Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 190

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 190
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 each case related to taxes, (F) surrender any right to claim a refund of material taxes, or (G) settle or compromise any audit or other proceeding relating to a material amount of tax, in each case to the extent that doing so would reasonably be expected to result in a material incremental tax cost to Bermuda NewCo, the surviving companies of the mergers or any of their subsidiaries after the closing;

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make or authorize capital expenditures, except in the ordinary course of business or as budgeted in Kestrel’s current plan presented to the Kestrel board that was made available to Maiden;

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adopt any plan of complete or partial liquidation, dissolution, restructuring, recapitalization or other reorganization, other than, in the case of any subsidiary of Kestrel, that is not material to Kestrel and its subsidiaries, taken as a whole;

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voluntarily abandon, dispose of, or permit to lapse any permit material to the business of Kestrel and of its subsidiaries, taken as a whole, other than as required by applicable law;

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enter into any new lines of business or withdraw from, or put into “run off,” any existing lines of business;

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engage in any contract or transaction with any employee, director or officer of Maiden or any person owning directly or indirectly five percent (5%) or more of the Kestrel units as of December 29, 2024, or any affiliate or family member thereof other than (A) in the ordinary course of business, (B) pursuant to a contract in effect as of December 29, 2024 or pursuant to an employment arrangement permitted hereunder or (C) as may be permitted under the Kestrel organizational documents; or

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authorize any of, or commit or agree, in writing or otherwise, to take any of, the foregoing actions.

### Conduct of Business by Maiden
Maiden has agreed that, prior to the earlier of (i) the closing or (ii) the termination of the combination agreement, unless Kestrel otherwise consents in writing (such consent not to be unreasonably withheld, conditioned or delayed), or as contemplated, required or permitted by the combination agreement or as required by applicable law, it will:

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use its reasonable best efforts to, and will direct and use its reasonable best efforts to cause each of its subsidiaries (including Bermuda NewCo) to, carry on its business in all material respects in the ordinary course