Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 125

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 125
---
 approve the transaction with Kestrel, Maiden would be required to pay a $2.0 million termination fee to Kestrel; and

•

if the combination agreement was terminated for any other reason other than for willful and material breach by Kestrel), Maiden would be required to pay a $7.0 million termination fee to Kestrel.

On December 17, 2024, representatives of Sheppard, Mullin, Richter & Hampton LLP, legal advisor to the Ledbetters, sent representatives of Paul, Weiss a draft form of employment agreement between the combined company and each of Messrs. Luke Ledbetter and Terry Ledbetter with respect to their roles as chief executive officer and executive chairman, respectively, of the combined company upon the closing of the potential transaction. The terms of these employment agreements (the “Ledbetter Employment Agreements”) were discussed and negotiated among the parties from December 17, 2024 through December 29, 2024. The final terms of the Ledbetter Employment Agreements as agreed to by the parties are summarized in the section entitled “The Transaction — Bermuda NewCo’s Board of Directors and Executive Officers after the Transaction — Ledbetter Employment Agreements” beginning on page 98.

On December 18, 2024, the Maiden board held a meeting, at which Maiden management and representatives of IAP and Paul, Weiss were in attendance. At the meeting, Mr. Haveron provided an update on the discussions with representatives of Kestrel and AmTrust. Mr. Haveron informed the Maiden board that, subject to the approval of the Maiden board, Maiden management and representatives of Kestrel and AmTrust had reached an agreement in principle for a potential business combination transaction and summarized the Final Proposal. Mr. Haveron explained that the combined company would have a three-year option to acquire the AmTrust Insurance Companies, which would provide the combined company with time to strengthen its balance sheet before acquiring the AmTrust Insurance Companies and seeking the

<div align='center'>79</div>

TABLE OF CONTENTS

desired A.M. Best rating. The Maiden board asked questions of Mr. Haveron and deliberated about the potential transaction on such revised terms.

Late on December 18, 2024, representatives of Skadden provided drafts of the combination agreement, voting agreements, option agreement and other ancillary agreements to representatives of Paul, Weiss and Kramer Levin.

On December 19, 2024, the Maiden board held a meeting at which Maiden management and representatives of