Maiden Holdings, Ltd. — Director's Dealing 2012

May 8, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Maiden Holdings, Ltd. (MHLD)
CIK: 0001412100
Period of Report: 2012-05-08

Reporting Person: RASCHBAUM ARTURO MANUEL (PRESIDENT AND CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-08	Common Shares	P	12000	$8.19	Acquired	126287	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$3.28	2018-11-12	Common Shares (302487)	0	Direct
Stock Options	$7.25	2019-11-12	Common Shares (333333)	0	Direct
Stock Options	$7.85	2020-11-12	Common Shares (333333)	0	Direct
Restricted Share Units	$		Common Shares (86705)	0	Direct

Footnotes

F1: Pursuant to Mr. Raschbaum's employment agreement, the Stock Options were granted pursuant to the Amended and Restated 2007 Share Incentive Plan (the "Plan") and 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. Each restricted share unit represents a contingent right to receive one common share of the Registrant.

F3: 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 have a three year vesting period (the units shall be settled no later than 2 1/2 months after December 31, 2014). 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.