Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 192

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 192
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 as a whole;

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voluntarily abandon, dispose of, or permit to lapse any permit material to the business of Kestrel and of its subsidiaries, taken as a whole, other than as required by applicable law;

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enter into any new lines of business or withdraw from, or put into “run off,” any existing lines of business;

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engage in any contract or transaction with any employee, director or officer of Maiden or any person owning directly or indirectly five percent (5%) or more of the Kestrel units as of December 29, 2024, or any affiliate or family member thereof other than (A) in the ordinary course of business, (B) pursuant to a contract in effect as of December 29, 2024 or pursuant to an employment arrangement permitted hereunder or (C) as may be permitted under the Kestrel organizational documents; or

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authorize any of, or commit or agree, in writing or otherwise, to take any of, the foregoing actions.

### Conduct of Business by Maiden
Maiden has agreed that, prior to the earlier of (i) the closing or (ii) the termination of the combination agreement, unless Kestrel otherwise consents in writing (such consent not to be unreasonably withheld, conditioned or delayed), or as contemplated, required or permitted by the combination agreement or as required by applicable law, it will:

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use its reasonable best efforts to, and will direct and use its reasonable best efforts to cause each of its subsidiaries (including Bermuda NewCo) to, carry on its business in all material respects in the ordinary course; and

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to the extent consistent with the item immediately above, use, and cause its subsidiaries to use, its and their reasonable best efforts to preserve its and each of its subsidiaries’ business organizations intact and preserve existing relations with governmental authorities, key customers, reinsurance providers and other persons with whom Maiden or its subsidiaries have significant business relationships, in each case, consistent with past practice in all material respects.

Maiden also agreed that, prior to the earlier of (i) the closing or (ii) the termination of the combination agreement, unless Kestrel otherwise consents in writing (such consent not to be unreasonably withheld, conditioned or delayed), or as contemplated, required or permitted by the combination agreement or as required by applicable law, Maiden will not and will not permit any of its subsidiaries to, subject to certain exceptions:

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