Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 218

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 218
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Co common shares issued to KILH and AmTrust in connection with the closing, subject to customary requirements and limitations. KILH, AmTrust and their permitted transferees also have piggyback registration rights, such that KILH, AmTrust and their permitted transferees may include their respective shares in certain future registrations of Bermuda NewCo’s equity securities. The demand registration rights and piggyback registration rights are each subject to market cut-back exceptions.

The registration rights agreement sets forth customary registration procedures, including an agreement by Bermuda NewCo to make its management reasonably available to participate in road show presentations in connection with any underwritten offerings. Bermuda NewCo also agreed to indemnify KILH, AmTrust and their permitted transferees with respect to liabilities resulting from untrue statements or omissions in any registration statement used in any such registration, other than untrue statements or omissions resulting from information furnished to Bermuda NewCo for use in a registration statement by KILH, AmTrust or any of their permitted transferees.

The combination agreement and the registration and investor rights agreements provide that the Bermuda NewCo board immediately following the effective time of the second merger will consist of seven directors. KILH has 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. AmTrust has 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.

The foregoing description of the registration and investor rights agreements and the transactions contemplated thereby does not purport to be complete and is subject to and qualified in its entirety by reference to the registration and investor rights agreements, forms of which are included as Annexes B-1 and B-2 to this proxy statement/prospectus.

#### Voting Agreements
In connection with