Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 321

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 321
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 who (a) did not vote in favor of the First Merger, (b) complied with all of the provisions of the Bermuda Companies Act concerning the right of holders of Parent Shares to require appraisal of their Parent Shares pursuant to the Bermuda Companies Act and (c) did not fail to exercise such right to appraisal or did not deliver an Appraisal Withdrawal.

“ DLLCA ” means the Delaware Limited Liability Company Act.

“ Earnout Shares ” has the meaning set forth in Section 2.01(b) .

“ EBITDA ” means the earnings attributable to the Kestrel Business before interest, Taxes, depreciation and amortization attributable to the Kestrel Business, as determined in accordance with GAAP and on the basis of financial information contained in the “Insurance Programs” reporting segment section(s) of Bermuda NewCo’s Annual Report on Form 10-K.

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TABLE OF CONTENTS

“ EBITDA Calculations ” means: (a) for the First Measurement Period, the Measurement EBITDA for the First Measurement Period; (b) for the Second Measurement Period, the Measurement EBITDA for the Second Measurement Period; and (c) for the Third Measurement Period, the Measurement EBITDA for the Third Measurement Period.

“ EBITDA Disputed Items ” has the meaning set forth in Section 2.01(c) .

“ EBITDA Objection Notice ” has the meaning set forth in Section 2.01(c) .

“ EBITDA Resolved Matters ” has the meaning set forth in Section 2.01(c) .

“ EBITDA Statement ” has the meaning set forth in Section 2.01(c) .

“ Employment Agreements ” has the meaning set forth in the recitals.

“ ERISA ” means the Employee Retirement Income Security Act of 1974.

“ Exchange Act ” has the meaning set forth in Section 4.04 .

“ Exchange Fund ” has the meaning set forth in Section 3.05(a) .

“ FASB ” means the Financial Accounting Standards Board.

“ Filed SEC Documents ” has the meaning set forth in Article VI .

“ First Bermuda NewCo Earnout Share Price ” means the volume weighted average price of Bermuda NewCo Shares on the Nasdaq, as reported by Bloomberg , for the thirty (30) consecutive trading days ending on the date Measurement EBITDA for the First Measurement Period is finally determined pursuant to Section 2.01(c) ; provided that in the event that the Bermuda