Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 493

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 493
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 with the Company, the Company Equityholders, Parent, US NewCo, Merger Sub Ltd. and Bermuda NewCo, the “ parties ”), as amended by that certain Letter Agreement, dated February 17, 2025, by and among the parties.

Pursuant to Section 10.02 of the Combination Agreement, the parties have agreed to enter into this Letter Agreement (this “ Letter Agreement ”) to set forth their agreement with respect to certain matters regarding the Combination Agreement as described herein. Capitalized terms used and not defined in this Letter Agreement shall have the meanings ascribed to such terms in the Combination Agreement.

1. Conversion of US NewCo Interests . Each of the parties acknowledges and agrees that Section 3.02(c) of the Combination Agreement is hereby amended by replacing the words “the US NewCo Interests issued and outstanding immediately prior to the Second Merger Effective Time, other than any US NewCo Interest that is subject to any US NewCo Award, shall be automatically canceled and converted into and shall thereafter represent the right to receive an issuance from Bermuda NewCo of one (1) duly authorized, validly issued, fully paid and nonassessable Bermuda NewCo Share (the “ Second Merger Consideration ”)” with “the US NewCo Interests issued and outstanding immediately prior to the Second Merger Effective Time, other than any US NewCo Interest that is subject to any US NewCo Award, shall be automatically canceled and converted into and shall thereafter represent the right to receive an issuance from Bermuda NewCo of one-twentieth (0.05) of a duly authorized, validly issued, fully paid and nonassessable Bermuda NewCo Share (the “ Second Merger Consideration ”)”.

2. Conversion of US NewCo Options and US NewCo Restricted Shares . Each of the parties acknowledges and agrees that Section 3.06(b)(i) of the Combination Agreement is hereby amended by:

(a)

replacing the words “each US NewCo Option that is outstanding immediately prior to the Second Merger Effective Time, whether or not then vested or exercisable, shall cease to represent

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a right to acquire US NewCo Interests and shall be converted automatically into an option to purchase Bermuda NewCo Shares (a “ Bermuda NewCo Option ”), on substantially the same terms and conditions, including vesting schedule and per share exercise price, as applied to such US NewCo Option immediately prior to the Second Merger Effective Time” with “each US NewCo