Maiden Holdings, Ltd. — Director's Dealing 2011

Aug 10, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Maiden Holdings, Ltd. (MHLD)
CIK: 0001412100
Period of Report: 2011-08-01

Reporting Person: MARSHALECK JOHN (CHIEF FINANCIAL OFFICER)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-08-08	Common Shares	P	2000	$8.26	Acquired	40000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-08-01	Restricted Share Units	$	A	97868	Acquired		Common Shares (97868)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Options (right to buy)	$3.28	2018-11-12	Common Shares (25000)	0	Direct
Options (right to buy)	$4.45	2019-02-24	Common Shares (75000)	0	Direct
Options (right to buy)	$7.25	2020-03-04	Common Shares (50000)	0	Direct

Footnotes

F1: The Stock Options were granted pursuant to the Amended and Restated 2007 Share Incentive Plan (the "Plan") and will vest 25% on the one year anniversary of grant, and 6.25% each quarter thereafter.

F2: The restricted share units were issued pursuant to the Plan. The Plan was amended in July 2011 to allow for restricted share unit grants. Each restricted share unit represents a contingent right to receive one common share of the Registrant.

F3: The reporting person received restricted share units that shall vest based upon the achievement of performance criteria relating to return on equity, underwriting performance, revenue growth and operating expense during the performance period from January 1, 2011 to December 31, 2012. The recipient received a target award of 48,934 restricted share units, and 0 to 200% of such target award may vest depending upon the degree to which the performance targets are met. The 97,868 units reported represent 200% of the target award, which is the maximum number of units that may be earned.

F4: The restricted share units shall be settled in common shares or, at the discretion of the Compensation Committee, an amount in cash equal to the fair market value of the shares, and shall be settled shortly after the Committee certifies the attainment of performance goals (the "settlement date"), but in no event later than 2 1/2 months after December 31, 2012. The units are forfeited if the reporting person's employment is terminated prior to the settlement date. Certain special terms apply in the event of death, disability or a change of control.