Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 258

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 258
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 number of 11 directors, or as such minimum or maximum numbers of directors as the Bermuda NewCo board may from time to time determine. The initial size of the Bermuda NewCo board shall be 7 directors.                                                                                 
 KILH has the right to nominate (i) two non-independent directors to the Board for so long as it and its affiliates own at least 25% of the shares of Bermuda NewCo issued to them at the closing, and (ii) two independent directors to the Board for so long as it and its affiliates own at least 5% of the shares of Bermuda NewCo and at least 25% of the shares of Bermuda NewCo issued to them at the closing.   
 AmTrust has the right to nominate (i) one non-independent director to the Board for so long as it and its affiliates own at least 25% of the shares of Bermuda NewCo issued to them at the closing, and (ii) two independent directors to the Board for so long as it and its affiliates own at least 5% of the shares of Bermuda NewCo and at least 25% of the shares of Bermuda NewCo issued to them at the closing. 
 The Bermuda NewCo bye-laws contain an identical provision with respect to the term that directors shall hold office.                                                                                                                                                                                                                                                                                                   | ​ |
| Vacancies on the Board of Directors and Removal of Directors | ​ | ​ | At any general meeting, the Maiden shareholders may authorize the Maiden board to fill any vacancy in                                                                                                                                                       | ​ | ​ | Subject to the Bermuda NewCo bye-laws and the registration and investor rights agreements, any                                                                                                                                                                                                                                                                                                                         | ​ |

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TABLE OF CONTENTS

| ​               | ​ | ​ | MAIDEN                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | ​ | ​ | BERMUDA NEWCO                                                                                                                                                                                                                                                                                                                                                                                                            | ​ |
| ​               | ​ | ​ | their number left unfilled at a general meeting.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
 The Maiden bye-laws provide that the office of director shall be vacated if the director is (i) is removed from office pursuant to the Maiden bye-laws or is prohibited from being a director by law; (ii) is or becomes bankrupt, or makes any arrangement or composition with his creditors generally; (iii) is or becomes of unsound mind or dies; or (iv) resigns his office by notice in writing to Maiden.                                                                                                                                                                                             
 Subject to any provision to the contrary in the Maiden bye-laws, the Maiden shareholders entitled to vote for the