Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 494

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 494
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 Option that is outstanding immediately prior to the Second Merger Effective Time, whether or not then vested or exercisable, shall cease to represent a right to acquire US NewCo Interests and shall be converted automatically into an option (a “ Bermuda NewCo Option ”) to purchase (x) that number of Bermuda NewCo Shares, rounded down to the nearest whole share, equal to the product determined by multiplying (I) the total number of US NewCo Interests subject to such US NewCo Option immediately prior to the Second Merger Effective Time by (II) 0.05 and (y) at a per-share exercise price, rounded up to the nearest whole cent, equal to the quotient determined by dividing (I) the exercise price per US NewCo Interest covered by such US NewCo Option immediately prior to the Second Merger Effective Time by (II) 0.05; provided, that except as otherwise provided under clauses (x) and (y), such Bermuda NewCo Option shall otherwise have substantially the same terms and conditions, including vesting schedule, as applied to such US NewCo Option immediately prior to the Second Merger Effective Time”; and

(b)

“each US NewCo Restricted Share that is outstanding immediately prior to the Second Merger Effective Time, whether or not then vested, shall cease to represent a US NewCo Interest and shall be converted automatically into a Bermuda NewCo Share that is unvested and/or subject to a risk of forfeiture (a “ Bermuda NewCo Restricted Share ”)” with “each US NewCo Restricted Share that is outstanding immediately prior to the Second Merger Effective Time, whether or not then vested, shall cease to represent a US NewCo Interest and shall be converted automatically into one-twentieth (0.05) of a Bermuda NewCo Share that is unvested and/or subject to a risk of forfeiture (a “ Bermuda NewCo Restricted Share ”)”.

3. Bye-laws of Bermuda NewCo . Each of the parties acknowledges and agrees that:

(a)

Section 2.05(b) of the Combination Agreement is hereby amended by replacing the words “the bye-laws of Bermuda NewCo in effect immediately prior to the Second Merger Effective Time to be amended and restated at the Second Merger Effective Time in the form attached hereto as Exhibit E ” with “the bye-laws of Bermuda NewCo attached as Exhibit 3.3 to the Registration Statement on Form S-4 filed by Bermuda NewCo on March 10, 2025 to be the bye-l