Octave Specialty Group Inc (OSG)

[lady glueck]

Change in Directors or Principal Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 6, 2012, the Compensation Committee of the Board of Directors of Ambac Financial Group, Inc. (the "Company") approved the payment of a cash bonus to Diana N. Adams, the Company's President and Chief Executive Officer, of $550,000, and to David Trick, the Company's Chief Financial Officer, of $180,000, in each case for their performance in 2011. As previously reported, Mr. Trick received quarterly retention payments in 2011 totaling $220,000. In addition, the Compensation Committee approved an increase in Ms. Adams' base salary for 2012 to $750,000. Ambac Assurance Corporation ("Ambac Assurance") will pay its allocable portion of such amounts in accordance with Ambac's procedures for allocating expenses.



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