Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 209

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 209
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 or was a director or officer of Kestrel, Maiden or such subsidiary or (B) acts or omissions by an indemnitee in the indemnitee’s capacity as a director, officer, employee or agent of Kestrel, Maiden or such subsidiary or taken at the request of Kestrel, Maiden or such subsidiary, in each case under clause (A) or (B), at, or at any time prior to, Kestrel contribution effective time or the first merger effective time, as applicable, to the fullest extent permitted under applicable law and (ii) assume all obligations of Kestrel, Maiden and such subsidiaries to the indemnitees in respect of indemnification and exculpation from liabilities for acts or omissions occurring at or prior to the Kestrel contribution effective time or the first merger effective time, as applicable, as provided in the organizational documents of Kestrel, Maiden and such subsidiaries as in effect on the date of the combination agreement or in any agreement in existence as of the date of the combination agreement providing for indemnification between Kestrel or any of its subsidiaries, or Maiden or any of its subsidiaries, as applicable, and any indemnitee.

The parties have further agreed that, without limiting the foregoing, Bermuda NewCo, from and after the second merger effective time will cause, to the fullest extent permitted under applicable law, each of the limited liability company agreement of Kestrel, the memorandum of association and bye-laws of Maiden and the memorandum of association and bye-laws of Bermuda NewCo to contain provisions no less favorable to the indemnitees with respect to limitation of liabilities of directors and officers and indemnification than are set forth as of the date of the combination agreement in the organizational documents of Kestrel, Maiden and their respective subsidiaries, as applicable, which provisions will not be amended, repealed or

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otherwise modified in a manner that would adversely affect the rights thereunder of the indemnitees. In addition, the parties have agreed that from the second merger effective time, Bermuda NewCo will, and will cause Kestrel and Maiden to, advance the reasonable and documented expenses (including reasonable and documented fees and expenses of legal counsel) of any indemnitee under the indemnification and insurance provisions of the combination agreement as incurred to the fullest extent permitted under applicable law.

#### Conditions to the Completion of the Transaction
Conditions to Maiden, Kestrel, the Kestrel equityholders, US New