0000874501-18-000076.txt : 20180518 0000874501-18-000076.hdr.sgml : 20180518 20180518160929 ACCESSION NUMBER: 0000874501-18-000076 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20180516 FILED AS OF DATE: 20180518 DATE AS OF CHANGE: 20180518 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Smith R Sharon CENTRAL INDEX KEY: 0001707461 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-10777 FILM NUMBER: 18846721 MAIL ADDRESS: STREET 1: ONE STATE STREET PLAZA CITY: NEW YORK STATE: NY ZIP: 10004 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: AMBAC FINANCIAL GROUP INC CENTRAL INDEX KEY: 0000874501 STANDARD INDUSTRIAL CLASSIFICATION: SURETY INSURANCE [6351] IRS NUMBER: 133621676 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: ONE STATE ST PLZ CITY: NEW YORK STATE: NY ZIP: 10004 BUSINESS PHONE: 2126680340 MAIL ADDRESS: STREET 1: ONE STATE ST PLZ CITY: NEW YORK STATE: NY ZIP: 10004 FORMER COMPANY: FORMER CONFORMED NAME: AMBAC INC /DE/ DATE OF NAME CHANGE: 19930328 4 1 wf-form4_152667411220421.xml FORM 4 X0306 4 2018-05-16 0 0000874501 AMBAC FINANCIAL GROUP INC AMBC 0001707461 Smith R Sharon AMBAC FIANCIAL GROUP, INC. ONE STATE STREET PLAZA NEW YORK NY 10004 0 1 0 0 Senior Managing Director Common Stock 2018-05-16 4 M 0 332 0 A 332 D Common Stock 2018-05-16 4 F 0 332 19.14 D 0 D Restricted Stock Units 2018-05-16 4 A 0 7837 0 A Common Stock 7837.0 14464 D Restricted Stock Units 2018-05-16 4 M 0 332 0 D Common Stock 332.0 14132 D On May 16, 2018, the Grant Date, 332 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. Each RSU represents a contingent right to receive one share of common stock of the Company. On May 16, 2018, there were 7,837 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. William J. White, attorney-in-fact 2018-05-18