Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 492

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 492
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@paulweiss.com 
 srichards@paulweiss.com

RE: Amendment to Combination Agreement

Ladies and Gentlemen:

We refer to that certain Combination Agreement (the “ Combination Agreement ”), dated as of December 29, 2024, by and among Kestrel Group LLC, a Delaware limited liability company (the “ Company ”), all of the equityholders of the Company (the “ Company Equityholders ”), Maiden Holdings, Ltd., a Bermuda exempted company limited by shares (“ Parent ”), Ranger U.S. Newco LLC, a Delaware limited liability company and a direct wholly owned Subsidiary of Parent (“ US NewCo ”), Ranger Bermuda Merger Sub Ltd, a Bermuda exempted company limited by shares and a direct wholly owned Subsidiary of US NewCo (“ Merger Sub Ltd. ”), Ranger Bermuda Topco Ltd, a Bermuda exempted company limited by shares and a direct wholly owned Subsidiary of Parent (“ Bermuda NewCo ”), and Ranger Merger Sub 2 LLC, a Delaware limited liability company and a direct wholly owned Subsidiary of Bermuda NewCo (“ Merger Sub LLC ”, and together with the Company, the Company Equityholders, Parent, US NewCo, Merger Sub Ltd. and Bermuda NewCo, the “ parties ”), as amended by that certain Letter Agreement, dated February 17, 2025, by and among the parties.

Pursuant to Section 10.02 of the Combination Agreement, the parties have agreed to enter into this Letter Agreement (this “ Letter Agreement ”) to set forth their agreement with respect to certain matters regarding the Combination Agreement as described herein. Capitalized terms used and not defined in this Letter Agreement shall have the meanings ascribed to such terms in the Combination Agreement.

1. Conversion of US NewCo Interests . Each of the parties acknowledges and agrees that Section 3.02(c) of the Combination Agreement is hereby amended by replacing the words “the US NewCo Interests issued and outstanding immediately prior to the Second Merger Effective Time, other than any US NewCo Interest that is subject to any US NewCo Award, shall be automatically canceled and converted into and shall thereafter represent the right to receive an issuance from Bermuda NewCo of one (1) duly authorized, validly issued, fully paid and nonassessable Bermuda NewCo Share (the “ Second Merger Consideration ”)” with “the US NewCo Interests issued and outstanding immediately prior to the Second Mer