Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 278

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 278
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Dividends and Dividend Equivalents — Subject to the provisions of the Bermuda NewCo equity plan and any award agreement, a participant receiving an award (other than any option or SAR) may, to the extent determined by Bermuda NewCo’s Compensation Committee in its sole discretion, be entitled to receive cash dividends, or cash payments in amounts equivalent to cash dividends on Bermuda NewCo common shares (i.e., dividend equivalents), with respect to the number of Bermuda NewCo common shares covered by the award, and Bermuda NewCo’s Compensation Committee may provide that such amounts (if any) will be deemed to have been reinvested in additional Bermuda NewCo common shares or otherwise reinvested. Dividends or dividend equivalents paid with respect to awards will be subject to restrictions and a risk of forfeiture to the same extent, and on the same terms and conditions, as the awards to which such dividends

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or dividend equivalents relate. No dividend or dividend equivalent payments or other payments will be made in respect of any applicable award prior to the settlement date of such award.

Transferability — Except as otherwise provided in an applicable award agreement, no award will be transferable by a participant other than by will or by the laws of descent and distribution or pursuant to beneficiary designation procedures approved by Bermuda NewCo.

Duration of the Bermuda NewCo Equity Plan — The Bermuda NewCo equity plan is subject to approval by Maiden shareholders. The Bermuda NewCo equity plan will terminate on the tenth anniversary of the date of its approval by Maiden shareholders. No award will be granted under the Bermuda NewCo equity plan after such date. However, unless otherwise expressly provided in the Bermuda NewCo equity plan or in an applicable award agreement, any award granted under the Bermuda NewCo equity plan may extend beyond such date, and the authority of the Bermuda NewCo board (or duly authorized committee thereof) to administer the Bermuda NewCo equity plan and to amend, alter, adjust, suspend, discontinue, or terminate any such award, or to waive any conditions or rights under any such award, and the authority of the Bermuda NewCo board (or duly authorized committee thereof) to amend the Bermuda NewCo equity plan, will extend beyond such date.

Amendment, Modification and Termination of the Bermuda NewCo Equity Plan — The Bermuda NewCo board may, at any time and from time to time, modify or amend the Bermuda NewCo equity plan, except that such action will not be taken without shareholder approval if such modification