Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 148

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 148
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 Maiden’s shareholders generally. The Maiden board was aware of these potentially differing interests and considered them, among other matters, in reaching its decision to approve the combination agreement and the transaction, including the mergers, and to recommend that you vote in favor of the first merger resolution.

Treatment of Maiden Equity Awards

As of March 3, 2025 Maiden executive officers and continuing non-employee directors held 4,686,933 issued and outstanding restricted Maiden shares and 36,000 Maiden options. 3,173,769 of the 4,686,933 restricted shares are performance based restricted shares that only vest upon the achievement of certain metrics. At the second merger effective time, each issued and outstanding restricted Maiden share and Maiden option held by the Maiden executive officers and directors will be converted into restricted Bermuda NewCo common shares and Bermuda NewCo options, in each case on substantially the same terms and conditions (including with respect to vesting and, for Maiden options, per-share exercise price) as applied before such conversions.

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TABLE OF CONTENTS

The following tables summarize the number of issued and/or outstanding Maiden options and restricted Maiden shares held by Maiden’s executive officers and continuing non-employee directors as of March 3, 2025 (the last practicable date prior to filing this proxy statement/prospectus), assuming continued employment of the Maiden executive officers through the second merger effective time, that will be converted into restricted Bermuda NewCo common shares and Bermuda NewCo options on substantially the same terms and conditions (including with respect to vesting and, for Maiden options, per-share exercise price) as applied to the restricted Maiden shares and Maiden options prior to the mergers. Upon vesting of the restricted Maiden shares, any dividends that accrued with respect to such restricted Maiden shares from the grant date through the vesting date will be paid to Maiden’s executive officers and continuing non-employee directors.

| Name of Maiden Executive Officer | ​ | ​ | RestrictedMaidenShares (#) |   |              |   | ​ | ​ | MaidenOptions (#) |   |   |   | ​ |
| Patrick J. Haveron               | ​ | ​ | ​                          | ​ | 2,736,718(1) | ​ | ​ | ​ | ​                 | ​ | — | ​ | ​ |
| Lawrence F. Metz                 | ​ | ​ | ​                          | ​ | 1,607,774(2) | ​ | ​ | ​ | ​