SEC Form 4 · accession 0001412100-15-000022
Maiden Holdings, Ltd. · MHLD
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Karen Schmitt
Officer — Chief Financial Officer
Period of report
Feb 17, 2015
Accepted (ET)
Feb 19, 2015 · 7:33 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001412100
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common SharesF1 | Feb 19, 2015 | A | 7,774 | $0.00 | A | 122,521 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Performance-based Restricted Share UnitsF2,F3,F4 | — | Feb 17, 2015 | A | 56,156 | A | — | — | Common Shares | 56,156 | 56,156 | D |
| Restricted Share UnitsF2,F5 | — | Feb 17, 2015 | A | 15,190 | A | — | — | Common Shares | 15,190 | 15,190 | D |
Explanation of responses
- F1Represents the vesting of restricted common shares granted pursuant to the Amended and Restated 2007 Share Incentive Plan (the "Plan") on February 19, 2013.
- F2Represents the vesting of restricted common shares granted in February 2013.
- F3The 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 teh 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.
- F4The reporting person received restricted share units that shall vest based (i) 50% 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, 2015 to December 31, 2017, and (ii) 50% upon individual performance as evaluated by the Compensation Committee. The recipient received a target award of 28,078 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 56,156 units reported represent 200% of the target award, which is the maximum number of units that may be earned.
- F5The 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 have a three year vesting period (the units shall be settled no later than 2/12 months after the expiration of each of the three equal vesting periods of December 31, 2015, 2016 and 2017, respectively). 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.