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

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 10
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 other legislative, executive or judicial governmental entity, whether federal, national, provincial, state, local, foreign or multinational;

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“HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended;

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“IAP” means Insurance Advisory Partners LLC, financial advisor to Maiden;

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“Kestrel” means Kestrel Group LLC, a Delaware limited liability company;

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“Kestrel Business” means all businesses of Bermuda NewCo and its subsidiaries that Kestrel and its subsidiaries conducted as of immediately prior to the closing, and any extensions of such businesses or related or ancillary businesses existing thereafter;

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“Kestrel closing cash consideration” means $40,000,000 in cash payable to the Kestrel equityholders in accordance with the terms of the combination agreement;

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“Kestrel contribution” means the contribution, assignment, transfer and conveyance by each Kestrel equityholder of all of the Kestrel units owned by such Kestrel equityholder to US NewCo and the acquisition and acceptance of such Kestrel units by US NewCo;

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“Kestrel contribution effective time” means the effective time of the Kestrel contribution;

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“Kestrel earnout shares” means the additional contingent consideration payable in an aggregate number of Bermuda NewCo common shares equal to $45,000,000 divided by certain volume weighted average prices of such shares, contingent upon the achievement of certain EBITDA milestones by the Kestrel Business, subject to other terms and conditions as set forth in the combination agreement;

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TABLE OF CONTENTS

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“Kestrel equityholders” means all of the equityholders of Kestrel;

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“Kestrel LLCA” means the Amended and Restated Limited Liability Company Agreement, dated as of July 26, 2022, and without further amendment, by and among Kestrel and the Kestrel equityholders;

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“Kestrel merger consideration” means, collectively, the Kestrel earnout shares, Kestrel closing cash consideration and the right of the Kestrel equityholders to receive Bermuda NewCo common shares pursuant to the second merger in accordance with the terms of the combination agreement;

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“Kestrel units” means the Class A Units and Class B Units of Kestrel, in each case, with the rights and preferences set forth in the Kestrel LLCA;

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“KILH” means