SEC Form 4 · accession 0001209191-18-013021
ASSURED GUARANTY LTD · AGO
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Ling Chow
Officer — General Counsel and Secretary
Period of report
Feb 21, 2018
Accepted (ET)
Feb 23, 2018 · 4:55 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001273813
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common SharesF1 | Feb 21, 2018 | A | 9,296 | — | A | 60,443 | D | |
| Common SharesF2 | Feb 21, 2018 | A | 13,186 | — | A | 73,629 | D | |
| Common SharesF3 | Feb 22, 2018 | F | 913 | $37.19 | D | 72,716 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Performance Share UnitsF6,F4,F5 | — | Feb 21, 2018 | A | 9,296 | A | — | — | Common Shares | 9,296 | 9,296 | D |
Explanation of responses
- F1Restricted stock units awarded pursuant to the Assured Guaranty Ltd. 2004 Long-Term Incentive Plan (the "Plan"). With limited exceptions, the restricted stock units vest on 2/21/2021, assuming that the holder remains employed at such time. Upon vesting, one Common Share will be delivered for each vested restricted stock unit.
- F2Restricted stock units awarded pursuant to the Plan. The restricted stock units vest as follows: 1/4 on the first anniversary date of the award, 1/4 on the second anniversary date of the award, 1/4 on the third anniversary date of the award and 1/4 on the fourth anniversary date of the award. Upon vesting, one Common Share will be delivered for each vested restricted stock unit.
- F3Common Shares being withheld to pay tax liability.
- F4Performance share units awarded pursuant to the Plan. Each performance share unit represents a contingent right to receive one Common Share of the Company. With limited exceptions, the performance share units vest on 2/21/2021, if at all, at the end of the performance period (7/1/2019 to 12/31/2020), assuming that the holder remains employed at such time, based on the Company's Common Share price using the highest 40-day average stock price during the performance period as follows: 200% if the share price reaches $50; 100% if the share price reaches $46; and 50% if the share price reaches $42 (with interpolation between those prices). If the share price does not reach $42, none of the performance share units will vest.
- F5To the extent unvested performance share units do not become vested units at the end of the applicable performance period as described above, such unvested performance share units will expire at the end of such performance period. Upon vesting, one Common Share will be delivered for each vested performance share unit.
- F6Total does not include 18,839 outstanding options of various tranches.