Company: GLRE
Filing Date: 2025-04-17
Form Type: DEF 14A
Source: 0001385613-25-000055
Chunk: 56

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-04-17
Form: DEF 14A
Chunk 56
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31, 2024, 179,982 options and 347,664 restricted shares or RSUs, net of forfeitures, have been granted under the 2023 Incentive Plan.

Administration

The 2023 Incentive Plan is administered by the Compensation Committee. The Compensation Committee will have the authority to construe and interpret the 2023 Incentive Plan, grant awards and make all other determinations necessary or advisable for the administration of the 2023 Incentive Plan. To the extent permitted by applicable law, the Compensation Committee may delegate to officers or employees of the Company or any of its affiliates, or committees thereof, the authority, subject to such terms as the Compensation Committee shall determine, to perform such functions under the 2023 Incentive Plan as the Compensation Committee determines appropriate.

Employees, officers, directors, and consultants of the Company and its affiliates, and individuals who have been offered employment and actually commence employment with the Company and its affiliates, are eligible to receive awards under the 2023 Incentive Plan. The Compensation Committee determines who will receive awards and the terms and conditions associated with such awards. An employee on an approved leave of absence may be considered as employed by the Company or its affiliates for purposes of eligibility to participate in the 2023 Incentive Plan.

The 2023 Incentive Plan authorizes the award of non-qualified and incentive stock options, restricted stock, RSUs, stock appreciation rights, and other stock-based awards.

Options

Options may be granted to participants in such form and having such terms and conditions as the Compensation Committee deems appropriate. Stock options provide for the purchase of ordinary shares at an exercise price set on the grant date. The exercise price of each option to purchase shares will be set by the Compensation Committee at the time of grant and must generally be at least equal to the fair market value of Company shares on the date of grant. Options granted under the 2023 Incentive Plan may be exercisable at such times and subject to such terms and conditions as the Compensation Committee determines. The maximum term of options granted under the 2023 Incentive Plan is generally 10 years, at which time the option is no longer exercisable and expires. No dividend or dividend equivalent rights shall be paid out on options.

Restricted Stock

The Compensation Committee may grant awards consisting of ordinary shares, the restrictions of which will lapse upon the terms that the Compensation Committee determines at the time of grant. The Compensation Committee will determine the requirements for the lapse