Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 182

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 182
---
 or represented by a book entry immediately prior to the first merger effective time will cease to have any rights with respect to the underlying Maiden shares, except as otherwise provided in the combination agreement or by applicable law. From and after the second merger effective time, the holders of US NewCo limited liability company interests formerly represented by certificates or represented by a book entry immediately prior to the second merger effective time will cease to have any rights with respect to the underlying US NewCo limited liability company interests, except as otherwise provided in the combination agreement or by applicable law.

#### Earnout Shares
The Kestrel equityholders will be entitled to receive in contingent consideration up to the lesser of (x) an aggregate number of Bermuda NewCo shares equal to $45,000,000 divided by certain volume weighted average prices of such shares (as calculated pursuant to the terms of the combination agreement), which will be payable upon the achievement of certain EBITDA milestones by the Kestrel Business, subject to other terms and conditions as set forth in the combination agreement and (y) 55,000,000 shares of Bermuda NewCo.

#### Representations and Warranties
The combination agreement contains a number of representations and warranties made by each party thereto that are subject in some cases to exceptions and qualifications (including exceptions that do not result

<div align='center'>112</div>

TABLE OF CONTENTS

in, and would not reasonably be expected to have, a “material adverse effect”). See also the definition of “material adverse effect” below. The representations and warranties in the combination agreement relate to, among other things:

•

the due incorporation or organization, valid existence, good standing and qualification to do business of such party;

•

the capitalization of such party and the ownership of the capital stock of each of its subsidiaries;

•

the corporate power and authority of such party, the corporate authorization of the combination agreement and the transaction and the valid and binding nature of the combination agreement as to such party;

•

the unanimous approval and recommendation by such party’s Board of Directors of the combination agreement and the transaction;

•

the absence of any conflicts with such party’s organizational documents, applicable laws, governmental orders or certain contracts or the creation of any liens as a result of such party entering into the combination agreement, consummating the transactions contemplated by the combination agreement or performing or complying with its terms;

•

the consents and approvals required from governmental entities in connection with the transaction;

•

the proper filing or furnishing of required documents of Maiden with the SEC since January