Company: AXS-PE
Filing Date: 2025-04-03
Form Type: DEF 14A
Source: 0001214816-25-000088
Chunk: 44

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-03
Form: DEF 14A
Chunk 44
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 the Company’s Adjusted DBVPS (beginning with 2024 PSU awards). In addition, the vesting requirement for our equity awards is a valuable retention tool in our competitive industry.

Under the Existing LTEP, the following types of equity awards were granted to our NEOs in 2024: (a) RSUs; and (b) PSUs. These equity awards are summarized in the table below:

| RSUs                                
 CEO: 40% RSUs                       
 Other NEOs: 50% or 60% RSUs         |     | PSUs                                                                                                                         
 CEO: 60% PSUs                                                                                                                
 Other NEOs: 40% or 50% PSUs                                                                                                  |
| •Vests 25% per year over four years |     | •Vests in a single installment on the third anniversary of the vesting commencement date                                     
 •The number of PSUs that ultimately vest is based on:                                                                        
 –2023 awards: 100% three-year rTSR(1)                                                                                        
 –2024 and 2025 awards: 50% three-year rTSR and 50% three-year Adjusted DBVPS                                                 
 •Peer group for the rTSR portion of these awards is established at time of grant with performance measured after three years |

(1) Mr. Tizzio's PSU award granted in May 2023 is based on three-year absolute TSR CAGR.

2024 Equity Awards Reflected in the Summary Compensation Table (Relating to 2023 Performance)

In 2024, NEOs were awarded equity awards related to their 2023 performance ranging from 100% to 145% of their target values. The Committee and Board evaluate a variety of factors, including company and individual performance, when awarding LTI awards.

RSUs vest over four years conditioned on continued employment. For PSUs, performance is measured over the forward-looking three-year period with the number of PSUs that ultimately vest ranging from 0% to 200% of target. Equity-based incentives granted in 2024 for the 2023 performance year are reflected in the Summary Compensation Table. With respect to the rTSR portion of PSUs, the value reflects the impact of Monte Carlo simulation required for accounting purposes, which differs from the award value granted.

Long-Term Incentive Performance Goals for PSU Awards Granted in 2024 (Relating to 2023 Performance)

The number of PSUs earned is determined 50% based on rTSR