Company: KYIV
Filing Date: 2025-12-09
Form Type: F-1/A
Source: 0001213900-25-119722
Chunk: 411

Company: Kyivstar Group Ltd.
Filing Date: 2025-12-09
Form: F-1/A
Chunk 411
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 time of the Business Combination Agreement, and the remaining 6,010,353founder shares ( 5,740,353held by the Sponsor and 270,000held by Cantor) were converted into Kyivstar Group Ltd. Common Shares. The Sponsor is not permitted to sell or transfer 3,971,515of its 5,740,353shares during the Lock -UpPeriod (defined as the earlier to occur of: (a) 180 daysafter the Closing; or (b) such time as the stock price meets or exceeds US$ 13.50for 20 out of any 30 consecutive trading days (but no earlier than 90 days following the Closing)). Furthermore, 1,323,838Kyivstar Group Ltd. Common Shares issued to the Sponsor will only vest with respect to: a. 661,919shares (“Sponsor vesting shares, Tranche 1”), on the date the stock price meets or exceeds US$ 15.00for 20 out of any 30 consecutive trading days within twoyears following the Closing; and b. 661,919shares (“Sponsor vesting shares, Tranche 2”), on the date the stock price meets or exceeds US$ 20.00for 20 out of any 30 consecutive trading days within fiveyears of the Closing, and If the hurdles are not achieved under (a) and/or (b) above, such shares will be forfeited by the Sponsor. The Sponsor vesting shares represent a potential contingent payment arrangement with the Sponsor and are considered a share -basedpayment under IFRS 2. The vesting is based on a market condition, linked to the Company’s share price. There is no service condition attached to the vesting of the shares. As a result, this condition is considered to be a non -vestingcondition rather than a market condition. The non -vestingcondition was taken into account when estimating the grant date fair value of the vesting shares issued. The IFRS 2 fair value of the Sponsor vesting shares was immediately expensed as part of the listing expense in the income statement. As the Sponsor vesting shares are classified as equity -settledshare -basedpayment, there is no subsequent remeasurement of these shares. F-142

Kyivstar Group Ltd. Notes to the interim condensed consolidated financial statements (in millions of U.S. dollars unless otherwise stated) 4SIGNIFICANT TRANSACTIONS (cont.)

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