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Kestrel Group Ltd (NASDAQ:KG) announced Thursday that it has entered into amended and restated employment agreements with Executive Chairman Terry Ledbetter and Chief Executive Officer Bradford Luke Ledbetter. According to a statement based on a recent SEC filing, the new agreements were executed on August 8, 2025, and replace previous contracts dated December 29, 2024.
Both agreements set initial terms ending May 1, 2028, with automatic five-year renewal periods unless either party provides at least ninety days’ written notice of non-renewal.
Under the amended contract, Terry Ledbetter will continue to receive an annual base salary of $650,000 and is eligible for an annual bonus of up to 150% of base salary. Bradford Luke Ledbetter’s agreement maintains his annual base salary at $950,000, with eligibility for an annual bonus of up to 100% of base salary. Both executives will participate in the company’s long-term incentive program and receive customary executive benefits.
If the company terminates either executive without cause, or if either resigns for good reason, the agreements provide for continued payment of base salary for the remainder of the term and a pro-rata bonus for the year of termination, subject to the execution of a general release. In the event of death or disability, the agreements stipulate continued base salary for six months and a pro-rata bonus. If the company chooses not to renew the agreements, each executive is entitled to a cash payment equal to three months of base salary.
The contracts also include confidentiality, non-competition, and non-solicitation covenants, as well as indemnification and directors and officers insurance provisions. The non-competition and non-solicitation clauses extend for one year after employment ends, with a two-year restriction on soliciting certain company clients.
Additionally, the agreements address potential excise tax liabilities under Section 4999 of the Internal Revenue Code, specifying that payments will be adjusted to yield the best net after-tax position for the executive, but do not provide for tax gross-ups.
This information is based on a press release statement and details from Kestrel Group’s SEC filing.
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