Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 206

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 206
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 best efforts to secure a waiver from each person who has a right to any payments or benefits or potential right to any payments or benefits that would be deemed to constitute “parachute payments” (within the meaning of Section 280G of the

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Code) of the person’s rights to all of the parachute payments that are equal to or in excess of three times the person’s “base amount” (within the meaning of Section 280G of the Code) less one dollar (the “Waived 280G Benefits”). Maiden will provide Kestrel with all of the information that is reasonably necessary to allow Kestrel to determine whether any payments made or to be made or benefits granted or to be granted by Maiden could reasonably be considered to be parachute payments, at least twenty days prior to the closing. The waiver will be subject to the approval of the equityholders of Kestrel, as required under Section 280G of the Code.

#### Maiden Voting Matters
The parties have agreed that, at any duly called meeting of the Maiden shareholders, Maiden will cause its subsidiaries to cause the 44,736,178 Maiden Shares held by Maiden’s subsidiaries to be counted as present for the purposes of establishing a quorum, and will vote or consent (or cause to be voted or consented) all such shares in favor of (i) the voting cutback proposal, subject to Section 33 of the Maiden bye-laws, (ii) the first merger approval bye-law proposal, (iii) the first merger resolution, (iv) the adjournment proposal and (v) any proposal that the Maiden board has determined, after consultation with Kestrel, is designed to facilitate the consummation of the first merger and the second merger, and against (x) any Takeover Proposal, (y) any action, proposal, transaction, arrangement or agreement involving Maiden or any of its subsidiaries, in each case, that would reasonably be expected to prevent, materially delay or impair the consummation of the first merger, the second merger or the other transaction on a timely basis and (z) any action, proposal, transaction, arrangement or agreement which would reasonably be expected to result in a breach of any representation, warranty, covenant or agreement of Maiden under the combination agreement.

Maiden has agreed on behalf of itself and its subsidiaries that, prior to the approval by Maiden shareholders of the first merger resolution, it and its subsidiaries will not, with Kestrel