Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 487

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 487
---
 LTD
By

/s/ Patrick Haveron

Name:

Patrick Haveron

Title:

Chief Executive Officer and Chief Financial Officer

#### RANGER MERGER SUB 2 LLC
By

/s/ Patrick Haveron

Name:

Patrick Haveron

Title:

Chief Executive Officer and Chief Financial Officer

<div align='center'>[ Signature Page to Combination Agreement ]</div>

TABLE OF CONTENTS

#### EXECUTION VERSION​
February 17, 2025

Maiden Holdings, Ltd. 
 Clarendon House, 2 Church Street, 
 Hamilton HM 11 Bermuda

Attention:

Patrick Haveron 
 Lawrence Metz

Email:

phaveron@maiden.bm 
 lmetz@maiden.bm

Paul, Weiss, Rifkind, Wharton & Garrison LLP 
 1285 Avenue of the Americas 
 New York, NY 10019

Attention:

Adam Givertz 
 Stan Richards

Email:

agivertz@paulweiss.com 
 srichards@paulweiss.com

RE: Extension of Deadline to File Registration Statement and Outside Date

Ladies and Gentlemen

We refer to that certain Combination Agreement (the “ Combination Agreement ”), dated as of December 29, 2024, by and among Kestrel Group LLC, a Delaware limited liability company (the “ Company ”), all of the equityholders of the Company (the “ Company Equityholders ”), Maiden Holdings, Ltd., a Bermuda exempted company limited by shares (“ Parent ”), Ranger U.S. Newco LLC, a Delaware limited liability company and a direct wholly owned Subsidiary of Parent (“ US NewCo ”), Ranger Bermuda Merger Sub Ltd, a Bermuda exempted company limited by shares and a direct wholly owned Subsidiary of US NewCo (“ Merger Sub Ltd. ”), Ranger Bermuda Topco Ltd, a Bermuda exempted company limited by shares and a direct wholly owned Subsidiary of Parent (“ Bermuda NewCo ”), and Ranger Merger Sub 2 LLC, a Delaware limited liability company and a direct wholly owned Subsidiary of Bermuda NewCo (“ Merger Sub LLC ”). The Company, the Company Equityholders, Parent, US NewCo, Merger Sub Ltd., Bermuda NewCo and Merger Sub LLC are collectively referred to herein as the “ parties .”

The parties have agreed to enter into this Letter Agreement (this “ Letter Agreement ”) to set forth their agreement with respect to certain matters regarding the Combination Agreement