Company: TIPT
Filing Date: 2025-10-31
Form Type: DEFM14A
Source: 0001140361-25-039949
Chunk: 101

Company: TIPTREE INC.
Filing Date: 2025-10-31
Form: DEFM14A
Chunk 101
---
 on September 18, 2025, representatives of Barclays and BofA Securities and Goldman Sachs as well as representatives of Ropes & Gray, Sidley and Latham held separate calls to discuss Purchaser’s feedback on the September 16 Merger Agreement Draft.

On September 19, 2025, Latham shared a revised draft of the Merger Agreement (the “September 19 Merger Agreement Draft”) with Ropes & Gray, reflecting, among other changes, (i) a broader definition of burdensome condition, (ii) a profit sharing mechanism pursuant to which, in the event that the closing date occurs following June 1, 2026, the purchase price would be increased at a rate of ten percent per annum on the difference between $1.65 billion and the amount of any Leakage, such increase accruing from June 1, 2026 until the closing, (iii) the reinstatement of a closing condition related to the obtaining of any additional required regulatory approvals that the parties may identify during the period between the date of the Merger Agreement and the closing and (iv) a broader definition of Transaction Expenses that would constitute Leakage. The September 19 Merger Agreement Draft removed the requirement that specified employment agreements remain in full force and effect as a condition to closing.

Also on September 19, 2025, representatives of Ropes & Gray, Sidley and Latham separately held a call to discuss initial feedback from Tiptree, the WP Investor and Fortegra on the September 19 Merger Agreement Draft and determine remaining open issues, and a representative of the WP Investor and a representative of Purchaser held calls to discuss the WP Investor’s, Tiptree’s and Fortegra’s initial feedback on the September 19 Merger Agreement Draft, after which the representative of the WP Investor shared with the representative of Purchaser an issues list in response to the September 19 Merger Agreement Draft (the “September 19 Issues List”) which had been discussed with Tiptree, Fortegra, Ropes & Gray and Sidley. The September 19 Issues List identified as key issues (among others) (i) certain changes to the definitions of Leakage, Permitted Leakage and Transaction Expenses, (ii) the method of calculating the Profit Sharing Fee, and (iii) the closing condition related to the obtaining of any additional required regulatory approvals that the parties may identify during the period between the date of the Merger Agreement and the closing.

On September 20, 2025, Latham shared