Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 260

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 260
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 NewCo bye-laws and the registration and investor rights agreements, any                                                                                                                                                                                                                                                                                                                         | ​ |

165

TABLE OF CONTENTS

| ​               | ​ | ​ | MAIDEN                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | ​ | ​ | BERMUDA NEWCO                                                                                                                                                                                                                                                                                                                                                                                                            | ​ |
| ​               | ​ | ​ | their number left unfilled at a general meeting.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
 The Maiden bye-laws provide that the office of director shall be vacated if the director is (i) is removed from office pursuant to the Maiden bye-laws or is prohibited from being a director by law; (ii) is or becomes bankrupt, or makes any arrangement or composition with his creditors generally; (iii) is or becomes of unsound mind or dies; or (iv) resigns his office by notice in writing to Maiden.                                                                                                                                                                                             
 Subject to any provision to the contrary in the Maiden bye-laws, the Maiden shareholders entitled to vote for the election of directors may, at any special general meeting convened and held in accordance with the Maiden bye-laws, remove a director, only with cause; provided that the notice of any such meeting convened for the purpose of removing a director shall contain a statement of the intention so to do and be served on such director not less than 14 days before the meeting and at such meeting the director shall be entitled to be heard on the motion for such director’s removal. 
 For the purpose of the above, “cause” means a conviction for a criminal offense involving dishonesty or engaging in conduct which brings the director or Maiden into disrepute and which results in material financial detriment to Maiden.                                                                                                                                                                                                                                                                                                                                                                  
 If a director is removed from the Maiden board pursuant to the above, the Maiden shareholders may fill the vacancy at the meeting at which such director is removed and a director so appointed shall hold office in the same class of directors as the removed director held until the next annual general meeting or until such director’s office is otherwise vacated. In the absence of such election or appointment, the Maiden board may fill the vacancy.                                                                                                                                             | ​ | ​ | vacancy on the Bermuda NewCo board shall be filled by a majority of the directors then in office; provided that a quorum is present, and a director so appointed shall hold office for the remainder of the term of the removed director, or in the absence of such term being determined by the Bermuda NewCo shareholders, until the next annual general meeting or until such director’s office is otherwise vacated. 
 The