Form 4: Ambac Financial Group Executive McGinnis Reports Stock Transactions

Daniel McGinnis, a Senior Managing Director & COO at Ambac Financial Group, reported the conversion and disposal of restricted stock units and deferred share units into common stock on February 28, 2024.

Summary

• On February 28, 2024, Daniel McGinnis, a Senior Managing Director & COO at Ambac Financial Group, engaged in transactions involving Ambac Financial Group's common stock.
• McGinnis converted 338 restricted stock units (RSUs) from the 2022 Long Term Incentive Plan award into common stock.
• An additional 338 RSUs were converted into common stock and withheld by the company to cover tax obligations at a price of $16.94.
• 6,734 RSUs from McGinnis' sign-on RSU award were also converted into common stock.
• 2,590 RSUs were converted into common stock and withheld for tax obligations at $16.94.
• 2,524 RSUs from the 2022 Long Term Incentive Plan award were converted into Deferred Share Units (DSUs).
• Following these transactions, McGinnis directly owns 8,318 shares of common stock and 5,056 DSUs.
• McGinnis also holds 10,684 RSUs.

Sentiment

Score: 5

Explanation: The document is a neutral regulatory filing, reflecting standard executive compensation practices. It doesn't inherently convey positive or negative sentiment.

Industry Context

This Form 4 filing is a routine disclosure of insider transactions, which are common in publicly traded companies. It provides transparency into the trading activities of company executives.

Stakeholder Impact

• The transactions may have a minor impact on shareholders due to the change in the number of shares held by an executive.
• The tax withholding obligations satisfied through stock conversions could affect the company's cash flow.

Key Dates