Company: KNSL
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001669162-25-000010
Chunk: 149

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 149
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Weighted-average remaining years of contractual lifeAggregate intrinsic value (in thousands)Outstanding at December 31, 2023201,560 $16.00 Granted— — Forfeited— — Exercised(83,092)16.00 Outstanding at December 31, 2024118,468 $16.00 1.6$53,208 Exercisable at December 31, 2024118,468 $16.00 1.6$53,208 The total intrinsic value of options exercised was $38.2 million during the year ended December 31, 2024 and $17.7 million during the year ended December 31, 2023. 

97

Restricted Stock AwardsDuring 2024, the Board of Directors approved, and the Company granted, restricted stock awards under the 2016 Incentive Plan. The restricted stock awards were valued on the date of grant and will vest over a period of 1 to 4 years corresponding to the anniversary date of the grants. The fair value of restricted stock awards was determined based on the closing trading price of the Company’s common stock on the grant date or, if no common stock was traded on the grant date, the last preceding date for which there was a sale of common stock. Except for restrictions placed on the transferability of restricted stock, holders of unvested restricted stock have full stockholder’s rights, including voting rights and the right to receive cash dividends. Unvested restricted stock awards and accrued dividends, if any, are forfeited upon the termination of service to or employment with the Company. A summary of restricted stock activity under the equity compensation plans for the year ended is as follows:December 31, 2024Number of SharesWeighted Average Grant Date Fair Value per ShareNonvested outstanding at the beginning of the period107,822 $250.86 Granted47,689 $502.43 Vested(41,872)$230.81 Forfeited(3,516)$308.84 Nonvested outstanding at the end of the period110,123 $366.73 Employees surrender restricted stock awards to pay for withholding tax obligations resulting from any vesting of those awards. During the year ended December 31, 2024, restricted stock awards withheld for taxes in connection with the vesting of those awards totaled 14,401. The per share weighted average grant-date fair value of