Company: KG
Filing Date: 2025-07-03
Form Type: 8-K
Source: 0002055116-25-000009
Chunk: 3

Company: Kestrel Group Ltd
Filing Date: 2025-07-03
Form: 8-K
Item: Item 9.01
Chunk 3
---
BRA under separate cover.

5. Employee agrees that Employee is not entitled to and will not seek any further consideration, including but not limited to, any wages, vacation pay (except as set forth in Section 2), sick pay, disability pay, bonus, compensation, profit sharing contributions, restricted stock, stock options, payment or benefit from Releasees (as defined in Section 6) other than that to which Employee is entitled pursuant to this Agreement. Specifically, Employee agrees that any Restricted Shares which he was previously awarded (including pursuant to the Maiden Holdings, Ltd., a Bermuda company (“ Maiden”), 2019 Omnibus Incentive Plan, as amended and restated, or any predecessor or successor plan which may have then been in effect) which remain outstanding and unvested as of the date immediately preceding the Separation Date are cancelled and forfeited for no consideration as of the Separation Date.

6. Following the Separation Date, Employee shall retain all rights to indemnification arising under Company’s Memorandum of Association and By-Laws and that certain Indemnification Agreement among the Employee and the Company dated May 27, 2025, for alleged acts or omissions arising as of or prior to the Separation Date while Employee was employed by the Company or Maiden. In addition, the Company shall continue to include coverage for Employee (which coverage shall be substantially similar to Employee’s coverage on June 1, 2025) under directors’ and officers’ liability insurance policy or policies (the “ D& O Policy”) (pursuant to the Company’s tail insurance coverage with respect to his alleged acts or omissions during the period that he served as an officer of the Company or Maiden) for a period of six (6) years from the Separation Date, so long as the Company is able to include and maintain such coverage for Employee under the D& O Policy on commercially reasonable terms. In the event the Company is unable to renew the D& O Policy following the expiration of the current term of such D& O Policy on commercially reasonable terms, the Company shall use its commercially reasonable efforts to

obtain a replacement directors’ and officers’ liability insurance policy or policies (a “ Replacement D& O Policy”), which Replacement D& O Policy shall provide coverage to Employee upon the foregoing terms and conditions; provided that in any event, Employee shall be entitled to no less favorable protection under the Replacement D& O Policy as is provided to other former officers of the Company or Maiden.

7. In consideration of the payments