Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 273

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 273
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 and available for issuance under the Bermuda NewCo equity plan is 1,205,000 shares which is estimated to be approximately 12% of the issued and outstanding share capital of Bermuda NewCo at the time of closing. Any of the authorized Bermuda NewCo common shares may be used for any type of Award under the Bermuda NewCo equity plan, except that no more than 1,205,000 Bermuda NewCo common shares may be allocated to incentive stock options.

Any Bermuda NewCo common shares subject to an outstanding restricted share award, restricted share unit award, performance award, or other share-based award granted under the Bermuda NewCo equity plan that are forfeited, canceled, exchanged or surrendered or if such an award terminates or expires without the issuance of Bermuda NewCo common shares to the participant, or if Bermuda NewCo common shares are withheld by Bermuda NewCo as payment of withholding taxes in respect of an award, the Bermuda NewCo common shares with respect to such award will, to the extent of any such forfeiture, cancellation, exchange, surrender, withholding, termination or expiration, again be available for issuance pursuant to awards granted under the Bermuda NewCo equity plan. However, Bermuda NewCo common shares surrendered as payment of either the exercise price of an option, the base price of a stock appreciation right (a “SAR”) or any withholding taxes in respect of an option or SAR will be counted against the share limits and will not again be available for issuance in connection with future awards under the Bermuda NewCo equity plan. In addition, each Bermuda NewCo common share with respect to which a stock-settled SAR is exercised will be counted as one Bermuda NewCo common share against the maximum aggregate number of Bermuda NewCo common shares that may be delivered pursuant to awards granted under the Bermuda NewCo equity plan, regardless of the number of Bermuda NewCo common shares actually delivered upon the settlement of such stock-settled SAR. Awards that are required to be settled in cash will not reduce the aggregate number of Bermuda NewCo common shares that may be delivered pursuant to awards granted under the Bermuda NewCo equity plan.

Adjustment — The number of Bermuda NewCo common shares will be subject to adjustment in the event of any change in the corporate structure of Bermuda NewCo, including , but not limited to, as a result of a recapitalization, stock or share split, share dividend, consolidation, rights offering, separation, reorganization, or liquidation (including a partial liquidation) and any transaction in which Bermuda NewCo common shares are changed into