R. Sharon Smith - Jan 2, 2022 Form 4 Insider Report for AMBAC FINANCIAL GROUP INC (AMBC)

Role: Senior Managing Director
Signature: William J. White, attorney-in-fact
Stock symbol: AMBC
Transactions as of: Jan 2, 2022
Transactions value $: -$43,351
Form type: 4
Date filed: 1/4/2022, 03:08 PM
Next filing: Feb 28, 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AMBC	Common Stock	Options Exercise	$0	+4.75K	+11.73%	$0.00	45.3K	Jan 2, 2022	Direct	F1
transaction	AMBC	Common Stock	Tax liability	-$43.4K	-2.7K	-5.97%	$16.05	42.6K	Jan 2, 2022	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	AMBC	Restricted Stock Units	Options Exercise	$0	-4.75K	-17.55%	$0.00	22.3K	Jan 2, 2022	Common Stock	4.75K		Direct	F1, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents the aggregate amount of restricted stock units ("RSUs") that were converted into shares of common stock of Ambac Financial Group, Inc. (the "Company") upon settlement of a portion of the reporting person's 2019 and 2020 Long Term Incentive Plan award.
F2	Represents the aggregate amount of RSUs that were converted into shares of common stock and withheld by the Company to satisfy certain tax withholding obligations.
F3	Each RSU represents a contingent right to receive one share of the common stock the Company.