Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 253

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 253
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 under the Bermuda NewCo equity plan. 
 The Bermuda NewCo board will have the same power to issue any unissued shares on such terms and conditions as it may determine.                                                                                                                                                                                                                                                                   | ​ |
| ​                  | ​ | ​ | Subject to the Maiden bye-laws and to any resolution of the Maiden shareholders to the contrary, and without prejudice to any special rights previously conferred on the holders of any existing shares or class of shares, the Maiden board shall have the power to issue any unissued shares on                                                                                                                                                                                                                                                                                                                                                                                      | ​ | ​ | ​                                                                                                                                                                                                                                                                                                                                                                                                 | ​ |

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TABLE OF CONTENTS

| ​             | ​ | ​ | MAIDEN                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | ​ | ​ | BERMUDA NEWCO                                                                                                                                                                           | ​ |
| ​             | ​ | ​ | such terms and conditions as it may determine.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | ​ | ​ | ​                                                                                                                                                                                       | ​ |
| Voting Rights | ​ | ​ | Each Maiden shareholder is entitled to one vote per share, subject to the Maiden bye-laws and the voting restrictions set out below.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
 The Maiden bye-laws provide that, if, and so long as, the shares of a shareholder are treated as “controlled shares” ​(as determined pursuant to sections 957 and 958 of the Code and the Treasury Regulations promulgated thereunder) of any U.S. Person (that owns shares directly, indirectly or constructively) and such controlled shares constitute 9.5% or more of the votes conferred by Maiden’s issued shares (each such person, a “9.5% U.S. Shareholder”), the voting rights with respect to the controlled shares owned by such U.S. Person will be limited, in the aggregate, to a voting power of less than 9.5%, under a formula specified in the Maiden bye-laws. The formula is applied repeatedly until the voting power of all 9.5% U.S. Shareholders has been reduced to less than 9.5%. 
 The Maiden board may limit a shareholder’s voting rights when it deems it appropriate to do so to (i) avoid the existence of any 9.5% U.S. Shareholder; and (ii) avoid certain adverse tax, legal or regulatory consequences to Maiden, any of its subsidiaries or any direct or indirect shareholder or its affiliates. The amount of any reduction of votes that occurs by operation of the above limitations will generally be reallocated proportionately among