Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 245

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 245
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 220,000 of these Maiden shares as a custodian for his children under the Uniform Transfers to Minors Act. (2) The amount shown above includes 30,516 restricted shares that were issued on June 1, 2024 that will fully vest on June 1, 2025, which Ms. Blanchard has the ability to vote, but is restricted from transferring until the vesting date. (3) The amount shown above includes 683,453 restricted shares that were issued on March 14, 2024 that will vest 50% on the first anniversary of the grant, and 50% on the second anniversary of the grant, and 115,217 restricted shares that were issued on March 17, 2023 that will vest on March 17, 2025. The amount above does not include 225,490 restricted shares that Mr. Haveron may earn starting at the conclusion of fiscal 2023 in the sole discretion of Maiden’s compensation committee upon the achievement of GAAP book value of at least $4.00 per share as established in Maiden’s year-end

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audited financial statements. Furthermore, the amount above also does not include 172,826 restricted shares that Mr. Haveron may earn starting at 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