Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 38

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 38
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 from officers of Maiden, US NewCo, Bermuda NewCo and the Merger Subs to that effect;

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there has occurred no Maiden material adverse effect; and

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execution and delivery at the closing by Bermuda NewCo of each of the registration and investor rights agreements.

#### Conditions to Completion of the Transaction
Unless another time is agreed to by Kestrel and Maiden, the closing will occur on the third business day following the satisfaction or (to the extent permitted by the combination agreement and by applicable law), waiver of the conditions set forth in the combination agreement (other than those conditions that by their nature are to be satisfied on the closing, but subject to the satisfaction or (to the extent permitted by the combination agreement and by applicable law) waiver of those conditions at such time). We refer to the date on which the closing occurs as the closing date.

#### Combination Agreement — Termination (Page132)
The combination agreement may be terminated and the transaction may be abandoned at any time prior to the Kestrel contribution effective time:

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by the mutual written consent of Kestrel and Maiden duly authorized by each of the Kestrel board and the Maiden board;

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by either of Kestrel or Maiden:

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if the second merger has not been consummated on or prior to the outside date; provided, however, that if on such date Maiden has not obtained the approval by the Maiden shareholders of the first merger resolution but all other conditions precedent to the consummation of the second merger have been satisfied (or, in the case of conditions that by their terms are to be satisfied at the closing, are capable of being satisfied on that date), then the outside date will be automatically be extended to October 20, 2025; provided, further, that the right to terminate this the combination agreement not be available to either party if the breach by such party of its representations and warranties set forth in the combination agreement or the failure of such party

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to perform any of its obligations under the combination agreement, its failure to act in good faith or its failure to use its reasonable best efforts to consummate the transaction has been a principal cause of or resulted in the failure of the second merger to be consummated on or prior to such date;

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if any injunction, judgment or ruling enacted, promulgated, issued, entered, amended or enforced by any governmental authority is in effect enjoining, restraining or otherwise making illegal or prohibiting the consum