Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 147

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 147
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 are different from, or in addition to, the interests of 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 vesting schedule, as applied before such conversions and adjusted as described in the section titled “Treatment of Maiden Equity Awards” in this proxy statement/prospectus.

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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 director as of March 3, 2025 (the last practicable date prior to filing this proxy statement/prospectus), assuming continued employment of the Maiden executive officers and continued service by the non-employee director 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 director.

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