Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 278

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 278
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 NewCo.

Duration of the Bermuda NewCo Equity Plan — The Bermuda NewCo equity plan is subject to approval by Maiden shareholders. The Bermuda NewCo equity plan will terminate on the tenth anniversary of the date of its approval by Maiden shareholders. No award will be granted under the Bermuda NewCo equity plan after such date. However, unless otherwise expressly provided in the Bermuda NewCo equity plan or in an applicable award agreement, any award granted under the Bermuda NewCo equity plan may extend beyond such date, and the authority of the Bermuda NewCo board (or duly authorized committee thereof) to administer the Bermuda NewCo equity plan and to amend, alter, adjust, suspend, discontinue, or terminate any such award, or to waive any conditions or rights under any such award, and the authority of the Bermuda NewCo board (or duly authorized committee thereof) to amend the Bermuda NewCo equity plan, will extend beyond such date.

Amendment, Modification and Termination of the Bermuda NewCo Equity Plan — The Bermuda NewCo board may, at any time and from time to time, modify or amend the Bermuda NewCo equity plan, except that such action will not be taken without shareholder approval if such modification or amendment materially increases the benefits accruing to participants, increases the maximum number of shares which may be issued under the Bermuda NewCo equity plan (except for the permissible adjustments described above) or materially modifies the requirements as to eligibility for participation in the Bermuda NewCo equity plan or exercise of an option. No action taken with respect to the Bermuda NewCo equity plan will affect the rights of a participant without the consent of the affected participant, unless such action is necessary to qualify any or all options under the Bermuda NewCo equity plan for favorable tax treatment under Section 422 of the Code.

#### U.S. Federal Income Tax Consequences
Generally, there will be no U.S. federal income tax consequences to the participant or Bermuda NewCo upon the grant of an option under the Bermuda NewCo equity plan. Upon exercise of an option that is not an incentive stock option, a participant generally will recognize ordinary income in an amount equal to (i) the fair market value, on the date of exercise, of the acquired shares; less (ii) the exercise price of the option. Bermuda NewCo will generally be eligible to receive a tax deduction in the same amount.

Upon the exercise of an incentive stock option, a participant generally recognizes no immediate taxable income and income recognition is generally deferred until the participant sells the shares. However, the excess of the fair market