Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 282

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 282
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Summary of the Bermuda NewCo Equity Plan” set forth above. The federal income tax consequences of the issuance

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**TABLE OF CONTENTS

and exercise of these awards are described above. For option awards, the exercise price will be equal to or greater than the fair market value on the date of grant, generally defined as the closing sales price for a share (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the common shares are listed on the date of determination. The fair market value of Maiden Shares as of March 3, 2025 was $0.82. Accordingly, Maiden shareholders are being asked to approve at the Maiden special meeting the Bermuda NewCo equity plan, effective as of (and contingent on) the closing. Equity Compensation Plan Information The following table sets forth information as of December 31, 2024, regarding the number of Maiden shares that were available for future issuance under the Maiden omnibus incentive plan. Provided that the shareholders approve the Bermuda NewCo equity plan, these shares no longer will be available for future issuance under the Maiden omnibus incentive plan:**

| Plan category                                              | ​ | ​ | Number ofsecuritiesto be issueduponexercise ofoutstandingoptions,warrantsand rights (a) |   |         |   | ​ | ​ | Weighted-averageexerciseprice ofoutstandingoptions,warrantsand rights (b) |   |      |   | ​ | ​ | Number ofsecuritiesremainingavailablefor futureissuanceunder equitycompensationplans(excludingsecuritiesreflected incolumn (a)) (c) |   |           |   | ​ |
|:-----------------------------------------------------------|:--|:--|:----------------------------------------------------------------------------------------|:--|--------:|:--|:--|:--|:--------------------------------------------------------------------------|:--|-----:|:--|:--|:--|:------------------------------------------------------------------------------------------------------------------------------------|:--|----------:|:--|:--|
| Equity compensation plans approved by security holders     | ​ | ​ | ​                                                                                       | ​ | 103,500 | ​ | ​ | ​ | ​                                                                         | $ | 9.12 | ​ | ​ | ​ | ​                                                                                                                                   | ​ | 1,291,729 | ​ | ​ |
| Equity compensation plans not approved by security holders | ​ | ​ | ​                                                                                       | ​ |       — | ​ | ​ | ​ | ​                                                                         | ​ |    — |