Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 269

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 269
---
 effect on the outcome of any vote to approve the adjournment proposal.

#### Board Recommendation
**THE MAIDEN BOARD (OTHER THAN MESSRS. ZYSKIND AND NEUBERGER, WHO RECUSED THEMSELVES FROM DETERMINATIONS RELATING TO THE TRANSACTIONS CONTEMPLATED BY THE COMBINATION AGREEMENT DUE TO THEIR FINANCIAL INTEREST IN AMTRUST) UNANIMOUSLY RECOMMENDS THAT MAIDEN SHAREHOLDERS VOTE “FOR” PROPOSAL 4.**

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#### PROPOSAL 5:   BERMUDA NEWCO EQUITY PLAN PROPOSAL
Set forth below is a summary of the material terms of the equity incentive plan (the “Bermuda NewCo equity plan”) for service providers of Bermuda NewCo and its subsidiaries. The summary is qualified in its entirety by the specific language of the Bermuda NewCo equity plan, a copy of which is attached as Exhibit 10.49 to the registration statement of which this proxy statement/prospectus forms a part. Capitalized terms used but not defined in the following summary have the meanings ascribed to such terms in the Bermuda NewCo equity plan. You are urged to read the Bermuda NewCo equity plan carefully and in its entirety.

The Maiden board and Maiden shareholders previously approved the Maiden Holdings, Ltd. 2019 Omnibus Incentive Plan (the “Maiden omnibus incentive plan”). Subject to approval by shareholders of the first merger resolution, at the effective time of the mergers, the Maiden omnibus incentive plan will be assigned to and assumed by Bermuda NewCo and all outstanding equity awards granted under the Maiden omnibus incentive plan will be converted into Bermuda NewCo equity awards, in each case on substantially the same terms and conditions (including vesting schedule) as applied before such conversions in accordance with the terms of the contribution agreement and adjusted as described in the section titled “Treatment of Maiden Equity Awards” in this proxy statement/prospectus. After the closing, no new awards will be granted under the Maiden omnibus incentive plan. The Bermuda NewCo equity plan includes several provisions designed to protect shareholder interests, promote effective corporate governance and reflect certain current best practices, including the following:

• New Aggregate Share Reserve — Subject to adjustment, the maximum number of common shares of beneficial interest, par value $0.01 per share, that will be reserved and available for issuance under the Bermuda NewCo