Ambac (AMBC) amends Form 4 to correct option expiry to 10/03/2035

Rhea-AI Filing Summary

David Trick, Exec VP, CFO & Treasurer of Ambac Financial Group, Inc. (AMBC), reported an amended Form 4 disclosing two equity awards on 10/03/2025. He received a Performance Stock Option for 350,375 shares with an exercise price of $8.97 and an expiration date corrected to 10/03/2035. The option becomes eligible to vest beginning one year after grant and vests over five years if certain sustained stock price hurdles are met: $18.00 (40%), $21.50 (20%), $25.00 (20%), and $30.00 (20%). He also received 66,519 Restricted Stock Units (RSUs) that vest after one year but will settle at the earlier of the fifth anniversary or his termination (if that termination occurs after the one-year vesting date). The filing was amended to correct the option expiration date that was initially reported incorrectly.

Positive

• 350,375 performance option ties pay to clear multi-year price hurdles ($18.00-$30.00)
• 66,519 RSUs vest after one year and settle by the fifth anniversary, encouraging retention

Negative

• Amendment required to correct the performance option expiration date, indicating an initial reporting error

Insights

Compensation & Governance Analyst

TL;DR: Significant incentive awards tied to multi-year stock-price hurdles, with a corrected expiration date.

What it means: The 350,375 performance option and 66,519 RSUs create multi-year incentive alignment by tying a large portion of pay to sustained stock-price performance and continued service.

Why it matters: The performance option vests only if sustained stock prices exceed specific thresholds over a five-year window (notably $18.00 through $30.00), which links executive reward to long-term share-price outcomes. The amended Form 4 corrects the option expiration to 10/03/2035, clarifying the full ten-year exercise window for the award.

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

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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^*

Trick David

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Exec VP, CFO & Treasurer

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		350,375		(1)	10/03/2035(2)	Common Stock	350,375	$0	350,375	D
Restricted Stock Units	(3)	10/03/2025		A		66,519		(4)	(4)	Common Stock	66,519	$0	123,439	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. On October 3, 2025, the reporting person filed a Form 4 that inadvertently reported the expiration date of the performance stock option award as October 3, 2025. The correct expiration date is October 3, 2035.

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

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
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What did David Trick disclose on the AMBC Form 4/A?

He disclosed a grant of a Performance Stock Option for 350,375 shares at an exercise price of $8.97 and 66,519 Restricted Stock Units, both reported on 10/03/2025.

What are the vesting conditions for the performance option reported by AMBC (AMBC)?

Vesting is eligible beginning one year after grant and occurs based on sustained stock price hurdles over five years: 40% at $18.00, 20% at $21.50, 20% at $25.00, 20% at $30.00.

What is the corrected expiration date for the performance option?

The amended Form 4 corrects the expiration date to 10/03/2035 (the original filing incorrectly showed 10/03/2025).

When will the RSUs granted to David Trick settle?

The 66,519 RSUs vest after one year but will not settle until the earlier of the fifth anniversary of the grant or the reporting person's termination date (if termination occurs after the one-year vesting date).

What role does David Trick hold at Ambac Financial Group?

The Form 4/A lists David Trick as Exec VP, CFO & Treasurer of Ambac Financial Group, Inc.