Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 495

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 495
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aws of Bermuda NewCo from and after the Second Merger Effective Time”; and

(b)

the bye-laws of Bermuda NewCo attached as Exhibit 3.3 to the Registration Statement on Form S-4 filed by Bermuda NewCo on March 10, 2025 were duly adopted and approved by each of Bermuda NewCo’s board of directors and sole shareholder.

4. Fractional Shares . Each of the parties acknowledges and agrees that:

(a)

the Combination Agreement is hereby amended by adding the following new Section 3.05(h) thereto:

Fractional Shares . Notwithstanding anything to the contrary contained in this Agreement, no fractional Bermuda NewCo Shares shall be issued in connection with the Second Merger and no dividends or other distributions with respect to Bermuda NewCo Shares shall be payable on or with respect to any fractional share and no such fractional share will entitle the owner thereof to vote or to any rights of a shareholder of Bermuda NewCo. In lieu of the issuance of any such fractional share, Bermuda NewCo shall pay, or cause to be paid, to any holder of US NewCo Interests who would otherwise have been entitled to a fraction of a Bermuda NewCo Share, cash in an amount equal to (I) the fractional Bermuda NewCo Shares that would otherwise be issued to such holder pursuant to Section 3.02(c) multiplied by (II) the volume weighted average price of Parent Shares on the Nasdaq, as reported by Bloomberg , for the five (5) consecutive trading days ending on the third (3rd) trading day immediately preceding the Closing Date multiplied by (III) 20, rounded to the nearest penny, without interest.

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(b)

the recitals of the Combination Agreement are hereby amended by inserting after the phrase “in which no gain or loss is recognized by the members of US NewCo” the following text: “(except in connection with any cash received in lieu of fractional shares, as described in Section 3.05(h) of this Agreement)”; and

(c)

the recitals of the Combination Agreement are hereby amended by inserting after the phrase “US NewCo or the members of US NewCo” the following text: “(except in connection with any cash received in lieu of fractional shares, as described in Section 3.05(h) of this Agreement)”.

5. Registration and Investor Rights Agreements . Each of the parties acknowledges and agrees that the definitions of “AmTrust Registration and Investor Rights Ag