Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 494

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 494
---
 Interest and shall be converted automatically into a Bermuda NewCo Share that is unvested and/or subject to a risk of forfeiture (a “ Bermuda NewCo Restricted Share ”)” with “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 Interest and shall be converted automatically into one-twentieth (0.05) of a Bermuda NewCo Share that is unvested and/or subject to a risk of forfeiture (a “ Bermuda NewCo Restricted Share ”)”.

3. Bye-laws of Bermuda NewCo . Each of the parties acknowledges and agrees that:

(a)

Section 2.05(b) of the Combination Agreement is hereby amended by replacing the words “the bye-laws of Bermuda NewCo in effect immediately prior to the Second Merger Effective Time to be amended and restated at the Second Merger Effective Time in the form attached hereto as Exhibit E ” with “the bye-laws of Bermuda NewCo attached as Exhibit 3.3 to the Registration Statement on Form S-4 filed by Bermuda NewCo on March 10, 2025 to be the bye-laws of Bermuda NewCo from and after the Second Merger Effective Time”; and

(b)

the bye-laws of Bermuda NewCo attached as Exhibit 3.3 to the Registration Statement on Form S-4 filed by Bermuda NewCo on March 10, 2025 were duly adopted and approved by each of Bermuda NewCo’s board of directors and sole shareholder.

4. Fractional Shares . Each of the parties acknowledges and agrees that:

(a)

the Combination Agreement is hereby amended by adding the following new Section 3.05(h) thereto:

Fractional Shares . Notwithstanding anything to the contrary contained in this Agreement, no fractional Bermuda NewCo Shares shall be issued in connection with the Second Merger and no dividends or other distributions with respect to Bermuda NewCo Shares shall be payable on or with respect to any fractional share and no such fractional share will entitle the owner thereof to vote or to any rights of a shareholder of Bermuda NewCo. In lieu of the issuance of any such fractional share, Bermuda NewCo shall pay, or cause to be paid, to any holder of US NewCo Interests who would otherwise have been entitled to a fraction of a Bermuda NewCo Share, cash in an amount equal to (I) the fractional Bermuda NewCo Shares that would otherwise be issued to such holder pursuant to Section 3.02