Mac Armstrong - Jul 15, 2021 Form 4 Insider Report for Palomar Holdings, Inc. (PLMR)

Role: CEO and Chairman, Director
Signature: /s/ Christopher Uchida, Attorney-in-Fact
Stock symbol: PLMR
Transactions as of: Jul 15, 2021
Transactions value $: $0
Form type: 4
Date filed: 7/19/2021, 09:55 PM
Next filing: Sep 10, 2021

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	PLMR	Restricted Stock Units (RSUs)	Award	$0	+125K		$0.00	125K	Jul 15, 2021	Common Stock	125K		Direct	F1, F2
transaction	PLMR	Performance Share Units (PSUs)	Award	$0	+225K		$0.00	225K	Jul 15, 2021	Common Stock	225K		Direct	F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each RSU represents a contingent right to receive one share of Palomar Holdings, Inc. Common Stock.
F2	Subject to the Reporting Person's continuing service with the Company, the RSUs shall vest as follows: 25,000 shares shall vest on the first year anniversary of the Grant Date/Vesting Base Date; 25,000 shares shall vest on the second year anniversary of the Grant Date/Vesting Base Date; 25,000 shares shall vest on the third year anniversary of the Grant Date/Vesting Base Date; after the third anniversary of the Grant Date/Vesting Base Date, 6,250 shares shall vest on a quarterly basis thereafter, until fully vested.
F3	Each PSU represents a contingent right to receive one share of Palomar Holdings, Inc. Common Stock.
F4	The PSUs that become earned shall vest in eight equal installments provided that the applicable performance goal for each individual installment has been achieved, and shall vest on July 15, 2026 subject to the continuous service of the Reporting Person as an Employee and/or Director of the Issuer through such date. The applicable performance goal for each tranche will be satisfied if the Issuer's Common Stock achieves a specified per share market price for such tranche for at least 30 consecutive trading days. If the applicable performance goals have not been achieved by July 15, 2026 or such earlier date that the Reporting Person ceases to be an Employee before December 31, 2025 or ceases to be either an Employee or a Director (or both) before the fifth anniversary of the Grant Date/Vesting Start Date, all unvested PSUs will be forfeited.