Company: TIPT
Filing Date: 2025-10-17
Form Type: PREM14A
Source: 0001140361-25-038514
Chunk: 36

Company: TIPTREE INC.
Filing Date: 2025-10-17
Form: PREM14A
Chunk 36
---
 the following clause (2)(A) or (2) make an adverse recommendation change if (A) Tiptree receives an acquisition proposal that the Tiptree Board determines, in good faith, after consultation with its outside legal counsel and financial advisors, constitutes a superior proposal and the failure to take such action would reasonably be expected to be inconsistent with the duties of the directors of Tiptree under applicable law; (B) Tiptree has notified Purchaser in writing that it intends to terminate the Merger Agreement to enter into an alternative acquisition agreement or the Tiptree Board intends to effect an adverse recommendation change, which written notice must include the information with respect to such superior proposal that is specified in the Merger Agreement; (C) through the fifth business day following the date of such notice,

14

#### TABLE OF CONTENTS
Fortegra and Tiptree consider, negotiate and discuss with Purchaser in good faith (to the extent Purchaser so desires to negotiate) any amendments or modifications to the terms of the Merger Agreement proposed by Purchaser and (D) no earlier than the fifth business day following the date of such notice, the Tiptree Board determines, in good faith, after consultation with its financial advisors and outside legal counsel, taking into consideration the terms of any proposed amendment or modification to the Merger Agreement that Purchaser has committed to make during such five-business-day period, that the acquisition proposal continues to constitute a superior proposal and the failure to take such action would reasonably be expected to be inconsistent with the duties of the directors of Tiptree under applicable law; provided, that in the event of any change to any of the material terms or conditions (including the form, amount and timing of payment of consideration) of the acquisition proposal described in the foregoing clause (A), Tiptree must, in each case, deliver to Purchaser an additional notice consistent with that described in clause (B) above and a new notice period under clause (C) will commence with respect to each such change in terms or conditions of the acquisition proposal (except that the five-business-day notice period will instead be equal to three business days).

#### Intervening Event (Page87)
Notwithstanding anything to the contrary contained in the Merger Agreement, Tiptree may, at any time prior to the time at which the Tiptree stockholder approval is obtained, make an adverse recommendation change, pursuant to clause (a) or (b) of the definition thereof if (A) an intervening event (as defined in this