Ledbetter Terry Lee 4

What Happened

• Terry Lee Ledbetter, a reported 10% owner of Kestrel Group Ltd (KG), received two Restricted Share Awards (RSAs) on 2026-03-18 totaling 145,788 shares (97,192 and 48,596) at $0.00 per share.
• On the same date, 12,749 shares were disposed to the issuer at $9.96 per share, a withholding transaction with a reported value of $126,980 to satisfy tax obligations related to the vesting/settlement event. This disposition was not an open-market sale.

Key Details

• Transaction date: 2026-03-18; Form 4 filed: 2026-03-20 (filed within the typical 2-business-day window).
• Awards: 97,192 shares (F1) and 48,596 shares (F2) granted at $0.00.
• Withholding/disposition: 12,749 shares withheld by issuer at $9.96/share; total ≈ $126,980 (F3).
• Shares owned after the transaction: not reported in the provided filing excerpt.
• Footnotes: F1/F2 describe RSA vesting schedules (installments over the next 1–3 years); F3 confirms withholding was for tax obligations (not an open-market sale); F4 notes some securities are held in a trust of which Ledbetter is co-trustee.

Context

• These transactions are grant-related RSAs (acquisitions) with a tax-withholding disposition; awards represent restricted shares subject to vesting and possible forfeiture.
• The withholding of shares to satisfy taxes is a common administrative step and does not necessarily indicate a voluntary sale or change in sentiment.
• As a 10% owner, Ledbetter is a significant shareholder; this filing documents grant and tax-related withholding rather than an investment decision via open-market purchase/sale.