Company: TIPT
Filing Date: 2025-10-17
Form Type: PREM14A
Source: 0001140361-25-038514
Chunk: 108

Company: TIPTREE INC.
Filing Date: 2025-10-17
Form: PREM14A
Chunk 108
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 of the Tiptree Board, at any time prior to the time at which the Tiptree stockholder approval is obtained, to make an adverse recommendation change if an intervening event has occurred, subject to certain conditions, as further described in the section of this proxy statement entitled “The Merger Agreement—Alternative Acquisition Proposals—Intervening Event” beginning on page87; |

| • | the view of the Tiptree Board that, despite the termination fee and the Stockholder Vote Failure Fee payable by Tiptree or Fortegra, as applicable, to Purchaser under certain circumstances, the terms of the Merger Agreement would be unlikely to deter any other third party from making an unsolicited acquisition proposal; |

| • | the fact that a vote of holders of shares of Tiptree common stock to approve the Merger and the other transactions contemplated by the Merger Agreement is a condition to closing pursuant to the Merger Agreement, as the Merger may constitute a “transfer of assets” under Section 3-105 of the MGCL; and |

| • | the belief that the terms of the Merger Agreement, taken as a whole, including the parties’ representations, warranties and covenants, and the conditions to the parties’ respective obligations, are reasonable. |

In the course of its deliberations, the Tiptree Board also considered a variety of risks and countervailing factors related to the Merger Agreement and the Merger, including the following material factors:

| • | the fact that following the closing, Tiptree will not have a continuing interest in Fortegra or any future earnings from growth in Fortegra’s business; |

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| • | the fact that the completion of the Merger is subject to a number of conditions, including the Tiptree stockholder approval, clearance under the HSR Act and receipt of required governmental consents (including the CFIUS Approval), and it is therefore possible that the Merger may be delayed or may not be completed; |

| • | the risk that insurance regulators may oppose or refuse to approve the Merger or impose conditions on Fortegra, Purchaser or their respective affiliates prior to approving the Merger, which conditions may constitute a burdensome condition under the terms of the Merger Agreement and as a result Purchaser would not be required to complete the Merger; |

| • | the fact that the Merger Agreement restricts Tiptree and its subsidiaries and representatives from soliciting acquisition proposals during the pendency of