Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 206

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 206
---
 by such party and its affiliates to be received by them as a result of the transaction taken as a whole or (ii) impose any requirement on a party or any of its affiliates relating to the contribution of capital, keepwell or capital maintenance arrangements or maintaining risk based capital level or any restrictions on dividends or distributions (a “burdensome condition”).

#### Kestrel Exclusivity
The parties have agreed that until the Kestrel contribution effective time or the earlier termination of the combination agreement, Kestrel will, and will cause each of its subsidiaries and representatives to, not, solicit, encourage, initiate or engage in discussions or negotiations with, or provide any information to, any third party (other than Maiden and its representatives) concerning any purchase of Kestrel units or any merger, sale of all or a material portion of the assets of Kestrel or any of its subsidiaries or similar transactions involving Kestrel or any of its subsidiaries (other than assets sold in the ordinary course of business consistent with past practice), provide non-public information or documentation with respect to Kestrel or any of its subsidiaries to any person, other than Maiden, Bermuda NewCo or their respective subsidiaries or its or their representatives, relating thereto or enter into any letter of intent, definitive agreement or other arrangement or understanding with any person, other than Maiden, Bermuda NewCo or their respective subsidiaries, relating thereto.

#### Employee Benefit Plan Matters
If requested by Maiden in writing at least thirty business days prior to the closing, Kestrel will take the necessary action to withdraw from the Resourcing Edge Retirement Savings Plan (the “401(k) Plan”) and cause the portion of the 401(k) Plan attributable to Kestrel and its employees to be spun-off into a separate plan (the “Spin-Off Plan”). The Spin-Off Plan will be terminated by Kestrel prior to and contingent upon the closing, and participants in the Spin-Off Plan will become fully vested in any unvested portion of their Spin-Off Plan accounts as of the date the plan is terminated. If the request to withdraw from the 401(k) Plan is made, Maiden will designate a tax-qualified defined contribution retirement plan that is sponsored by Maiden or one of its subsidiaries (the “Maiden 401(k) Plan”) that will cover Kestrel employees. The Maiden 401(k) Plan will accept the “direct rollover” of the account balance (including the in-kind rollover of promissory notes evidencing all outstanding