Company: GLRE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001385613-25-000113
Chunk: 51

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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Forfeited(374,474)9.08 (2,212)9.85 Balance at September 30, 2025347,581 $10.87 111,248 $11.45 At September 30, 2025, 2,932,559 (December 31, 2024: 2,834,519) ordinary shares remained available for future issuance under the Company’s 2023 Incentive Plan.During the nine months ended September 30, 2025, the Company granted 56,322 RSs to independent directors as part of their remuneration for services to the Company (2024: 58,751 RSs). These will vest on the earlier of (i) the first anniversary of the date of the share issuance and (ii) the Company’s next annual general meeting, subject to the grantee’s continued service with the Company. During the vesting period, the independent directors retain voting rights on these RSs; but they are not entitled to any dividends declared until the RSs vest.For the nine months ended September 30, 2025, the total fair value of Performance and Service RSs vested was $4.9 million (2024: $2.6 million).

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Employee Restricted Stock UnitsThe following table summarizes the activity for unvested outstanding restricted stock units (“RSUs”) during the nine months ended September 30, 2025 and 2024: Performance RSUsService RSUs Number ofnon-vestedRSUsWeighted averagegrant datefair valueNumber ofnon-vestedRSUsWeighted averagegrant datefair valueBalance at December 31, 2023154,445 $8.03 110,425 $8.78 Granted258,148 11.85 124,425 11.85 Vested— — (74,357)8.84 Forfeited(6,229)9.15 (5,806)10.67 Balance at September 30, 2024406,364 $10.44 154,687 $11.15 Balance at December 31, 2024403,526 $10.43 149,834 $11.14 Granted185,551 13.16 149,435 13.16 Vested(38,752)6.82 (62,041)10.46