Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 603

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 603
---
 company limited by shares and a direct wholly owned Subsidiary of Parent (“ Bermuda NewCo ”), and Ranger Merger Sub 2 LLC, a Delaware limited liability company and a direct wholly owned Subsidiary of Bermuda NewCo (“ Merger Sub LLC ”), are entering into a Combination Agreement (the “ Combination Agreement ”), pursuant to which, among other things, (i) Merger Sub Ltd. will, subject to the terms and conditions set forth in the Combination Agreement and the Statutory Merger Agreement, and pursuant to the Bermuda Companies Act, merge with and into Parent, with Parent surviving such merger (the “ First Merger ”), and (ii) Merger Sub LLC will, subject to the terms and conditions set forth in the Combination Agreement and pursuant to the DLLCA, merge with and into US NewCo, with US NewCo surviving such merger (the “ Second Merger ,” and collectively with the First Merger, the “ Mergers ”), so that immediately following the Mergers, Parent will be a direct wholly owned Subsidiary of US NewCo and an indirect wholly owned Subsidiary of Bermuda NewCo;

WHEREAS, the Parent Shareholders will be required to approve the First Merger, the Combination Agreement and the Statutory Merger Agreement as a condition to the First Merger being consummated; and

WHEREAS, as an inducement to the Company’s willingness to enter into the Combination Agreement, the Company and the Shareholder are entering into this Agreement.

NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth herein, the parties agree as follows:

## ARTICLE I

### DEFINITIONS
Section 1.01 Capitalized Terms . For purposes hereof, capitalized terms used and not defined herein shall have the respective meanings ascribed to them in the Combination Agreement.

Section 1.02 Interpretation .

(a) As used in this Agreement, references to the following terms have the meanings indicated:

(i) to the Sections and Articles are to the Section or Article of this Agreement unless otherwise clearly indicated to the contrary;

(ii) to any Contract (including this Agreement) or “organizational document” are to the Contract or organizational document as amended, modified, supplemented or replaced in accordance with the terms thereof from time to time;

<div align='center'>B-3-3</div>

TABLE OF CONTENTS

(iii) to any Law are to such Law as amended, modified,