Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 326

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 326
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, 2022.

“ Maiden Business ” means all businesses of Bermuda NewCo and its Subsidiaries that Parent and its Subsidiaries conducted as of immediately prior to the Closing, and any extensions of such businesses or related or ancillary businesses existing thereafter.

“ Material Bermuda NewCo Subsidiary ” or “ Material Bermuda NewCo Subsidiaries ” means any Subsidiary or Subsidiaries of Bermuda NewCo, after giving effect to the Transactions, that alone or together represent forty percent (40%) or more of the consolidated assets, reserves, revenues or net income of Bermuda NewCo (as such financial metrics are reported in Bermuda NewCo’s Annual Report on Form 10-K and/or audited annual statutory statements of Bermuda NewCo’s Subsidiaries for the most recently completed fiscal year).

“ Measurement EBITDA ” means EBITDA of the Kestrel Business for the applicable Measurement Period.

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TABLE OF CONTENTS

“ Measurement Period ” means each of the First Measurement Period, the Second Measurement Period and the Third Measurement Period.

“ Merger Application ” has the meaning set forth in Section 2.03(b) .

“ Merger Sub LLC ” has the meaning set forth in the preamble.

“ Merger Sub LLC Interests ” has the meaning set forth in Section 3.02 .

“ Merger Sub Ltd. ” has the meaning set forth in the preamble.

“ Merger Sub Ltd. Board ” has the meaning set forth in the recitals.

“ Merger Sub Ltd. Shareholder Approval ” has the meaning set forth in Section 7.13(a) .

“ Merger Sub Ltd. Shares ” has the meaning set forth in Section 3.01 .

“ Mergers ” means the First Merger and the Second Merger, collectively.

“ Nasdaq ” means the Nasdaq Capital Market.

“ NewCo Certificate of Merger ” has the meaning set forth in Section 2.03(c) .

“ No Vote Termination Fee ” has the meaning set forth in Section 9.03(a)(iii) .

“ Nonparties ” has the meaning set forth in Section 10.14 .

“ Noteholder Litigation Matter ” means the litigation filed in the Supreme Court of the State of New York, New York County, captioned, WUSO Holding Corp. and 683 Capital Partners, LP, v. Maiden Holdings North American, Ltd. and Maiden Holdings, Ltd. , Index No