Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 280

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 280
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 options and SARs that would be awarded under the Bermuda NewCo equity plan are intended to be eligible for this exception. Other awards may be subject to Section 409A depending on the specific nature and terms of the award granted.

Section 162(m) of the Code imposes limits on the deductibility of compensation for Bermuda NewCo’s “covered employees” (within the meaning of that section) and, accordingly, the tax deduction Bermuda NewCo might otherwise be eligible to receive in respect of awards under the Bermuda NewCo equity plan may be limited.

This brief summary is limited to the general federal income tax aspects of awards that may be made under the Bermuda NewCo equity plan based on existing U.S. federal tax laws as of the date hereof and is not intended to be exhaustive. It also does not include any state, local, or non-U.S. tax consequences of participating in the Bermuda NewCo equity plan. It was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties that may be asserted under the Code.

#### New Plan Benefits
Future awards under the Bermuda NewCo equity plan will be granted at the discretion of Bermuda NewCo’s Compensation Committee, and, therefore, the types, numbers, recipients, and other terms of such awardscannot be determined at this time.

The material terms and conditions of these awards are described in the section entitled “Summary of the Bermuda NewCo Equity Plan” set forth above. The federal income tax consequences of the issuance

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and exercise of these awards are described above. For option awards, the exercise price will be equal to or greater than the fair market value on the date of grant, generally defined as the closing sales price for a share (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the common shares are listed on the date of determination. The fair market value of Maiden Shares as of March 3, 2025 was $0.82. Accordingly, Maiden shareholders are being asked to approve at the Maiden special meeting the Bermuda NewCo equity plan, effective as of (and contingent on) the closing. Equity Compensation Plan Information The following table sets forth information as of December 31, 2024, regarding the number of Maiden shares that were available for future issuance under the Maiden omnibus incentive plan. Provided that the shareholders approve the Bermuda NewCo equity plan, these shares no longer will be available for future issuance under the Maiden