Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 166

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 166
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 THEIR APPRAISAL RIGHTS.

In addition to filing an application with the Bermuda Court, a Maiden shareholder who elects to exercise appraisal rights under Section 106(6) of the Bermuda Companies Act should mail or deliver a written demand to:

<div align='center'>Maiden Holdings, Ltd. 
 Attention: Secretary 
 48 Par-La-Ville Road, Suite 1141 
 Hamilton HM 11, Bermuda</div>

Restrictions on Transfer or Resales of Bermuda NewCo Common Shares

In connection with the transaction, it is anticipated that Bermuda NewCo will enter into the registration and investor rights agreements at the closing with each of KILH and AmTrust which contain restrictions on transfer of the Bermuda NewCo common shares for a lock-up period of twelve months following the closing. Until the expiration of the lock-up period, neither KILH nor AmTrust may transfer or sell any of the Bermuda NewCo common shares issued to them by Bermuda NewCo at the closing, unless (i) the transferee is any of KILH’s or AmTrust’s respective direct or indirect partners (including limited partners), members, equity holders or controlled affiliates and agrees to be bound by the terms of the respective registration and investor rights agreement, or (ii) such transfer is otherwise approved by a majority of the unaffiliated directors of Bermuda NewCo.

The Bermuda NewCo common shares to be issued to Maiden shareholders in connection with the transaction will be freely tradeable, except for Bermuda NewCo common shares issued in connection with the transaction to persons who become affiliates of Bermuda NewCo for purposes of Rule 144 under the Securities Act, which shares may be resold by such shareholders only in transactions permitted by Rule 144, or as otherwise permitted under the Securities Act. We are unable to estimate the number of shares that will be sold under Rule 144 since this will depend on the market price for our common shares, the personal circumstances of the shareholder and other factors. Persons who may be deemed affiliates of Bermuda

<div align='center'>102</div>

TABLE OF CONTENTS

NewCo generally include individuals or entities that control, are controlled by, or are under common control with, Bermuda NewCo and may include Bermuda NewCo’s directors, executive officers and principal shareholders.

#### Listing of Bermuda NewCo Common Shares on Nasdaq
Each of Bermuda NewCo and Maiden have agreed to use reasonable best efforts to take, or cause to be taken, all actions, and to do or cause to be done all things, necessary, proper or