Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 26

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 26
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 the second merger effective time, the holders of US NewCo limited liability company interests formerly represented by certificates or represented by a book entry immediately prior to the second merger effective time will cease to have any rights with respect to the underlying US NewCo limited liability company interests, except as otherwise provided in the combination agreement or by applicable law.

Total New Bermuda NewCo Common Shares to be Issued

Based on the number of Maiden shares issued and outstanding as of March 18, 2025, the latest practicable date before the date of this proxy statement/prospectus, and the number of Bermuda NewCo common shares to be issued to the Kestrel equityholders, the total number of Bermuda NewCo common shares issued and outstanding immediately after the closing of the transaction is expected to be approximately 7,787,813 (excluding (A) the potential contingent consideration payable to the former Kestrel equityholders and (B) 2,237,533 Bermuda NewCo common shares to be held by Maiden Re upon consummation of the transaction).

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TABLE OF CONTENTS

#### Treatment of Kestrel Class B Units (Page112)
At the Kestrel contribution effective time, by virtue of the Kestrel contribution and without any action on the part of the parties, each Class B Unit of Kestrel that is outstanding as of immediately prior to the Kestrel contribution effective time will no longer be subject to recoupment and will be treated in accordance with the terms of the Kestrel LLCA, including, without limitation, any applicable repurchase rights, and the allocation of consideration to Kestrel equityholders pursuant to the combination agreement (the “allocation schedule”).

#### Treatment of Maiden Equity Awards (Page112)
Maiden Options

Upon the closing of the first merger, each option to purchase Maiden shares (each a “Maiden option”) that is outstanding immediately prior to the closing of the first merger, whether or not then vested or exercisable, will cease to represent a right to acquire Maiden shares and will be converted automatically into an option to purchase common limited liability company interests of US NewCo (a “US NewCo option” and “US NewCo interests”, respectively), on substantially the same terms and conditions, including vesting schedule and per share exercise price, as applied to such Maiden option immediately prior to the closing of the first merger. Upon the closing of the second merger, each US NewCo option that is outstanding immediately prior to the closing of the