Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 258

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 258
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TABLE OF CONTENTS

| ​                                                            | ​ | ​ | MAIDEN                                                                                                                                                                                                                                                      | ​ | ​ | BERMUDA NEWCO                                                                                                                                                                                                                                                                                                                                                                                                          | ​ |
| ​                                                            | ​ | ​ | amalgamated or surviving company will pay to such shareholder the difference between the amount paid to such shareholder and the value appraised by the Bermuda Court.                                                                                      
 There shall be no right of appeal from an appraisal by the Bermuda Court. The costs of any application to the Bermuda Court to appraise the fair value of any shares shall be in the discretion of the Bermuda Court.                                       | ​ | ​ | ​                                                                                                                                                                                                                                                                                                                                                                                                                      | ​ |
| Number and Election of Directors                             | ​ | ​ | The Maiden board shall consist of such number of directors being not less than 3 directors and not more than such maximum number of directors, not exceeding eleven 11 directors, as the Maiden board may from time to time determine.                      
 Directors shall hold office for such term as the Maiden shareholders may determine or, in the absence of such determination, until the next annual general meeting or until their successors are elected or appointed or their office is otherwise vacated. | ​ | ​ | The Bermuda NewCo board shall consist of such number of directors being not less than 3 directors and not more than a maximum number of 11 directors, or as such minimum or maximum numbers of directors as the Bermuda NewCo board may from time to time determine. The initial size of the Bermuda NewCo board shall be 7 directors.                                                                                 
 KILH has the right to nominate (i) two non-independent directors to the 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.   
 AmTrust has the right to nominate (i) one non-independent director to the 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. 
 The Bermuda NewCo