Company: TIPT
Filing Date: 2025-10-31
Form Type: DEFM14A
Source: 0001140361-25-039949
Chunk: 97

Company: TIPTREE INC.
Filing Date: 2025-10-31
Form: DEFM14A
Chunk 97
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5, representatives of Barclays and BofA Securities, Goldman Sachs, Ropes & Gray, Sidley and Latham held calls to discuss Purchaser’s progress in reviewing the draft Merger Agreement and potential next steps. Goldman Sachs emphasized that Purchaser intended to share a revised draft of the Merger Agreement that would bring the parties closer to overall agreement on the transaction. Issues that were discussed included, among other things, Purchaser’s opposition to the inclusion of a ticking fee. Goldman Sachs confirmed that Purchaser had begun soliciting representations and warranties insurance policy quotations and acknowledged that certain points, such as termination fees and triggers, remained unresolved.

On August 28, 2025, representatives of Latham, Ropes & Gray and Sidley held a call during which Latham previewed certain changes that would be reflected in its forthcoming revised draft of the Merger Agreement. Following that call, Latham shared a revised draft of the Merger Agreement with Ropes & Gray generally consistent with the positions expressed on the call, including (i) a broader definition of burdensome condition that included restrictions, conditions, limitations or requirements related to antitrust, foreign direct investment and insurance matters, (ii) the acceleration and payout at closing of Fortegra performance awards, (iii) the deletion of the ticking fee, (iv) a termination fee of 3.75% of the equity value of Fortegra, (v) the addition of a termination fee of 0.5% of the equity value of Fortegra payable by Tiptree in the event that the Merger Agreement is terminated as a result of the failure to obtain the Tiptree stockholder approval (in a circumstance in which the termination fee was not otherwise payable), (vi) a broader definition of Transaction Expenses that would constitute Leakage and therefore a deduction to the Aggregate Purchase Price, and (vii) the execution of employment agreements with Mr. Kahlbaugh and Mr. Rattner as a condition to closing.

On September 3, 2025, Latham shared initial drafts of the form of Tiptree Voting Agreement, form of Fortegra Voting Agreement and the form of restrictive covenant agreement with Ropes & Gray, among other ancillary documents. Between September 3, 2025 and continuing until the finalization and execution of the Tiptree Voting Agreements, the Fortegra Voting Agreements and the Tiptree Restrictive Covenant Agreement on September 26, 2025, representatives of Ropes & Gray, Latham, Barclays and Bof