Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 149

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 149
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 | ​                | ​ | 12,000 | ​ | ​ | ​ | ​                                                    | ​ | 25,023 | ​ | ​ |
| Yehuda L. Neuberger     | ​ | ​ | ​                          | ​ |      — | ​ | ​ | ​ | ​                               | ​ |      — | ​ | ​ | ​ | ​                | ​ |      — | ​ | ​ | ​ | ​                                                    | ​ |      — | ​ | ​ |
| Keith A. Thomas         | ​ | ​ | ​                          | ​ | 30,516 | ​ | ​ | ​ | ​                               | ​ | 25,023 | ​ | ​ | ​ | ​                | ​ |      — | ​ | ​ | ​ | ​                                                    | ​ |      — | ​ | ​ |

(1) Represents the product of the number of restricted shares held by the non-employee director and the closing price per share on March 3, 2025 ($0.82). (2) Represents the product of the number of unvested restricted shares held by the non-employee director and the closing price per share on March 3, 2025 ($0.82). For clarity, no value is assigned to the options, all of which have vested and have exercise prices that exceed the closing price per share on March 3, 2025. Officers Following the Transaction Mr. Haveron will serve as President and Chief Financial Officer of Bermuda NewCo, Mr. Metz will serve as the Chief Legal Officer of Bermuda NewCo, following closing of the mergers. See “— Bermuda NewCo’s Board of Directors and Executive Officers after the Transaction” on page 95. Employment Agreements with Patrick Haveron and Lawrence F. Metz Maiden entered into employment agreements with Messrs. Haveron and Metz on November 1, 2011. The employment agreements provide Messrs. Haveron and Metz with contractual payments in the event of certain qualifying terminations of their employment. Upon certain qualifying terminations, including a termination by Maiden not for “cause,” Messrs. Haveron and Metz are entitled to continuation of their base salary and employee benefits (as specified in their employment agreements) pursuant to normal payroll practices until the end of the current term under their employment agreements, May 1, 2028. For purposes of Messrs. Haveron’s and Metz’s employment agreements, “cause” includes the executive’s (a