Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 210

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 210
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 of Bermuda NewCo to contain provisions no less favorable to the indemnitees with respect to limitation of liabilities of directors and officers and indemnification than are set forth as of the date of the combination agreement in the organizational documents of Kestrel, Maiden and their respective subsidiaries, as applicable, which provisions will not be amended, repealed or otherwise modified in a manner that would adversely affect the rights thereunder of the indemnitees. In addition, the parties have agreed that from the second merger effective time, Bermuda NewCo will, and will cause Kestrel and Maiden to, advance the reasonable and documented expenses (including reasonable and documented fees and expenses of legal counsel) of any indemnitee under the indemnification and insurance provisions of the combination agreement as incurred to the fullest extent permitted under applicable law.

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TABLE OF CONTENTS

#### Conditions to the Completion of the Transaction
Conditions to Maiden, Kestrel, the Kestrel equityholders, US NewCo, Bermuda NewCo and the Merger Subs Obligations to Complete the Transaction

The respective obligations of Maiden, Kestrel, the Kestrel equityholders, US NewCo, Bermuda NewCo and the Merger Subs to effect the transaction are subject to the satisfaction (or waiver by Kestrel, Maiden 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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Maiden has obtained approval by the Maiden shareholders of the first merger resolution;

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any waiting period (and any extensions thereof) applicable to the transaction under the HSR Act has been terminated or has expired and the approvals or non-disapprovals of the Texas Department of Insurance, the Vermont Department of Financial Regulation, the Swedish Financial Supervisory Authority and the United Kingdom Financial Conduct Authority have been obtained;

•

no 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, the first merger and the Kestrel Contribution, or has imposed a burdensome condition;

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no burdensome conditions has been imposed by a governmental authority;

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effectiveness of the registration statement for the Bermuda NewCo shares being issued in the transaction (of which this proxy statement/prospectus forms a part) and the absence of any stop order suspending such effectiveness or pending proceeding for that purpose;

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the Bermuda NewCo common shares