Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 274

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 274
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 fair market value, with an exercise period that is no longer than five years after the initial grant grate. SARs are awards granting the holder the right to exercise all or a specified portion of an amount determined by subtracting the base price per share of the award from the fair market value on the date of exercise and multiplying that value by the number of shares with respect to which the award will have been exercised. The exercise price of an option or the base price of a SAR will not be less than the fair market value of a Bermuda NewCo common share on the date of grant. Options and SARs expire no later than 10 years after the date of grant;

(ii) Restricted Share Units — A restricted share unit is an award that is valued by reference to a Bermuda NewCo common share, which value may be paid to the participant by delivery of shares, cash or other property as determined by Bermuda NewCo’s Compensation Committee. Restrictions on RSUs may lapse separately or in combination at such times, in installments or otherwise, as Bermuda NewCo’s Compensation Committee deems appropriate;

(iii) Restricted Share Awards — A restricted share is any share issued with the restriction that the participant may not, for a specified time or times, sell, transfer, pledge or assign such share and with such other restrictions as Bermuda NewCo’s Compensation Committee, in its sole discretion, may impose. Restrictions on restricted share awards may lapse separately or in combination at such times, in installments or otherwise, as Bermuda NewCo’s Compensation Committee deems appropriate;

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(iv) Performance Awards — Performance awards are the award of cash, shares or a combination thereof that will be earned by the participant upon the achievement of performance goals established by Bermuda NewCo’s Compensation Committee. Bermuda NewCo’s Compensation Committee will determine the performance criteria to be achieved during any performance period and the length of the performance period. Performance awards may be settled in cash, shares or other property as will be determined by Bermuda NewCo’s Compensation Committee;

(v) Other Share-Based Awards — The Bermuda NewCo equity plan also authorizes the grant of awards that are valued in whole or in part by reference to, or are otherwise based on, shares or other property; and

(vi) Deferred Cash Awards — Bermuda NewCo’s Compensation Committee will also have full discretion and authority to grant deferred cash awards, which will be payable to the participant in cash.

Termination of Employment — Except as otherwise determined by Bermuda NewCo’s Compensation Committee or