Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 149

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 149
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| William T. Jarman                | ​ | ​ | ​                          | ​ |      183,613 | ​ | ​ | ​ | ​                 | ​ | — | ​ | ​ |
| Mark O. Heintzman                | ​ | ​ | ​                          | ​ |      172,744 | ​ | ​ | ​ | ​                 | ​ | — | ​ | ​ |

(1) 1,938,048 of these shares are performance based restricted shares that vest only upon the achievement of certain metrics as more fully described in Note 14 to Maiden’s Annual Consolidated Financial Statements for the year ended December 31, 2024. (2) 1,235,721 of these shares are performance based restricted shares that vest only upon the achievement of certain metrics as more fully described in in Note 14 to Maiden’s Annual Consolidated Financial Statements for the year ended December 31, 2024.

| Name of Maiden Director | ​ | ​ | RestrictedMaidenShares (#) |   |        |   | ​ | ​ | MaidenOptions (#) |   |        |   | ​ |
| Steven H. Nigro         | ​ | ​ | ​                          | ​ | 35,211 | ​ | ​ | ​ | ​                 | ​ | 12,000 | ​ | ​ |

Treatment of Maiden Equity Awards held by Terminating Non-Employee Directors The following table summarizes the number of issued and/or outstanding Maiden options and restricted Maiden shares held by each of Maiden’s non-employee directors as of March 3, 2025 (the last practicable date prior to filing this proxy statement/prospectus) whose service will terminate in connection with the transaction. Restricted shares held by Maiden’s non-employee directors will vest on June 1, 2025 in accordance their terms. As discussed in “Directors and Executive Officers of Bermuda NewCo Following the Transaction” beginning on page 95, certain Maiden non-employee directors’ tenure will end at the effective time of the mergers. Subject to the mergers effective time occurring prior to June 1, 2025, Maiden restricted shares held by Maiden non-employee directors will vest following such non-employee directors’ termination of board service in connection with the mergers. All share numbers have been rounded to the nearest whole number. As of the assumed effective time, Maiden’s non-employee directors did not hold any other outstanding equity awards with respect to Maiden.

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