Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 619

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 619
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 Earnout ”) payable in up to $45,000,000 of common shares of Bermuda NewCo Shares , contingent upon the Company exceeding certain performance thresholds (the “ Earnout Shares ”, and collectively with the Company Closing Cash Consideration and the Second Merger Consideration, the “ Consideration ”). Following the Company Contribution, at the First Merger Effective Time (as defined in the Combination Agreement), Bermuda Merger Sub will merge with and into Parent, with Parent surviving the merger as a wholly owned subsidiary of US NewCo, and each common share, par value $0.01 per share, of Parent (“ Parent Shares ”) will be cancelled and converted into the right to receive one US NewCo Interest, and the US NewCo Interests directly held by Parent will be surrendered for no consideration, and at the Second Merger Effective Time (as defined in the Combination Agreement), US Merger Sub will merge with and into US NewCo, with US NewCo surviving the merger as a wholly owned subsidiary of Bermuda NewCo, and each US NewCo Interest will be cancelled and converted into the right to receive one Bermuda NewCo Share, and the Bermuda NewCo Shares directly held by Parent will be surrendered for no consideration, in each case, in accordance with the terms and subject to the conditions set forth in the Combination Agreement and the Ancillary Agreements (as defined therein) including, without limitation, the Statutory Merger Agreement, by and among Parent, US NewCo and Bermuda Merger Sub (the “ Merger Agreement ”, and collectively, the “ Transaction Agreements ”) (the transactions described above and the other transactions contemplated by the Transaction Agreements, the “ Transaction ”). At your direction and with your consent, we have assumed, for purposes of our financial analyses and this opinion, that (i) the Earnout Shares issued as part of the Consideration will be payable in full to the holders of Company Units pursuant to the terms of the Combination Agreement and have an aggregate value equal to $45,000,000, without any discount or other adjustment (for risk of payment, the time value of money or otherwise) and (ii) the Second Merger Consideration issued as part of the Consideration will have a value upon issuance equal to an equivalent number of Parent Shares based upon the 30-day volume weighted average price of Parent Shares on the date of this opinion. The terms and conditions of the Transaction are more fully set forth in the Transaction Agreements.

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