SEC Form 4 · accession 0000874501-18-000045
OCTAVE SPECIALTY GROUP INC · OSG
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Claude LeBlanc
Officer — Chief Executive Officer · Director
Period of report
Mar 2, 2018
Accepted (ET)
Mar 6, 2018 · 6:00 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 StockF1 | Mar 2, 2018 | M | 1,068 | $0.00 | A | 48,568 | D | |
| Common StockF1 | Mar 2, 2018 | F | 1,068 | $15.09 | D | 47,500 | 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 UnitsF2,F3 | — | Mar 2, 2018 | A | 59,643 | A | — | — | Common Stock | 59,643 | 59,643 | D |
| Deferred Share UnitsF4,F5 | — | Mar 2, 2018 | A | 23,924 | A | — | — | Common Stock | 23,924 | 23,924 | D |
| Deferred Share UnitsF4,F1 | — | Mar 2, 2018 | M | 1,068 | D | — | — | Common Stock | 1,068 | 22,856 | D |
Explanation of responses
- F1On March 2, 2018, 1,068 deferred share units ("DSUs") vested and were converted into shares of common stock and withheld by Ambac Financial Group, Inc. (the "Company") to satisfy certain tax withholding obligations.
- F2Each restricted stock unit ("RSUs") represents a contingent right to receive one share of common stock of the Company.
- F3On March 2, 2018 the reporting person received a grant of 59,643 RSUs as part of their 2018 Long Term Incentive Plan award. The RSUs will vest in three equal annual installments on each of March 2, 2019, March 2, 2020, and March 2, 2021.
- F4Each DSU represents a contingent right to receive one share of the Company's common stock.
- F5On March 2, 2018, there were 23,924 DSUs granted as part of the 2018 Short Term Incentive Plan. The DSUs shall vest immediately and shall settle and convert into shares of common stock as follows: 50% of the DSUs shall settle and convert into shares of common stock on March 2, 2019, and the remaining 50% of the DSUs shall settle and convert into shares of common stock on March 2, 2020; provided however, that if the reporting person's employment with the Company is terminated for any reason, all of the DSUs will settle and convert into shares of common stock immediately. Notwithstanding the foregoing, a number of vested DSUs sufficient to satisfy certain tax withholding obligations imposed upon the Company may be converted into shares of common stock and withheld by the Company to satisfy such tax withholding obligations.