1. Title of Derivative Security (Instr. 4) |
2. Date Exercisable and Expiration Date (Month/Day/Year) |
3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) |
4. Conversion or Exercise Price of Derivative Security |
5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5) |
6. Nature of Indirect Beneficial Ownership (Instr. 5) |
Date Exercisable |
Expiration Date |
Title |
Amount or Number of Shares |
Series A-1 Preferred Stock
|
Â
(3)
|
Â
(3)
|
Series C Non-Voting Common Stock or Ordinary Shares
|
749,869
|
$
(3)
|
I
|
See footnotes
(1)
(3)
|
Warrants
|
04/20/2011(4)
|
04/20/2021 |
Series A-1 Preferred or Series C Non-Voting Common Stock
|
340,820
|
$
(5)
|
I
|
See footnotes
(1)
(5)
|
* |
If the form is filed by more than one reporting person, see Instruction 5(b)(v). |
** |
Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) |
The Reporting Person is a managing director of Goldman, Sachs & Co. ("Goldman Sachs"). Goldman Sachs is a wholly-owned
subsidiary of The Goldman Sachs Group, Inc. ("GS Group"). The Reporting Person disclaims beneficial ownership of the
securities reported herein except to the extent of his pecuniary interest therein, if any. |
(2) |
Goldman Sachs and GS Group may be deemed to beneficially own indirectly, in the aggregate, 531,345 ordinary shares, par value
$1.00 per share ("Ordinary Shares"), of Enstar Group Limited (the "Company") through certain investment partnerships (the
"Investment Partnerships"). Affiliates of Goldman Sachs and GS Group are the general partner, managing limited partner,
managing partner, managing member, member or investment manager of the Investment Partnerships. Goldman Sachs had open short
positions of 57,827 Ordinary Shares as of May 16, 2011. |
(3) |
Shares of Series A-1 Convertible Participating Non-Voting Perpetual Preferred Stock ("Series A-1 Preferred Stock") convert
into Ordinary Shares upon (i) a widespread public distribution, (ii) a transfer in which no transferee (or group of
associated transferees) would receive 2% or more of any class of voting securities of the Company or (iii) a transfer to a
transferee that would control more than 50% of the voting securities of the Company without any transfer from the holder. In
addition, the outstanding shares of Series A-1 Preferred Stock automatically convert into shares of Series C Non-Voting
Common Stock upon the adoption of certain amendments to the Company's bye-laws. The Series A-1 Preferred Stock do not have
an expiration date. Goldman Sachs and GS Group may be deemed to beneficially own indirectly the Series A-1 Preferred Stock
through the Investment Partnerships. |
(4) |
Subject to certain regulatory approvals. |
(5) |
The Warrants are exercisable for shares of Series A-1 Preferred Stock or, after the adoption of certain amendments to the
Company's bye-laws, shares of Series C Non-Voting Common Stock. The exercise price per share of Series A-1 Preferred Stock
or Series C Non-Voting Common Stock, as applicable, is $115.00, subject to certain adjustments. Goldman Sachs and GS Group
may be deemed to beneficially own indirectly the Warrants through the Investment Partnerships. |