MARSHALECK JOHN 4
4 · Maiden Holdings, Ltd. · Filed Mar 18, 2013
Insider Transaction Report
Form 4
MARSHALECK JOHN
CHIEF OPERATING OFFICER
Transactions
- Award
Restricted Common Shares
2013-03-15+19,500→ 19,500 total - Award
Restricted Share Units
2013-03-15+78,000→ 78,000 total→ Common Shares (78,000 underlying)
Holdings
- 45,000
Common Shares
- 0
Options (right to buy)
Exercise: $3.28Exp: 2018-11-12→ Common Shares (25,000 underlying) - 0
Options (right to buy)
Exercise: $7.25Exp: 2020-03-04→ Common Shares (50,000 underlying) - 0
Options (right to buy)
Exercise: $4.45Exp: 2019-02-24→ Common Shares (75,000 underlying) - 0
Restricted Share Units
→ Common Shares (104,046 underlying)
Footnotes (6)
- [F1]These restricted shares were granted pursuant to the Amended and Restated 2007 Share Incentive Plan (the "Plan") and will vest 50% on the one year anniversary of grant, and 50% on the two year anniversary of grant.
- [F2]The Stock Options were granted pursuant to the Amended and Restated 2007 Share Incentive Plan (the "Plan") and will vest 25% on the one year anniversary of grant, and 6.25% each quarter thereafter.
- [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, 2012 to December 31, 2014. The recipient received a target award of 52,023 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 104,046 units reported represent 200% of the target award, which is the maximum number of units that may be earned.
- [F6]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, 2013 to December 31, 2015. The recipient received a target award of 39,000 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 78,000 units reported represent 200% of the target award, which is the maximum number of units that may be earned.