GREENLIGHT CAPITAL RE, LTD. — Director's Dealing 2010

Aug 6, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREENLIGHT CAPITAL RE, LTD. (GLRE)
CIK: 0001385613
Period of Report: 2010-08-05

Reporting Person: Goldberg Leonard R (Director, Chief Executive Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-08-05	Stock options (right to buy)	$32.42	A	80000	Acquired	2020-08-05	Class A Ordinary Shares (80000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Ordinary Shares	190855	Direct
Class A Ordinary Shares	22870	Indirect

Footnotes

F1: These shares are held for the account of a trust for which the Reporting Person retains beneficial ownership.

F2: These stock options were granted pursuant to Section 5(f) of that certain employment contract dated December 30, 2008, by and among Greenlight Capital Re, Ltd., Greenlight Reinsurance, Ltd., and Leonard Goldberg.

F3: The options vest in four equal annual installments beginning on August 5, 2010.