Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 253

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 253
---
 the conclusion of fiscal 2023 upon the achievement of (i) total shareholder return of 10% or more, (ii) alternative investment portfolio return of 10% or more, and (iii) GAAP book value of at least $4.25 per share as established in Maiden’s year-end audited financial statements, in the sole discretion of Maiden’s compensation committee. Furthermore, the amount above also does not include 172,826 restricted shares that Mr. Haveron may earn starting at the conclusion of fiscal 2024 upon the achievement of (i) total shareholder return of 10% or more, (ii) alternative investment portfolio return of 10% or more, and (iii) GAAP book value of at least $4.50 per share as established in Maiden’s year-end audited financial statements, in the sole discretion of Maiden’s compensation committee. Furthermore, the amount above also does not include 1,366,906 restricted shares that Mr. Haveron may earn in whole or in part starting at the conclusion of fiscal 2024 upon the achievement of certain financial metrics as established in Maiden’s year-end audited consolidated financial statements, which final valuation will be determined at the end of fiscal 2027.

(6)

The amount shown above includes vested options to acquire 12,000 Maiden shares granted on June 1, 2015 and June 1, 2016. The amount shown above also includes 35,211 restricted shares that were issued on June 1, 2024 that will fully vest on June 1, 2025, which Mr. Nigro has the ability to vote, but is restricted from transferring until the vesting date.

The percentages of beneficial ownership in the table below are based on approximately 7,787,813 common shares of Bermuda NewCo issued and outstanding after giving effect to the transaction (which excludes (A) the potential contingent consideration payable to the former Kestrel equityholders and (B) 2,237,533 Bermuda NewCo common shares to be held by Maiden Re upon consummation of the transaction), being the sum of (i) 5,037,813 common shares of Bermuda NewCo issuable to former Maiden shareholders pursuant to the transaction (based on such number of Maiden shares issued and outstanding as of March 18, 2025), and (ii) 2,750,000 common shares of Bermuda NewCo issuable to the former Kestrel equityholders pursuant to the transaction.

<div