LEDBETTER BRADFORD LUKE 4

What Happened
Bradford Luke Ledbetter, CEO of Kestrel Group Ltd (KG), received two restricted share awards on 2026-03-18 totaling 145,788 shares (97,192 and 48,596) issued at $0.00 per share. On the same date 12,749 shares were withheld by the issuer to satisfy tax withholding obligations at $9.96 per share (total ≈ $126,980). The withheld shares were not an open-market sale.

Key Details

• Transaction date: 2026-03-18; Form 4 filed 2026-03-20. No late filing indicated in the provided data.
• Grants: 97,192 shares (footnote F1) and 48,596 shares (footnote F2); grant price $0.00; total granted = 145,788 shares.
• Tax withholding: 12,749 shares withheld at $9.96/share for ≈ $126,980 (footnote F3). This withholding satisfies tax liabilities and is not an open-market sale.
• Vesting: F1 — vesting in substantially equal installments with first installment vested on grant date and remaining on the first two anniversaries; F2 — vests in substantially equal installments on the first three anniversaries.
• Shares owned after transaction: Not disclosed in the information provided.
• Additional notes: Footnotes F4 and F5 reference securities held by trusts for which Ledbetter is trustee.

Context
These transactions are compensation-related (restricted share awards). Grants at $0.00 are common for executive compensation and represent a retention/compensation event rather than a purchase. The share withholding to cover taxes is routine and should not be interpreted as an insider "sale" signaling negative sentiment. Purchases (buying shares) typically carry more weight as a bullish signal than awards or routine tax withholdings.