Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 206

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 206
---
 prior to and contingent upon the closing, and participants in the Spin-Off Plan will become fully vested in any unvested portion of their Spin-Off Plan accounts as of the date the plan is terminated. If the request to withdraw from the 401(k) Plan is made, Maiden will designate a tax-qualified defined contribution retirement plan that is sponsored by Maiden or one of its subsidiaries (the “Maiden 401(k) Plan”) that will cover Kestrel employees. The Maiden 401(k) Plan will accept the “direct rollover” of the account balance (including the in-kind rollover of promissory notes evidencing all outstanding loans) of each active employee of Kestrel who had an account balance in the 401(k) Plan as of the date the plan is terminated and who elects the direct rollover in accordance with the terms of the 401(k) Plan and the Code.

At least two days prior to the closing, Kestrel will use their reasonable best efforts to secure a waiver from each person who has a right to any payments or benefits or potential right to any payments or benefits that would be deemed to constitute “parachute payments” (within the meaning of Section 280G of the Code) of the person’s rights to all of the parachute payments that are equal to or in excess of three times the person’s “base amount” (within the meaning of Section 280G of the Code) less one dollar (the “Waived 280G Benefits”). Maiden will provide Kestrel with all of the information that is reasonably necessary to allow Kestrel to determine whether any payments made or to be made or benefits granted or to be granted by Maiden could reasonably be considered to be parachute payments, at least twenty days prior to the closing. The waiver will be subject to the approval of the equityholders of Kestrel, as required under Section 280G of the Code.

<div align='center'>126</div>

TABLE OF CONTENTS

#### Maiden Voting Matters
The parties have agreed that, at any duly called meeting of the Maiden shareholders, Maiden will cause its subsidiaries to cause the 44,736,178 Maiden Shares held by Maiden’s subsidiaries to be counted as present for the purposes of establishing a quorum, and will vote or consent (or cause to be voted or consented) all such shares in favor of (i) the voting cutback proposal, subject to Section 33 of the Maiden bye-laws, (ii) the first merger approval