Form 4: Ambac Financial Group Executive Daniel McGinnis Reports Stock Transactions
SEC Form 4 Filing
Daniel McGinnis, Sr. MD & COO of Ambac Financial Group, reports the acquisition and disposal of common stock and restricted stock units related to vesting and tax obligations.
Summary
- Daniel McGinnis, a Senior Managing Director and COO at Ambac Financial Group, filed a Form 4 detailing changes in beneficial ownership.
- On March 13, 2025, McGinnis acquired 94 shares of common stock upon the vesting and settlement of a portion of his 2024 Restrictive Stock Unit Long Term Incentive Plan (RSU LTIP) award.
- Additionally, 94 RSUs were converted into shares of common stock and withheld by the company to satisfy tax obligations at a price of $8.39.
- 2,584 RSUs were converted into an equivalent number of deferred share units (DSUs) pursuant to the Company's Executive Stock Deferral Plan.
- Following these transactions, McGinnis directly owns 18,456 shares of common stock, 8,058 Restricted Stock Units, and 29,832 Deferred Share Units.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions. It doesn't inherently convey positive or negative sentiment, but rather provides factual information.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. These filings are closely watched by investors seeking to understand management's perspective on the company's stock.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units (RSUs) and deferred share units (DSUs) as part of long-term incentive plans.
- Companies like Berkshire Hathaway, JP Morgan Chase, and Goldman Sachs also utilize similar equity-based compensation strategies to align executive interests with shareholder value.
- The Executive Stock Deferral Plan is a common tool used by companies to allow executives to defer income taxation on equity awards, in accordance with Section 409A of the Internal Revenue Code.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they reflect routine executive compensation adjustments.
- Employees participating in similar stock plans may be interested in the details of the Executive Stock Deferral Plan.
Key Dates
| Date | Description |
|---|---|
| 03/13/2025 | Date of earliest transaction: Acquisition and disposal of common stock and RSUs/DSUs. |
| 03/14/2025 | Date of signature by William J. White, attorney-in-fact. |
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