DEF 14A of Essent Group Ltd., Mar 26, 2026

DEF 14A of Essent Group Ltd.

Filed Mar 26, 2026 · FY20250001104659-26-035242

Open on EDGAR

  1. Proposal No. 1: Election of Directors

    Proposal No. 1: Election of Directors Our Board of Directors currently consists of ten (10) directors. Our Bye-laws provide that our Board is divided into three classes consisting, as nearly as possible, of one-third of the total number of directors constituting the entire Board. Our directors hold office until their successors have been elected and qualified, or the earlier of their death, resignation or removal. Vacancies on the Board of Directors may be filled by shareholders or the Board. Our system of electing and removing directors may delay or prevent a change in our management or a change in control of our Company. At the Annual Meeting, shareholders will elect three individuals to serve as Class III directors to hold office until our 2029 Annual General Meeting of Shareholders or until his or her successor has been duly elected and qualified or his or her earlier resignation or removal. Each of Mark A. Casale, Douglas J. Pauls and William Spiegel has been nominated to stand for election at the Annual Meeting to serve as a Class III director. These nominees were recommended and approved for nomination by the Nominating, Governance and Corporate Responsibility Committee of our Board of Directors. Proxies cannot be voted for a greater number of persons than the number of nominees named. If you sign and return the accompanying proxy, your shares will be voted for the election of the three nominees recommended by our Board of Directors unless you mark the proxy in such a manner as to withhold authority to vote or as to vote for one or more alternate candidates. If, for any reason, any nominee is unable or unwilling to serve, the persons named in the proxy will use their best judgment in selecting and voting for a substitute candidate, or our Board of Directors may reduce the number of Class III directors. Our Board of Directors, however, has no reason to believe that any of the nominees will be unable or unwilling to be a candidate for election at the time of the Annual Meeting. Directors are elected by a majority of votes cast at the Annual Meeting.

  2. Proposal No. 1: Election of Directors

    | The Board of Directors recommends a vote FOR the election of each of the nominated individuals. | FOR Each Nominee |

  3. Director Criteria, Qualifications, Experience and Tenure

    Director Criteria, Qualifications, Experience and Tenure The Nominating, Governance and Corporate Responsibility Committee of our Board of Directors is responsible for recommending to our Board of Directors candidates for nomination and election as directors at annual general meetings of shareholders or for appointment to fill vacancies on the Board. The Nominating, Governance and Corporate Responsibility Committee annually reviews with the Board the applicable skills and characteristics required of Board nominees in the context of current Board composition and company circumstances. In making its recommendations to our Board of Directors, the Nominating, Governance and Corporate Responsibility Committee considers, among other things, the qualifications of individual director candidates in light of the criteria described below. In accordance with its charter, the Nominating, Governance and Corporate Responsibility Committee may use a variety of sources, including but not limited to executive search firms, to identify director candidates, and has the authority to retain and approve compensation for such firms. In evaluating a candidate, our Nominating, Governance and Corporate Responsibility Committee and our Board of Directors take into account a variety of factors, including: • high personal and professional ethics, values and integrity; • sound business judgment and financially literacy; • diversity of point of view, including the candidate’s education, skill, professional background, personal accomplishments, geography, race, gender, age, ethnic background, national origin, experience with mortgage, insurance, reinsurance or other businesses and organizations that our Board deems relevant and useful, including whether such attributes or background would contribute to the diversity of the Board as a whole; • ability and willingness to serve on any committees of our Board of Directors; • ability and willingness to commit adequate time to the proper functioning of our Board of Directors and its committees; and • any criteria regarding independence and other matters required by the New York Stock Exchange (NYSE) or other applicable law or regulations. The Nominating, Governance and Corporate Responsibility Committee and Board of Directors evaluate each individual in the context of the Board as a whole, with the objective of recommending a group that can perpetuate the success of our business and represent shareholder interests through the exercise of sound judgment, using its diversity of experience. Our Nominating, Governance and Corporate Responsibility Committee and Board of Directors evaluates the Board’s own composition in the context of the diverse experiences and perspectives that the directors collectively bring to the boardroom. Their backgrounds provide the Board with valuable insights in areas such as:

  4. Director Criteria, Qualifications, Experience and Tenure

    | | Executive Leadership | | Information Technology and Cybersecurity | | Risk Management | | | Accounting and Financial | | Corporate Governance and Responsibility | | Active Community Service | | | Financial Services | | Insurance and Reinsurance | | Compensation |

  5. Director Criteria, Qualifications, Experience and Tenure

    The experiences, qualifications and skills of each director that the Board considered in his or her nomination are listed beside the directors’ individual biographies on the following pages. Based on the information available to it about a potential nominee, the Nominating, Governance and Corporate Responsibility Committee makes an initial determination whether to conduct a full evaluation of a candidate. As part of the full evaluation process, the Nominating, Governance and Corporate Responsibility Committee may conduct interviews, obtain additional background information and conduct reference checks of potential nominees. The Nominating, Governance and Corporate Responsibility Committee may also ask potential nominees to meet with management and other members of our Board of Directors. After completing this evaluation process, the Nominating, Governance and Corporate Responsibility Committee makes a recommendation to the full Board of Directors, which makes the final determination whether to nominate the candidate for election as a director. The Board has concluded that each nominee for election as a Class III director should serve as a director based on the specific experience and attributes listed beside each such nominee’s biography below and the Board’s knowledge of that nominee, including the insight and collegiality that nominee is expected to bring to the Board’s functions and deliberations. The Nominating, Governance and Corporate Responsibility Committee and the Board consider director tenure in making Board nomination decisions and believe that it is desirable to maintain a mix of longer-tenured, experienced directors and newer directors with fresh perspectives. While we believe that longer-tenured, experienced directors, who have accumulated a substantial understanding of our business during their service, are a significant strength of the Board, we also believe that we benefit from the skill sets and perspectives of our newest directors. Each director is expected to maintain an acceptable level of attendance, preparedness and participation with respect to meetings of the Board of Directors and its committees. In determining whether to recommend a director for re-election, the Nominating, Governance and Corporate Responsibility Committee also considers the director’s past attendance at meetings, participation in and contributions to the activities of our Board of Directors, and the results of the most recent Board self-evaluation.

  6. Annual Board Evaluation Process

    Annual Board Evaluation Process Our Board of Directors recognizes that a robust and constructive evaluation process is an essential part of good corporate governance and board effectiveness. The evaluation processes utilized by the Board are designed and implemented under the direction of the Nominating, Governance and Corporate Responsibility Committee and aim to assess Board and committee effectiveness as well as individual director performance and contribution levels. Each year, our directors complete governance questionnaires and self-assessments. These questionnaires and assessments facilitate a candid assessment of: the Board’s performance in areas such as business strategy, risk oversight, talent development and succession planning and corporate governance; the Board’s structure, composition and culture; and the mix of skills, qualifications and experiences of our directors. The Nominating, Governance and Corporate Responsibility Committee and Board consider the results of the annual evaluations in connection with their review of director nominees to ensure the Board continues to operate effectively.

  7. Shareholder Nominees for the Board of Directors

    Shareholder Nominees for the Board of Directors Shareholders desiring to recommend nominees for election as directors should submit their recommendations in writing to our Secretary at Essent Group Ltd., Clarendon House, 2 Church Street, Hamilton HM11, Bermuda. Recommendations from shareholders should include pertinent information concerning the proposed nominee’s background and experience. The Nominating, Governance and Corporate Responsibility Committee may consider, as one of the factors in its evaluation of shareholder recommended nominees, the size and duration of the interest of the recommending shareholder or shareholder group in our capital stock. The Nominating, Governance and Corporate Responsibility Committee may also consider the extent to which the recommending shareholder intends to continue holding its interest in our capital stock, including, in the case of nominees recommended for election at an annual general meeting of shareholders, whether the recommending shareholder intends to continue holding its interest at least through the time of such annual general meeting of shareholders.

  8. Information Concerning Continuing Directors and Director Nominees

    Information Concerning Continuing Directors and Director Nominees

  9. Experience, Qualifications and Skills

    Experience, Qualifications and Skills

  10. Experience, Qualifications and Skills

    | NAME | AGE | DIRECTOR SINCE | CURRENT POSITION | | Mark A. Casale | 61 | 2008 | Chairman of the Board, President and Chief Executive Officer | | David C. Benson | 66 | 2025 | Director | | Martin P. Connor | 61 | 2026 | Director | | Aditya Dutt | 50 | 2010 | Director | | Angela L. Heise | 51 | 2018 | Director | | April Joyce | 47 | 2025 | Director | | Henna Karna | 49 | 2022 | Director | | Roy J. Kasmar | 70 | 2013 | Director | | Douglas J. Pauls | 67 | 2013 | Director | | William Spiegel | 63 | 2008 | Director |

  11. Experience, Qualifications and Skills

    | | | Casale | Benson | Connor | Dutt | Heise | Joyce | Karna | Kasmar | Pauls | Spiegel | | | Executive Leadership and Management | X | X | X | X | X | X | X | X | X | X | | | Accounting and Financial | X | X | X | X | | X | | X | X | X | | | Financial Services | X | X | | X | | X | X | X | X | X | | | Information Technology and Cybersecurity | | | | | X | | X | | | | | | Corporate Governance and Responsibility | X | | X | X | | | | X | X | X | | | Insurance and Reinsurance | X | X | | X | | X | X | X | X | X | | | Risk Management | X | X | X | X | X | X | X | X | X | X | | | Compensation | | | | X | | | | X | X | X | | | Public Company Board Experience | | X | X | | | | X | | X | X |

  12. Nominees for Election as Class III Directors for a Three-Year Term Continuing Until the 2029 Annual General Meeting of Shareholders

    Nominees for Election as Class III Directors for a Three-Year Term Continuing Until the 2029 Annual General Meeting of Shareholders The experiences, qualifications and skills of each director that the Board considered in his or her nomination for election as a Class III director are included below the nominee directors’ individual biographies below. The Board concluded that each nominee should serve as a Class III director based on the specific experience and attributes listed below each director nominees’ biography and the Board’s knowledge of each director nominee, including the insight and collegiality each nominee is expected to bring to the Board’s functions and deliberations.

  13. Nominees for Election as Class III Directors for a Three-Year Term Continuing Until the 2029 Annual General Meeting of Shareholders

    | Mark A. Casale | | | | Chairman of the Board of Directors, Chief Executive Officer and President Term Expires 2026 | BACKGROUND Mr. Casale is our founder and President and Chief Executive Officer, and has served a member of our Board of Directors since 2008, including as the Chairman of the Board of Directors since 2013. Mr. Casale has more than 25 years of financial services management experience, including senior roles in mortgage banking, mortgage insurance, bond insurance and capital markets. Founded in 2008 by Mr. Casale with $500 million of equity funding, Essent now manages approximately $248 billion of mortgage insurance in force. Under Mr. Casale’s leadership, Essent has become a leading mortgage insurer and reinsurer serving as a trusted and strong counterparty to lenders and GSEs and has enabled over two million borrowers to become homeowners. Mr. Casale continues to evolve the franchise using risk-based pricing and artificial intelligence-driven analytics to support his core mission of prudently growing shareholder value and promoting affordable and sustainable homeownership. Mr. Casale actively champions Essent’s philanthropic mission to support local and national organizations centered around children, housing, health and education. Mr. Casale has served on the boards of several educational organizations in the Philadelphia area, most notably the Board of Trustees of St. Joseph’s University from 2014 to 2023 and La Salle College High School as Trustee from 2017 to 2023 and elected to Emeritus Trustee in 2024, and served as a member of the Board of Trustees for the Academy of Notre Dame de Namur in Philadelphia from 2019 to 2025. Mr. Casale holds a BS in accounting from St. Joseph’s University and an MBA in finance from New York University. | QUALIFICATIONS Mr. Casale is qualified to serve on our Board of Directors because of his experience in the mortgage and mortgage insurance industries as well as his extensive knowledge of our operations. |

  14. Nominees for Election as Class III Directors for a Three-Year Term Continuing Until the 2029 Annual General Meeting of Shareholders

    | Douglas J. Pauls | | | | Director Term Expires 2026 | BACKGROUND Mr. Pauls has over 30 years of experience in the areas of finance, accounting, internal controls, and financial reporting for public companies, including most recently senior roles with financial institutions. Mr. Pauls served as chief financial officer of BankUnited, Inc., a bank holding company, from 2009 until his retirement in 2013, and Mr. Pauls currently serves as a director of BankUnited, Inc. From 2008 until 2009, Mr. Pauls served as executive vice president of finance for TD Bank, NA following TD Bank’s acquisition of Commerce Bancorp, Inc. in March 2008. Prior to that, Mr. Pauls held several positions with Commerce Bancorp, Inc., including serving as its chief financial officer from 2002 until its acquisition by TD Bank and its chief accounting officer from 1995 to 2002. Earlier in his career, Mr. Pauls was a senior manager in the audit department of Ernst & Young in Philadelphia and Pittsburgh, Pennsylvania. Mr. Pauls holds a BA in economics from Dickinson College, for which he currently serves as the Chairman of its Board of Trustees. | QUALIFICATIONS Mr. Pauls is qualified to serve on our Board of Directors because of his more than 30 years of experience as a corporate executive and his experience as a chief financial officer of publicly traded companies. |

  15. Nominees for Election as Class III Directors for a Three-Year Term Continuing Until the 2029 Annual General Meeting of Shareholders

    | William Spiegel | | | | Director Term Expires 2026 | BACKGROUND Mr. Spiegel has served as the chief executive officer and a board member of Accredited Global, Inc., a specialty insurance business focused on the rapidly growing MGA market, since its acquisition by affiliates of Onex Partners in 2024. Mr. Spiegel held several roles with R&Q Insurance Holdings Ltd. (the parent company of Accredited prior to its sale in 2024) from 2020 to 2024, including most recently serving as its chief executive officer. Mr. Spiegel has over 30 years of private equity investment experience. Mr. Spiegel was co-president and a founding partner of Pine Brook Road Partners, LLC, an investment firm from 2006 to January 2020, where he was responsible for managing Pine Brook’s financial services investing activities. Prior to joining Pine Brook, Mr. Spiegel was with The Cypress Group from its inception in 1994 until 2006, managing its financial services and healthcare investing activities. Prior to joining The Cypress Group, Mr. Spiegel worked in the Merchant Banking Group at Lehman Brothers. He has served on the board of directors of over 20 companies, including eight publicly traded entities. Mr. Spiegel is currently a member of The University of Chicago Polsky Center for Entrepreneurship and Innovation Advisory Board and the Private Equity Counsel. Mr. Spiegel holds a BSc in economics from The London School of Economics and Political Science, an MA in economics from the University of Western Ontario and an MBA from The University of Chicago. | QUALIFICATIONS Mr. Spiegel is qualified to serve on our Board of Directors because of his experience in insurance and private equity fund management and his financial expertise, as well as his experience as a director and executive of public and private companies. |

  16. Director Compensation

    Director Compensation The Compensation Committee reviews and establishes the compensation of our non-employee directors. Our director compensation program is designed to compensate our non-employee directors for their service to the Company and the level of responsibility they have assumed in today’s corporate governance environment. Our Compensation Committee retains the services of an independent compensation consultant, Korn Ferry, to review our non-employee director compensation program in comparison with market data. Each year the Compensation Committee, based on information provided by the independent compensation consultant, reviews the total annual compensation of the non-employee directors, with a goal of positioning director compensation at the median of our peer group at that time (for additional information regarding our peer group see below under “Executives and Executive Compensation—Compensation Discussion and Analysis—Peer Group Composition” on page 33). In November 2025, the Compensation Committee instructed Korn Ferry to re-evaluate the compensation that we pay to our Board of Directors. Based on information provided by Korn Ferry, the Compensation Committee did not elect to make any changes to our non-employee director compensation program, which was last updated effective January 1, 2024. The compensation arrangements for the non-employee directors of the Board for 2025 is described below. Mr. Casale, the Chairman of the Board of Directors and our President and Chief Executive Officer, does not receive additional compensation for serving as a member of our Board of Directors.

  17. Director Compensation

    | Annual Cash Retainer | $150,000 | | Additional Annual Cash Retainer for Board Committee Chairpersons: | | | Audit Committee | $30,000 | | Compensation Committee | $25,000 | | Nominating, Governance and Corporate Responsibility Committee | $20,000 | | Technology, Innovation and Operations Committee | $25,000 | | Risk Committee | $25,000 | | Additional Annual Cash Retainer for Lead Independent Director | $30,000 | | Annual Equity Award(1) | $150,000 |

  18. Director Compensation

    (1) Award delivered in the form of restricted common share units granted under the Essent Group Ltd. 2013 Long-Term Incentive Plan, or 2013 Plan, on the date of our annual general meeting of shareholders, that vests on the first anniversary of the grant date. If a non-employee director joins our Board of Directors after the grant date for the annual equity award, such director will receive a prorated award based on the date that he or she joined our Board. Our non-employee directors are required to maintain certain ownership levels of our common shares during their service as described above on page 23. The following table sets forth compensation earned by our non-employee directors during the year ended December 31, 2025:

  19. Director Compensation

    | NAME | FEES EARNED OR PAID IN CASH ($) | STOCK AWARDS ($)(1) | OPTION AWARDS ($) | NON-EQUITY INCENTIVE PLAN COMPENSATION ($) | CHANGE IN PENSION VALUE AND NON-QUALIFIED DEFERRED COMPENSATION EARNINGS ($) | ALL OTHER COMPENSATION ($)(2) | TOTAL ($) | | David C. Benson(3) | 62,500 | 150,004 | — | — | — | 2,402 | 214,906 | | Aditya Dutt | 150,000 | 150,004 | — | — | — | 3,282 | 303,286 | | Robert Glanville(3) | 87,500 | — | — | — | — | 881 | 88,381 | | Angela L. Heise | 175,000 | 150,004 | — | — | — | 3,282 | 328,286 | | April Joyce(3) | 62,500 | 150,004 | — | — | — | 2,402 | 214,906 | | Henna Karna | 150,000 | 150,004 | — | — | — | 3,282 | 303,286 | | Roy J. Kasmar | 175,000 | 150,004 | — | — | — | 3,282 | 328,286 | | Allan Levine(3) | 102,084 | — | — | — | — | 881 | 102,965 | | Douglas J. Pauls | 180,000 | 150,004 | — | — | — | 3,282 | 333,286 | | William Spiegel | 210,416 | 150,004 | — | — | — | 3,282 | 363,702 |

  20. Director Compensation

    (1) The amounts reported in this column represent the aggregate grant date fair value of the restricted common share units granted in 2025 computed in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 718. For additional information, including a discussion of the assumptions used to calculate these values, see Note 10 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. On May 7, 2025, each of our continuing non-employee directors serving as of that date received 2,569 restricted share units in respect of their Board service through our 2026 Annual General Meeting of Shareholders. (2) Represents the value of dividend equivalent rights credited in respect of then outstanding unvested restricted common share unit awards pursuant to the terms of the applicable award agreements in connection with the payments of our quarterly dividends in the amount of $0.31 per share on each of March 24, 2025, June 10, 2025, September 10, 2025, and December 10, 2025. The March 24, 2025 dividend equivalent rights were credited to the then unvested 2,800 restricted share units granted on May 1, 2024, and the subsequent quarterly dividends were credited to the restricted share units granted on May 7, 2025. Each of Mr. Glanville and Mr. Levine retired from our Board effective May 7, 2025, and Mr. Benson and Ms. Joyce were elected to our Board on the same day at the 2025 Annual General Meeting of Shareholders. The fees paid to each such director reflects such partial year of service.

  21. Executive Compensation Highlights

    Executive Compensation Highlights Consistent with our emphasis on performance-based compensation (see “—Compensation Philosophy” below), the actual incentive compensation paid to our named executive officers for 2025 was above target. The Compensation Committee of our Board of Directors, which we refer to as the “Compensation Committee” or the “Committee” in this CD&A, awarded each of our named executive officers above-target incentive compensation under our annual bonus plan for 2025 representing 175%, 150%, 125%, 150% and 165% of the annual incentive compensation targets for Messrs. Casale, Curran, Bhasin and Weinstock and Ms. Gibbons, respectively. The Compensation Committee, with the assistance of its independent compensation consultant, Korn Ferry, engages in an ongoing review of our executive compensation program to determine that it supports the competitive compensation philosophy established by the Committee and ultimately serves the interests of our shareholders. For 2025, the Committee followed a similar process that it has used in prior years: • Process used for compensation determinations. The Committee reviewed external market data presented by its independent compensation consultant to aid it in setting market-based compensation levels. The committee also considered individual and Company performance, skill sets, experience, leadership, growth potential, and other business needs as well as current best practices and developments when making compensation decisions. • Total target cash compensation. Total target cash compensation for 2025 was targeted between the 25th and 50th percentiles of our peer group (see “—Compensation Objectives and Principles” on page 34 for additional information). Annual equity compensation. We continued to make annual long-term equity incentive grants to our Chief Executive Officer and other named executive officers. In November 2025, the Compensation Committee adjusted Mr. Weinstock’s annual compensation as follows to better align his compensation with executives serving similar roles with our peer group companies: Mr. Weinstock’s annual base salary was increased to $500,000 effective January 1, 2026; and • the target annual long-term equity incentive award for Mr. Weinstock was increased to 200% of his annual base salary, with 50% of such award being subject to performance- and time-based vesting and 50% of such award being subject to time-based vesting over a three-year period. Based on our financial results for the year ended December 31, 2025 and the relative total shareholder return of our stock in comparison to the S&P 1500 Financial Services Index, the Compensation Committee certified in February 2026 that the performance targets for the three-year performance period commencing January 1, 2023 had been achieved at the 193% level. In February 2026, the Compensation Committee determined to target the 50th percentile, or median, of our peer group in future determinations of cash compensation for our senior executives, including our named executive officers. The Committee also approved changes to our peer group to reflect our expanding focus on our reinsurance operating segment.

  22. Executive Compensation Best Practices

    | | WHAT WE DO | | WHAT WE DON’T DO | | ✓ | A significant portion of target annual compensation for our named executive officers is “at-risk” compensation, including performance-based incentive and long-term equity-based awards. | ✘ | No significant perquisites. | | ✓ | Maintain robust share ownership guidelines. | ✘ | No special retirement plans for our named executive officers. | | ✓ | Double-trigger equity vesting in respect of time-based restricted common shares upon a change in control. | ✘ | No re-pricing of stock options without shareholder approval. | | ✓ | Prohibit employees from hedging the value of our common shares. | ✘ | No tax gross-ups on excise taxes. | | ✓ | Retain an independent compensation consultant to review our executive compensation program and practices. | ✘ | No dividends or dividend equivalents are paid in respect of unearned performance-based restricted common shares. | | ✓ | Engage with our shareholders. | | | | ✓ | Design our executive compensation programs to manage business and operational risk and to discourage short-term risk taking at the expense of long-term results. | | | | ✓ | NYSE-compliance clawback policy in the event of a financial restatement. | | |

  23. Compensation Philosophy

    Compensation Philosophy Our compensation philosophy centers upon: • attracting and retaining industry-leading talent to maximize shareholder value creation over the long-term by targeting compensation levels that are competitive when measured against other companies within our industry; • emphasizing performance-based compensation that appropriately rewards our executives for delivering financial, operational and strategic results that meet or exceed pre-established goals, as reflected in our performance-based annual incentive program as well as through the use of restricted common shares subject to performance-based vesting in our long-term incentive program; • rewarding individual performance and contribution to our success; and aligning the interests of our executives with those of our shareholders and the long-term interests of the Company through equity ownership requirements and grants of equity-based awards.

  24. Peer Group Composition

    Peer Group Composition In making compensation decisions, the Compensation Committee considers competitive market data presented by its independent compensation consultant, including data derived from a peer group of companies approved by the Committee. In selecting peers, the Compensation Committee seeks to maintain consistency from year to year, to the extent appropriate, and the Compensation Committee’s intention is to update its peer group every other year (other than for events potentially calling for the immediate elimination of a peer group member, such as a merger, acquisition, or bankruptcy of a peer group member). The Compensation Committee selected the members of this peer group based on the consideration of the size (measured by revenue, market capitalization and profitability), industry, the organizational complexity of each company, the companies that we compete with for experienced executives, and the recommendations of its independent compensation consultant. The Compensation Committee elected to use the following peer group for purposes of evaluating compensation for 2025, consisting of 15 publicly traded companies:

  25. Peer Group Composition

    | • Arch Capital Group Ltd. • Assured Guaranty Corporation • Enact Holdings, Inc. • Fidelity National Financial Inc. • First American Financial Corp. • MGIC Investment Corp. • Mr. Cooper Group Inc. • Old Republic International Corporation | • OneMain Holding, Inc. • NMI Holdings, Inc. • PennyMac Financial Services, Inc. • Radian Group Inc. • RenaissanceRe Holdings Ltd. • Stewart Information Services Corp. • W. R. Berkley Corp. |

  26. Peer Group Composition

    In February 2026, the Committee elected to make the following changes to the peer group: • The following companies were removed from the peer group due to the lack of alignment from a business product and/or size perspective with Essent’s mortgage insurance and reinsurance operating business segments: • Fidelity National Financial Inc. and Stewart Information Services Corp., because each of these companies operate primarily in the title insurance sector, which carries very different business and underwriting dynamics than mortgage insurance. • One Main Financial Holdings, Inc., because it is a consumer lender focused on originating and/or servicing personal installment loans with a credit risk profile materially different than Essent’s core mortgage insurance business. • W.R. Berkley Corp., because it is a specialty insurer which does not materially focus on mortgage insurance or housing credit risk. • The following companies were added to the peer group to reflect the talent market within which Essent competes for executives: • Assurant Inc., a global provider of housing and specialty risk management products with insurance economics. • Axis Capital Holdings Limited, a global specialty property and casualty insurer with a more comparable financial profile to us than W.R. Berkley. • Cincinnati Financial Corporation, a midsize property and casualty insurer with an actuarial and underwriting profitability model similar to Essent. Selective Insurance Group, Inc., a size-appropriate regional insurer writing lines of business that are sensitive to economic and housing trends. The Compensation Committee believes that this revised peer group best represents where we would find the talent necessary to operate Essent, both at its present levels of revenue and operations as well as to drive our future growth.

  27. Compensation Objectives and Principles

    Compensation Objectives and Principles The Compensation Committee believes that the establishment and maintenance of a competitive executive compensation program is in the best interests of our shareholders. Consistent with our compensation philosophy, the executive compensation program approved by the Compensation Committee is designed to facilitate the attraction and retention of top-caliber talent, and to align the interests of our executives with those of our shareholders. For our fiscal year 2025: • target cash compensation of our named executive officers was determined to target the 25th to 50th percentiles of our peer group (see “—Peer Group Composition” above); and • annual incentive opportunities for our named executive officers as a percentage of base salary were determined to target the 50th percentile (median) relative to our peer group. In February 2026, the Compensation Committee determined to target the 50th percentile, or median, of our peer group in future determinations of cash compensation for our senior executives, including our named executive officers, supporting stability in key succession pipelines and minimizing flight risk among high-potential leaders. The Committee believes that setting a compensation philosophy with the desire to be positioned at the median of the market reflects a conventional market stance and aligns with our strategic business objectives and growth profile.

  28. Elements of Compensation

    | COMPENSATION ELEMENT | DESCRIPTION | PHILOSOPHY BEHIND PROVIDING COMPENSATION ELEMENT | | Annual Compensation: | | | | Annual Base Salary | • Fixed component of annual cash compensation that reflects expertise and scope of responsibilities | • Attract and retain key talent • Provide financial certainty and stability • Recognition of individual performance | | Performance-Based Annual Incentive | • Cash bonus plan based on performance relative to Company and individual objectives. | • Incentivize and motivate our named executive officers to meet or exceed our pre-established annual performance goals • Attract and retain key talent • Reward team success • Align named executive officers’ and shareholders’ interests • Discourages excessive risk taking | | Long-Term Compensation: | | | | Long-Term Incentive Program | • A long-term incentive program using time-vested and performance-based restricted common share awards, with performance-vested awards subject to a multi-year performance period | • Foster a focus on long-term Company performance and long-term success • Attract and retain key talent • Align named executive officers’ and shareholders’ interests • Discourages excessive risk taking | | Other Executive Benefits: | | | | Retirement Programs | • Participation in a 401(k) defined contribution plan, including a matching contribution of 100% of a participant’s contribution up to 5% of the participant’s compensation | • Attract and retain key talent • Provide income security for retirement |

  29. Base Salary

    Base Salary Base salaries are an important element of compensation and provide our executive officers with a fixed rate of cash compensation that is “non-variable” during the relevant period. In determining base pay, our Compensation Committee considers the executive’s responsibilities, growth potential, individual performance against predetermined objectives, base salary competitiveness as compared to the external market, and our operating performance. Although the Compensation Committee targeted base salary for 2025 between the 25th and 50th percentiles of our peer group (see “—Peer Group Composition” above), actual base salary may be above or below that range based on the Committee’s review of the underlying scope of a named executive officer’s responsibilities, individual performance and experience, internal pay equity, and retention concerns. The Compensation Committee strives to maintain base salaries at levels that will attract top talent, while linking a significant portion of an executive’s total compensation opportunity to our success. The annual base salaries for our named executive officers for 2025 were:

  30. Performance-Based Annual Incentive Compensation

    Performance-Based Annual Incentive Compensation Our Board of Directors approved, and our shareholders first adopted, the Essent Group Ltd. Annual Incentive Plan in 2013, which we refer to as the “Annual Plan.” The Annual Plan was re-approved by our shareholders at our 2017 Annual General Meeting of Shareholders. In 2025, incentive awards were made under our annual leadership bonus program pursuant to the Annual Plan. The Annual Plan is intended to advance the interests of the Company and its shareholders by: • providing those employees designated by the Compensation Committee, which may include our named executive officers, senior vice presidents, other senior executives, and other employees, incentive compensation tied to pre-established performance goals; • identifying and rewarding superior performance; • providing competitive compensation to attract, motivate, and retain outstanding employees who achieve superior performance for us; and • fostering accountability and teamwork throughout the Company. In accordance with the terms of the Annual Plan, the Compensation Committee established our fiscal year (which coincides with the calendar year) as the performance period, designated those executives eligible to participate, set the level of potential awards, and determined the financial targets or other performance measures which, if attained, result in payment of awards under our annual leadership bonus program for 2025.

  31. Performance Targets for Past Year/Performance Period

    Performance Targets for Past Year/Performance Period The table below sets forth each named executive officer’s 2025 threshold, target, and maximum annual incentive opportunities under our annual leadership bonus program, expressed as a percentage of base salary.

  32. Performance Targets for Past Year/Performance Period

    | 2025 ANNUAL INCENTIVE OPPORTUNITY EXPRESSED AS A PERCENTAGE OF BASE SALARY | | | | | NAME | THRESHOLD | TARGET | MAXIMUM | | Mark A. Casale | 131.25% | 175% | 306.25% | | Christopher G. Curran | 75% | 100% | 175% | | Mary L. Gibbons | 75% | 100% | 175% | | Vijay Bhasin | 75% | 100% | 175% | | David B. Weinstock | 75% | 100% | 175% |

  33. Performance Targets for Past Year/Performance Period

    | 2025 ANNUAL INCENTIVE OPPORTUNITY—WEIGHTING OF GOALS | | | | NAME | CORPORATE GOALS | INDIVIDUAL GOALS | | Mark A. Casale | 100% | — | | Christopher G. Curran | 75% | 25% | | Mary L. Gibbons | 50% | 50% | | Vijay Bhasin | 50% | 50% | | David B. Weinstock | 50% | 50% |

  34. Performance Targets for Past Year/Performance Period

    | 2025 ANNUAL INCENTIVE PLAN PERFORMANCE GOALS | | | | | | | GOAL | WEIGHTING | THRESHOLD | TARGET | MAXIMUM | ACTUAL | | Optimize portfolio growth, efficiently leveraging operating infrastructure | 30% | $6.15 diluted earnings per share at 10% return on equity | $6.60 diluted earnings per share at 12.0% return on equity | $7.15 diluted earnings per share at 14% return on equity | $6.90 diluted earnings per share at 12.1% return on equity | | Grow core U.S. mortgage insurance, title insurance and reinsurance franchises: Total revenue for the year ended December 31, 2025 | 15% | $1.0 billion | $1.2 billion | $1.4 billion | $1.26 billion | | Group unit economics (for 2025 mortgage insurance new business written) | 15% | 10% | 13% | 16% | 14.6% | | Grow Essent Re franchise (revenue from 3rd party reinsurance for year ended December 31, 2025) | 15% | $55 million | $65 million | $75 million | $67.1 million | | Strategic accomplishments | 25% | as determined by the Compensation Committee in May 2025 | | | all strategic accomplishments were completed |

  35. Performance Targets for Past Year/Performance Period

    | NAME | INDIVIDUAL PERFORMANCE GOALS | | Christopher G. Curran | • Based on current economic environment, Essent’s insured portfolio and the composition of monthly NIW, identify areas to shape Essent’s portfolio to optimize unit economics while reducing risk. • Achieve operational efficiency with rigorous expense management. • Develop and execute strategies to achieve NIW, client activation and maintenance goals while growing insurance in-force. • Evaluate technology modernization and AI opportunities to drive long-term drive expense reduction. • Activate 45 customers among top 1500 lenders. • Develop strategic roadmap for facilities planning consistent with business need. | | Mary L. Gibbons | • Simplify corporate organizational chart, eliminating, relocating or combining subsidiaries that are dormant, unnecessary, or overlapping. • Manage legal, regulatory, HR, facilities and licensing aspects of acquisition/entry into new insurance line. • Design, project, manage and build new Winston Salem and Columbia offices, and develop options for Pittsburgh office. • Complete the restructuring of the title business, including integration of Essent Title into the Essent enterprise and the migration of Essent Title’s existing compliance management, emerging laws and regs, and rate approval processes into corporate compliance processes. • In collaboration with IT, develop and implement policies and procedures regarding corporate and employee use of artificial intelligence. | | Vijay Bhasin | • Provide risk expertise and analytics to support other corporate cross functional priorities and initiatives, including the development of advanced mortgage performance, stress testing and customer decision modelling. • Broaden relationships with risk counterparts at the GSEs and assist with the Company’s assessment of public policy issues. • Continue to enhance EssentEDGE risk management and pricing tool and models, including the TU integration. • Manage expenses related to risk management functions. • Support 2025 corporate goals around NIW and expanding the franchise. • Support risk expertise and analytics to support other corporate cross functional priorities and initiatives | | David B. Weinstock | • Assist CEO, corporate development, legal and other departments in managing our internal capital framework and evaluating opportunities to optimize capital structure and financial flexibility. • Efficiently put cash to work in the investment portfolio, managing liquidity and optimizing investment yield, through allocations across core investments. • Identify and execute strategies with new and existing managers to enhance investment income on a risk adjusted basis within appropriate credit parameters. • Evaluate alternative investment strategies to enhance the long-term return target of the consolidated investment portfolio to grow book value per share. • Work with Title leadership to update claims and operating policies and procedures to enhance risk management. • Work closely with the Essent Guaranty President and business unit leaders to manage expenses. • Assist in completing the restructuring of Essent Title. • Facilitate completion of insurance department examinations of Essent Guaranty and Essent Title. |

  36. Performance Targets for Past Year/Performance Period

    | NAME | TARGET ANNUAL INCENTIVE BONUS – 2025 | ANNUAL INCENTIVE BONUS AWARD – 2025 | % OF TARGET | | Mark A. Casale | $1,750,000 | $3,062,500 | 175% | | Christopher G. Curran | $650,000 | $975,000 | 150% | | Mary L. Gibbons | $500,000 | $825,000 | 165% | | Vijay Bhasin | $450,000 | $562,500 | 125% | | David B. Weinstock | $400,000 | $600,000 | 150% |

  37. Long-Term Equity Incentive Compensation

    Long-Term Equity Incentive Compensation Through our long-term equity incentive program, we provide our senior executives, including each of our named executive officers, the opportunity to earn equity awards which are in part contingent on the attainment of multi-year performance goals. Our long-term equity incentive awards provide balanced equity incentives that reward executives’ focus on delivering both financial results and long-term growth. Equity-based compensation is used in order to facilitate retention, provide long-term motivation and focus our executives on increasing shareholder value. In addition, we believe that our long-term equity incentive compensation program balances the risks associated with short-term incentive compensation that may reward behavior with short-term benefits that may be less beneficial over the long-term. The target long-term equity incentive awards are designed to achieve, when combined with the executive’s base salary and target annual incentive compensation opportunity, total compensation at approximately the 50th percentile of comparable positions at peer group companies (see “—Peer Group Composition” above). For 2025, the target annual long-term equity incentive awards for our named executive officers were as follows: • Mr. Casale—600% of his annual base salary, with 75% of such award being subject to performance- and time-based vesting and 25% being subject to time-based vesting over a three-year period; • Messrs. Curran and Bhasin and Ms. Gibbons—200% of his or her respective annual base salary, with 50% of such award being subject to performance- and time-based vesting and 50% being subject to time-based vesting over a three-year period; and • Mr. Weinstock—150% of his annual base salary, with 50% of such award being subject to performance- and time-based vesting and 50% being subject to time-based vesting over a three-year period. The following table sets forth the annual long-term equity incentive awards granted to our named executive officers in 2025:

  38. Long-Term Equity Incentive Compensation

    | NAME | RESTRICTED SHARES/ RESTRICTED SHARES UNITS SUBJECT TO TIME-BASED VESTING | RESTRICTED SHARES/RESTRICTED SHARE UNITS SUBJECT TO TIME- AND PERFORMANCE- BASED VESTING(1) | TOTAL RESTRICTED SHARES/ RESTRICTED SHARE UNITS GRANTED | | Mark A. Casale | 26,266 | 157,591 | 183,857 | | Christopher G. Curran | 11,382 | 22,764 | 34,146 | | Mary L. Gibbons | 8,756 | 17,511 | 26,267 | | Vijay Bhasin | 7,880 | 15,760 | 23,640 | | David B. Weinstock | 5,254 | 10,507 | 15,761 |

  39. Long-Term Equity Incentive Compensation

    (1) Represents maximum number of shares that may vest under the awards if the applicable performance metrics are satisfied at the maximum levels. The time-vested restricted common shares and restricted common share units vest in equal annual installments during the three-year period commencing on March 1, 2025, subject to the executive’s continuous employment through each such vesting date. The performance-vested restricted common shares and restricted common share units, which were issued at the maximum 200% of target, become earned upon the Company’s achievement of a combination of compounded annual book value per share growth percentage and relative total shareholder return percentage as set out in the following table (with straight line interpolation between the respective levels) during the three-year performance period commencing on January 1, 2025, and any earned shares will vest on March 1, 2028, subject to the executive’s continuous employment through such date:

  40. Long-Term Equity Incentive Compensation

    | | | RELATIVE TOTAL SHAREHOLDER RETURN VS. S&P 1500 FINANCIAL SERVICES INDEX | | | | | | ≤25TH PERCENTILE | 50TH PERCENTILE | ≥75TH PERCENTILE | | Three-Year Book Value Per Share CAGR | 11% | 100% | 150% | 200% | | | 10% | 75% | 125% | 175% | | | 9% | 50% | 100% | 150% | | | 7% | 25% | 75% | 125% | | | 6% | 0% | 50% | 100% |

  41. Long-Term Equity Incentive Compensation

    The maximum performance level for the three-year book value per share CAGR target for these awards, covering the three-year performance period commencing on January 1, 2025, was set at 11%, which is less than the 12% target used for the performance-vested awards granted to our named executive officers in 2024 for the three-year performance period commencing on January 1, 2024. The terms of the 2025 performance-vested awards granted to our named executive officers reflect the Compensation Committee’s assessment that a variety of foreseeable and potentially adverse economic conditions in the performance period, such as continuing elevated mortgage rates directly and negatively affecting the amount of new insurance written and higher unemployment and a slowdown in overall economic growth potentially resulting in higher levels of defaults in our mortgage insurance portfolio than we have experienced in the last several years. All outstanding restricted common shares and restricted common share unit awards are eligible to participate in our quarterly dividends, with any dividends in respect of unvested shares and units retained by the Company until such time, if ever, as the underlying share or unit is vested. Retained dividends made in cash will be deemed reinvested in notional common shares (“dividend equivalent rights”) such that upon release and distribution of such retained dividend to the award holder, the executive will be entitled to receive on the date of such release an amount of cash or the number of whole shares or a combination thereof, as determined by our Compensation Committee, the aggregate fair value of which will be equal to the fair market value of the notional common share or unit to which such released retained dividends relate.

  42. Termination, Severance and Change in Control Benefits

    Termination, Severance and Change in Control Benefits The employment agreements with each of Messrs. Casale, Curran and Bhasin and Ms. Gibbons provide severance payments and benefits upon certain qualifying terminations of employment. In addition, upon certain qualifying terminations following, or in some circumstances upon the occurrence of, a change in control, Messrs. Casale, Curran and Bhasin and Ms. Gibbons may be entitled to receive certain vesting of their outstanding restricted common share awards pursuant to the terms of their respective employment agreement or the terms of our equity incentive plans. Based on the input of its independent compensation consultant, the Compensation Committee determined that these arrangements are appropriate and that the payments and benefits provided for under these arrangements upon certain qualifying terminations of employment or in connection with a change in control are consistent with market practice and essential in attracting and retaining key talent. In addition, the change in control provisions are significant to ensure that we have the continued attention and dedication of our executives during circumstances that could result in a change in control. These provisions are further described beginning on page 48 (“—Potential Payments upon Termination or Change in Control”).

  43. Impact of FASB ASC Topic 718

    Impact of FASB ASC Topic 718 The accounting standards applicable to the various forms of long-term incentive plans under FASB ASC Topic 718 is one factor that the Compensation Committee and the Company consider in the design of long-term equity incentive programs. Other factors include the link to the performance that each vehicle provides, the degree of upside leverage and downside risk inherent in each vehicle, the impact on dilution and overhang that the vehicles have, and the role that each vehicle has in the attraction, retention, and motivation of our named executive officers and other key employee talent. The Company and its external financial advisors consider FASB ASC Topic 718 expense to ensure that it is reasonable, but expense will not be the most important factor in making decisions about awards under long-term incentive plans.

  44. Summary Compensation Table

    Summary Compensation Table The following table sets forth information regarding the compensation awarded to, earned by, or paid to our named executive officers in the years ended December 31, 2025, 2024 and 2023.

  45. Summary Compensation Table

    | NAME AND PRINCIPAL POSITION | YEAR | SALARY ($) | BONUS ($) | STOCK AWARDS(1) ($) | OPTION AWARDS ($) | NON-EQUITY INCENTIVE PLAN COMPENSATION(2) ($) | NONQUALIFIED DEFERRED COMPENSATION EARNINGS ($) | ALL OTHER COMPENSATION(3) ($) | TOTAL ($) | | Mark A. Casale Chairman of the Board of Directors, President and Chief Executive Officer | 2025 | 1,000,000 | — | 5,124,644 | — | 3,062,500 | — | 852,532 | 10,039,676 | | | 2024 | 1,000,000 | — | 5,148,797 | — | 2,800,000 | — | 834,917 | 9,783,714 | | | 2023 | 1,000,000 | 212,500 | 4,118,728 | — | 2,850,000 | — | 705,224 | 8,886,452 | | Christopher G. Curran President, Essent Guaranty, Inc. | 2025 | 650,000 | — | 1,173,598 | — | 975,000 | — | 159,853 | 2,958,451 | | | 2024 | 650,000 | — | 1,177,114 | — | 975,000 | — | 171,838 | 2,973,952 | | | 2023 | 650,000 | — | 1,028,320 | — | 1,072,500 | — | 140,764 | 2,891,584 | | Mary L. Gibbons Senior Vice President, Chief Legal Officer and Assistant Secretary | 2025 | 500,000 | | 902,808 | — | 825,000 | — | 166,659 | 2,394,467 | | | 2024 | 500,000 | — | 905,459 | — | 875,000 | — | 161,627 | 2,442,086 | | | 2023 | 500,000 | — | 790,994 | — | 875,000 | — | 144,369 | 2,310,363 | | Vijay Bhasin Senior Vice President and Chief Risk Officer | 2025 | 450,000 | — | 812,507 | — | 562,500 | — | 112,875 | 1,937,882 | | | 2024 | 450,000 | — | 814,911 | — | 585,000 | — | 109,451 | 1,959,362 | | | 2023 | 450,000 | — | 711,909 | — | 675,000 | — | 130,125 | 1,967,034 | | David B. Weinstock Senior Vice President and Chief Financial Officer | 2025 | 400,000 | — | 541,717 | — | 600,000 | — | 117,993 | 1,659,710 | | | 2024 | 400,000 | — | 543,256 | — | 540,000 | — | 103,390 | 1,586,646 | | | 2023 | 354,445 | 75,000 | 1,521,783 | — | 562,500 | — | 64,075 | 2,577,803 |

  46. Summary Compensation Table

    (1) The amounts reported in this column represent the aggregate grant date fair value of the share awards computed in accordance with FASB ASC Topic 718, disregarding for this purpose the estimate of forfeitures related to service-based vesting conditions, if applicable. The performance-based share awards granted contain a market condition and were valued based on analysis provided by a third-party valuation firm using a risk neutral simulation taking into effect the vesting conditions of the grant. The grant date fair value included in this column for each named executive officer for such performance-based share awards granted in 2025 is as follows: Mr. Casale — $3,624,593; Mr. Curran — $523,572; Ms. Gibbons — $500,055; Dr. Bhasin — $362,480; and Mr. Weinstock — $241,661. Assuming achievement of the maximum level of performance, the value of such performance awards on the grant date would have been as follows: Mr. Casale — $9,000,000; Mr. Curran — $1,300,000; Ms. Gibbons — $1,000,000; Dr. Bhasin — $900,000; and Mr. Weinstock — $600,000. For additional information, including a discussion of the assumptions used to calculate these values, see Note 10 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. (2) The amounts reported in this column represent the annual bonuses earned by our named executive officers pursuant to our Annual Plan. For additional information regarding our Annual Plan, see “Compensation Discussion and Analysis—Elements of Compensation—Performance-Based Annual Incentive Compensation” above. The amounts reported in this column for 2025 include: (a) financial planning services fees of $45,000, $4,100, $3,500 and $25,000 paid on behalf of each of Messrs. Casale, Curran and Weinstock and Ms. Gibbons, respectively; and (b) matching 401(k) contributions of $23,500 on behalf of each of Messrs. Casale, Curran, Bhasin and Weinstock and Ms. Gibbons. The amounts disclosed for financial planning services represent the aggregate fees paid by the Company to third-party service providers on behalf of each named executive officer, which equals the aggregate incremental cost to the Company for providing this benefit. In addition, in connection with the payments of our quarterly dividends in the amount of $0.31 per share on each of March 24, 2025, June 10, 2025, September 10, 2025, and December 10, 2025, our named executive officers were credited with dividend equivalent rights in respect of their unvested restricted common share and restricted common share unit awards pursuant to the terms of the applicable award agreements. The deemed grant date values of such dividend equivalent rights granted for each of the named executive officers is as follows: Mr. Casale: $750,785; Mr. Curran: $129,098; Ms. Gibbons: $99,307; Mr. Bhasin: $89,375; and Mr. Weinstock: $88,407.

  47. Grants of Plan Based Awards Table

    Grants of Plan Based Awards Table The following table sets forth information regarding grants of plan-based awards to our named executive officers for the year ended December 31, 2025.

  48. Grants of Plan Based Awards Table

    | | | ESTIMATED FUTURE PAYOUTS UNDER NON-EQUITY INCENTIVE PLAN AWARDS(1) | | | ESTIMATED FUTURE PAYOUTS UNDER EQUITY INCENTIVE PLAN AWARDS(2) | | | ALL OTHER STOCK AWARDS: NUMBER OF SHARES OF STOCK OR UNITS (#) | GRANT DATE FAIR VALUE OF STOCK AND OPTION AWARDS ($)(3) | | | GRANT DATE | THRESHOLD ($) | TARGET ($) | MAXIMUM ($) | THRESHOLD (#) | TARGET (#) | MAXIMUM (#) | | | | Mark A. Casale | — | 1,312,500 | 1,750,000 | 3,062,500 | — | — | — | — | — | | | 2/12/2025(4) | — | — | — | — | — | — | 26,266 | 1,500,051 | | | 2/12/2025 | — | — | — | — | 78,795 | 157,591 | — | 3,624,593 | | Christopher G. Curran | | 487,500 | 650,000 | 1,137,500 | — | — | — | — | — | | | 2/12/2025(4) | — | — | — | — | — | — | 11,382 | 650,026 | | | 2/12/2025 | — | — | — | — | 11,382 | 22,764 | — | 523,572 | | Mary L. Gibbons | — | 375,000 | 500,000 | 875,000 | — | — | — | — | — | | | 2/12/2025(4) | — | — | — | — | — | — | 8,756 | 500,055 | | | 2/12/2025 | — | — | — | — | 8,756 | 17,511 | — | 402,753 | | Vijay Bhasin | — | 337,500 | 450,000 | 787,500 | — | — | — | — | — | | | 2/12/2025(4) | — | — | — | — | — | — | 7,880 | 450,027 | | | 2/12/2025 | — | — | — | — | 7,880 | 15,760 | — | 362,480 | | David B. Weinstock | — | 300,000 | 400,000 | 700,000 | — | — | — | — | — | | | 2/12/2025(4) | — | — | — | — | — | — | 5,254 | 300,056 | | | 2/12/2025 | — | — | — | — | 5,254 | 10,507 | — | 241,661 |

  49. Grants of Plan Based Awards Table

    (1) Represents the threshold, target and maximum value of annual incentive awards that could have been earned by our named executive officers under our annual leadership bonus program pursuant to our Annual Plan for the year ended December 31, 2025. For a discussion of the terms of our annual leadership bonus program and Annual Plan and the amounts earned thereunder by the named executive officers for 2025, see “—Compensation Discussion and Analysis—Elements of Compensation—Performance-Based Annual Incentive Compensation” above. (2) The restricted common shares and restricted common share units (plus any dividend equivalents received prior to vesting), which were issued at the maximum 200% of target, are eligible to become earned as set forth in the table below based upon achievement of a combination of our compounded annual book value per share growth percentage and relative total shareholder return percentage during the three-year performance period commencing January 1, 2025. All restricted common shares and restricted common share units that are earned will vest on March 1, 2028, subject to the executive’s continuous employment through the applicable date.

  50. Grants of Plan Based Awards Table

    | | | RELATIVE TOTAL SHAREHOLDER RETURN* VS. S&P 1500 FINANCIAL SERVICES INDEX | | | | | | ≤25TH PERCENTILE | 50TH PERCENTILE | ≥75TH PERCENTILE | | Three-Year Book Value Per Share CAGR* | 11% | 100% | 150% | 200% | | | 10% | 75% | 125% | 175% | | | 9% | 50% | 100% | 150% | | | 7% | 25% | 75% | 125% | | | 6% | 0% | 50% | 100% |

  51. Grants of Plan Based Awards Table

    (*) In the event that the compounded annual book value per share growth percentage or the relative total shareholder return falls between the performance levels shown above, the Vesting Percentage shall be determined using a straight-line linear interpolation between the respective levels shown. (3) The amounts reported in this column represent the aggregate grant date fair value of the share awards granted in 2025, computed in accordance with FASB ASC Topic 718. The performance-based share awards granted contain a market condition and were valued based on analysis provided by a third-party valuation firm using a risk neutral simulation taking into effect the vesting conditions of the grant. For additional information, including a discussion of the assumptions used to calculate these values, see Note 10 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. Represents time-based vesting restricted common shares granted to each of our named executive officers under our long-term equity incentive program. The time-based vesting restricted common shares and restricted common share units (plus any dividend equivalents received prior to vesting) vest in three equal annual installments on each of March 1, 2026, 2027 and 2028, subject to the executive’s continuous employment through each such date.

  52. Outstanding Equity Awards at Fiscal Year-End

    Outstanding Equity Awards at Fiscal Year-End The following table sets forth the outstanding equity awards of our common shares held by each of our named executive officers as of December 31, 2025.

  53. Outstanding Equity Awards at Fiscal Year-End

    | | STOCK AWARDS | | | | | | NAME | GRANT DATE | NUMBER OF SHARES OR UNITS THAT HAVE NOT VESTED (#)(1) | MARKET VALUE OF SHARES OR UNITS THAT HAVE NOT VESTED ($)(2) | EQUITY INCENTIVE PLAN AWARDS: NUMBER OF UNEARNED SHARES, UNITS OR OTHER RIGHTS THAT HAVE NOT VESTED (#)(1) | EQUITY INCENTIVE PLAN AWARDS: MARKET OR PAYOUT VALUE OF UNEARNED SHARES, UNITS OR OTHER RIGHTS THAT HAVE NOT VESTED ($)(2) | | Mark A. Casale | 2/12/2025(3) | 26,811 | 1,743,000 | — | — | | | 2/12/2025(3) | — | — | 160,862 | 10,457,667 | | | 2/6/2024(4) | 19,319 | 1,255,901 | — | — | | | 2/6/2024(4) | — | — | 173,860 | 11,302,631 | | | 2/7/2023(5) | 12,226 | 794,811 | — | — | | | 2/7/2023(5)(6) | 212,348 | 13,804,743 | — | — | | Christopher G. Curran | 2/12/2025(3) | 11,618 | 755,304 | — | — | | | 2/12/2025(3) | — | — | 23,237 | 1,510,609 | | | 2/6/2024(4) | 8,371 | 544,264 | — | — | | | 2/6/2024(4) | — | — | 25,114 | 1,632,657 | | | 2/7/2023(5) | 5,300 | 344,535 | — | — | | | 2/7/2023(5)(6) | 30,681 | 1,994,572 | — | — | | Mary L. Gibbons | 2/12/2025(3) | 8,938 | 581,044 | — | — | | | 2/12/2025(3) | — | — | 17,875 | 1,162,022 | | | 2/6/2024(4) | 6,441 | 418,701 | — | — | | | 2/6/2024(4) | — | — | 19,319 | 1,255,901 | | | 2/7/2023(5) | 4,076 | 265,006 | — | — | | | 2/7/2023(5)(6) | 23,599 | 1,534,171 | — | — | | Vijay Bhasin | 2/12/2025(3) | 8,044 | 522,913 | — | — | | | 2/12/2025(3) | — | — | 16,087 | 1,045,826 | | | 2/6/2024(4) | 5,796 | 376,824 | — | — | | | 2/6/2024(4) | — | — | 17,386 | 1,130,270 | | | 2/7/2023(5) | 3,669 | 238,519 | — | — | | | 2/7/2023(5)(6) | 21,242 | 1,380,942 | — | — | | David B. Weinstock | 2/12/2025(3) | 5,363 | 348,653 | — | — | | | 2/12/2025(3) | — | — | 10,725 | 697,240 | | | 2/6/2024(4) | 3,864 | 251,194 | — | — | | | 2/6/2024(4) | — | — | 11,591 | 753,513 | | | 3/14/2023(7) | 26,420 | 1,717,566 | — | — | | | 3/14/2023(8) | 1,725 | 112,123 | — | — | | | 3/14/2023(6)(8) | 9,981 | 648,865 | — | — | | | 2/7/2023(9) | 1,106 | 71,922 | — | — | | | 1/6/2023(9) | 1,132 | 73,565 | — | — |

  54. Outstanding Equity Awards at Fiscal Year-End

    Amounts also include dividend equivalent rights granted to the executive pursuant to the terms of the award agreements governing each restricted common share and restricted common share unit to reflect the payment of dividends on our common shares. Each dividend equivalent right is deemed notionally invested in our common shares and vests on the same terms as the restricted common share or restricted common share unit to which it relates. (2) The dollar amounts shown were calculated based on the closing price of our common shares on the NYSE on December 31, 2025 of $65.01. (3) On February 12, 2025, each of Messrs. Casale, Curran, Bhasin and Weinstock and Ms. Gibbons was granted restricted common share awards and/or restricted common share unit awards. A portion of the awards granted are subject to solely time-based vesting. These awards vest in three equal annual installments on each of March 1, 2026, March 1, 2027 and March 1, 2028, subject to the executive’s continuous employment through each such vesting date. A portion of the awards granted are subject to time- and performance-based vesting and were issued at the maximum 200% of target. These awards are eligible to become earned, as set forth in the table below, based upon achievement of a combination of our compounded annual book value per share growth percentage and relative total shareholder return percentage during the three-year performance period commencing January 1, 2025. All awards that are earned will vest on March 1, 2028, subject to the executive’s continuous employment through such date.

  55. Outstanding Equity Awards at Fiscal Year-End

    | | | RELATIVE TOTAL SHAREHOLDER RETURN* VS. S&P 1500 FINANCIAL SERVICES INDEX | | | | | | ≤25TH PERCENTILE | 50TH PERCENTILE | ≥75TH PERCENTILE | | Three-Year Book Value Per Share CAGR* | 11% | 100% | 150% | 200% | | | 10% | 75% | 125% | 175% | | | 9% | 50% | 100% | 150% | | | 7% | 25% | 75% | 125% | | | 6% | 0% | 50% | 100% |

  56. Outstanding Equity Awards at Fiscal Year-End

    (*) In the event that the compounded annual book value per share growth percentage or the relative total shareholder return falls between the performance levels shown above, the Vesting Percentage shall be determined using a straight line linear interpolation between the respective levels shown. (4) On February 6, 2024, each of Messrs. Casale, Curran, Bhasin and Weinstock and Ms. Gibbons was granted restricted common share awards and/or restricted common share unit awards. A portion of the awards granted are subject to solely time-based vesting. These awards vest in three equal annual installments on each of March 1, 2025, March 1, 2026 and March 1, 2027, subject to the executive’s continuous employment through each such vesting date. A portion of the awards granted are subject to time- and performance-based vesting and were issued at the maximum 200% of target. These awards are eligible to become earned, as set forth in the table below, based upon achievement of a combination of our compounded annual book value per share growth percentage and relative total shareholder return percentage during the three-year performance period commencing January 1, 2024. All awards that are earned will vest on March 1, 2027, subject to the executive’s continuous employment through such date.

  57. Outstanding Equity Awards at Fiscal Year-End

    | | | RELATIVE TOTAL SHAREHOLDER RETURN* VS. S&P 1500 FINANCIAL SERVICES INDEX | | | | | | ≤25TH PERCENTILE | 50TH PERCENTILE | ≥75TH PERCENTILE | | Three-Year Book Value Per Share CAGR* | 12% | 100% | 150% | 200% | | | 11% | 75% | 125% | 175% | | | 10% | 50% | 100% | 150% | | | 8% | 25% | 75% | 125% | | | 7% | 0% | 50% | 100% |

  58. Outstanding Equity Awards at Fiscal Year-End

    (*) In the event that the compounded annual book value per share growth percentage or the relative total shareholder return falls between the performance levels shown above, the Vesting Percentage shall be determined using a straight line linear interpolation between the respective levels shown. On February 7, 2023, each of Messrs. Casale, Curran and Bhasin and Ms. Gibbons was granted restricted common share awards. A portion of the restricted common shares granted are subject to solely time-based vesting. These shares vest in three equal annual installments on each of March 1, 2024, March 1, 2025 and March 1, 2026, subject to the executive’s continuous employment through each such vesting date. A portion of the restricted common shares granted are subject to time- and performance-based vesting and were issued at the maximum 200% of target. These restricted common shares are eligible to become earned, as set forth in the table below, based upon achievement of a combination of our compounded annual book value per share growth percentage and relative total shareholder return percentage during the three-year performance period commencing January 1, 2023. All restricted common shares that are earned will vest on March 1, 2026, subject to the executive’s continuous employment through such date.

  59. Outstanding Equity Awards at Fiscal Year-End

    | | | RELATIVE TOTAL SHAREHOLDER RETURN* VS. S&P 1500 FINANCIAL SERVICES INDEX | | | | | | ≤25TH PERCENTILE | 50TH PERCENTILE | ≥75TH PERCENTILE | | Three-Year Book Value Per Share CAGR* | 10% | 100% | 150% | 200% | | | 9% | 75% | 125% | 175% | | | 8% | 50% | 100% | 150% | | | 6% | 25% | 75% | 125% | | | 5% | 0% | 50% | 100% |

  60. Outstanding Equity Awards at Fiscal Year-End

    In the event that the compounded annual book value per share growth percentage or the relative total shareholder return falls between the performance levels shown above, the Vesting Percentage shall be determined using a straight line linear interpolation between the respective levels shown. In February 2026, our Board of Directors certified that the performance targets for the three-year performance period commencing January 1, 2023 had been achieved at the 193% level. (6) Because the three-year performance period commencing January 1, 2023 is complete, the number of shares earned is reported in the “Number of Shares or Units of Stock That Have Not Vested” column based on the actual achievement of the applicable performance metrics. See footnote 5 above and footnote 8 below for Mr. Weinstock. (7) Mr. Weinstock was granted an award of 25,000 restricted common share units in connection with his appointment as Senior Vice President and Chief Financial Officer on March 14, 2023 which vests in three equal installments on each of April 1, 2026, April 1, 2027 and April 1, 2028. (8) On March 14, 2023, Mr. Weinstock was granted restricted common share unit awards. A portion of the awards granted are subject to solely time-based vesting. This award vests in three equal annual installments on each of March 1, 2024, March 1, 2025 and March 1, 2026, subject to Mr. Weinstock’s continuous employment through each such vesting date. A portion of the awards granted is subject to time- and performance-based vesting and were issued at the maximum 200% of target. This award is eligible to become earned, as set forth in the table below, based upon achievement of a combination of our compounded annual book value per share growth percentage and relative total shareholder return percentage during the three-year performance period commencing January 1, 2023. The portion of the award that is earned will vest on March 1, 2026, subject to Mr. Weinstock’s continuous employment through such date.

  61. Outstanding Equity Awards at Fiscal Year-End

    | | | RELATIVE TOTAL SHAREHOLDER RETURN* VS. S&P 1500 FINANCIAL SERVICES INDEX | | | | | | ≤25TH PERCENTILE | 50TH PERCENTILE | ≥75TH PERCENTILE | | Three-Year Book Value Per Share CAGR* | 10% | 100% | 150% | 200% | | | 9% | 75% | 125% | 175% | | | 8% | 50% | 100% | 150% | | | 6% | 25% | 75% | 125% | | | 5% | 0% | 50% | 100% |

  62. Outstanding Equity Awards at Fiscal Year-End

    (*) In the event that the compounded annual book value per share growth percentage or the relative total shareholder return falls between the performance levels shown above, the Vesting Percentage shall be determined using a straight line linear interpolation between the respective levels shown. In February 2026, our Board of Directors certified that the performance targets for the three-year performance period commencing January 1, 2023 had been achieved at the 193% level. On February 7, 2023, Mr. Weinstock was granted an award of 3,187 restricted common share units subject to time-based vesting in three equal installments on each of March 1, 2024, March 1, 2025 and March 1, 2026. On January 8, 2023, Mr. Weinstock was granted an award of 2,052 restricted common share units subject to time-based vesting in three equal installments on each of January 8, 2024, January 8, 2025 and January 8, 2026.

  63. Option Exercises and Stock Vested

    Option Exercises and Stock Vested The following table sets forth certain information regarding the exercise of stock options and shares acquired upon vesting by our named executive officers during the year ended December 31, 2025.

  64. Option Exercises and Stock Vested

    | | STOCK AWARDS | | | NAME | NUMBER OF SHARES ACQUIRED ON VESTING (#) | VALUE REALIZED ON VESTING(1) ($) | | Mark A. Casale | 212,150 | 12,224,058 | | Christopher G. Curran | 38,997 | 2,246,996 | | Mary L. Gibbons | 30,002 | 1,728,688 | | Vijay Bhasin | 27,000 | 1,555,725 | | David B. Weinstock | 6,217 | 355,507 |

  65. Option Exercises and Stock Vested

    (1) Represents the aggregate market value of the shares on the vesting date and includes dividend equivalent rights which vested concurrently with the awards to which they relate.

  66. Pension Benefits

    Pension Benefits The Company does not currently have in place any defined benefit pension plans or other benefit plans providing specified retirement payments and benefits for employees.

  67. Non-Qualified Deferred Compensation

    Non-Qualified Deferred Compensation The Company does not currently have in place any non-qualified defined contribution or other non-qualified deferred compensation plans for the benefit of employees.

  68. Potential Payments upon Termination or Change in Control

    Potential Payments upon Termination or Change in Control We do not maintain any severance or change in control plans. However, pursuant to the terms of their employment agreements and certain of their restricted common share award agreements, our named executive officers are eligible to receive severance and other benefits in the case of certain qualifying terminations of employment or in connection with a change in control.

  69. Pay Versus Performance

    Pay Versus Performance The following table and supporting graphics below set out information regarding fiscal years ended December 31, 2025, 2024, 2023, 2022 and 2021 in satisfaction of Item 402(v) of Regulation S-K. Our compensation programs have a history of aligning pay and performance. This is demonstrated in the Company selected measure listed below: Growth in Book Value per Share, which focuses on year-over-year increases in total shareholders’ equity through earnings and our ability to return capital to shareholders. Growth in Book Value per Share serves as the basis for a performance metric for our long-term equity incentive program—the largest component of compensation for our chief executive officer and a significant component of compensation for our other named executive officers. For detail on the Company’s executive compensation programs, see the CD&A section beginning on page 29.

  70. Pay Versus Performance

    | YEAR | SUMMARY COMPENSATION TABLE TOTAL FOR PEO(1) | COMPENSATION ACTUALLY PAID TO PEO(1) | AVERAGE SUMMARY COMPENSATION TABLE FOR NON-PEO NAMED EXECUTIVE OFFICERS(2) | AVERAGE COMPENSATION ACTUALLY PAID TO NON-PEO NAMED EXECUTIVE OFFICERS(2) | VALUE OF INITIAL FIXED $100 INVESTMENT BASED ON: | | NET INCOME(5) | GROWTH IN BOOK VALUE PER SHARE(6) | | | | | | | TOTAL SHAREHOLDER RETURN(3) | PEER GROUP TOTAL SHAREHOLDER RETURN(4) | | | | (A) | (B) | (C) | (D) | (E) | (F) | (G) | (H) | (I) | | 2025 | $10,039,676 | $22,387,902 | $2,237,627 | $3,702,697 | $186 | $325 | $689,969,000 | 13.0% | | 2024 | $9,783,714 | $12,661,426 | $2,240,511 | $2,813,691 | $125 | $251 | $729,403,000 | 11.5% | | 2023 | $8,886,452 | $20,054,917 | $2,436,696 | $3,705,577 | $126 | $202 | $696,386,000 | 15.5% | | 2022 | $8,912,746 | $6,232,030 | $2,742,113 | $2,264,421 | $87 | $163 | $831,353,000 | 7.0% | | 2021 | $9,137,867 | $6,162,378 | $2,564,963 | $2,094,548 | $96 | $115 | $681,783,000 | 12.7% |

  71. Pay Versus Performance

    (1) The PEO for each year reported is Mark A. Casale. The non-PEO named executive officers for each year reported are as follows: • 2025, 2024 and 2023: Christopher G. Curran, Mary L. Gibbons, Vijay Bhasin and David B. Weinstock • 2022: Christopher G. Curran, Mary L. Gibbons, Vijay Bhasin, David B. Weinstock and Lawrence E. McAlee • 2021: Christopher G. Curran, Lawrence E. McAlee, Jeff Cashmer and Vijay Bhasin (2) SEC rules require certain adjustments be made to the “Summary Compensation Table” totals to determine “compensation actually paid” as reported in the “Pay versus Performance Table” above. For purposes of the equity award adjustments shown below, no equity awards were cancelled due to a failure to meet vesting conditions. The following table details the applicable adjustments that were made to determine “compensation actually paid” (all amounts are averages for the non-PEO named executive officers, who we refer to as Other NEOs in the following table):

  72. Pay Versus Performance

    | YEAR | EXECUTIVE(S) | “SUMMARY COMPENSATION TABLE” TOTAL | DEDUCT STOCK AWARD INCLUDED IN “SUMMARY COMPENSATION TABLE” | ADD YEAR-END VALUE OF UNVESTED EQUITY AWARDS GRANTED IN YEAR | CHANGE IN VALUE OF UNVESTED EQUITY AWARDS GRANTED IN PRIOR YEARS | CHANGE IN VALUE OF EQUITY AWARDS GRANTED IN PRIOR YEARS WHICH VESTED IN YEAR | “PAY VERSUS PERFORMANCE TABLE” COMPENSATION ACTUALLY PAID | | 2025 | PEO | $10,039,676 | $(5,124,644) | $6,004,246 | $10,793,988 | $674,636 | $22,387,902 | | | Other NEOs | $2,237,627 | $(857,657) | $1,001,801 | $1,239,666 | $81,261 | $3,702,697 | | 2024 | PEO | $9,783,714 | $(5,148,797) | $3,411,317 | $4,505,117 | $110,075 | $12,661,426 | | | Other NEOs | $2,240,511 | $(860,185) | $1,015,556 | $399,543 | $18,266 | $2,813,691 | | 2023 | PEO | $8,886,452 | $(4,118,728) | $7,282,244 | $7,621,189 | $383,760 | $20,054,917 | | | Other NEOs | $2,436,696 | $(1,013,252) | $1,524,268 | $709,404 | $48,460 | $3,705,577 | | 2022 | PEO | $8,912,746 | $(4,416,683) | $3,016,321 | $(982,433) | $(297,921) | $6,232,030 | | | Other NEOs | $2,742,113 | $(708,333) | $430,608 | $(131,664) | $(68,303) | $2,264,421 | | 2021 | PEO | $9,137,867 | $(5,486,346) | $2,111,297 | $383,642 | $15,918 | $6,162,378 | | | Other NEOs | $2,564,963 | $(1,092,805) | $546,569 | $52,889 | $22,932 | $2,094,548 |

  73. Pay Versus Performance

    (3) Represents our Company’s cumulative total shareholder return (“TSR”) for the measurement period December 31, 2020 through December 31 of the year indicated. Represents the cumulative TSR of a composite peer group selected by us consisting of Arch Capital Group Ltd., Enact Holdings, Inc. (from and after September 16, 2021), Genworth Financial, Inc. (through September 15, 2021), MGIC Investment Corporation, NMI Holdings, Inc. and Radian Group Inc. (collectively, the “Peer Index”). We selected the members of each peer group because each was, at the time, a direct competitor of ours in the private mortgage insurance industry. On September 16, 2021, shares of common stock Enact Holdings, Inc. began trading on the Nasdaq Global Select Market, independent of the shares of its parent company, Genworth Financial, Inc. (which retained approximately 80% of the outstanding common shares of Enact Holdings, Inc. after its initial public offering on such date). The Peer Group is the peer group used by us for purposes of Item 201(e) of Regulation S-K under the Exchange Act in our Annual Report on Form 10-K for the year ended December 31, 2025. Represents “Net Income” in our Consolidated Income Statements included in our Annual Report on Form 10-K for each of the years ended December 31, 2025, 2024, 2023, 2022 and 2021. (6) Our Company-selected measure is Growth in Book Value per Share. Book value per share is calculated as (i) total stockholders equity, divided by (ii) total common shares outstanding. Amounts in column represent growth in book value per share as of December 31, 2025, 2024, 2023, 2022 and 2021 as a percentage of the book value per share as of December 31 of the year immediately preceding each such date. The following graphs show the relationship between executive compensation actually paid and, respectively, Growth in Book Value per Share, TSR, and Net Income.

  74. Compensation Actually Paid Versus Growth in BVPS

    Compensation Actually Paid Versus Growth in BVPS

  75. Compensation Actually Paid Versus Total Shareholder Return

    Compensation Actually Paid Versus Total Shareholder Return

  76. Compensation Actually Paid Versus Net Income

    Compensation Actually Paid Versus Net Income The movement of the price of our common shares over a given year can have a large impact on the calculation of compensation actually paid to our CEO and our other named executive officers as a group during that year, given the methodology required under applicable SEC rules to calculate compensation actually paid as well as the large component of multi-year equity awards in our executive compensation program. Book value per share measures the intrinsic value of Essent on a per share basis—such that an increase in book value per share reflects the building of value for our shareholders. TSR captures the view of the equity markets to our efforts. The graphs above demonstrate some correlation between these measures and the calculated compensation actually paid. The following non-ranked list shows the financial performance measures we view as the most important to link executive compensation actually paid during the most recent fiscal year to our performance during that same period: • Earnings per share • Growth in book value per share • Net income • New insurance written (NIW) • Return on equity TSR

  77. CEO Pay Ratio

    CEO Pay Ratio Our CEO to median employee pay ratio is calculated in accordance with SEC requirements. We identified the median employee by examining the annual total compensation for all employees, excluding our CEO, who were employed by us on December 31, 2025, the last day of our last completed fiscal year. To identify the median of the annual total compensation of all our employees in 2025, as well as to determine the annual total compensation of our median employee and our CEO for 2025, we took the following steps: • For U.S.-based employees, we compared the amount of salary, wages and tips of our employees as reflected in our payroll records as reported to the Internal Revenue Service on Form W-2 for 2025. • For Bermuda-based employees, we estimated the total compensation that would have been reported for such employees on a Form W-2 for 2025 had each of those employees been employed in the United States. • Because equity awards are widely distributed to our employees, we have included the value of equity shares that vested in 2025 in our compensation measure in the amounts reported in our employees’ Form W-2s for the year. After identifying the median employee based on annual total compensation, we calculated annual total compensation for such employee using the same methodology that we use for our named executive officers in accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K as set forth in the 2025 Summary Compensation Table that appears earlier in this proxy statement, resulting in annual total compensation of $100,396, which was used to determine the ratio below. Our CEO pay is designed to provide a competitive pay package with significant performance-based pay in a highly competitive CEO talent market. Median employee pay represents our compensation to employees at various rates based on competitive labor markets. The table below sets forth: (i) the annual total compensation of our CEO; (ii) the median of the annual total compensation of all of our employees, excluding our CEO, who were employed by us on December 31, 2025; and (iii) the ratio of our CEO’s annual total compensation to the median of the annual total compensation of all other employees. As indicated in the table, the ratio of our CEO’s annual total compensation to the median annual total compensation of all other employees is 100:1.

  78. CEO Pay Ratio

    | PRINCIPAL POSITION | SALARY ($) | BONUS ($) | STOCK AWARDS ($) | NON-EQUITY INCENTIVE PLAN COMPENSATION ($) | ALL OTHER COMPENSATION ($) | TOTAL ($) | | CEO | 1,000,000 | — | 5,124,644 | 3,062,500 | 852,523 | 10,039,676 | | Median Employee | 82,298 | — | — | 13,622 | 4,476 | 100,396 | | CEO to Median Employee Ratio | 100:1 | | | | | |