Company: MHLA
Filing Date: 2025-03-20
Form Type: 10-K/A
Source: 0001412100-25-000020
Chunk: 26

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-20
Form: 10-K/A
Chunk 26
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, including our current asset and capital management strategies and previously with development of our legacy platform, are all considered by our Compensation Committee in determining compensation awarded to our PEO and other NEOs.

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While net income is not a pre-established goal under our executive compensation program, our “Compensation Actually Paid” for each of our PEOs declined when comparing 2022 to 2023, but increased for our PEO when comparing 2023 to 2024. The decline in “Compensation Actually Paid” was aligned with the change in net loss and other influences on “Compensation Actually Paid”, such as share price and book value. We believe compensation is aligned with Total Shareholder Return given the considerable weight of equity awarded to our NEOs.

For the period 2022 to 2023, our combined PEOs’ “Compensation Actually Paid” declined 24% while our non-PEO NEO’s “Compensation Actually Paid” increased 8% as compared to a decline in net loss of 35.8% and increase in TSR of 8.5% when comparing 2022 to 2023. The decline in “Compensation Actually Paid” was aligned with the decline in net loss and other influences on “Compensation Actually Paid”, such as share price and book value.

For the period 2023 to 2024, our PEO’s “Compensation Actually Paid” increased 18% while our two non-PEO NEOs’ “Compensation Actually Paid” declined 10% as compared to higher net loss of 421% and a decline in TSR of 26% when comparing 2023 to 2024. Despite the decrease in GAAP book value and higher net loss in 2024 over 2023, the increase in the PEO’s “Compensation Actually Paid” reflects the Committee’s emphasis on pivoting the Company’s strategy by awarding higher performance-based, variable equity while not paying any cash incentive compensation in 2024. The decrease in our two non-PEO NEOs’ “Compensation Actually Paid” reflects the decrease in GAAP book value and higher net loss in 2024 over 2023, including lower cash incentive compensation.

Please see the charts below for graphic explanation of the relationship between executive pay and company performance for the years ended December 31, 2024, 2023, and 2022:

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#### DIRECTOR