Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 249

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 249
---
 amount above also does not include 586,330 restricted shares that Mr. Metz may earn in whole or in part starting at the conclusion of fiscal 2024 upon the achievement of certain financial metrics as established in Maiden’s year-end audited consolidated financial statements, which final valuation will be determined at the end of fiscal 2027.

(8)

The amount shown above includes vested options to acquire 12,000 Maiden shares granted on June 1, 2015 and June 1, 2016. The amount shown above also includes 30,516 restricted shares that were issued on June 1, 2024 that will fully vest on June 1, 2025, which Mr. Neff has the ability to vote, but is restricted from transferring until the vesting date.

(9)

On December 31, 2023, Mr. Neuberger sold his shares in a private transaction in order to comply with restrictions on investments imposed in connection with his spouse’s government service.

(10)

The amount shown above includes vested options to acquire 12,000 Maiden shares granted on June 1, 2015 and June 1, 2016. The amount shown above also includes 35,211 restricted shares that were issued on June 1, 2024 that will fully vest on June 1, 2025, which Mr. Nigro has the ability to vote, but is restricted from transferring until the vesting date.

<div align='center'>154</div>

TABLE OF CONTENTS

(11) The amount shown above includes 30,516 restricted shares that were issued on June 1, 2024 that will fully vest on June 1, 2025, which Mr. Thomas has the ability to vote, but is restricted from transferring until the vesting date. The percentages of beneficial ownership in the table below are based on 100,756,263 Maiden shares issued and outstanding as of March 18, 2025 (which includes 1,265,491 Maiden restricted shares and excludes 44,750,678 Maiden shares held by Maiden Re).

| ​                                     | ​ | ​ | Maiden SharesBeneficially Owned |   |               |   |   |   |            |   |       |   | ​ |
| Name of Beneficial Owner              | ​ | ​ | Number                          |   |               |   | ​ | ​ | Percentage |   |       |   | ​ |
| Five Percent and Greater Shareholders | ​ | ​