Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 153

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 153
---
 and Jeffrey Weissmann. Pursuant to the Ledbetter registration and investor rights agreement, upon completion of the transaction, KILH will have 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 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. Pursuant to the AmTrust registration and investor rights agreement, upon completion of the transaction, AmTrust will have 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 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. Bermuda NewCo directors that have been designated as of the date of this proxy statement/prospectus and their ages as of March 1, 2025 are as follows:

| Name              | ​ | ​ | Age | ​ | ​ | Current Director of: | ​ |
| Terry Ledbetter   | ​ | ​ |  72 | ​ | ​ | Kestrel              | ​ |
| Luke Ledbetter    | ​ | ​ |  43 | ​ | ​ | Kestrel              | ​ |
| Joseph Brecher    | ​ | ​ |  35 | ​ | ​ | Kestrel              | ​ |
| Erik Cohen        | ​ | ​ |  46 | ​ | ​ | N/A                  | ​ |
| Michael Hotchkiss | ​ | ​ |  50 | ​ | ​ | N/A                  | ​ |
| Steven Nigro      | ​ | ​ |  64 | ​ | ​ | Maiden               | ​ |
| Jeffrey Weissmann | ​ | ​ |  47 | ​ | ​ | N/A                  | ​ |

Biographical information for the initial directors of Bermuda NewCo is set forth below. Terry Ledbetter serves as Executive Chairman of Kestrel. Mr. Ledbetter co-founded State National Companies in 1973 and served as Chairman