Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 270

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 270
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 equity plan will be equal to 1,205,000;

• Term — The term of the Bermuda NewCo equity plan will expire on the ten year anniversary of the date the Bermuda NewCo equity plan is approved by our shareholders;

• No Liberal Share Recycling for Options and SARs — The Bermuda NewCo equity plan prohibits share recycling of shares tendered or surrendered in payment of the exercise price for options, the base price for SARs, or in satisfaction of withholding taxes applicable to options and SARs, none of which will again be available for issuance;

• Annual Limits for Non-Employee Directors — Under the terms of the Bermuda NewCo equity plan, the maximum aggregate grant date fair value of equity Awards granted to any non-employee director during any calendar year shall not exceed $1,000,000;

• Double-Trigger Vesting — Subject to the applicable award agreement, the Bermuda NewCo equity plan provides for double-trigger accelerated vesting for termination of service following a change of control (if such awards are assumed, continued or substituted in connection with the change of control);

• Dividend Restrictions — Dividends paid with respect to awards are subject to the same restrictions and risk of forfeiture as the awards to which such dividends relate;

• No Repricing of Options or SARs — The Bermuda NewCo equity plan prohibits, without shareholder approval, the repricing of any previously outstanding option or SAR, the canceling of any previously outstanding option or SAR in exchange for an option or SAR with a lower exercise price, the cancelling of any previously outstanding option or SAR in exchange for cash or another award when the exercise or base price of such option or SAR exceeds the fair market value of an Ordinary Share, and the taking of any action with respect to an option or SAR that would be treated, for accounting purposes, as a “repricing”;

• No Discounted Options or SARs — Options and SARs may not be granted with exercise prices lower than the fair market value of the underlying shares on the date of grant;

• No Evergreen Provision — The Bermuda NewCo equity plan does not contain an “evergreen” or automatic replenishment provision for the shares authorized under the Bermuda NewCo equity plan; and

• No Automatic Grants — The Bermuda NewCo equity plan does not provide for automatic grants to any participant.

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Bermuda NewCo anticipates filing a registration statement on Form S-8 with the SEC to register the Bermuda NewCo common shares in the aggregate share