Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 493

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 493
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ger Effective Time, other than any US NewCo Interest that is subject to any US NewCo Award, shall be automatically canceled and converted into and shall thereafter represent the right to receive an issuance from Bermuda NewCo of one-twentieth (0.05) of a duly authorized, validly issued, fully paid and nonassessable Bermuda NewCo Share (the “ Second Merger Consideration ”)”.

2. Conversion of US NewCo Options and US NewCo Restricted Shares . Each of the parties acknowledges and agrees that Section 3.06(b)(i) of the Combination Agreement is hereby amended by:

(a)

replacing the words “each US NewCo Option that is outstanding immediately prior to the Second Merger Effective Time, whether or not then vested or exercisable, shall cease to represent

TABLE OF CONTENTS

a right to acquire US NewCo Interests and shall be converted automatically into an option to purchase Bermuda NewCo Shares (a “ Bermuda NewCo Option ”), on substantially the same terms and conditions, including vesting schedule and per share exercise price, as applied to such US NewCo Option immediately prior to the Second Merger Effective Time” with “each US NewCo Option that is outstanding immediately prior to the Second Merger Effective Time, whether or not then vested or exercisable, shall cease to represent a right to acquire US NewCo Interests and shall be converted automatically into an option (a “ Bermuda NewCo Option ”) to purchase (x) that number of Bermuda NewCo Shares, rounded down to the nearest whole share, equal to the product determined by multiplying (I) the total number of US NewCo Interests subject to such US NewCo Option immediately prior to the Second Merger Effective Time by (II) 0.05 and (y) at a per-share exercise price, rounded up to the nearest whole cent, equal to the quotient determined by dividing (I) the exercise price per US NewCo Interest covered by such US NewCo Option immediately prior to the Second Merger Effective Time by (II) 0.05; provided, that except as otherwise provided under clauses (x) and (y), such Bermuda NewCo Option shall otherwise have substantially the same terms and conditions, including vesting schedule, as applied to such US NewCo Option immediately prior to the Second Merger Effective Time”; and

(b)

“each US NewCo Restricted Share that is outstanding immediately prior to the Second Merger Effective Time, whether or not then vested, shall cease to represent a US NewCo