Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 264

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 264
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 in the relevant procedures of Maiden. This information is then reviewed by Maiden’s audit committee as deemed necessary, and discussed with management. Ultimately, all such transactions require approval or ratification by the audit committee.

In addition, Maiden annually distributes a questionnaire to its executive officers and members of the Maiden board requesting certain information regarding, among other things, their immediate family members, employment and beneficial ownership interests. This information is then reviewed for any conflicts of interest. At the completion of the annual audit, Maiden’s audit committee and its independent registered public accounting firm review insider and related person transactions and potential conflicts of interest with management.

Bermuda NewCo expects the Code of Business Conduct and Ethics and the practices described above to apply to Bermuda NewCo after the transaction.

Additionally, in connection with the transaction, Maiden and Kestrel have entered into, or will enter into, certain agreements, including the registration and investor rights agreements, the voting agreements and the amended and restated option agreement. For a more complete discussion, see “Related Agreements” beginning on page 134.

Pursuant to Item 18(b) of Form S-4, certain other information required by Item 18(a)(7)(iii) of Form S-4 is being incorporated by reference into this proxy statement/prospectus from Maiden’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

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TABLE OF CONTENTS

<div align='center'>**PROPOSALS TO BE SUBMITTED TO THE MAIDEN SHAREHOLDERS; VOTING REQUIREMENTS AND RECOMMENDATIONS**</div>

#### PROPOSAL 1:   VOTING CUTBACK PROPOSAL
Bye-law 33 of the Maiden bye-laws contains voting cutback provisions that limit any U.S. shareholder from exercising voting power with respect to Maiden shares constituting 9.5% or more of the voting power of all issued shares of Maiden, which has the effect of reducing the voting rights of certain Maiden shareholders to less than one vote per share. Maiden Re is currently subject to such limitation and will therefore only be able to vote 13,853,428 of its Maiden shares in favor of the voting cutback proposal. Maiden shareholders are being asked to approve at the Maiden special meeting the following amendments to the Maiden bye-laws, effective immediately upon approval, to remove such voting cutback provisions, provided, that if the first merger resolution is not approved by the Maiden shareholders, the amendments