHoldingsInc3150SeniorNotesDue2031Member2021-12-302021-12-300001273813exch:XNYSago:AssuredGuarantyUSHoldingsInc3600SeniorNotesDue2051Member2021-12-302021-12-30
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) – December 30,
2021
ASSURED GUARANTY LTD.
(Exact name of registrant as specified in its charter)
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Bermuda |
001-32141 |
98-0429991 |
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(State or other jurisdiction
of incorporation or organization)
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(Commission File Number) |
(I.R.S. Employer
Identification No.) |
30 Woodbourne Avenue
Hamilton HM 08 Bermuda
(Address of principal executive offices)
Registrant’s telephone number, including area code:
(441) 279-5700
Not applicable
(Former name or former address, if changed since last
report)
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
(see
General Instruction A.2. below):
☐ 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-4(c))
Securities registered pursuant to Section 12(b) of the
Act:
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Title of each class: |
Trading Symbol(s) |
Name of exchange on which registered |
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Common Shares |
$0.01 par value per share |
AGO |
New York Stock Exchange |
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Assured Guaranty US Holdings Inc. 5.000% Senior Notes due 2024 (and
the related guarantee of Registrant) |
AGO 24 |
New York Stock Exchange |
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Assured Guaranty US Holdings Inc. 3.150% Senior Notes due 2031 (and
the related guarantee of Registrant) |
AGO/31 |
New York Stock Exchange |
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Assured Guaranty US Holdings Inc. 3.600% Senior Notes due 2051 (and
the related guarantee of Registrant) |
AGO/51 |
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17
CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934
(17 CFR §240.12b-2).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange
Act.
☐
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Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangement of
Certain Officers |
(b) and (e)
On December 30, 2021, Assured Guaranty Ltd. (“Assured Guaranty”
and, together with its subsidiaries, the “Company”) entered into a
separation agreement (the “Separation Agreement”) with Russell B.
Brewer II, the Company’s Chief Surveillance Officer, in connection
with Mr. Brewer’s planned retirement after a successful tenure of
over 35 years of service with the Company.
Pursuant to the Separation Agreement, Assured Guaranty and Mr.
Brewer mutually agreed that, effective December 31, 2021, he would
resign his positions with the Company, including without limitation
as Chief Surveillance Officer and as an executive officer. Mr.
Brewer will remain employed by the Company in a non-executive
officer position, serving as Senior Advisor to the Chief Executive
Officer, for a transition period (the “Transition Period”)
beginning on January 1, 2022 and ending upon his retirement on
December 31, 2022 (the “Retirement Date”). The Separation Agreement
is intended to encourage Mr. Brewer to work through the Retirement
Date in order to facilitate the transition of his duties to his
successors and so that he would remain available to consult on
matters related to his experience with the Company.
The Separation Agreement provides that if Mr. Brewer remains
employed through the Retirement Date, his base salary during the
Transition Period will be the same as his current base salary. In
addition, Mr. Brewer will be eligible for certain cash and equity
incentive opportunities. For the 2021 fiscal year, the Compensation
Committee of Assured Guaranty’s Board of Directors will determine
the exact amount of Mr. Brewer’s incentive awards after the 2021
financial results are available. Mr. Brewer’s cash incentive
will be calculated based on his weighted achievement scores for the
financial performance targets and non-financial objectives
established for him at the beginning of 2021, with the cash
incentive award generally subject to Mr. Brewer’s continued
employment through the payment date. If the Compensation Committee
grants Mr. Brewer equity awards relating to his performance for the
2021 fiscal year, such awards will be granted as restricted stock
units pursuant to a grant agreement substantially in the form
attached as an exhibit to the Separation Agreement, with one-third
of such units generally settling on the one-year anniversary of the
date of grant, one-third of such units settling on the two-year
anniversary of the date of grant, and the remaining units settling
on the three-year anniversary of the date of grant. For Mr.
Brewer’s work during the Transition Period, the Compensation
Committee will grant him a cash incentive award with a target
amount equal to one-fourth of his 2021 cash incentive
payment.
Pursuant to the Separation Agreement, if Mr. Brewer remains
employed through the Retirement Date, any unvested equity awards
that he holds on the Retirement Date will vest in accordance with
the terms that the applicable award agreement provides upon
retirement. However, any previously granted equity awards that
include Company performance-based vesting conditions remain subject
to satisfaction of such applicable performance conditions following
the Retirement Date. In addition, Mr. Brewer will be reimbursed for
expenses incurred in the preparation of his tax returns through the
2022 tax year.
The Separation Agreement contains covenants by Mr. Brewer relating
to protection of the Company's confidential information,
cooperation, non-competition, non-solicitation and
non-disparagement and other standard provisions. Mr. Brewer
executed a release of claims as part of the Separation Agreement
and the Separation Agreement provides that Mr. Brewer will execute
another release of claims after his retirement such that the second
release becomes effective within 60 days following his retirement.
Payments pursuant to the Separation Agreement are subject to
forfeiture and/or clawback in the event of violation of these
covenants.
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 hereunto duly
authorized.
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Assured Guaranty Ltd. |
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By:
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/s/ LING CHOW
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Name: Ling Chow
Title:
General Counsel
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DATE: January 3, 2022
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