Company: KG
Filing Date: 2025-05-30
Form Type: 8-K
Source: 0001104659-25-054992
Chunk: 8

Company: Kestrel Group Ltd
Filing Date: 2025-05-30
Form: 8-K
Item: Item 5.01
Chunk 8
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 of Wisconsin - Madison and a J. D. from Fordham
University School of Law and is a member of the Bar of the Supreme Court of the United States, the New Jersey State Bar Association
and the New York State Bar Association. Mr. Metz serves on the Board of 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.

Compensatory Arrangements

As previously disclosed, in connection with and effective upon the
Closing Date, the Company assumed all outstanding equity awards granted under the Maiden 2019 Omnibus Incentive Plan (the “ Maiden
Plan”) with such awards to be converted into Company equity awards, in each case, on substantially the same terms and conditions
(including with respect to vesting and, for options, per-share exercise price) as applied before such conversions in accordance with the
terms of the Combination Agreement. In addition, the Company assumed sponsorship of the Maiden Plan and the Company 2025 Equity Incentive
Plan (with the Maiden Plan being amended as of the Closing Date such that all references to Maiden being deemed to refer to the Company).
After the Closing, no new awards will be granted under the Maiden Plan.

As previously disclosed, in addition, the Company entered into employment
agreements with each of Bradford Luke Ledbetter and Terry Ledbetter (together the “ Ledbetters” and the employment agreements,
the “ Ledbetter Employment Agreements”), which became effective upon the Closing. 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 the Company 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