Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 40

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 40
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 termination; provided that Maiden will not have the right to terminate if any of Maiden, US NewCo, Bermuda NewCo or the Merger Subs is then in material breach of any of its representations, warranties, obligations or agreements under the combination agreement.

By Kestrel:

•

if Maiden, US NewCo, Bermuda NewCo or the Merger Subs has breached any of its representations or warranties or failed to perform any of its covenants or agreements set forth in the combination agreement, which breach or failure to perform (A) would give rise to the failure of the closing conditions and (B) is not reasonably capable of being cured prior to the outside date, or if reasonably capable of being cured, has not been cured by the earlier of the outside date and thirty days following receipt by Maiden, US NewCo, Bermuda NewCo or the Merger Subs of written notice of such breach or failure to perform from Kestrel stating Kestrel’s intention to terminate and the basis for such termination; provided that Kestrel will not have the right to terminate if Kestrel is then in material breach of any of its representations, warranties, obligations or agreements under the combination agreement; or

•

if, prior to the approval by the Maiden shareholders of the first merger resolution, the Maiden board has made an Adverse Recommendation Change.

Combination Agreement — Termination Fees; Effect of Termination; Expenses (Page 132)

If the closing does not occur, all fees and expenses incurred by the parties are to be paid by the party that has incurred such fees and expenses. If the transaction is consummated, each party’s documented out-of-pocket fees, costs and expenses incurred in connection with the transaction will be paid by Bermuda NewCo.

The combination agreement provides that Maiden will pay Kestrel within two business days after the date of the termination of the combination agreement a cash termination fee equal to:

•

$7,000,000, in the event that the combination agreement is terminated (i) by either Maiden or Kestrel in the event (a) the second merger has not been consummated on or prior to the outside date; (b) any injunction, judgment or ruling enacted, promulgated, issued, entered, amended or enforced by any governmental authority is in effect enjoining, restraining or otherwise making illegal or prohibiting the consummation of the transaction has become final and non-appealable; or (c) if any burdensome condition has been imposed by a governmental authority and has become