AMBAC FINANCIAL GROUP INC 4
4 · AMBAC FINANCIAL GROUP INC · Filed Mar 10, 2008
Insider Transaction Report
Form 4
Wallis David W
DirectorPresident and CEO
Transactions
- Purchase
Equity Units
2008-03-07$50.00/sh+1,450$72,500→ 1,450 totalFrom: 2011-05-17Exp: 2011-05-17→ Common Stock
Holdings
- 90,353
Common Stock
Footnotes (3)
- [F1]Each Equity Unit consists of a purchase contract and a 5% undivided beneficial ownership interest in a $1,000 principal amount senior note.
- [F2]The purchase contract obligates the Reporting Person to purchase, and obligates Ambac to sell, on May 17, 2011, for $50 in cash, a number of newly issued shares of Ambac common stock determined as follows: (i) if the applicable market value of the common stock, determined by reference to the average of the volume weighted average prices per share of Ambac common stock over the 20-trading day period ending on the third trading day prior to May 17, 2011, is greater than or equal to $7.97, the settlement rate will be 6.2775 shares of common stock; (ii) if the applicable market value is less than $7.97, but greater than $6.75, the settlement rate will be a number of shares of common stock equal to $50 divided by the applicable market value; and (iii) if the applicable market value is less than or equal to $6.75, the settlement rate will be 7.4074 shares of common stock.
- [F3]Under certain circumstances, the Reporting Person may have the right to settle the purchase contract in cash on or prior to the second business day immediately preceding the purchase contract settlement date.