The move is the latest in a string of deals with companies including BorgWarner, Zurich and Munich Re.
CFO John Parry, who joined the firm last year after holding the same role at Lloyd’s, will become interim CEO.
The carriers claim in a lawsuit that Maiden wrongfully stopped paying claims in late 2018.
The stock-performance-related plan comes as the carrier extends Dominic Silvester's contract, and those of the president and COO, by three years.