Company: OXBRW
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000736
Chunk: 988

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-03-26
Form: 10-K
Item: Item 6
Chunk 988
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 during the years ended December 31, 2024 and 2023.

Refer
to Note 17 regarding warrants issued subsequent to the year ended December 31, 2024.

10.
DIVIDENDS

As
of December 31, 2024, none of the Company’s accumulated deficit were restricted from payment of dividends to the company’s
shareholders. However, since most of the Company’s capital and retained earnings may be invested in its subsidiaries, a dividend
from the subsidiaries would likely be required in order to fund a dividend to the Company’s shareholders and would require notification
to the Cayman Islands Monetary Authority (“CIMA”).

Under
Cayman Islands law, the use of additional paid-in capital is restricted, and the Company will not be allowed to pay dividends out of
additional paid-in capital if such payments result in breaches of the prescribed and minimum capital requirement.

11.
SHARE-BASED COMPENSATION

The
Company currently has outstanding share-based awards granted under the 2014 Omnibus Incentive Plan (the “2014 Plan”) and
the 2021 Omnibus Incentive Plan (the “2021 Plan”) (herein collectively referred to as “the Plans”). Under each
of the Plans, the Company has discretion to grant equity and cash incentive awards to eligible individuals, including the issuance of
up to 1,000,000 of the Company’s ordinary shares. During the year ended December 31, 2024, the Company granted an aggregated of
136,427 of restricted stock to directors, officers and employees under the 2021 Plan. At December 31, 2024, there were 758,926 shares
and 11,750 shares available for grant under the 2021 Plan and the 2014 Plan, respectively.

Stock
options

Stock
options granted and outstanding under the Plans vests quarterly over four years and are exercisable over the contractual term of ten
years.

A
summary of the stock option activity for the years ended December 31, 2024 and 2023 is as follows (option amounts not in thousands):

SCHEDULE
OF STOCK OPTION ACTIVITY

    Number of Options  
    Weighted- Average Exercise Price  
    Weighted- Average
                                                      Remaining
                                                      Contractual Term 
    Aggregate
                                                                  Intrinsic
                                                                  Value 

    Outstanding at December 31, 2023 
     846,250  
    $4.63