Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 216

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 216
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 conditions and (B) is not reasonably capable of being cured prior to the outside date, or if reasonably capable of being cured, has not been cured by the earlier of the outside date and thirty days following receipt by Maiden, US NewCo, Bermuda NewCo or the Merger Subs of written notice of such breach or failure to perform from Kestrel stating Kestrel’s intention to terminate and the basis for such termination; provided that Kestrel will not have the right to terminate if Kestrel is then in material breach of any of its representations, warranties, obligations or agreements under the combination agreement; or

•

if, prior to the approval by the Maiden shareholders of the first merger resolution, the Maiden board has made an Adverse Recommendation Change.

#### Effect of Termination
If the combination agreement is terminated as described in “— Termination” above, written notice thereof will be given to the other parties, specifying the provision of the combination agreement pursuant to which such termination is made, and the combination agreement will be null and void (except certain other provisions of the combination agreement, including provisions with respect to the effect of termination, termination fees, the miscellaneous provisions of the combination agreement (including with respect to governing law, submission to jurisdiction, waiver of jury trial and interpretation) and the applicability of the obligations of the parties contained in the confidentiality agreement between Kestrel Service Corporation and Maiden, all of which will survive termination of the combination agreement), and there will be no liability on the part of any party or their respective former, current or future directors, officers, partners, shareholders, managers, members and affiliates, except:

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as liability may exist pursuant to the provisions specified in the immediately preceding parenthetical that survive such termination;

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that no termination will relieve the parties from any liabilities or damages incurred or suffered by the other party arising out of the willful breach of the combination agreement or fraud.

#### Termination Fees; Expenses
If the closing does not occur, all fees and expenses incurred by the parties are to be paid by the party that has incurred such fees and expenses. If the transaction is consummated, each party’s documented out-of-pocket fees, costs and expenses incurred in connection with the transaction will be paid by Bermuda NewCo.

The combination agreement provides that Maiden will pay Kestrel within two business days after the date of the termination of the combination agreement a cash termination fee equal to:

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$7,000,000, in the event that the combination agreement is terminated (i) by either