Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 216

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 216
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 breach of the combination agreement or fraud.

#### Termination Fees; Expenses
If the closing does not occur, all fees and expenses incurred by the parties are to be paid by the party that has incurred such fees and expenses. If the transaction is consummated, each party’s documented out-of-pocket fees, costs and expenses incurred in connection with the transaction will be paid by Bermuda NewCo.

The combination agreement provides that Maiden will pay Kestrel within two business days after the date of the termination of the combination agreement a cash termination fee equal to:

•

$7,000,000, in the event that the combination agreement is terminated (i) by either Maiden or Kestrel in the event (a) the second merger has not been consummated on or prior to the outside date; (b) any injunction, judgment or ruling enacted, promulgated, issued, entered, amended or enforced by any governmental authority is in effect enjoining, restraining or otherwise making illegal or prohibiting the consummation of the second merger has become final and non-appealable; or (c) if any burdensome condition has been imposed by a governmental authority and has become final and non-appealable or (ii) by Kestrel in the event of a breach by Maiden, US NewCo, Bermuda NewCo or the Merger Subs of its representations or warranties or failure to perform any of its covenants or agreements set forth in the combination agreement; provided in each case that the principal cause of such termination is not a willful breach of the combination agreement by Kestrel or KILH; provided, further, that, at the time of any such termination, all of the other conditions to Maiden’s, US NewCo’s, Bermuda NewCo’s and the Mergers Subs’ obligation to complete the mergers and the Kestrel Contribution have been satisfied or waived (other than those conditions that by their nature are to be satisfied at the closing, but only if such conditions were capable of being satisfied if the closing occurred at the same time as the termination of the combination agreement);

•

$6,500,000, in the event that the combination agreement is terminated by Kestrel in connection with an Adverse Recommendation Change made by the Maiden board; or

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$2,000,000, in the event that the combination agreement is terminated by either Maiden or Kestrel in connection with the failure to obtain the approval