Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 251

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 251
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-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 156,074,887 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) 44,750,678 Bermuda NewCo common shares to be held by Maiden Re upon consummation of the transaction), being the sum of (i) 101,074,887 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 3, 2025), and (ii) 55,000,000 common shares of Bermuda NewCo issuable to the former Kestrel equityholders pursuant to the transaction.

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TABLE OF CONTENTS

| ​                                           | ​ | ​ | Shares Beneficially Owned |   |               |   |   |   |            |   |       |   | ​ |
| Name of Beneficial Owner                    | ​ | ​ | Number                    |   |               |   | ​ | ​ | Percentage |   |       |   | ​ |
| Five Percent and Greater Shareholders       | ​ | ​ | ​                         | ​ | ​             | ​ | ​ | ​ | ​          | ​ | ​     | ​ | ​ |
| Kestrel Intermediate Ledbetter Holdings LLC | ​ | ​ | ​                         | ​ | 36,235,294(1) | ​ | ​ | ​ | ​          | ​ | 23.