Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 126

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 126
---
 the Maiden board held a meeting, at which Maiden management and representatives of IAP and Paul, Weiss were in attendance. At the meeting, Mr. Haveron provided an update on the discussions with representatives of Kestrel and AmTrust. Mr. Haveron informed the Maiden board that, subject to the approval of the Maiden board, Maiden management and representatives of Kestrel and AmTrust had reached an agreement in principle for a potential business combination transaction and summarized the Final Proposal. Mr. Haveron explained that the combined company would have a three-year option to acquire the AmTrust Insurance Companies, which would provide the combined company with time to strengthen its balance sheet before acquiring the AmTrust Insurance Companies and seeking the

<div align='center'>79</div>

TABLE OF CONTENTS

desired A.M. Best rating. The Maiden board asked questions of Mr. Haveron and deliberated about the potential transaction on such revised terms.

Late on December 18, 2024, representatives of Skadden provided drafts of the combination agreement, voting agreements, option agreement and other ancillary agreements to representatives of Paul, Weiss and Kramer Levin.

On December 19, 2024, the Maiden board held a meeting at which Maiden management and representatives of IAP, Paul, Weiss and Appleby were in attendance. Representatives of Paul, Weiss and Appleby described the material terms included in the revised draft of the combination agreement. The Maiden board asked questions of Maiden management, Paul, Weiss and Appleby, and authorized Maiden management to continue negotiations of definitive agreements with Kestrel and AmTrust.

On December 20, 2024, representatives of Paul, Weiss provided a revised draft of the combination agreement to representatives of Skadden and Kramer Levin, which revised draft, among other things, provided that (i) Maiden would only be required to pay a $7 million termination fee if the parties failed to obtain required competition and insurance approvals or there arose a Burdensome Condition or restraint in respect thereof, (ii) Maiden would not be responsible for any termination fee if Kestrel committed a material, uncured breach of its representations and covenants that resulted in a termination of the combination agreement and (iii) any impairment, reserve charge or write-down by Maiden would not constitute a Maiden Material Adverse Effect.

From December 20, 2024 until the execution of definitive documentation on December 29, 2024, the parties and their respective legal advisors exchanged drafts of, and engaged in discussions and negotiations concerning, the issues described