Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 150

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 150
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 held by the non-employee director and the closing price per share on March 3, 2025 ($0.82). For clarity, no value is assigned to the options, all of which have vested and have exercise prices that exceed the closing price per share on March 3, 2025. The following table summarizes the number of issued and/or outstanding Maiden options and restricted Maiden shares held by Maiden’s terminating non-employee directors as of March 3, 2025 (the last practicable date prior to filing this proxy statement/prospectus), assuming continued service by the Maiden non-employee directors through the second merger effective time, that will be converted into restricted Bermuda NewCo common shares and Bermuda NewCo options on substantially the same terms and conditions (including vesting schedule) as applied to the restricted Maiden shares and Maiden options prior to the mergers and adjusted as described in the section titled “Treatment of Maiden Equity Awards” in this proxy statement/prospectus. Upon vesting of the Maiden shares, any dividends that accrued with respect to such restricted Maiden shares from the grant date through the vesting date will be paid to Maiden’s terminating non-employee directors.

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TABLE OF CONTENTS

| Name of Maiden Director | ​ | ​ | RestrictedMaidenShares (#) |   |        |   | ​ | ​ | Value ofRestrictedShares ($)(1) |   |        |   | ​ | ​ | MaidenOptions(#) |   |        |   | ​ | ​ | Estimated TotalValue of UnvestedEquity Awards ($)(2) |   |        |   | ​ |
| Barry D. Zyskind        | ​ | ​ | ​                          | ​ |      — | ​ | ​ | ​ | ​                               | ​ |      — | ​ | ​ | ​ | ​                | ​ |      — | ​ | ​ | ​ | ​                                                    | ​ |      — | ​ | ​ |
| Holly L. Blanchard      | ​ | ​ | ​                          | ​ | 30,516 | ​ | ​ | ​ | ​                               | ​ | 25,023 | ​ | ​ | ​ | ​                | ​ |      — | ​ | ​ | ​ | ​                                                    | ​ |      — | ​ | ​ |
| Simcha G. Lyons         | ​ | ​ | ​                          | ​ | 30,516 | ​ | ​ | ​ | ​                               | ​ | 25,023 | ​ | ​ | ​ | ​                |