Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 166

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 166
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 documented out-of-pocket fees, costs and expenses incurred in connection with the transaction will be paid by Bermuda NewCo.

Under certain specified circumstances, Maiden may be required to pay Kestrel a cash termination fee equal to:

•

$7,000,000, in the event that the combination agreement is terminated (i) by either Maiden or Kestrel in the event (a) the second merger has not been consummated on or prior to the outside date (b) any injunction, judgment or ruling enacted, promulgated, issued, entered, amended or enforced by any governmental authority is in effect enjoining, restraining or otherwise making illegal or prohibiting the consummation of the transaction 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 (subject to materiality and material adverse effect qualifications);

•

$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).

See “The Combination Agreement — Termination Fees; Expenses” beginning on page 133.

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TABLE OF CONTENTS

### TAX CONSEQUENCES OF THE COMBINATION

#### U.S. Federal Income Tax Consequences
The following is a summary of the U.S. federal income tax consequences of the combination to the holders of Maiden shares that are U.S. Holders (as defined below) and, to the extent it relates to material U.S. federal income tax consequences following the combination, to the Bermuda NewCo shareholders that are Non-U.S. Holders (as defined below). This summary is based on the Code, the Treasury Regulations and judicial and administrative interpretations of those laws, in each case as in effect and available as of the date of this proxy statement/pro