Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 259

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 259
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 majority of the directors then in office; provided that a quorum is present, and a director so appointed shall hold office for the remainder of the term of the removed director, or in the absence of such term being determined by the Bermuda NewCo shareholders, until the next annual general meeting or until such director’s office is otherwise vacated. 
 The Bermuda NewCo bye-laws contain substantially the same provisions with respect to the removal of directors.                                                                                                                                                                                                                                                                                                           | ​ |
| Compensation of | ​ | ​ | The Maiden bye-laws provide that the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | ​ | ​ | The Bermuda NewCo bye-laws                                                                                                                                                                                                                                                                                                                                                                                               | ​ |

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TABLE OF CONTENTS

| ​                                           | ​ | ​ | MAIDEN                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | ​ | ​ | BERMUDA NEWCO                                                                                                 | ​ |
| Directors                                   | ​ | ​ | remuneration (if any) of the directors shall be determined by Maiden in general meeting and shall be deemed to accrue from day to day.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
 The directors may also be paid all travel, hotel and other expenses properly incurred by them in attending and returning from the meetings of the Maiden board, any committee appointed by Maiden board, general meetings, or in connection with the business of Maiden or their duties as directors generally.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | ​ | ​ | contain an identical provision.                                                                               | ​ |
| Amendments to the Memorandum of Association | ​ | ​ | Under the Maiden bye-laws, no alteration or amendment to the Memorandum of Association may be made save in accordance with the Bermuda Companies Act and until same has been approved by a resolution of the Maiden board and the Maiden shareholders. Bermuda law provides that the memorandum of association of a company may be amended by a resolution passed at a general meeting of shareholders of which due notice has been given.                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
 Under Bermuda law, the holders of an aggregate of not less than 20% in par value of a company’s issued share capital or any class thereof or the holders of not less than 20% of the debentures entitled to object to amendments to the memorandum of association have the right to apply to the Bermuda Court for an annulment of any amendment to the memorandum of association adopted by shareholders at any general meeting. This does not apply to an amendment that alters or reduces a company’s share capital as provided in sections 45 and 46 of the Bermuda Companies Act. Upon such application, the