Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 240

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 240
---
 which registration is refused. The proposed transferor of those shares will be deemed to own those shares for dividend, voting and reporting purposes until a transfer of such shares has been registered on Bermuda NewCo’s shareholders register.

If Bermuda NewCo’s directors refuse to register a transfer for any reason, the Secretary of Bermuda NewCo must notify the proposed transferor and transferee within three months of such refusal. The Bermuda NewCo bye-laws also provide that the Bermuda NewCo board may suspend the registration of transfers for any reason and for such periods as it may determine, provided that it may not suspend the registration of transfers for more than 45 days in any period of 365 consecutive days.

The voting restrictions and restrictions on transfer described above may have the effect of delaying, deferring or preventing a change in control of Bermuda NewCo.

#### Nomination, Election and Removal of Directors
The combination agreement and the registration and investor rights agreements provide that the Bermuda NewCo board immediately following the second merger effective time will consist of seven directors. KILH has the right to nominate (i) two non-independent directors to the Bermuda NewCo board for so long as it and its affiliates own at least 25% of the shares of Bermuda NewCo issued to them at the closing, and (ii) two independent directors to the Bermuda NewCo board for so long as it and its affiliates own at least 5% of the shares of Bermuda NewCo and at least 25% of the shares of Bermuda NewCo issued to them at the closing. AmTrust has the right to nominate (i) one non-independent director to the Bermuda NewCo board for so long as it and its affiliates own at least 25% of the shares of Bermuda NewCo issued to them at the closing, and (ii) two independent directors to the Bermuda NewCo board for so long as it and its affiliates own at least 5% of the shares of Bermuda NewCo and at least 25% of the shares of Bermuda NewCo issued to them at the closing.

Except in the case of vacancies, each director is elected by the affirmative vote of a majority of the votes cast at the general meeting of shareholders of Bermuda NewCo, except in the case of a contested election, in which case, the director nominees receiving the greatest number of votes “for” their election, up to the number of directors to be elected, shall be elected and an absolute majority of the votes cast shall not be a prerequisite to the election of such directors.

Subject to the rights of K