Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 259

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 259
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 election of directors may, at any special general meeting convened and held in accordance with the Maiden bye-laws, remove a director, only with cause; provided that the notice of any such meeting convened for the purpose of removing a director shall contain a statement of the intention so to do and be served on such director not less than 14 days before the meeting and at such meeting the director shall be entitled to be heard on the motion for such director’s removal. 
 For the purpose of the above, “cause” means a conviction for a criminal offense involving dishonesty or engaging in conduct which brings the director or Maiden into disrepute and which results in material financial detriment to Maiden.                                                                                                                                                                                                                                                                                                                                                                  
 If a director is removed from the Maiden board pursuant to the above, the Maiden shareholders may fill the vacancy at the meeting at which such director is removed and a director so appointed shall hold office in the same class of directors as the removed director held until the next annual general meeting or until such director’s office is otherwise vacated. In the absence of such election or appointment, the Maiden board may fill the vacancy.                                                                                                                                             | ​ | ​ | vacancy on the Bermuda NewCo board shall be filled by a 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