X0202 3 2007-02-12 0 0001304623 ACA Capital Holdings Inc ACA 0001393333 Hill Peter Jon C/O ACA CAPITAL HOLDINGS, INC. 140 BROADWAY NEW YORK NY 10005 0 1 0 0 X Exec. V.P.-Head of Pub. Fin. Common Stock 22500 D Stock Options (Right to Buy) 14.70 2017-02-12 Common Stock 20000 D The shares were awarded to the reporting person under the registrant's Amended and Restated 2006 Stock Incentive Plan. The shares will vest in equal installments on the next four anniversaries of February 12, 2007. The option was awarded to the reporting person under the registrant's Amended and Restated 2006 Stock Incentive Plan. The option vests over forty-two (42) months, with 1/7 of the total number of shares covered by the option vesting every six months beginning on August 12, 2007. /s/ Joanne Park, Attorney-In-Fact 2007-03-15