Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 179

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 179
---
 will be payable upon the achievement of certain EBITDA milestones by the Kestrel Business, subject to other terms and conditions as set forth in the combination agreement and (y) 2,750,000 shares of Bermuda NewCo.

#### Treatment of Kestrel Class B Units
At the Kestrel contribution effective time, by virtue of the Kestrel contribution and without any action on the part of the parties, each Class B Unit of Kestrel that is outstanding as of immediately prior to the Kestrel contribution effective time will no longer be subject to recoupment and will be treated in accordance with the terms of the Kestrel LLCA, including, without limitation, any applicable repurchase rights and the allocation schedule.

#### Treatment of Maiden Equity Awards

#### Maiden Options
Upon the closing of the first merger, each Maiden option that is outstanding immediately prior to the closing of the first merger, whether or not then vested or exercisable, will cease to represent a right to acquire Maiden shares and will be converted automatically into a US NewCo option, on substantially the same terms and conditions, including vesting schedule and per share exercise price, as applied to such Maiden option immediately prior to the closing of the first merger. Upon the closing of the second merger, each US NewCo option that is outstanding immediately prior to the closing of the second merger, whether or not then vested or exercisable, will cease to represent a right to acquire US NewCo interests and will be converted automatically into an option to purchase a number of Bermuda NewCo common shares equal to one-twentieth (0.05) of the US NewCo interests subject to the US NewCo option (rounded down to the nearest

<div align='center'>112</div>

TABLE OF CONTENTS

whole share), with an exercise price determined by dividing the exercise price of such US NewCo option by 0.05 (rounded up to the nearest whole cent), the Bermuda NewCo option shall otherwise have substantially the same terms and conditions, including vesting schedule, as applied to such US NewCo option immediately prior to the closing of the second merger.

#### Maiden Restricted Shares
Upon the closing of the first merger, each Maiden restricted share that is issued and outstanding immediately prior to the closing of the first merger, whether or not then vested, will cease to represent a Maiden share and will be converted automatically into a US NewCo restricted share, on substantially the same terms and conditions (including vesting schedule) as applied to such Maiden restricted share immediately prior to the