Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 159

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 159
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 Advisors of the RAND Institute for Civil Justice, and formerly served as the Chair and Vice Chair of the Legal Subcommittee of the Legal and Government Affairs Committee of the Property Casualty Insurers Association of America, and also formerly served on the Board of Advisors of the RAND Center for Corporate Ethics and Governance. The other executive officers of Bermuda NewCo will be designated by the Bermuda NewCo board. Information on the executive officers of Bermuda NewCo who will also serve as directors of Bermuda NewCo is provided above under “Bermuda NewCo’s Board of Directors and Executive Officers After the Transaction — Board of Directors.”

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TABLE OF CONTENTS

Ledbetter Employment Agreements

In connection with entering into the combination agreement, Bermuda NewCo entered into the Ledbetter Employment Agreements to reflect the terms of the Ledbetters’ employment following the closing of the transaction. The Ledbetter Employment Agreements have an initial term that concludes on May 1, 2028, which automatically renews for subsequent five-year terms thereafter, unless written notice of non-renewal is provided at least 90 days prior to the end of the term, and if Bermuda NewCo terminates the Ledbetters’ employment without cause (and other than by reason of their death) before the end of the then-current term, the Ledbetters will be entitled to continued payments at the rate of their base salary through the end of the term. The Ledbetter Employment Agreements provide for an annual base salary ($950,000 for Bradford Luke Ledbetter and $650,000 for Terry Ledbetter), an annual target bonus opportunity (100% of base salary for Bradford Luke Ledbetter and 150% of base salary for Terry Ledbetter), eligibility to participate in the Bermuda NewCo long term incentive program and other benefits as generally provided by Bermuda NewCo to its executives. In the event of the Ledbetters death, his heirs or legal representatives will receive six months of base salary after the date of death. Under the Ledbetter Employment Agreements, the Ledbetters are subject to customary non-competition, non-solicitation and confidentiality covenants.

Ownership of Bermuda NewCo Following the Transaction

Immediately following the closing of the transaction, former Maiden shareholders are expected to own approximately 64.8% of the issued and outstanding Bermuda NewCo common shares, and former Kestrel equityholders are expected to own approximately 35.2% of the issued and outstanding Bermuda NewCo common shares, in each case excluding (i) the potential contingent consideration that may become payable to