Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 272

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 272
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 event of any change in the corporate structure of Bermuda NewCo, including , but not limited to, as a result of a recapitalization, stock or share split, share dividend, consolidation, rights offering, separation, reorganization, or liquidation (including a partial liquidation) and any transaction in which Bermuda NewCo common shares are changed into or exchanged for a different number or kind of shares or other securities of Bermuda NewCo or another corporation.

In the event of an extraordinary dividend or other distribution, merger, reorganization, consolidation, combination, sale of assets, split up, exchange, or spin off, or other extraordinary corporate transaction, Bermuda NewCo’s Compensation Committee may make provision for a cash payment or for the substitution or exchange of any or all outstanding awards or the cash, securities or property deliverable to the holder of any or all outstanding awards based upon the distribution or consideration payable to holders of Bermuda NewCo common shares upon or in respect of such event.

Types of Awards — Bermuda NewCo’s Compensation Committee may grant one or more of the following types of awards under the Bermuda NewCo equity plan: (i) options (including non-qualified stock options and incentive stock options); (ii) restricted share awards; (iii) restricted share unit awards; (iv) SARs; (v) other share-based awards; (vi) performance awards; and (vii) deferred cash awards.

Award Limits — Under the terms of the Bermuda NewCo equity plan, the maximum aggregate grant date fair value of equity awards granted to any non -employee director during any calendar year will not exceed $1 million.

Eligibility — Bermuda NewCo employees (including officers or directors who are also employees), consultants, and present and future directors, or those of Bermuda NewCo’s subsidiaries, in each case as

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selected by Bermuda NewCo’s Compensation Committee, are eligible to participate in the Bermuda NewCo equity plan. We estimate that approximately thirty-two employees, eleven consultants, two non-employee directors (this number is subject to change, including due to shareholder approval of the nominated non-employee directors) and all future employees, consultants and directors (the numbers of which are not presently determinable) will be eligible to participate in the Bermuda NewCo equity plan. In addition, regardless of the number of eligible participants under the plan, Bermuda NewCo expects to issue awards only to a select group of the broader set of eligible participants.

Administration — The Bermuda NewCo equity