Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 272

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 272
---
, and the taking of any action with respect to an option or SAR that would be treated, for accounting purposes, as a “repricing”;

• No Discounted Options or SARs — Options and SARs may not be granted with exercise prices lower than the fair market value of the underlying shares on the date of grant;

• No Evergreen Provision — The Bermuda NewCo equity plan does not contain an “evergreen” or automatic replenishment provision for the shares authorized under the Bermuda NewCo equity plan; and

• No Automatic Grants — The Bermuda NewCo equity plan does not provide for automatic grants to any participant.

<div align='center'>179</div>

TABLE OF CONTENTS

Bermuda NewCo anticipates filing a registration statement on Form S-8 with the SEC to register the Bermuda NewCo common shares in the aggregate share reserve under the Bermuda NewCo equity plan as soon as practicable following the closing.

#### Summary of the Bermuda NewCo Equity Plan
Shares Available — Subject to the approval of Maiden shareholders of the Bermuda NewCo equity plan proposal and any adjustment contemplated by the Bermuda NewCo equity plan, the maximum number of Bermuda NewCo common shares that will be reserved and available for issuance under the Bermuda NewCo equity plan is 1,205,000 shares which is estimated to be approximately 12% of the issued and outstanding share capital of Bermuda NewCo at the time of closing. Any of the authorized Bermuda NewCo common shares may be used for any type of Award under the Bermuda NewCo equity plan, except that no more than 1,205,000 Bermuda NewCo common shares may be allocated to incentive stock options.

Any Bermuda NewCo common shares subject to an outstanding restricted share award, restricted share unit award, performance award, or other share-based award granted under the Bermuda NewCo equity plan that are forfeited, canceled, exchanged or surrendered or if such an award terminates or expires without the issuance of Bermuda NewCo common shares to the participant, or if Bermuda NewCo common shares are withheld by Bermuda NewCo as payment of withholding taxes in respect of an award, the Bermuda NewCo common shares with respect to such award will, to the extent of any such forfeiture, cancellation, exchange, surrender, withholding, termination or expiration, again be available for issuance pursuant to awards granted under the Bermuda NewCo equity plan. However, Bermuda NewCo common shares surrendered as payment of either the exercise price of an option, the base price of a stock appreciation right (a “SAR”) or any withholding taxes