Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 45

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 45
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Trust has the right to nominate (i) one non-independent director to the Bermuda NewCo

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TABLE OF CONTENTS

board for so long as it and its affiliates own at least 25% of the shares of Bermuda NewCo issued to them at the closing, and (ii) two independent directors to the board for so long as it and its affiliates own at least 5% of the shares of Bermuda NewCo and at least 25% of the shares of Bermuda NewCo issued to them at the closing.

#### Description of Voting Agreements (Page134)
In connection with the entry into the combination agreement, Kestrel entered into voting agreements (the “voting agreements”) with each of Leah Karfunkel, Patrick J. Haveron, William T. Jarman, Barry D. Zyskind, Lawrence F. Metz, Steven H. Nigro, Holly L. Blanchard, Simcha G. Lyons, Raymond M. Neff, Yehuda L. Neuberger, Keith A. Thomas and Mark O. Heintzman (collectively, the “principal Maiden shareholders”). The voting agreements require, among other things, that the principal Maiden shareholders vote (or cause to be voted) all the Maiden shares which they own in favor of adopting the proposals and against certain other transactions. The voting agreements will terminate upon termination of the combination agreement and certain other specified events.

Assuming that the voting cutback proposal is adopted and becomes effective with the approval of Maiden shareholders, Maiden shareholders (including Maiden Re) holding issued and outstanding shares representing approximately 44.8% of the total issued and outstanding Maiden shares (including Maiden shares held by Maiden Re) have agreed to vote (or cause their Maiden shares to be voted) in favor of adopting the proposals and against certain other transactions.

Description of Amended and Restated Option Agreement (Page 135)

At the closing, Kestrel and AmTrust will enter into an amended and restated option agreement (the “amended and restated option agreement”), amending the terms of the original option agreement (as defined in the amended and restated option agreement) to provide Kestrel with the option to purchase all of the issued and outstanding equity securities in each of the AmTrust Insurance Companies from the direct record owner of all of the issued and outstanding equity securities of each such insurance carrier at the price and on the terms and conditions set forth therein.

#### Tax Consequences of the Combination (Page104)