Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 200

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 200
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 event within twenty-four hours after the first director or executive officer of Maiden becomes aware of receipt) of any material developments with respect to any such Takeover Proposal (including any material changes thereto). Maiden has agreed that it and its subsidiaries will not enter into any confidentiality agreement relating to a Takeover Proposal with any person that prohibits Maiden from providing any information to Kestrel in accordance with the combination agreement.

In addition, the combination agreement provides that neither the Maiden board nor any committee thereof will (i) fail to make, withhold or withdraw the Maiden board recommendation, (ii) modify, qualify or amend the Maiden board recommendation in a manner adverse to Kestrel, (iii) fail to include the Maiden board recommendation in this proxy statement/prospectus, (iv) approve, adopt, endorse, recommend, or otherwise declare advisable any Takeover Proposal, or refrain from recommending against any Takeover Proposal that is a tender offer or exchange offer, within ten business days after the commencement of such tender offer or exchange offer pursuant to Rule 14d-2 of the Exchange Act (or such fewer number of business days as remain prior to the Maiden shareholders meeting as it may be adjourned or postponed), (v) fail to reaffirm (publicly, if so requested by Kestrel) the Maiden board recommendation within ten business days after receipt of a written request by Kestrel to make such reaffirmation following the receipt by Maiden of a Takeover Proposal (or a material modification thereto) (or, if the Maiden shareholders meeting is scheduled to be held within ten business days of such request, within five business days of such request, and in any event, prior to the date of Maiden shareholders meeting), (vi) make any public statement inconsistent with the Maiden board recommendation or (vii) resolve or agree to take any of the foregoing actions (any prohibited action described in the foregoing being referred to as an “Adverse Recommendation Change”).

However, notwithstanding the foregoing or any other provision of the combination agreement to the contrary, prior to the time the approval by the Maiden shareholders of the first merger resolution is obtained, the Maiden board may (i) with respect to an Intervening Event, if the Maiden board has determined in good faith, after consultation with Maiden’s financial advisors and outside legal counsel, that failure to take

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such action would be inconsistent with the directors’ fiduciary duties under applicable law, make an Adverse Recommendation Change and (ii