Company: TIPT
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001393726-25-000038
Chunk: 46

Company: TIPTREE INC.
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 46
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 Executive Committee based on a percentage of 2024 Adjusted EBITDA which was paid in the first quarter of 2025. The actual amounts granted to Messrs. Maultsby, McKinney and Rifkind were subject to the discretion of the Executive Committee and, as such, do not have calculable threshold, target or maximum estimated payouts.

(2) On January 1 2024, Messrs. Barnes, Ilany, Maultsby and McKinney were granted PRSUs which shall vest upon achievement of a $70 Tiptree share price target milestone (adjusted for dividends paid) prior to the tenth anniversary of the date of grant, generally subject to the grantee’s continued employment with Tiptree. Mr. Rifkind was granted matching RSUs on February 27, 2024, which will cliff vest on February 20, 2027, subject to certain terms contained in the award agreements.

(3) The grant date fair value of the PRSUs was estimated on the date of grant using a Black-Scholes-Merton option pricing formula embedded within a Monte Carlo model used to simulate the future stock prices of Tiptree, which assumes that the market requirement is achieved. For more detail, including the underlying valuation assumptions for PRSUs, please see Note 19, Stock Based Compensation, to our consolidated financial statements in our 2024 Annual Report on Form 10-K. Pursuant to SEC rules, the amounts shown exclude the impact of estimated forfeitures related to service-based vesting conditions. The grant date fair value of RSUs is computed in accordance with FASB ASC Topic 718. RSUs are valued using the closing price of our common stock on the grant date ($17.75 per share). Pursuant to SEC rules, the amounts shown exclude the impact of estimated forfeitures related to service-based vesting conditions.

Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards Table

Below is a brief description of the material terms of our NEOs’ employment agreements. There are no definite terms under the employment agreements, and the Company could have terminated each such NEO’s employment at any time upon approval of the Board of Directors, provided that, if such NEO’s employment had been terminated without cause or he or she resigned for good reason (as defined in the Employment Agreement), then such NEO would have been entitled, subject to the execution of a general release, to certain severance payments as described in more detail below in “—Potential Payments to Named Executive