Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 125

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 125
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 of seven directors, four of whom would be nominated by KILH (two of whom would be independent directors) and three of whom would be nominated by AmTrust (two of whom would be independent directors);

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Mr. Luke Ledbetter would serve as chief executive officer, Mr. Terry Ledbetter would serve as executive chairman and Mr. Haveron would serve as President and Chief Financial Officer of the combined company;

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consistent with the December 15 Counterproposal, the combined company would have a three-year option to acquire the AmTrust Insurance Companies after closing and the AmTrust Insurance Companies would continue to be operated exclusively to underwrite Kestrel business;

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the definitive agreement would include a “force-the-vote” provision, such that, if Maiden received a proposal from a third party that was financially superior to the transaction with Kestrel, Maiden could not terminate the combination agreement, but the Maiden board could change its recommendation to Maiden shareholders;

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if the Maiden board changed its recommendation and the Maiden shareholders did not approve the transaction with Kestrel, Maiden would be required to pay a $6.5 million termination fee to Kestrel;

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if the Maiden board recommended in favor of the transaction with Kestrel but the Maiden shareholders did not approve the transaction with Kestrel, Maiden would be required to pay a $2.0 million termination fee to Kestrel; and

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if the combination agreement was terminated for any other reason other than for willful and material breach by Kestrel), Maiden would be required to pay a $7.0 million termination fee to Kestrel.

On December 17, 2024, representatives of Sheppard, Mullin, Richter & Hampton LLP, legal advisor to the Ledbetters, sent representatives of Paul, Weiss a draft form of employment agreement between the combined company and each of Messrs. Luke Ledbetter and Terry Ledbetter with respect to their roles as chief executive officer and executive chairman, respectively, of the combined company upon the closing of the potential transaction. The terms of these employment agreements (the “Ledbetter Employment Agreements”) were discussed and negotiated among the parties from December 17, 2024 through December 29, 2024. The final terms of the Ledbetter Employment Agreements as agreed to by the parties are summarized in the section entitled “The Transaction — Bermuda NewCo’s Board of Directors and Executive Officers after the Transaction — Ledbetter Employment Agreements” beginning on page 99.

On December 18, 2024,