Company: KG
Filing Date: 2025-07-03
Form Type: 8-K
Source: 0002055116-25-000009
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Company: Kestrel Group Ltd
Filing Date: 2025-07-03
Form: 8-K
Item: Item 5.02
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On June 30, 2025, Lawrence Metz resigned from his position with Kestrel Group Ltd (the “ Company”), effective as of June 30, 2025 (the “ Separation Date”) to pursue other opportunities. In connection with his resignation, Mr. Metz and the Company entered into a Separation and Release of Claims Agreement (the “ Agreement”), dated as of the Separation Date.

In exchange for Mr. Metz’s entering into the Agreement, the Company will pay to Mr. Metz a total, cash amount of $1,100,000, less applicable deductions (the “ Separation Amount”), which shall be payable in equal installments pursuant to the Company’s normal payroll practices for the period commencing on the Separation Date and ending on May 1, 2028. The Company further agrees that it will continue to cover Mr. Metz under its directors’ and officers’ liability insurance policy which coverage shall be substantially similar to Mr. Metz’s coverage as of June 1, 2025. In exchange for the Company’s entering into the Agreement, Mr. Metz agrees he is not entitled to any further consideration other than the Separation Amount, and agrees that any outstanding equity interests (including, specifically, all currently outstanding and unvested restricted shares) he holds in the Company are cancelled and forfeited for no consideration as of the Separation Date. Furthermore, Mr. Metz agrees to release any claims he may have or has ever had against the Company and its affiliates.

All of Mr. Metz’s previously existing restrictive covenants remain in effect; provided, in further consideration of the Agreement, the Company has agreed to partially waive Mr. Metz’s non-competition restrictions contained in Section 6(a) of his employment agreement with Maiden Holdings, Ltd., such that the non-competition provisions shall remain in effect only with respect to AmTrust Financial Services, Inc. (and any other Zyskind and/or Karfunkel families’ related entity), until June 30, 2026. In addition, to protect the Company’s confidential information, Mr. Metz agreed to an updated confidentiality covenant and a mutual non-disparagement covenant. Furthermore, Mr. Metz agrees to reasonably cooperate with the Company as may be required with respect to any past or currently ongoing or future legal matters that