Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 249

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 249
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 | ​                         | ​ |             — | ​ | ​ | ​ | ​          | ​ | —     | ​ | ​ |
| All executive officers and directors as a group (9 persons) | ​ | ​ | ​                         | ​ |    41,885,894 | ​ | ​ | ​ | ​          | ​ | 26.8% | ​ | ​ |

* Less than one percent. (1) The amount shown above represents Mr. Luke Ledbetter’s beneficial ownership of Bermuda NewCo common shares through his role as trustee of (i) the Bradford Luke Ledbetter 2006 Grantor Trust No. 2 (which holds a 25% interest in KILH) and (ii) the Shari Ann Ledbetter Irrevocable 2019 Trust (which holds a 25% interest in KILH). (2) The amount shown above represents Mr. Terry Ledbetter’s beneficial ownership of Bermuda NewCo common shares through his role as co-trustee of the Terry Lee Ledbetter and Reta Laurie Ledbetter 2000 Revocable Trust (which holds a 50% interest in KILH). (3) Represents 110,000 Maiden Shares that Mr. Brecher beneficially owns jointly with his spouse.

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(4)

The amount shown above includes 456,835 restricted shares that were issued on March 14, 2024 that will vest 50% on the first anniversary of the grant, and 50% on the second anniversary of the grant, and 84,782 restricted shares that were issued on March 17, 2023 that will vest on March 17, 2025. The amount above does not include 225,490 restricted shares that Mr. Metz may earn starting at the conclusion of fiscal 2023 in the sole discretion of Maiden’s compensation committee upon the achievement of GAAP book value of at least $4.00 per share as established in Maiden’s year-end audited financial statements. Furthermore, the amount above also does not include 127,174 restricted shares that Mr. Metz may earn starting at the conclusion of fiscal 2023 upon the achievement of (i) total shareholder return of 10% or more, (ii) alternative investment portfolio return of 10% or more, and (iii) GAAP book value of at least $4.25 per share as established in Maiden’s year-end audited financial statements, in the sole discretion of Maiden’s