[Form 4/A] AMBAC FINANCIAL GROUP INC Amended Insider Trading Activity

Rhea-AI Filing Summary

Ambac Financial Group (AMBC) filed a Form 4/A reporting equity awards to its Chief Executive Officer and director on October 3, 2025.

The CEO received a Performance Stock Option for 500,000 shares at an exercise price of $8.97, expiring October 3, 2035. The option becomes eligible to vest after one year based on sustained stock-price hurdles over five years: 40% at $18.00, then 20% each at $21.50, $25.00, and $30.00.

Two RSU grants were also reported: 45,650 RSUs replacing a portion of a July 2025 LTIP award determined void ab initio, vesting in three equal installments on October 3, 2026, July 9, 2027, and July 9, 2028; and a special grant of 232,816 RSUs that vests after one year and settles at the earlier of the fifth anniversary of the grant or the reporting person’s termination after that vesting date. Ownership is reported as Direct.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider LeBlanc Claude

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Grant/Award	Performance Stock Option	500,000	$0.00	--
Grant/Award	Restricted Stock Units	45,650	$0.00	--
Grant/Award	Restricted Stock Units	232,816	$0.00	--

Holdings After Transaction: Performance Stock Option — 500,000 shares (Direct); Restricted Stock Units — 280,801 shares (Direct)

Footnotes (1)

1. The Performance Stock Option shall be eligible to vest beginning one year after the grant date based on Ambac Financial Group, Inc.'s (the "Company") achievement of the certain price hurdles related to the shares of Common Stock, during the five (5) year period following the grant date as follows: (i) 40 % shall vest on the date on which the sustained stock price first exceeds $18.00 per share; (ii) 20% shall vest on the date on which the sustained stock price first exceeds $21.50 per share; (iii) 20% shall vest on the date on which the sustained stock price first exceeds $25.00 per share; and (iv) 20% shall vest on the date on which the sustained stock price first exceeds $30.00 per share. Each restricted stock unit ("RSU") represents a contingent right to receive one share of the common stock of the Company. On October 3, 2025 the reporting person received a grant of 45,650 RSUs to replace a portion of the July 2025 Long Term Incentive Plan award previously determined to be void ab initio. These RSUs will vest in three equal annual installments commencing October 3, 2026, July 9, 2027, and July 9, 2028. On October 3, 2025 the reporting person received a special RSU grant that will vest and become non-forfeitable after one year (subject to limited exceptions), but will not settle until the earlier of the fifth (5) year anniversary of the grant date or the reporting person's termination date, provided such termination occurs after the one year vesting date.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED 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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

LeBlanc Claude

(Last) (First) (Middle)

AMBAC FINANCIAL GROUP, INC.

ONE WORLD TRADE CENTER, 41ST FLOOR

(Street)

NEW YORK NY 10007

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
10/03/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
10/03/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form 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)
			Code	V	Amount	(A) or (D)	Price

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 Security	3. 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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Performance Stock Option	$8.97	10/03/2025		A		500,000		(1)	10/03/2035	Common Stock	500,000	$0	500,000	D
Restricted Stock Units	(2)	10/03/2025		A		45,650		(3)	(3)	Common Stock	45,650	$0	280,801	D
Restricted Stock Units	(2)	10/03/2025		A		232,816		(4)	(4)	Common Stock	232,816	$0	513,617	D

Explanation of Responses:

1. The Performance Stock Option shall be eligible to vest beginning one year after the grant date based on Ambac Financial Group, Inc.'s (the "Company") achievement of the certain price hurdles related to the shares of Common Stock, during the five (5) year period following the grant date as follows: (i) 40 % shall vest on the date on which the sustained stock price first exceeds $18.00 per share; (ii) 20% shall vest on the date on which the sustained stock price first exceeds $21.50 per share; (iii) 20% shall vest on the date on which the sustained stock price first exceeds $25.00 per share; and (iv) 20% shall vest on the date on which the sustained stock price first exceeds $30.00 per share.

2. Each restricted stock unit ("RSU") represents a contingent right to receive one share of the common stock of the Company.

3. On October 3, 2025 the reporting person received a grant of 45,650 RSUs to replace a portion of the July 2025 Long Term Incentive Plan award previously determined to be void ab initio. These RSUs will vest in three equal annual installments commencing October 3, 2026, July 9, 2027, and July 9, 2028.

4. On October 3, 2025 the reporting person received a special RSU grant that will vest and become non-forfeitable after one year (subject to limited exceptions), but will not settle until the earlier of the fifth (5) year anniversary of the grant date or the reporting person's termination date, provided such termination occurs after the one year vesting date.

Remarks:

	William White, attorney-in-fact	10/03/2025
	** Signature of Reporting Person	Date
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