Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 270

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 270
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 2019 Omnibus Incentive Plan (the “Maiden omnibus incentive plan”). Subject to approval by shareholders of the first merger resolution, at the effective time of the mergers, the Maiden omnibus incentive plan will be assigned to and assumed by Bermuda NewCo and all outstanding equity awards granted under the Maiden omnibus incentive plan will be converted into Bermuda NewCo equity awards, in each case on substantially the same terms and conditions (including with respect to vesting and, for options, per-share exercise price) as applied before such conversions in accordance with the terms of the contribution agreement. After the closing, no new awards will be granted under the Maiden omnibus incentive plan. The Bermuda NewCo equity plan includes several provisions designed to protect shareholder interests, promote effective corporate governance and reflect certain current best practices, including the following:

• New Aggregate Share Reserve — Subject to adjustment, the maximum number of common shares of beneficial interest, par value $0.01 per share, that will be reserved and available for issuance under the Bermuda NewCo equity plan will be equal to 24,100,000;

• Term — The term of the Bermuda NewCo equity plan will expire on the ten year anniversary of the date the Bermuda NewCo equity plan is approved by our shareholders;

• No Liberal Share Recycling for Options and SARs — The Bermuda NewCo equity plan prohibits share recycling of shares tendered or surrendered in payment of the exercise price for options, the base price for SARs, or in satisfaction of withholding taxes applicable to options and SARs, none of which will again be available for issuance;

• Annual Limits for Non-Employee Directors — Under the terms of the Bermuda NewCo equity plan, the maximum aggregate grant date fair value of equity Awards granted to any non-employee director during any calendar year shall not exceed $1,000,000;

• Double-Trigger Vesting — Subject to the applicable award agreement, the Bermuda NewCo equity plan provides for double-trigger accelerated vesting for termination of service following a change of control (if such awards are assumed, continued or substituted in connection with the change of control);

• Dividend Restrictions — Dividends paid with respect to awards are subject to the same restrictions and risk of forfeiture as the awards to which such dividends relate;

• No Repricing of Options or SARs — The Bermuda NewCo equity plan prohibits, without shareholder approval, the repricing of any previously outstanding option or SAR, the canceling of any previously outstanding option or SAR in exchange for an option or SAR with a