Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 251

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 251
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(1) The Bermuda NewCo common shares beneficially owned by Kestrel Intermediate Ledbetter Holdings LLC represents the aggregated holdings of the Terry Lee Ledbetter and Reta Laurie Ledbetter 2000 Revocable Trust, the Bradford Luke Ledbetter 2006 Grantor Trust No. 2 and the Shari Ann Ledbetter Irrevocable 2019 Trust. In addition to the beneficial ownership disclosure further above with respect to Messrs. Luke and Terry Ledbetter, Ms. Reta Laurie Ledbetter is a considered a beneficial owner of 18,117,647 Bermuda NewCo common shares through her role as co-trustee of the Terry Lee Ledbetter and Reta Laurie Ledbetter 2000 Revocable Trust. The principal business office for Kestrel Intermediate Ledbetter Holdings LLC is 8333 Douglas Avenue, Suite 1360, Dallas, Texas 75225. (2) The principal business office for AmTrust Financial Services, Inc. is 59 Maiden Lane, 43rd Floor, New York, NY 10038. (3) Based on Amendment No. 8 to Schedule 13G filed with the SEC on February 12, 2025. Talkot Capital, LLC, as investment adviser, filed on behalf of these other Reporting Persons: Talkot Fund, L.P., Talkot Capital, LLC, Thomas B. Akin, James H. Akin Trust, Karen Hochster Akin, Blair Spencer Akin, Willa Reyes and Akin Family Foundation. The principal business office for Talkot Capital, LLC is 30 Liberty Ship Way, Suite 3110, Sausalito, CA 94965.

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TABLE OF CONTENTS

COMPARISON OF SHAREHOLDER RIGHTS This section describes the material differences between the rights of Maiden shareholders prior to the consummation of the transaction, and the rights of Bermuda NewCo shareholders. As both Maiden and Bermuda NewCo are governed by Bermuda law, these differences in shareholders’ rights result from the differences between the respective governing corporate documents of Maiden and Bermuda NewCo. Each of Maiden and Bermuda NewCo is a Bermuda exempt limited liability company subject to the Bermuda Companies Act. Maiden shareholders’ rights are currently governed by Maiden’s memorandum of association and the Maiden bye-laws. Bermuda NewCo shareholders’ rights are to be governed by the Bermuda NewCo memorandum of association and the Bermuda NewCo bye-laws. The following description summarizes the material differences that may affect the rights of Maiden shareholders and Bermuda NewCo shareholders,