Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 213

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 213
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 of the combination agreement and as of the date of the closing as though made as of such date (except to the extent expressly made as of an earlier date, in which case as of such date), except to the extent that breaches of such representations or warranties, individually or in the aggregate, would, individually or in the aggregate, have, a material adverse effect on Maiden;

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Kestrel has received a certificate signed on behalf of Maiden, US NewCo, Bermuda NewCo and the Merger Subs by an executive officer of Maiden certifying that the three conditions above have been satisfied;

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Maiden has performed or complied in all material respects with the obligations and agreements required by the combination agreement to be performed or complied with by it at or prior to the closing and Kestrel has received a certificate signed on behalf of Maiden, US NewCo, Bermuda NewCo and the Merger Subs by an executive officer of Maiden certifying that this condition has been satisfied;

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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.

#### Termination
The combination agreement may be terminated and the transaction may be abandoned at any time prior to the Kestrel contribution effective time:

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by the mutual written consent of Kestrel and Maiden duly authorized by each of the Kestrel board and the Maiden board;

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by either of Kestrel or Maiden:

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if the second merger has not been consummated on or prior to the outside date; provided, however, that if on such date Maiden has not obtained the approval by the Maiden shareholders of the first merger resolution but all other conditions precedent to the consummation of the second merger have been satisfied (or, in the case of conditions that by their terms are to be satisfied at the closing, are capable of being satisfied on that date), then the outside date will be automatically be extended to October 20, 2025; provided, further, that the right to terminate this the combination agreement not be available to either party if the breach by such party of its representations and warranties set forth in the combination agreement or the failure of such party to perform any of its obligations under the combination agreement, its failure to act in good faith or its failure to use its reasonable best efforts to consummate the transaction has been a principal cause of or resulted in the failure of the second merger to be consummated on