Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 191

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 191
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; and

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to the extent consistent with the item immediately above, use, and cause its subsidiaries to use, its and their reasonable best efforts to preserve its and each of its subsidiaries’ business organizations intact and preserve existing relations with governmental authorities, key customers, reinsurance providers and other persons with whom Maiden or its subsidiaries have significant business relationships, in each case, consistent with past practice in all material respects.

Maiden also agreed that, prior to the earlier of (i) the closing or (ii) the termination of the combination agreement, unless Kestrel otherwise consents in writing (such consent not to be unreasonably withheld, conditioned or delayed), or as contemplated, required or permitted by the combination agreement or as required by applicable law, Maiden will not and will not permit any of its subsidiaries to, subject to certain exceptions:

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(A) issue, sell or grant any Maiden shares or other equity or voting interests of Maiden or its subsidiaries, or any securities or rights convertible into, exchangeable or exercisable for, or evidencing the right to subscribe for any Maiden shares or other equity or voting interests of Maiden or any of its subsidiaries, or any options, rights, warrants or other commitments or agreements to acquire from Maiden or any of its subsidiaries, or that obligate Maiden or any of its subsidiaries to issue, any share capital of, or other equity or voting interests in, or any securities convertible into or exchangeable for shares of, or other equity or voting interests in, Maiden or any of its subsidiaries, (B) redeem, purchase, repurchase or otherwise acquire any outstanding Maiden shares or other equity or voting interests of Maiden or any of its subsidiaries, or any rights, warrants or options to acquire any Maiden or other equity or voting interests of Maiden or any of its Subsidiaries, except (x) as required by the Maiden benefit plans, the Maiden restricted shares, Maiden options or other equity awards or (y) in connection with the satisfaction of tax withholding obligations with respect to Maiden restricted shares, Maiden options or other equity awards, (C) establish a record date for, declare, set aside for payment or pay any dividend on, or make any other distribution in respect of, any Maiden shares or other equity or voting interests of Maiden or any of its subsidiaries or (D) split, combine, subdivide or reclassify any Maiden shares or other equity or voting interests of Maiden or any of its subsidiaries;

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(A) incur, assume or guarantee any indebtedness, except for (x) indebtedness incurred