Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 276

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 276
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 thereof that will be earned by the participant upon the achievement of performance goals established by Bermuda NewCo’s Compensation Committee. Bermuda NewCo’s Compensation Committee will determine the performance criteria to be achieved during any performance period and the length of the performance period. Performance awards may be settled in cash, shares or other property as will be determined by Bermuda NewCo’s Compensation Committee;

(v) Other Share-Based Awards — The Bermuda NewCo equity plan also authorizes the grant of awards that are valued in whole or in part by reference to, or are otherwise based on, shares or other property; and

(vi) Deferred Cash Awards — Bermuda NewCo’s Compensation Committee will also have full discretion and authority to grant deferred cash awards, which will be payable to the participant in cash.

Termination of Employment — Except as otherwise determined by Bermuda NewCo’s Compensation Committee or provided by Bermuda NewCo’s Compensation Committee in an applicable agreement under the Bermuda NewCo equity plan, a participant’s unvested awards will become fully vested upon the participant’s termination of employment due to his or her total and permanent disability (as determined by Bermuda NewCo) or death. Except as otherwise determined by Bermuda NewCo’s Compensation Committee or provided by Bermuda NewCo’s Compensation Committee in an applicable agreement under the Bermuda NewCo equity plan, any unvested awards held by a participant will be immediately and automatically forfeited if his or her employment is terminated for any other reason.

Change of Control — Unless otherwise provided in an award or other agreement with a participant, awards granted under the Bermuda NewCo equity plan will not become fully vested, exercisable or free of transfer restrictions solely upon the occurrence of a “change of control” (as defined in the Bermuda NewCo equity plan); however, if a participant’s service is terminated by Bermuda NewCo for any reason (other than for cause) or by the participant for good reason, in each case, within 24 months following a change of control, then any awards granted to such participant that have not become fully vested, exercisable or free of transfer restrictions will, as of the date of such termination, become fully vested, exercisable and free of such transfer restrictions (at the target level in the case of any awards subject to performance-based vesting criteria). In addition, if awards under the Bermuda NewCo equity plan are not assumed, continued, or substituted in connection with a future change of control, then, solely to the extent determined by the Bermuda NewCo board in its sole discretion, any then-unvested and outstanding awards will