Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 275

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 275
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 exercise price or base price associated with the award, the vesting schedule and expiration date of the award and all other terms and conditions of the award. To the extent permitted by law and any applicable stock exchange rules, the Bermuda NewCo Compensation Committee may delegate all or any of its responsibilities or powers under the Bermuda NewCo equity plan to any one of its members or to any other person or persons, except that the Bermuda NewCo Compensation Committee may not delegate its power and authority to a member of the Bermuda NewCo board, the Chief Executive Officer or other executive officer of Bermuda NewCo with regard to the selection for participation in the Bermuda NewCo equity plan of any person who is, as of the relevant time, subject to Section 16 of Exchange Act for decisions concerning the timing, pricing or amount of an award to such a person.

Key Terms of Awards — The following is a brief summary of the types of awards that may be granted under the Bermuda NewCo equity plan:

(i) Options, ISOs and SARs — Options are rights to purchase shares at an exercise price and during a period determined by Bermuda NewCo’s Compensation Committee (including non-qualified stock options and incentive stock options). Incentive stock options (“ISOs”) are awards granting the holder the right to buy Bermuda NewCo common shares at a discounted price. To the extent permissible under the Code, ISOs are intended to be “incentive stock options” within the meaning of Section 422 of the Code. The aggregate fair market value of the Bermuda NewCo common shares underlying an ISO that may be exercised for the first time during any calendar year, together with any ISOs that are exercisable for the first time under any Bermuda NewCo plan during any such year, as determined in accordance with Section 422 of the Code, for the purpose of receiving ISO tax treatment, shall not exceed $100,000. If, immediately before an ISO is granted, an individual owns (or is treated as owning) stock accounting for 10% or more of the total combined voting power of all classes of stock, options granted to the individual cannot qualify as ISOs unless the strike price is at least 110% of the fair market value, with an exercise period that is no longer than five years after the initial grant grate. SARs are awards granting the holder the right to exercise all or a specified portion of an amount determined by subtracting the base price per share of the award from the fair market value on the date of exercise and multiplying that value by the number of