Flagstone Reinsurance Holdings Ltd 4
4 · Flagstone Reinsurance Holdings Ltd · Filed Apr 30, 2010
Insider Transaction Report
Form 4
THORN WRAY T
Director
Transactions
- Other
Restricted Share Units
2010-04-28+7,952→ 34,426 total(indirect: By Marathon Special Opportunity Master Fund, Ltd.)Exercise: $0.00From: 2010-04-28→ Common shares (7,952 underlying)
Footnotes (5)
- [F1]Each Restricted Share Unit ("RSU") represents the right to receive, without payment to the Company, one newly issued, fully paid and non-assessable common share of the Company, subject to the terms and conditions of the RSU Plan and grant certificate evidencing each grant. In the discretion of the Compensation Committee, upon exercise, the RSU grant may alternatively be paid in cash or partly in cash and partly in common shares.
- [F2]The Company awarded the RSUs to Marathon Special Opportunity Master Fund, Ltd. (the "Fund").
- [F3]The RSUs vest 100% on the date of the grant.
- [F4]The RSUs have no expiry date.
- [F5]The reporting person is a director of the Company. The reporting person does not individually hold or otherwise beneficially own any securities of the Company. The reporting person is an employee of Marathon Asset Management, LP (formerly known as Marathon Asset Management, LLC, the "Investment Manager"), which serves as the investment manager of the Fund and Marathon Special Opportunity Liquidating Fund, Ltd (together with the Fund, the "Funds"). The Funds own certain securities of the Company, all of which are subject to the sole voting and investment authority of the Investment Manager. Thus, for the purposes of Reg. Section 240.13d-3, the Investment Manager is deemed to beneficially own the securities of the Company held by the Funds, and the reporting person disclaims beneficial ownership of the securities of the Company held by the Funds.