Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 103

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 103
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, being the proposal to approve, by a non-binding, advisory vote, the compensation that may be paid or become payable to Maiden’s named executive officers in connection with the mergers.

#### Recommendation of the Maiden Board
The Maiden board, with two directors having declared their interest in the transaction and recused themselves from voting, has unanimously (i) approved the combination agreement, each ancillary agreement to which Maiden is or will be a party and the transaction, (ii) approved the voting cutback proposal and the first merger approval bye-law proposal, (iii) determined that the transaction (including the first merger) is in the best interests of Maiden and fair to the Maiden shareholders, (iv) determined that the consideration payable to the holders of Maiden shares in connection with the first merger constitutes fair value for each Maiden share in accordance with the Bermuda Companies Act and (v) resolved to recommend and submit to the Maiden shareholders for approval at the Maiden special meeting the first merger approval bye-law proposal and the first merger resolution.

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**TABLE OF CONTENTS

The Maiden board unanimously recommends that Maiden shareholders vote:**

#### “FOR” the voting cutback proposal;

#### “FOR” the first merger approval bye-law proposal;

#### “FOR” the first merger resolution;

#### “FOR” the adjournment proposal;

#### “FOR” the Bermuda NewCo equity plan proposal; and
“FOR” the advisory vote on merger-related compensation proposal.

See “The Transaction — Maiden’s Reasons for the Transaction” beginning on page 82.

Maiden shareholders should carefully read this proxy statement/prospectus in its entirety for more detailed information concerning the combination agreement, the transaction and the compensation that may be paid or become payable to Maiden’s named executive officers in connection with the mergers. In addition, Maiden shareholders are directed to the combination agreement, which is attached as Annex A to this proxy statement/prospectus.

#### Record Date; Shares Entitled to Vote
Only Maiden shareholders of record at the close of business on the record date ( , 2025) will be entitled to vote shares held at that date at the Maiden special meeting. Maiden may propose to adjourn the Maiden special meeting to permit further solicitation of proxies if a quorum is present and sufficient votes are not represented at the Maiden special meeting to approve the first merger resolution. See “PROPOSAL 4: Adjournment Proposal” beginning on page 177. Each issued and outstanding Maiden share entitles its holder to cast one vote.