Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 152

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 152
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 of Maiden or any of its subsidiaries, or (ii) acts or omissions by such person in such person’s capacity as a director, officer, employee or agent of the Maiden or any of its subsidiaries or taken at the request of Maiden or any of its subsidiaries (including in connection with serving at the request of Maiden or any of its subsidiaries as a director, officer, employee, agent, trustee or fiduciary of another person (including any employee benefit plan)), in each case, at or prior to the effective time of the mergers (including any action relating in whole or in part to the transaction or relating to the enforcement of the indemnification provisions in the combination agreement, as described in this paragraph, or any other indemnification or advancement right of such persons) to the fullest extent permitted under applicable law. In addition, Bermuda NewCo agreed that it will, following the effective time of the mergers, cause Maiden to advance certain expenses relating to such indemnity.

Compensation Programs of Bermuda NewCo Following the Transaction

Although executive compensation determinations following the transaction will be made by Bermuda NewCo’s Compensation Committee, the primary objectives of its executive compensation programs are expected to be to meet three key objectives: (i) attract and retain talented executive officers; (ii) further align the financial interests of its executive officers with those of its shareholders; and (iii) compensate its executive officers based on their overall performance. To fulfill these objectives, Bermuda NewCo is expected to have an executive compensation program that includes three major elements — base salary, annual bonus incentives and long-term equity incentives, which may include restricted shares and share options. Other than the Bermuda NewCo equity plan, which is described below in Proposal 5, there are no proposed or adopted compensation policies, procedures or plans with respect to Bermuda NewCo named executive officer compensation and any such determinations remain subject to the review and approval of Bermuda NewCo’s Compensation Committee.

Bermuda NewCo’s Board of Directors and Executive Officers after the Transaction

Board of Directors

Upon completion of the transaction, it is expected that the Bermuda NewCo board will be comprised of seven directors, including Terry Ledbetter, Luke Ledbetter, Joseph Brecher, Erik Cohen, Michael Hotchkiss, Steven Nigro and Jeffrey Weissmann.

Pursuant to the Ledbetter registration and investor rights agreement, upon completion of the transaction, KILH will have the right to nominate (i) two non-independent directors to the Bermuda NewCo board for so long as it and its affiliates own at