# EDGAR Filing Document

**Accession Number:** 0001380820
**File Stem:** 0000874501-23-000065
**Filing Date:** 2023-3
**Character Count:** 9286
**Document Hash:** 0436327e8a5703998ceb64abb32f17db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000874501-23-000065.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0000874501-23-000065

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230308

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** LeBlanc Claude
- **CENTRAL INDEX KEY:** 0001380820

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10777
- **FILM NUMBER:** 23719973

**MAIL ADDRESS:**
- **STREET 1:** ONE BERMUDIANA ROAD
- **CITY:** HAMILTON
- **STATE:** D0
- **ZIP:** HM 11
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMBAC FINANCIAL GROUP INC
- **CENTRAL INDEX KEY:** 0000874501
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURETY INSURANCE [6351]
- **IRS NUMBER:** 133621676
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** ONE WORLD TRADE CENTER
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007
- **BUSINESS PHONE:** 2126587470

**MAIL ADDRESS:**
- **STREET 1:** ONE WORLD TRADE CENTER
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMBAC INC /DE/
- **DATE OF NAME CHANGE:** 19930328

## Ex-24

```
<pre>
POWER OF ATTORNEY

            I, Claude LeBlanc, do hereby nominate, constitute and appoint each of  William White, Stephen M. Ksenak and Yolanda Ortiz, as my true and lawful agent and attorney-in-fact, with full power and authority to act hereunder, in his or her discretion, in my name and on my behalf as fully as I could if I were present and acting in person, to make any and all required or voluntary filings under Section 16(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the applicable rules and regulations thereunder, with the Securities and Exchange Commission, the NASDAQ Stock Exchange, Ambac Financial Group, Inc., a Delaware corporation (the "Company"), and any other person or entity to which such filings may be required under Section 16(a) of the Exchange Act as a result of my service as an officer or director of the Company or beneficial ownership (within the meaning of Section 16(a) of the Exchange Act) of more than ten percent of any class of equity securities of the Company.

            I hereby consent to, ratify and confirm all the said attorney-in-fact shall do or cause to be done by virtue of this Power of Attorney.  I hereby acknowledge the attorney-in-fact, in serving in such capacity at my request, is not assuming, nor is the Company assuming, any of my responsibilities to comply with Section 16 of the Exchange Act.

            This Power of Attorney shall remain in full force and effect from this date forward for so long as I am an officer or director of the Company and for such time thereafter as may be necessary to make any such filings or until revoked or modified by me.  I hereby revoke all prior powers of attorney relating to the foregoing acts.

            IN WITNESS WHEREOF, I have hereunto signed my name this 16th day of December, 2016.

                         ___/s/ Claude LeBlanc __
                        Claude LeBlanc
</pre>
```

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>LeBlanc Claude<br><sub>(Last) (First) (Middle)</sub><br>AMBAC FINANCIAL GROUP, INC.<br>ONE WORLD TRADE CENTER, 41ST FLOOR<br><sub>(Street)</sub><br>NEW YORK, NY 10007<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-03-08 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Chief Executive Officer_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>AMBAC FINANCIAL GROUP INC [ AMBC ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2023-03-08 |  | M |  | 1573<sup>(1)</sup> | A | $0 | 501489 | D |  |
| Common Stock | 2023-03-08 |  | F |  | 1573<sup>(2)</sup> | D | $16.41 | 499916 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Restricted Stock Units | <sup>(3)</sup> | 2023-03-08 |  | M |  |  | 1573 | <sup>(1)</sup> | <sup>(1)</sup> | Common Stock | 1573.0 | $0 | 183346 | D |  |
| Restricted Stock Units | <sup>(3)</sup> | 2023-03-08 |  | M |  |  | 29925<sup>(4)</sup> | <sup>(5)</sup> | <sup>(5)</sup> | Common Stock | 29925.0 | $0 | 153421 | D |  |
| Deferred Share Units | <sup>(6)</sup> | 2023-03-08 |  | M |  | 29925<sup>(4)</sup> |  | <sup>(5)</sup> | <sup>(5)</sup> | Common Stock | 29925.0 | $0 | 54394 | D |  |

---

### Footnotes:

(1) Represents the aggregate number of restricted stock units ("RSUs") that were converted into shares of common stock of Ambac Financial Group, Inc. (the "Company") upon settlement of a portion of the reporting person's 2021 Long Term Incentive Plan award.

(2) Represents the aggregate number of RSUs that were converted into shares of common stock and withheld by the Company to satisfy certain tax withholding obligations.

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

(4) Represents the aggregate amount of RSUs that were converted into an equivalent number of Deferred Share Units ("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 RSU and Performance Stock Unit awards in accordance with Section 409A of the Internal Revenue Code of 1986, as amended.

(5) Represents the aggregate amount of RSUs that were converted into DSUs of the Company upon settlement of a portion of the reporting person's 2021 Long Term Incentive Plan award.

(6) Each Deferred Share Unit ("DSU") represents a contingent right to receive one share of the Company's common stock.

**Signature:** William J. White, attoney-in-fact  
**Date:** 2023-03-09

### Remarks:

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.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**