Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 28

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 28
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 merger, whether or not then vested or

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TABLE OF CONTENTS

exercisable, will cease to represent a right to acquire Maiden shares and will be converted automatically into an option to purchase common limited liability company interests of US NewCo (a “US NewCo option” and “US NewCo interests”, respectively), on substantially the same terms and conditions, including vesting schedule and per share exercise price, as applied to such Maiden option immediately prior to the closing of the first merger. Upon the closing of the second merger, each US NewCo option that is outstanding immediately prior to the closing of the second merger, whether or not then vested or exercisable, will cease to represent a right to acquire US NewCo interests and will be converted automatically into an option to purchase Bermuda NewCo common shares, on substantially the same terms and conditions, including vesting schedule and per share exercise price, as applied to such US NewCo option immediately prior to the closing of the second merger.

Maiden Restricted Shares

Upon the closing of the first merger, each Maiden share that is unvested and/or subject to a risk of forfeiture (each a “Maiden restricted share”) that is outstanding immediately prior to the closing of the first merger, whether or not then vested, will cease to represent a Maiden share and will be converted automatically into a US NewCo interest that is unvested and/or subject to a risk of forfeiture (a “US NewCo restricted share”), on substantially the same terms and conditions (including vesting schedule) as applied to such Maiden restricted share immediately prior to the closing of the first merger. Upon the closing of the second merger, each US NewCo restricted share that is outstanding immediately prior to the closing of the second merger, whether or not then vested, will cease to represent a US NewCo interest and will be converted automatically into a Bermuda NewCo common share that is unvested and/or subject to a risk of forfeiture, on substantially the same terms and conditions (including vesting schedule) as applied to such US NewCo restricted share immediately prior to the closing of the second merger.

Treatment of Existing Maiden Indebtedness (Page 103)

Pursuant to the terms of Maiden and its subsidiaries’ existing indentures and debt securities, the outstanding debt securities of Maiden and its subsidiaries will not be required to be redeemed or repaid upon the closing. In connection with the closing, Bermuda NewCo will guarantee all of Maiden and its subsidiaries’ rights and obligations under