REILLY MICHAEL FRANCIS 4

4 · AMBAC FINANCIAL GROUP INC · Filed Mar 4, 2020

Form 4

Period: 2020-03-02

Senior Managing Director

Transactions

Exercise/Conversion
Deferred Share Units
2020-03-02−2,095→ 3,446 total
→ Common Stock (2,095 underlying)
Tax Payment
Common Stock
2020-03-02$19.85/sh−4,424$87,816→ 28,911 total
Exercise/Conversion
Common Stock
2020-03-02+2,095→ 31,006 total
Exercise/Conversion
Common Stock
2020-03-02+2,025→ 32,369 total
Tax Payment
Common Stock
2020-03-02$19.85/sh−662$13,141→ 30,344 total
Tax Payment
Common Stock
2020-03-02$19.85/sh−640$12,704→ 31,729 total
Exercise/Conversion
Restricted Stock Units
2020-03-02−2,025→ 8,356 total
→ Common Stock (2,025 underlying)
Exercise/Conversion
Common Stock
2020-03-02+12,691→ 33,335 total

Footnotes (8)

[F1]The reporting person acquired 12,691 shares of common stock of Ambac Financial Group, Inc. (the "Company") upon the simultaneous vesting and settlement of the reporting person's 2017 Long Term Incentive Plan ("2017 LTIP") award, which had a three year performance period and vested on March 2, 2020.
[F2]As part of the vesting and settlement of the 2017 LTIP, 4,424 shares of common stock were withheld by the Company to satisfy certain tax withholding obligations.
[F3]On March 2, 2020 there were 2,095 deferred share units ("DSUs") that settled, and were converted into shares of common stock of the Company.
[F4]Represents DSUs that were converted into shares of common stock and withheld by the Company to satisfy certain tax withholding obligations.
[F5]On March 2, 2020 there were 2,025 restricted stock units ("RSUs") that settled, and were converted into shares of common stock of the Company.
[F6]Represents RSUs that were converted into shares of common stock and withheld by the Company to satisfy certain tax withholding obligations.
[F7]Each DSU represents a contingent right to receive one share of common stock of the Company.
[F8]Each RSU represents a contingent right to receive one share of the Company's common stock.

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