X0306 4 2020-03-03 0 0000814585 MBIA INC MBI 0001334233 Fallon William C C/O MBIA 1 MANHATTANVILLE ROAD, SUITE 301 PURCHASE NY 10577 0 1 0 0 CEO & President Common Stock 2020-03-03 4 A 0 66204 0 A 2128179 D Common Stock 2020-03-03 4 A 0 175958 0 A 2304137 D Time based shares that will vest in equal installments on the third, fourth and fifth anniversary of the grant date, subject to the NEO's continued employment on the vesting date (subject to certain exceptions). Balance reflects adjustment for retirement plan shares. Restricted Stock granted pursuant to long-term incentive award under 16b-3 exemption. The shares issued are the target number of performance-based restricted stock that may be earned (in a range of 0% to 200% of the target number of shares issued) based on the achievement of a certain performance metric as of December 31, 2022. Any shares that are not earned on such date will be forfeited. The shares that are earned on such date will vest in one-third increments on each of the third, fourth and fifth anniversaries of the date of grant, subject to certain continued service conditions. /s/ Jonathan C. Harris, Attorney-in-Fact 2020-03-05