Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 151

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 151
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 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) material breach of the employment agreement, but only if such breach is not cured within thirty (30) days following written notice by Maiden to the executive of such breach, assuming such breach may be cured; (b) conviction for any act or course of conduct involving moral turpitude; or (c) engaging in any willful act or willful course of conduct constituting an abuse of office or authority which significantly adversely affects the business or reputation of Maiden. If the executive is discharged for cause, Maiden, without any limitations on any remedies it may have at law or equity, shall have no liability for salary or any other compensation and benefits to the executive after the date of such discharge. Based on their compensation as of March 3, 2025, each of Messrs. Haveron and Metz would receive contractual payments payable upon a termination of employment by Maiden without cause on March 3, 2025 equal to $2,850,000 and $2,550,000 and continuation of certain employee benefits equal to $133,717 and $105,627, respectively. Under their employment agreements, each of Messrs. Haveron and Metz will be subject to a one-year non-competition and two-year non-solicit following their employment termination. Other Employment Agreements Maiden does not have employment agreements with any other Maiden executive officers. Indemnification Under the terms of the combination agreement, Bermuda NewCo agreed that it will, for a period of six (6) years following the effective time of the mergers, cause Maiden to indemnify, defend and hold harmless, and advance certain expenses to, the present and former officers and directors of Maiden or any of its subsidiaries, against all claims, liabilities, losses, damages, judgments, fines, penalties, costs (including

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amounts paid in settlement or compromise) and expenses (including reasonable and documented fees and expenses of legal counsel) in connection with any action (whether civil, criminal, administrative or investigative), whenever asserted, based on or arising out of, in whole or in part, (i) the fact that such person is or was a director, officer or employee