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AMBAC FINANCIAL GROUP INC — Director's Dealing 2018
May 18, 2018
32919_dirs_2018-05-18_9f5dc3af-f525-4579-bda4-1e4b97b0c06f.zip
Director's Dealing
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SEC Form 4 — Statement of Changes in Beneficial Ownership
Issuer: AMBAC FINANCIAL GROUP INC (AMBC)
CIK: 0000874501
Period of Report: 2018-05-16
Reporting Person: Ksenak Stephen Michael (Sr. MD & General Counsel)
Non-Derivative Transactions
| Date | Security | Code | Shares | Price | A/D | Holdings After | Ownership |
|---|---|---|---|---|---|---|---|
| 2018-05-16 | Common Stock | M | 443 | — | Acquired | 16390 | Direct |
| 2018-05-16 | Common Stock | F | 443 | $19.14 | Disposed | 15947 | Direct |
Derivative Transactions
| Date | Security | Exercise Price | Code | Shares | A/D | Expiration | Underlying | Ownership |
|---|---|---|---|---|---|---|---|---|
| 2018-05-16 | Restricted Stock Units | $ | A | 10450 | Acquired | Common Stock (10450.0) | Direct | |
| 2018-05-16 | Restricted Stock Units | $ | M | 443 | Disposed | Common Stock (443.0) | Direct |
Footnotes
F1: On May 16, 2018, the Grant Date, 443 restricted stock units ("RSUs") vested, and were settled and converted into shares of common stock and withheld by Ambac Financial Group, Inc. (the "Company") to satisfy certain tax withholding obligations.
F2: Each RSU represents a contingent right to receive one share of common stock of the Company.
F3: On May 16, 2018, there were 10,450 RSUs granted in recognition of the reporting person's efforts to bring about the successful exit of the Segregated Account of Ambac Assurance Corporation from Rehabilitation. The RSUs shall vest immediately and shall settle and convert into shares of common stock as follows: 50% of the RSUs shall settle and convert into shares of common stock on May 16, 2019, and the remaining 50% of the RSUs shall settle and convert into shares of common stock on May 16, 2020; provided however, that if the reporting person's employment with the Company is terminated for any reason (other than termination for cause), all of the RSUs will settle and convert into shares of common stock immediately. Notwithstanding the foregoing, a number of vested RSUs sufficient to satisfy certain tax withholding obligations imposed upon the Company may be converted into shares of common stock and withheld by the Company to satisfy such tax withholding obligations.