Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 254

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 254
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 capital of $8,500,000 consisting of 850,000,000 shares of par value $0.01 each.                                                                                                                                                                                                                                                             
 At the closing, there will be issued and outstanding 156,074,887 Bermuda NewCo common shares and 44,750,678 Bermuda NewCo common shares held by its affiliate Maiden Reinsurance Ltd., which are treated as treasury shares. Additionally, as of closing, it is expected that 24,100,000 Bermuda NewCo common shares will be reserved for issuance under the Bermuda NewCo equity plan. 
 The Bermuda NewCo board will have the same power to issue any unissued shares on such terms and conditions as it may determine.                                                                                                                                                                                                                                                         | ​ |
| ​                  | ​ | ​ | Subject to the Maiden bye-laws and to any resolution of the Maiden shareholders to the contrary, and without prejudice to any special rights previously conferred on the holders of any existing shares or class of shares, the Maiden board shall have the power to issue any unissued shares on                                                                                                                                                                                                                                                                                                                                                                                   | ​ | ​ | ​                                                                                                                                                                                                                                                                                                                                                                                       | ​ |

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TABLE OF CONTENTS

| ​             | ​ | ​ | MAIDEN                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | ​ | ​ | BERMUDA NEWCO                                                                                                                                                                    | ​ |
| ​             | ​ | ​ | such terms and conditions as it may determine.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | ​ | ​ | ​                                                                                                                                                                                | ​ |
| Voting Rights | ​ | ​ | Each Maiden shareholder is entitled to one vote per share, subject to the Maiden bye-laws and the voting restrictions set out below.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
 The Maiden bye-laws provide that, if, and so long as, the shares of a shareholder are treated as “controlled shares” ​(as determined pursuant to sections 957 and 958 of the Code and the Treasury Regulations promulgated thereunder) of any U.S. Person (that owns shares directly, indirectly or constructively) and such controlled shares constitute 9.5% or more of the votes conferred by Maiden’s issued shares (each such person, a “9.5% U.S. Shareholder”), the voting rights with respect to the controlled shares owned by such U.S. Person will be limited, in the aggregate, to a voting power of less than 9.5%, under a formula specified in the Maiden bye-laws. The formula is applied repeatedly until the voting power of all 9.5% U.S.