Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 39

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 39
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 as of such date, subject to certain materiality or “material adverse effect” qualifications described in the combination agreement, and Maiden has received a certificate from officers of Kestrel to that effect;

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Kestrel has performed in all material respects all of its pre-closing obligations under the combination agreement, and Maiden has received a certificate from officers of Kestrel to that effect;

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there has occurred no Kestrel material adverse effect; and

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execution and delivery at the closing of (i) the Ledbetter registration and investor rights agreement by KILH and (ii) the amended and restated option agreement by Kestrel, in each case, in order for such agreement to be in full force and effect as of the second merger effective time.

Conditions to Kestrel’s and the Kestrel Equityholders’ Obligation to Complete the Transaction

The obligations of Kestrel and the Kestrel Equityholders to effect the transaction are subject to the satisfaction (or waiver by Kestrel and each of KILH and AmTrust, if permissible under applicable law) on or prior to the date of the closing of the following conditions:

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the representations and warranties of Maiden, US NewCo, Bermuda NewCo and the Merger Subs are true and correct as of the date of the combination agreement and as of the date of the closing as though made as of such date, subject to certain materiality or “material adverse effect” qualifications described in the combination agreement, and Kestrel has received a certificate from officers of Maiden to that effect;

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Maiden has performed in all material respects all of their respective pre-closing obligations under the combination agreement, and Kestrel has received a certificate from officers of Maiden, US NewCo, Bermuda NewCo and the Merger Subs to that effect;

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there has occurred no Maiden material adverse effect; and

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execution and delivery at the closing by Bermuda NewCo of each of the registration and investor rights agreements.

#### Conditions to Completion of the Transaction
Unless another time is agreed to by Kestrel and Maiden, the closing will occur on the third business day following the satisfaction or (to the extent permitted by the combination agreement and by applicable law), waiver of the conditions set forth in the combination agreement (other than those conditions that by their nature are to be satisfied on the closing, but subject to the satisfaction or (to the extent permitted by the combination agreement and by applicable law) waiver of those conditions at such time). We refer to the date on