Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 216

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 216
---
ation of the second merger has become final and non-appealable; or (c) if any burdensome condition has been imposed by a governmental authority and has become final and non-appealable or (ii) by Kestrel in the event of a breach by Maiden, US NewCo, Bermuda NewCo or the Merger Subs of its representations or warranties or failure to perform any of its covenants or agreements set forth in the combination agreement; provided in each case that the principal cause of such termination is not a willful breach of the combination agreement by Kestrel or KILH; provided, further, that, at the time of any such termination, all of the other conditions to Maiden’s, US NewCo’s, Bermuda NewCo’s and the Mergers Subs’ obligation to complete the mergers and the Kestrel Contribution have been satisfied or waived (other than those conditions that by their nature are to be satisfied at the closing, but only if such conditions were capable of being satisfied if the closing occurred at the same time as the termination of the combination agreement);

<div align='center'>133</div>

TABLE OF CONTENTS

•

$6,500,000, in the event that the combination agreement is terminated by Kestrel in connection with an Adverse Recommendation Change made by the Maiden board; or

•

$2,000,000, in the event that the combination agreement is terminated by either Maiden or Kestrel in connection with the failure to obtain the approval of the first merger resolution following a vote thereon having been taken at the Maiden shareholders meeting (or any adjournment or postponement thereof at which a vote on the matter has been taken).

#### Amendment and Waiver

#### Amendment
At any time prior to the closing, the combination agreement may be amended or supplemented in any and all respects, whether before or after the approval by the Maiden shareholders of the first merger resolution, only by written agreement of Maiden, Kestrel and the Kestrel equityholders; provided, however, that after the approval by the Maiden shareholders of the first merger resolution, there will be no amendment or change to the provisions of the combination agreement which by applicable law would require further approval by the Maiden shareholders, in each case, without such approval.

#### Waiver
At any time prior to the closing, the parties may, to the extent permitted by applicable law:

•

waive any inaccuracies in the representations and warranties contained of the other parties;

•

extend the time for