Enhanced Group (NYSE: ENHA) CEO holds 10.15M shares after merger

Rhea-AI Filing Summary

Enhanced Group Inc. CEO Maximilian Martin has filed a Schedule 13D reporting beneficial ownership of 10,151,943 shares of Class A common stock, representing about 8.3% of the company’s outstanding Class A shares, based on 122,230,453 shares outstanding as of May 7, 2026.

Martin received these shares as consideration in the Business Combination between A Paradise Acquisition Corp. and Enhanced Ltd, which created Enhanced Group Inc. as the successor public company. He also holds options to purchase 1,930,339 additional Class A shares that are not exercisable within 60 days. His shares are subject to a lockup under a Transaction Support Agreement, with 50% released six months after closing and the remaining 50% released 12 months after closing.

Key Figures

Beneficial ownership: 10,151,943 shares Ownership percentage: 8.3% Shares outstanding: 122,230,453 shares +5 more

8 metrics

Beneficial ownership 10,151,943 shares Class A common stock held by Maximilian Martin

Ownership percentage 8.3% Portion of Class A shares outstanding as of May 7, 2026

Shares outstanding 122,230,453 shares Class A common stock outstanding as of May 7, 2026

Stock options (post-combination) 1,930,339 options Options to acquire Class A common stock, not exercisable within 60 days

Option exercise price (new) $1.2260 per share Exercise price of converted Enhanced Group stock options

Original Enhanced options 253,921 options Options under Enhanced Incentive Plan before conversion

Original exercise price $9.32 per share Exercise price of Enhanced options prior to conversion

Lockup releases 50% at 6 months; 50% at 12 months Share transfer restrictions after Business Combination closing

Key Terms

Business Combination, Domestication, Transaction Support Agreement, stock option agreement, +1 more

5 terms

Business Combination financial

"The securities reported herein were received as consideration in connection with the Business Combination"

A business combination happens when two or more companies join together to operate as one, like two friends merging their teams into a single group. This is important because it can change how companies grow, compete, and make money, often making them bigger and more powerful in the market.

Domestication regulatory

"under which A Paradise domesticated and continued as a Texas corporation (the "Domestication")"

Domestication is the legal process by which a company changes its official ‘legal home’ from one place to another without creating a new business entity, similar to moving a household’s registration from one city to another while keeping the same people and possessions. It matters to investors because it can alter which laws, tax rules, reporting standards and shareholder rights apply, potentially affecting costs, governance and the value or liquidity of the company’s shares.

Transaction Support Agreement financial

"the Reporting Person entered into a Transaction Support Agreement with the Issuer"

A transaction support agreement is a contract among the parties involved in a pending deal that spells out who must do what, who bears which risks, and how any problems discovered before or after closing will be handled. Think of it as a moving checklist and shared rulebook that helps the deal finish smoothly. Investors care because its terms affect the likelihood and timing of closing, potential costs or liabilities after the deal, and the value or dilution of their holdings.

stock option agreement financial

"entered into a stock option agreement for 253,921 stock options (the "Option Agreement")"

A stock option agreement is a formal contract that gives an individual the right to buy or sell a specific number of shares of a company's stock at a set price within a certain period. For investors, it’s an important tool because it can provide opportunities to profit from stock price movements or to protect against potential losses, making it a key element in financial planning and investment strategies.

Indemnification Agreement regulatory

"the Issuer entered into an indemnification agreement (the "Indemnification Agreement") with each of its directors"

An indemnification agreement is a contract in which one party promises to cover losses, costs, or legal claims that another party might face, acting like a tailored safety net or private insurance policy. For investors, it matters because such agreements shift potential financial risk away from a company or its officers and onto the indemnifier, which can affect a company’s future liabilities, cash flow and how risky the investment appears during deal-making or litigation.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

Enhanced Group Inc.

(Name of Issuer)

Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

29333R107

(CUSIP Number)

Maximilian Martin
c/o Enhanced Group Inc., 169 Madison Avenue, Suite 15101
New York, NY, 10016
929-357-2672

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

05/07/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 29333R107

1

Name of reporting person

Maximilian Martin

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

GERMANY

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 10,151,943.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 10,151,943.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

10,151,943.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.3 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

The percent of class is calculated based on 122,230,453 shares of Class A Common Stock outstanding as of May 7, 2026.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, par value $0.0001 per share
(b)	Name of Issuer: Enhanced Group Inc.
(c)	Address of Issuer's Principal Executive Offices: 169 Madison Avenue, Suite 15101, New York, NEW YORK , 10016.
Item 1 Comment: The title and class of equity securities to which this statement on Schedule 13D ("Schedule 13D") relates are the shares of Class A common stock, par value $0.0001 per share (the "Class A Common Stock"), of Enhanced Group Inc., a Texas corporation (the "Issuer"), whose principal executive offices are located at 169 Madison Avenue, Suite 15101 New York, NY 10016.
Item 2.	Identity and Background
(a)	This Schedule 13D is filed by Maximilian Martin (the "Reporting Person").
(b)	The principal business address of the Reporting Person is c/o Enhanced Group Inc., 169 Madison Avenue, Suite 15101 New York, NY 10016.
(c)	Maximilian Martin, a natural person, serves as the Chief Executive Officer of the Issuer and is also a member of the Issuer's board of directors.
(d)	During the last five years preceding the date of this filing, the Reporting Person has not been (i) convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(e)	During the last five years preceding the date of this filing, the Reporting Person has not been (i) convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Maximilian Martin is a citizen of the Federal Republic of Germany.
Item 3.	Source and Amount of Funds or Other Consideration
	The securities reported herein were received as consideration in connection with the Business Combination (as defined below) upon the conversion of Enhanced common shares and options to acquire Enhanced common shares held by the Reporting Person. On November 26, 2025, A Paradise Acquisition Corp., a blank check company incorporated in the British Virgin Islands as a business company with limited liability ("A Paradise"), entered into a Business Combination Agreement (the "Business Combination Agreement") with A Paradise Merger Sub I, Inc., a Cayman Islands exempted company and a direct wholly owned subsidiary of A Paradise ("Merger Sub"), and Enhanced Ltd, a Cayman Islands exempted company with limited liability ("Enhanced"). On May 6, 2026, as contemplated by the Business Combination Agreement and in accordance with the Company's Plan of Conversion adopted in accordance with Section 10.102(a) of the Texas Business Organizations Code, A Paradise filed an application to discontinue as a business company with the BVI Registrar of Corporate Affairs, together with the necessary accompanying documents, and filed a certificate of formation and a certificate of conversion of a foreign entity converting to a Texas filing entity with the Secretary of State of the State of Texas, under which A Paradise domesticated and continued as a Texas corporation (the "Domestication"). Upon the Domestication A Paradise changed its name to "Enhanced Group Inc." On May 7, 2026, Merger Sub merged with and into Enhanced, with Enhanced surviving the merger as a wholly owned subsidiary of A Paradise, and Enhanced merged with and into A Paradise, with A Paradise surviving the merger (together with the Domestication and other transactions contemplated by the Business Combination Agreement, the "Business Combination"). The Issuer is the successor public company following the completion of the Business Combination between A Paradise and Enhanced. In connection with the consummation of the Business Combination, the Issuer issued an aggregate of 122,230,453 shares of Class A Common Stock. The Class A Common Stock began trading on the New York Stock Exchange (the "NYSE") under the ticker symbol "ENHA" on May 8, 2026. The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the Business Combination Agreement, included with this Schedule 13D as Exhibit 1 and incorporated herein by reference. The information set forth in or incorporated by reference into Items 4, 5 and 6 of this Schedule 13D is hereby incorporated by reference in its entirety into this Item 3.
Item 4.	Purpose of Transaction
	The information set forth in or incorporated by reference into Items 3 and 6 of this Schedule 13D is hereby incorporated by reference in its entirety into this Item 4. The Reporting Person received 10,151,943 shares of Class A Common Stock as consideration in the Business Combination upon the conversion of Enhanced common shares held by the Reporting Person. In addition, in connection with the Business Combination, options to purchase Enhanced common shares held by the Reporting Person were converted into options to purchase 1,930,339 shares of Class A Common Stock, which options are not exercisable within 60 days of the date hereof. From time to time, subject to restrictions that may be applicable by virtue of his role as Chief Executive Officer and a member of the Issuer's Board of Directors, the Reporting Person may acquire additional shares of the Class A Common Stock or determine to dispose of shares of Class A Common Stock beneficially owned by him. The Reporting Person may change his present intentions at any time and therefore reserves his right to make alternative plans or proposals in the future or take any other steps to enhance the value of his investment. The Reporting Person further reserves the right to increase, decrease or eliminate this investment in the Issuer, or take any other action relative thereto, in all cases as permitted by the relevant securities laws and any agreement or agreements that have been or may be entered into with the Issuer. Any transactions that the Reporting Person may pursue may be made at any time and from time to time without prior notice and will depend upon a variety of factors, including, without limitation, current and anticipated future trading prices of the securities of the Issuer, the financial condition, results of operations and prospects of the Issuer, general economic, financial market and industry conditions, diversification of such Reporting Person's investments, other investment and business opportunities available to the Reporting Person, tax considerations and other factors. As noted above, the Reporting Person is currently the Chief Executive Officer and a member of the Issuer's Board of Directors. Other than as described in this Schedule 13D, the Reporting Person has no current plans or proposals that relate to or would result in any actions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	The Reporting Person beneficially owns, in the aggregate, 10,151,943 shares of Class A Common Stock, representing approximately 8.3% of the Class A Common Stock outstanding, based on 122,230,453 shares of Class A Common Stock outstanding as of May 7, 2026. The Reporting Person has sole voting and dispositive power over such shares. The Reporting Person's stock options are not included because such options are not exercisable within 60 days of the date hereof.
(b)	The Reporting Person beneficially owns, in the aggregate, 10,151,943 shares of Class A Common Stock, representing approximately 8.3% of the Class A Common Stock outstanding, based on 122,230,453 shares of Class A Common Stock outstanding as of May 7, 2026. The Reporting Person has sole voting and dispositive power over such shares. The Reporting Person's stock options are not included because such options are not exercisable within 60 days of the date hereof.
(c)	Except for the transactions described in Item 3, Item 4 and Item 6 of this Schedule 13D, which are incorporated into this Item 5(c) by reference, the Reporting Person has not effected any transactions in the Issuer's Class A Common Stock during the past 60 days.
(d)	Not applicable.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Option Agreement Prior to the consummation of the Business Combination, the Issuer (f/k/a Enhanced Ltd) and the Reporting Person entered into a stock option agreement for 253,921 stock options (the "Option Agreement") granted under the Enhanced Incentive Plan in respect of the common shares of Enhanced, with an exercise price per share equal to $9.32 (the "Enhanced Options"). The Enhanced Options were subject to vesting pursuant to their terms one-quarter (1/4) on the first anniversary of October 29, 2025 and 1/48th on the corresponding day of each month thereafter (or if there is no corresponding day, on the last day of such month), subject to continuous employment through each such vesting date. In connection with the Business Combination, in accordance with the terms of the Business Combination Agreement, the Enhanced Options were converted into 1,930,339 stock options to acquire shares of the Issuer's Class A Common Stock on substantially the same terms as applied to the Enhanced Options, including with respect to vesting, exercisability and termination-related provisions, with an exercise price per share, as adjusted by the applicable exchange ratio, equal to $1.2260. The foregoing description does not purport to be complete and is qualified in its entirety by reference to the Option Agreement, which is attached as Exhibit 3 to this Schedule 13D and incorporated into this Item 6 by reference. Transaction Support Agreement Prior to the consummation of the Business Combination, the Reporting Person entered into a Transaction Support Agreement with the Issuer (f/k/a Enhanced Ltd) (the "Transaction Support Agreement"), pursuant to which the Reporting Person is subject to lockup restrictions and may not transfer shares of Class A Common Stock received in respect of Enhanced common shares during the support period (being from signing of the Transaction Support Agreement until the earlier of (i) termination of the Business Combination Agreement or (ii) 12 months after the closing of the Business Combination), subject to the following releases: 50% of the Reporting Person's shares will be released 6 months after the closing of the Business Combination, and the remaining 50% will be released 12 months after the closing of the Business Combination. The foregoing description does not purport to be complete and is qualified in its entirety by reference to the Form of Transaction Support Agreement, which is attached as Exhibit 2 to this Schedule 13D and incorporated into this Item 6 by reference. Form of Indemnification Agreement At the closing of the Business Combination, the Issuer entered into an indemnification agreement (the "Indemnification Agreement") with each of its directors and executive officers, including the Reporting Person. The Indemnification Agreement provides for indemnification and advancement by the Issuer of certain expenses and costs relating to claims, suits, or proceedings arising from service to the Issuer or, at its request, service to other entities, as officers or directors to the maximum extent permitted by applicable law. The foregoing description does not purport to be complete and is qualified in its entirety by the full text of the Form of Indemnification Agreement, which is attached as Exhibit 4 to this Schedule 13D, and is incorporated herein by reference.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 1 - Business Combination Agreement, dated as of November 26, 2025, by and among A Paradise Acquisition Corp., A Paradise Merger Sub I, Inc., and Enhanced Ltd. (incorporated by reference to Exhibit 2.1 to the Form S-4 filed on February 12, 2026). Exhibit 2 - Form of Transaction Support Agreement (incorporated by reference to Exhibit 10.2 to the Form S-4 filed on February 12, 2026). Exhibit 3 - Option Agreement dated as of May 5, 2026, by and between Maximilian Martin and Enhanced Ltd. Exhibit 4 - Form of Indemnification Agreement (incorporated by reference to Exhibit 10.7 to the Form S-4 filed on February 12, 2026). Exhibit 5 - Power of Attorney for Section 13 and Section 16 Reporting, dated as of May 7, 2026 (incorporated by reference to Exhibit 24 to the Reporting Person's Form 3 filed on May 7, 2026).

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Maximilian Martin

Signature:	/s/ Emily Tabak
Name/Title:	Emily Tabak/Attorney-in-Fact
Date:	05/14/2026

FAQ

How many Enhanced Group Inc. shares does CEO Maximilian Martin beneficially own?

Maximilian Martin beneficially owns 10,151,943 shares of Enhanced Group Inc. Class A common stock. This stake represents approximately 8.3% of the outstanding Class A shares, based on 122,230,453 shares outstanding as of May 7, 2026.

What percentage of Enhanced Group Inc. does Maximilian Martin’s stake represent?

Martin’s beneficial ownership represents about 8.3% of Enhanced Group Inc.’s Class A common stock. This percentage is calculated using 122,230,453 Class A shares outstanding as of May 7, 2026, as disclosed in the Schedule 13D filing.

How did Maximilian Martin acquire his Enhanced Group Inc. shares?

Martin received his 10,151,943 Class A shares as consideration in the Business Combination between A Paradise Acquisition Corp. and Enhanced Ltd. His Enhanced common shares and options were converted into Enhanced Group Inc. equity when the transaction closed and the company domesticated to Texas.

Does Maximilian Martin hold stock options in Enhanced Group Inc.?

Yes. Martin holds options to purchase 1,930,339 shares of Enhanced Group Inc. Class A common stock. These options were converted from prior Enhanced options and carry an exercise price of $1.2260 per share, but are not exercisable within 60 days of the filing date.

Is Maximilian Martin subject to a lockup on his Enhanced Group Inc. shares?

Yes. Under a Transaction Support Agreement, Martin cannot transfer his Business Combination shares during a support period. Half of his shares are released from lockup six months after closing, with the remaining half released 12 months after the Business Combination closing date.

On which exchange do Enhanced Group Inc. shares trade and under what ticker?

Enhanced Group Inc.’s Class A common stock trades on the New York Stock Exchange under the ticker symbol “ENHA.” Trading under this symbol began on May 8, 2026, following completion of the Business Combination and domestication to a Texas corporation.