Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 322

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 322
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 NewCo Shares are not listed on the Nasdaq for the thirty (30) consecutive trading days ending on the date Measurement EBITDA for the First Measurement Period is finally determined pursuant to Section 2.01(c) , the First Bermuda NewCo Earnout Share Price means the volume weighted average price of Bermuda NewCo Shares on the Nasdaq, as reported by Bloomberg , for the most recent thirty (30) consecutive trading day period during which the Bermuda NewCo Shares were traded on the Nasdaq prior to the date Measurement EBITDA for the First Measurement Period is finally determined pursuant to Section 2.01(c) .

“ First Measurement Period ” means the period beginning on the first day of the calendar month immediately following the calendar month in which the Closing occurs and ending on the date immediately preceding the one (1)-year anniversary of such date.

“ First Merger ” has the meaning set forth in Section 2.02(a) .

“ First Merger Approval Bye-Law Resolution ” means the resolution to approve the amendment to Bye-Law 87 of the Parent Bye-Laws set forth on Exhibit H-1 hereto.

“ First Merger Consideration ” has the meaning set forth in Section 3.01(c) .

“ First Merger Effective Time ” has the meaning set forth in Section 2.03(b) .

“ First Merger Resolution ” means the resolution to approve the First Merger set forth on Exhibit H-2 hereto.

“ First Surviving Company ” has the meaning set forth in Section 2.02(a) .

“ Fraud ” means an actual fraud involving a knowing and intentional misrepresentation by a party that resulted in a representation or warranty set forth in Article IV , V or VI being materially breached (made with the Knowledge that a representation or warranty set forth in Article IV , V or VI was actually breached when made), and made with the express intent of inducing (x) the Company or the Company Equityholders, in the case of Parent, US NewCo, Merger Sub Ltd., Bermuda NewCo and Merger Sub LLC or (y) Parent, US NewCo, Merger Sub Ltd., Bermuda NewCo or Merger Sub LLC, in the case of the Company and the Company Equityholders, in each case, to enter into this Agreement and upon which such applicable other

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party has relied to its detriment; provided , however , “Fraud” shall not include any fraud claim based on constructive knowledge