Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 432

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 8
Chunk 432
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,148 11.85 124,425 11.85 Vested(456)11.85 (77,537)8.96 Forfeited(8,611)9.74 (7,479)10.81 Balance at December 31, 2024403,526 $10.43 149,834 $11.14 The Service RSUs granted to employees vest evenly over three years on January 1, subject to the grantee’s continued service with the Company. If performance goals are achieved, the Performance RSUs granted to employees in 2024 will cliff vest at the end of a three-year performance period within a range of 50% and 200% of the awarded Performance RSUs, with a target of 100%. For Performance RSUs granted to employees prior to 2024, these will cliff vest at the end of a three-year performance period within a range of 25% and 100% of the awarded Performance RSUs, with a target of 50%. At December 31, 2024, the total compensation cost related to non-vested RSUs not yet recognized was $1.2 million (2023: $0.4 million), which the Company expects to recognize over a weighted-average period of 1.7 years (2023: 1.5 years). For the year ended December 31, 2024, the total fair value of RSUs vested was $0.7 million (2023: $0.5 million).Employee and Director Stock OptionsDuring the year ended December 31, 2024, 250,000 ordinary share purchase options were granted to the Company’s CEO, pursuant to his employment contract. These options vest 50,000 annually and expire in 10 years from the grant date. The grant date fair value of these options was $4.31 per share, based on the Black-Scholes option pricing model. The following inputs were used in this pricing model:Expected volatility36.4 %Expected term (in years)5Expected dividend yield— %Risk-free interest rate3.9 %Stock price at grant date$11.20 

F-42

The following table summarizes the stock option activity: Number of options outstandingWeighted average exercise priceWeighted average grant date fair valueIntrinsic value (in $ millions)Weighted average remaining contractual termBalance at December 31, 202269