Company: GLRE
Filing Date: 2025-04-17
Form Type: DEF 14A
Source: 0001385613-25-000055
Chunk: 74

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-04-17
Form: DEF 14A
Chunk 74
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 |                                                                                                                                                                                                    |   -52,176 |     |                                                                                                                                                                       | -193,291 |     |                                                                                                                                                         |        — |     |                                    |  -272,592 |     |         |   625,415 |

2025 PROXY STATEMENT 55

GREENLIGHT RE

This section should be read in conjunction with the CD&A, which includes additional discussion of our objectives of executive compensation and benefits program and how they are aligned with the company’s financial and operational performance. The Compensation Committee does not use CAP as a basis for making compensation decisions, nor do we use the performance measure of Net Income, as defined by the SEC for purposes of the pay vs performance table above, to measure performance for compensation.

The charts below show, for the past five years, the relationship of TSR relative to the Peer Group TSR, as well as the relationships between PEO and non-PEO NEO average CAP and (i) TSR and (ii) net income, and (iii) our company-selected measure, Fully Diluted Book Value Per Share.

*For the 2023 CAP reported in these graphs of $7,286,491 to our former CEO, Mr. Burton, this figure includes Mr. Burton’s one-time cash severance payment. This contributed to the 2023 CEO CAP being significantly higher than other years.

56 2025 PROXY STATEMENT

GREENLIGHT RE

#### 2024 Performance Metrics
We consider the performance measures listed in the table below as the most important performance measures used by us to link NEO compensation for 2024 to Company performance. Each of these measures is described in more detail below.

| Most Important Performance Measures          |
| Growth in Fully Diluted Book Value Per Share |
| Underwriting Combined Ratio                  |
| Adjusted Operating Profit                    |

Growth in Fully Diluted Book Value Per Share

Our primary financial goal is to increase fully diluted book value per share over the long term. We use growth in fully diluted book value per share as one of the performance conditions in our long-term incentive compensation. We believe that long-term growth in fully diluted book value per share is the most relevant measure of our financial performance because it provides management and investors a yardstick to monitor the shareholder value generated. Fully diluted book value per share may also help our investors, shareholders, and other interested parties form a basis of comparison with other companies within the property and casualty reinsurance industry.

Fully diluted book value per share represents basic book value per share combined with any dilutive impact of in-the-money