Claude LeBlanc - Sep 29, 2025 Form 4 Insider Report for AMBAC FINANCIAL GROUP INC (AMBC)

Role: Chief Executive Officer, Director
Signature: William White, attorney-in-fact
Stock symbol: AMBC
Transactions as of: Sep 29, 2025
Transactions value $: -$4,116,351
Form type: 4
Date filed: 10/1/2025, 04:58 PM
Previous filing: Aug 11, 2025
Next filing: Oct 3, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
LeBlanc Claude	Chief Executive Officer, Director	AMBAC FINANCIAL GROUP, INC., ONE WORLD TRADE CENTER, 41ST FLOOR, NEW YORK	William White, attorney-in-fact	2025-10-01	0001380820

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AMBC	Common Stock	Conversion of derivative security	$0	+661K	+109.62%	$0.00	1.26M	Sep 29, 2025	Direct	F1
transaction	AMBC	Common Stock	Tax liability	-$3.4M	-350K	-27.69%	$9.72	914K	Sep 29, 2025	Direct	F2
transaction	AMBC	Common Stock	Options Exercise	$0	+193K	+21.14%	$0.00	1.11M	Sep 30, 2025	Direct	F3
transaction	AMBC	Common Stock	Tax liability	-$926K	-111K	-10.02%	$8.34	997K	Sep 30, 2025	Direct	F4
transaction	AMBC	Common Stock	Purchase	$214K	+25K	+2.51%	$8.54	1.02M	Oct 1, 2025	Direct

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	Deferred Share Units	Conversion of derivative security	$0	-661K	-100%	$0.00	0	Sep 29, 2025	Common Stock	661K		Direct	F1, F5
transaction	AMBC	Deferred Share Units	Award	$0	+175K		$0.00	175K	Sep 30, 2025	Common Stock	175K		Direct	F5, F6

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

Explanation of Responses:

Id	Content
F1	Upon the closing of the sale of Ambac Assurance Corporation by Ambac Financial Group to an entity owned by funds managed by Oaktree Capital Management, L.P., a change of control was triggered causing the Reporting Person's Deferred Share Units ("DSUs") to vest and settle.
F2	Represents the amount of DSUs that were converted into shares of common stock and withheld by the Company to satisfy certain tax withholding obligations.
F3	On September 30, 2025 the Compensation Committee of the Board of Directors of Ambac Financial Group approved the acceleration of the Reporting Person's 2023 and 2024 Performance Stock Unit ("PSUs") awards in connection with the change of control referred to in footnote 1. The reporting person acquired shares of common stock of Ambac Financial Group, Inc. (the "Company") upon the simultaneous vesting and settlement of the reporting person's 2023 and 2024 Long Term Incentive Plan PSU awards.
F4	Represents the aggregate amount of PSUs that were converted into shares of common stock and withheld by the Company to satisfy certain tax withholding obligations.
F5	Each DSU represents a contingent right to receive one share of common stock of the Company.
F6	Represents the aggregate amount of performance stock units ("PSUs") that were converted into an equivalent number of DSUs pursuant to the Company's Executive Stock Deferral Plan, which was designed to enable participants to elect to defer the settlement and income taxation of PSU and restricted stock unit awards in accordance with Section 409A of the Internal Revenue Code of 1986, as amended.