Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 618

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 618
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 as a deed as of the date first above written.

### KESTREL GROUP LLC
By:

Name: 
 Title:

<div align='center'>[Signature Page – Voting and Support Agreement]</div>

TABLE OF CONTENTS

[•]

By:

[ADDRESS]

Email: [•]

Parent Shares: [•]

<div align='center'>[Signature Page – Voting and Support Agreement]</div>

TABLE OF CONTENTS

Annex C

| ​ | Insurance Advisory Partners LLC1270 Avenue of the Americas, Suite 1803New York, NY 10020 | ​ | ​ |     | ​ |

December 29, 2024 CONFIDENTIAL Board of Directors
Maiden Holdings Ltd. Clarendon House
2 Church Street Hamilton HM 1Bermuda Members of the Board of Directors: We understand that Maiden Holdings Ltd. (“ Parent ”) proposes to enter into a Combination Agreement (the “ Combination Agreement ”), by and among Parent, Ranger U.S. Newco LLC, a wholly owned subsidiary of Parent (“ US NewCo ”), Ranger Bermuda Merger Sub Ltd, a wholly owned subsidiary of US NewCo (“ Bermuda Merger Sub ”), Ranger Bermuda Topco Ltd, a wholly owned subsidiary of Parent (“ Bermuda NewCo ”), Ranger Merger Sub 2 LLC, a wholly owned subsidiary of Bermuda NewCo (“ US Merger Sub ”), Kestrel Group LLC (the “ Company ”) and the equityholders of the Company (the “ Company Equityholders ”), pursuant to which, among other things, (i) at the Company Contribution Effective Time (as defined in the Combination Agreement), the Company Equityholders will contribute all of the Class A Units and Class B Units of the Company (collectively, the “ Company Units ”) to US NewCo (the “ Company Contribution ”) in exchange for (A) $40,000,000 in cash (the “ Company Closing Cash Consideration ”), (B) fifty five million (55,000,000) (the “ Company Closing Interests ”) common limited liability company interests of US NewCo (the “ US NewCo Interests ”), each of which shall be automatically canceled and converted into the right to receive an issuance from Bermuda NewCo of one (1) duly authorized, validly issued, fully paid and nonassessable Bermuda NewCo Share (as defined in the Combination Agreement, and such Bermuda Newco Shares, the “ Second Merger Consideration ”) and (C) additional contingent consideration (the “