DAVID BARRANCO - 28 Feb 2023 Form 4 Insider Report for AMBAC FINANCIAL GROUP INC (AMBC)

Role: Senior Managing Director
Signature: /s/ William White, attorney in fact
Issuer symbol: AMBC
Transactions as of: 28 Feb 2023
Net transactions value: -$34,143
Form type: 4
Filing time: 02 Mar 2023, 15:24:10 UTC
Previous filing: 24 Feb 2023
Next filing: 06 Mar 2023
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	+5,724	+6.1%	$0.000000	98,968	28 Feb 2023	Direct	F1
transaction	AMBC	Common Stock	Tax liability	$34,143	-2,063	-2.1%	$16.55	96,905	28 Feb 2023	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	-5,724	-18%	$0.000000	25,448	28 Feb 2023	Common Stock	5,724		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 2022 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.