Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 186

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 186
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 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 relations with governmental authorities, key customers, reinsurance providers and other persons with whom Kestrel or its subsidiaries have significant business relationships, in each case, consistent with past practice in all material respects.

Kestrel has also 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 not and will not permit any of its subsidiaries to, subject to certain exceptions:

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(A) issue, sell or grant any Kestrel units or other equity or voting interests of Kestrel or its subsidiaries, or any securities or rights convertible into, exchangeable or exercisable for, or evidencing the right to subscribe for any Kestrel units or other equity or voting interests of Kestrel or any of its subsidiaries, or any options, rights, warrants or other commitments or agreements to acquire from Kestrel or any of its subsidiaries, or that obligate Kestrel or any of its subsidiaries to issue, any share capital of, or other equity or voting interests in, or any securities convertible into or exchangeable for shares of, or other equity or voting interests in, Kestrel or any of its subsidiaries, (B) redeem, purchase, repurchase or otherwise acquire any outstanding Kestrel units or other equity or voting interests of Kestrel or any of its subsidiaries, or any rights, warrants or options to acquire any Kestrel units or other equity or voting interests of Kestrel or any of