Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 277

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 277
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 provided by Bermuda NewCo’s Compensation Committee in an applicable agreement under the Bermuda NewCo equity plan, any unvested awards held by a participant will be immediately and automatically forfeited if his or her employment is terminated for any other reason.

Change of Control — Unless otherwise provided in an award or other agreement with a participant, awards granted under the Bermuda NewCo equity plan will not become fully vested, exercisable or free of transfer restrictions solely upon the occurrence of a “change of control” (as defined in the Bermuda NewCo equity plan); however, if a participant’s service is terminated by Bermuda NewCo for any reason (other than for cause) or by the participant for good reason, in each case, within 24 months following a change of control, then any awards granted to such participant that have not become fully vested, exercisable or free of transfer restrictions will, as of the date of such termination, become fully vested, exercisable and free of such transfer restrictions (at the target level in the case of any awards subject to performance-based vesting criteria). In addition, if awards under the Bermuda NewCo equity plan are not assumed, continued, or substituted in connection with a future change of control, then, solely to the extent determined by the Bermuda NewCo board in its sole discretion, any then-unvested and outstanding awards will immediately and automatically become vested, exercisable and free of transfer restrictions, in whole or in part (at the target level in the case of any awards subject to performance-based vesting criteria). The Bermuda NewCo board may also make additional adjustments and/or settlements of outstanding awards as it deems appropriate and consistent with the purposes of the Bermuda NewCo equity plan.

Repricing — Except in connection with the permissible adjustments described above, the Bermuda NewCo’s Compensation Committee may not, without shareholder approval: (i) reduce the exercise price or base price of outstanding options or SARs; (ii) cancel outstanding options or SARs in exchange for options or SARs with an exercise price or base price that is less than the exercise price or base price of the original options or SARs; (iii) cancel outstanding options or SARs in exchange for cash or other awards if the exercise price of such option or the base price of such SAR exceeds the fair market value of a Bermuda NewCo common share on the date of such cancellation; or (iv) take any action with respect to an option or SAR that would be treated, for accounting purposes, as a “repricing” of such option or SAR.