Company: GLRE
Filing Date: 2025-04-17
Form Type: DEF 14A
Source: 0001385613-25-000055
Chunk: 42

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-04-17
Form: DEF 14A
Chunk 42
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 fully diluted book value per share growth performance metric.

The RSU awards in 2024 reflect our Compensation Committee’s desire to retain these executives and align their interests with those of our shareholders.

For more details on these awards, see “Potential Payments upon Termination or Change in Control—Stock Incentive Plan and Awards Granted Thereunder.”

36 2025 PROXY STATEMENT

GREENLIGHT RE

2022 Performance Vesting Awards for the Performance Period Completed as of Fiscal Year Ended December 31, 2024

In 2022, the Compensation Committee granted performance-vesting restricted stock or RSUs, as applicable, with performance-based vesting requirements for the three-year performance period of 2022-2024 based on three-year fully diluted book value per share growth (weighted at 65%) and three-year combined ratio (weighted at 35%), which had the following performance curve (linear interpolation is used to calibrate payouts between threshold, target and maximum award levels):

| 2022 Performance Measure                             |     | Threshold (%) |     | Target (%) |     | Maximum (%) |     | Actual (%) |
| Three-Year Fully Diluted Book Value Per Share Growth |     | 12.5%         |     | 22.5%      |     | 40.5%       |     | 26.5%      |
| Payout Percentage of Shares                          |     | 0%            |     | 50%        |     | 100%        |     | 66.1%      |
| Three-Year Combined Ratio                            |     | 99%           |     | 97%        |     | 94%         |     | 99.2%      |
| Payout Percentage of Shares                          |     | 0%            |     | 50%        |     | 100%        |     | 0%         |

The Compensation Committee determined that the three-year fully diluted book value per share growth was 26.5% and correspondingly approved a performance payout at 66.1% with respect to that metric, and also determined that the three-year combined ratio was 99.2% and correspondingly approved a performance payout at 0% with respect to that metric as well.

The Compensation Committee then multiplied the above payout percentages by the number of performance-vesting restricted stock or RSUs originally granted to determine the numbers of shares earned, which were as follows:

| NEO             |     | Earned Shares (#) |
| Faramar