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David Trick

Filed: 4 Mar 20, 4:22pm
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Trick David

(Last)(First)(Middle)
AMBAC FINANCIAL GROUP, INC.
ONE WORLD TRADE CENTER, 41ST FLOOR

(Street)
NEW YORKNY10007

(City)(State)(Zip)
2. Issuer Name and Ticker or Trading Symbol
AMBAC FINANCIAL GROUP INC [ AMBC ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director10% Owner
XOfficer (give title below)Other (specify below)
Exec VP, CFO & Treasurer
3. Date of Earliest Transaction (Month/Day/Year)
03/02/2020
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8)4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Common Stock03/02/2020M19,036(1)A$079,661D
Common Stock03/02/2020F6,465(2)D$19.8573,196D
Common Stock03/02/2020M4,498(3)A$077,694D
Common Stock03/02/2020F1,422(4)D$19.8576,272D
Common Stock03/02/2020M2,945(5)A$079,217D
Common Stock03/02/2020F1,000(6)D$19.8578,217D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)2. Conversion or Exercise Price of Derivative Security3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8)5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)8. Price of Derivative Security (Instr. 5)9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Deferred Share Units(7)03/02/2020M4,498(3)(3)Common Stock4,498$06,940D
Restricted Stock Units(8)03/02/2020M2,945(5)(5)Common Stock2,945$014,385D
Explanation of Responses:
1. The reporting person acquired 19,036 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.
2. As part of the vesting and settlement of the 2017 LTIP, 6,465 shares of common stock were withheld by the Company to satisfy certain tax withholding obligations.
3. On March 2, 2020 there were 4,498 deferred share units ("DSUs") that settled, and were converted into shares of common stock of the Company.
4. Represents DSUs that were converted into shares of common stock and withheld by the Company to satisfy certain tax withholding obligations.
5. On March 2, 2020 there were 2,945 restricted stock units ("RSUs") that settled, and were converted into shares of common stock of the Company.
6. Represents RSUs that were converted into shares of common stock and withheld by the Company to satisfy certain tax withholding obligations.
7. Each DSU represents a contingent right to receive one share of common stock of the Company.
8. Each RSU represents a contingent right to receive one share of common stock of the Company.
Remarks:
William J. White, attorney-in-fact03/04/2020
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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