SEC Form 4 · accession 0000874501-16-000101
OCTAVE SPECIALTY GROUP INC · OSG
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Tavakoli Nader
Officer — Chief Executive Officer · Director
Period of report
Jan 1, 2016
Accepted (ET)
Jan 5, 2016 · 4:10 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000874501
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock, par value $0.01 per shareF1 | Jan 1, 2016 | M | 11,666 | — | A | 74,091 | D | |
| Common Stock, par value $0.01 per share | Jan 1, 2016 | F | 690 | $14.09 | D | 73,401 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF1,F2 | — | Jan 1, 2016 | M | 11,666 | D | — | — | Common Stock | 11,666 | 49,797 | D |
| Restricted Stock UnitsF3,F2 | — | Jan 4, 2016 | A | 310,458 | A | — | — | Common Stock | 310,458 | 360,255 | D |
Explanation of responses
- F1On January 1, 2016, there were 11,666 restricted stock units ("RSUs") that vested, settled, and were converted into shares of common stock of Ambac Financial Group, Inc. (the "Company").
- F2Each RSU represents a contingent right to receive one share of the common stock of the Company.
- F3On January 4, 2016 there were 310,458 RSUs granted to the reporting person, which shall vest in three equal annual installments on each of December 31, 2016, December 31, 2017, and December 31, 2018, and shall settle and convert into shares of common stock immediately upon vesting.