Maiden Holdings, Ltd. 4
4 · Maiden Holdings, Ltd. · Filed Feb 17, 2016
Insider Transaction Report
Form 4
Highet Thomas
See Remarks
Transactions
- Tax Payment
Common Shares
2016-02-15$13.16/sh−5,295$69,682→ 29,642 total - Award
Performance-based Restricted Share Units
2016-02-15+34,194→ 34,194 total→ Common Shares (34,194 underlying) - Award
Common Shares
2016-02-15+13,684→ 34,937 total
Footnotes (5)
- [F1]Represents the vesting of performance based restricted share units granted pursuant to the Amended and Restated 2007 Share Incentive Plan (the "Plan") on February 19, 2013.
- [F2]Disposition of common shares resulting from withholding of securities for the payment of tax liability relating to vesting of performance based restricted shares granted pursuant to the Plan to Mr. Highet, February 19, 2013.
- [F3]The restricted share units were issued pursuant to the Plan. Each restricted share unit represents a contingent right to receive one common share of the Registrant.
- [F4]The restricted share units shall be settled in common shares or, at the discretion of the Compensation Committee, an amount in cash equal to the fair market value of the shares, and shall be settled shortly after the Committee certifies the attainment of performance goals (the "settlement date"), but in no event later than 2 1/2 months after the expiration of the performance period. The units are forfeited if the reporting person's employment is terminated prior to the settlement date. Certain special terms apply in the event of death, disability or a change of control.
- [F5]The reporting person received restricted share units that shall vest based upon the achievement of performance criteria relating to return on equity, underwriting performance, revenue growth and operating expense during the performance period from January 1, 2016 to December 31, 2018. The recipient received a target award of 17,097 restricted share units, and 0 to 200% of such target award may vest depending upon the degree to which the performance targets are met. The 34,194 units reported represent 200% of the target award, which is the maximum number of units that may be earned.