Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 197

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 197
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 plan of complete or partial liquidation, dissolution, restructuring, recapitalization or other reorganization, other than, in the case of any subsidiary of Maiden, that is not material to Maiden and its subsidiaries, taken as a whole;

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voluntarily abandon, dispose of, or permit to lapse any permit material to the business of Maiden and of its subsidiaries, taken as a whole, other than as required by applicable law;

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enter into any new lines of business or withdraw from, or put into “run off,” any existing lines of business;

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engage in any contract or transaction with any employee, director or officer of Maiden or any person owning directly or indirectly five percent (5%) or more of the Maiden shares as of December 29, 2024, or any affiliate or family member thereof other than (A) in the ordinary course of business, (B) pursuant to a contract in effect as of December 29, 2024 or pursuant to an employment arrangement permitted hereunder or (C) as may be permitted under the Maiden organizational documents; or

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authorize any of, or commit or agree, in writing or otherwise, to take any of, the foregoing actions.

The interim operating covenants of each of the parties will expire upon the closing, and there will be no post-closing remedy for any breaches of such interim operating covenants. In addition, the parties have provided each other confidential disclosure letters that may disclose material exceptions to, or otherwise alter, the interim operating covenants contained in the combination agreement.

#### No Solicitation by Maiden
Maiden has agreed to immediately cease any solicitation, encouragement discussions or negotiations with any parties that may have been ongoing with respect to a Takeover Proposal (as defined below), and promptly take all steps necessary (to the extent reasonably possible) to terminate any approval under any confidentiality, “standstill” or similar obligation previously given by Maiden to any person to make a Takeover Proposal.

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Until the earlier of the second merger effective time and the date of termination of the combination agreement, Maiden has agreed not to, and to cause its subsidiaries and its officers, directors, managers, employees, agents, financial advisors, investment bankers, attorneys, accounts and other advisors not to, directly or indirectly:

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solicit, encourage, initiate or take any action to knowingly facilitate or encourage the submission of any inquiry or the making of any proposal, in each case, that constitutes, or would reasonably be