Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 129

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 129
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 for the Transaction” beginning on page 82), the Maiden board (other than Mr. Barry Zyskind and Mr. Yehuda L. Neuberger, each of whom had recused himself from the meeting) unanimously adopted the resolutions, among other things, (i) determining that it was in the best interests of Maiden and fair to Maiden’s shareholders, and declaring it advisable, to enter into the combination agreement and the statutory merger agreement and to consummate the transactions contemplated thereby in accordance with the terms of the combination agreement (including the ancillary agreements attached as exhibits thereto), (ii) approving each of the Maiden bye-law amendments (as described in the sections entitled “PROPOSAL 1: Voting Cutback Proposal” and “PROPOSAL 2: First Merger Approval Bye-Law Proposal” beginning on page 174), (iii) approving and declaring advisable the Ledbetter Employment Agreements, (iv) authorizing the execution of the combination agreement, the statutory merger agreement and the Ledbetter Employment Agreements by certain members of Maiden management and (v) resolving to recommend and submit to the Maiden shareholders for approval at the Maiden shareholders meeting the voting cutback proposal, the first merger approval bye-law proposal and the first merger resolution.

Later on December 29, 2024, the parties executed the combination agreement, voting agreements and Ledbetter Employment Agreements.

On December 30, 2024, Maiden and Kestrel issued a joint press release that publicly announced the execution of the combination agreement and described the terms of the transaction. The press release also disclosed that, while no final determination had been made, Maiden anticipated that it would incur charges of up to $150 million in the fourth quarter of 2024, including approximately $25 million in charges related to the resolution of certain related party transactions anticipated to be entered into effective December 31, 2024, along with adverse development of loss reserves not covered by the Enstar LPT/ADC agreement, pending final determination of revised best estimates along with potential impairment of certain deferred acquisition costs and related charges.

#### 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

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the first merger approval bye-law proposal, (iii