Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 238

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 238
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 of the shares of Bermuda NewCo issued to them at the closing, and (ii) two independent directors to the Bermuda NewCo board for so long as it and its affiliates own at least 5% of the shares of Bermuda NewCo and at least 25% of the shares of Bermuda NewCo issued to them at the closing.

Except in the case of vacancies, each director is elected by the affirmative vote of a majority of the votes cast at the general meeting of shareholders of Bermuda NewCo, except in the case of a contested election, in which case, the director nominees receiving the greatest number of votes “for” their election, up to the number of directors to be elected, shall be elected and an absolute majority of the votes cast shall not be a prerequisite to the election of such directors.

Subject to the rights of KILH and AmTrust to nominate directors pursuant to the Bermuda NewCo bye-laws, and the registration and investor rights agreements, any vacancy on the Bermuda NewCo board shall be filled by a majority of the directors then in office, provided that a quorum is present, and a director so appointed shall hold office for the remainder of the term of the removed director, or in the absence of such term being determined by the shareholders, until the next annual general meeting or until such director’s office is otherwise vacated.

Under the Bermuda NewCo bye-laws, a director may be removed from office, only with cause, by the shareholders at a special general meeting called for that purpose. The notice of a meeting convened for the purpose of removing a director must contain a statement of intention to do so and be served on such director not less than 14 days before the meeting. The director subject to removal will be entitled to be heard on the motion for his removal.

#### Bye-laws
The Bermuda NewCo bye-laws provide for Bermuda NewCo’s corporate governance, including the establishment of share rights, modification of those rights, issuance of share certificates, calls on shares which are not fully paid, forfeiture of shares, the transfer of shares, alterations of capital, the calling and conduct of general meetings, proxies, the appointment and removal of directors, conduct and power of directors, the payment of dividends, the appointment of an auditor and Bermuda NewCo’s winding-up.

The Bermuda NewCo bye-laws provide that shareholders may only remove a director for cause prior to the expiration of that director’s term at a meeting of shareholders at which a majority of the holders of shares voting thereon vote in favor of that action