Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 28

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 28
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 immediately prior to the closing of the first merger. Upon the closing of the second merger, each US NewCo restricted share that is outstanding immediately prior to the closing of the second merger, whether or not then vested, will cease to represent a US NewCo interest and will be converted automatically into one-twentieth (0.05) of a Bermuda NewCo common share that is unvested and/or subject to a risk of forfeiture, on substantially the same terms and conditions (including vesting schedule) as applied to such US NewCo restricted share immediately prior to the closing of the second merger.

Treatment of Existing Maiden Indebtedness (Page 103)

Pursuant to the terms of Maiden and its subsidiaries’ existing indentures and debt securities, the outstanding debt securities of Maiden and its subsidiaries will not be required to be redeemed or repaid upon the closing. In connection with the closing, Bermuda NewCo will guarantee all of Maiden and its subsidiaries’ rights and obligations under Maiden and its subsidiaries’ indentures and outstanding debt securities.

Directors and Executive Officers of Bermuda NewCo Following the Transaction (Page 95)

Upon completion of the transaction, Terry Ledbetter, who is the current Executive Chairman of Kestrel, will serve as the Executive Chairman of Bermuda NewCo; Bradford Luke Ledbetter (“Luke Ledbetter”), who is the current President and Chief Executive Officer of Kestrel, will serve as Chief Executive Officer of Bermuda NewCo; Patrick Haveron, who is the current Chief Executive Officer and Chief Financial Officer of Maiden, will serve as the President and Chief Financial Officer of Bermuda NewCo;

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TABLE OF CONTENTS

and Lawrence F. Metz, who is the current Executive Vice Chairman and Group President of Maiden, will serve as the Chief Legal Officer of Bermuda NewCo. The other executive officers of Bermuda NewCo will be appointed by the Bermuda NewCo board.

Upon completion of the transaction, it is expected that the Bermuda NewCo board will be comprised of seven directors, including Terry Ledbetter, Luke Ledbetter, Joseph Brecher, Erik Cohen, Michael Hotchkiss, Steven Nigro and Jeffrey Weissmann.

Pursuant to the Ledbetter registration and investor rights agreement, upon completion of the transaction, KILH will have the right to nominate (i) two non-independent directors to the Bermuda NewCo board for so long as it and its affiliates own at least 25% of the shares of Bermuda NewCo issued to them at the closing, and (ii