Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 187

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 187
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illary agreements or the public announcement, pendency or performance of the transaction, including the impact thereof on the relationships of Maiden or any of its subsidiaries with employees, customers, insureds, cedants, policyholders, brokers, agents, financing sources, business partners, service providers, governmental authorities or reinsurance providers, and including any action, suit or proceeding by or before any governmental authority with respect to the transaction;

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any change or announcement of a potential change, in and of itself, in Maiden’s or any of its subsidiaries’ credit, financial strength or claims paying ratings or the ratings of any of Maiden’s or its subsidiaries’ businesses;

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any change, in and of itself, in the market price, ratings or trading volume of Maiden’s or any of its subsidiaries’ securities;

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any change in applicable law, GAAP (or interpretation or enforcement thereof) or in statutory accounting principles applicable to an insurance subsidiary (or interpretation or enforcement thereof), including accounting and financial reporting pronouncements by the SEC, the National Association of Insurance Commissioners, any Insurance Regulator and the FASB; or

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any action required to be taken by Maiden, or that Maiden is required to cause one of its subsidiaries to take, pursuant to, or any failure of Maiden or any of its subsidiaries to take an action prohibited by, the terms of the combination agreement or any ancillary agreement to which Maiden is or will be a party.

The representations and warranties of each of the parties to the combination agreement will expire upon the effective time of the mergers, and there will be no post-closing remedy for any breaches of such representations and warranties.

#### Covenants and Agreements

### Conduct of Business by Kestrel
Kestrel has agreed that, prior to the earlier of (i) the closing or (ii) the termination of the combination agreement, unless Maiden otherwise consents in writing (such consent not to be unreasonably withheld, conditioned or delayed), or as otherwise contemplated, required or permitted by the combination agreement or as required by applicable law, it will:

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use its reasonable best efforts to, and will direct and use its reasonable best efforts to cause each of its subsidiaries to, carry on its business in all material respects in the ordinary course and

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to the extent consistent with the item immediately above, use, and cause its subsidiaries to use, its and their reasonable best efforts to preserve its and each of its subsidiaries’ business organizations intact and preserve existing