Mandava Venkateswara Rao 4
4 · Flagstone Reinsurance Holdings, S.A. · Filed Mar 15, 2011
Insider Transaction Report
Form 4
Mandava Venkateswara Rao
Chief Investment Officer
Transactions
- Exercise/Conversion
Common Shares
2011-03-10+81,743→ 81,743 total - Tax Payment
Common Shares
2011-03-10$11.33/sh−10,698$121,208→ 70,775 total - Exercise/Conversion
Performance Share Units
2011-03-10−54,496→ 159,496 totalExercise: $0.00From: 2011-01-01Exp: 2011-04-01→ Common Shares (81,743 underlying)
Footnotes (3)
- [F1]Vesting of Performance Share Units ("PSUs") is contingent on the reporting person's continued employment with Flagstone Reinsurance Holdings SA (the "Company") and the Company meeting certain fully diluted return-on-equity ("FDROE") goals. Upon vesting, the PSU holder is entitled to receive a number of common shares of the Company (or the cash equivalent, at the election of the Company) equal to the product of the number of PSUs granted multiplied by a factor based on the Company's FDROE during the vesting period. The factor ranges between 0.5 and 1.5, depending on the FDROE achieved during the vesting period.
- [F2]The PSUs vested on January 1, 2011; however, settlement of any shares took place following the calculation of the factor described in footnote (1). The factor used to determine the number of common shares awarded was determined following the filing of the Company's annual report on Form 10-K on March 2, 2011. The expiration date assumes that the Company would settle these PSUs within three months of the vesting date.
- [F3]Based on the FDROE achieved during the relevant period, the number of common shares awarded was determined by multiplying the number of PSUs by a factor of 1.5.