Company: TIPT
Filing Date: 2025-10-31
Form Type: DEFM14A
Source: 0001140361-25-039949
Chunk: 96

Company: TIPTREE INC.
Filing Date: 2025-10-31
Form: DEFM14A
Chunk 96
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 this meeting, at the direction of Fortegra, representatives of Barclays and BofA Securities informed representatives of Goldman Sachs that the July 27 Valuation was acceptable, subject to Purchaser having completed due diligence and the negotiation by the parties of acceptable definitive transaction documentation. Representatives of Barclays and BofA Securities also requested that Purchaser provide its comments to the initial draft of the Merger Agreement that had been shared as part of the March 14 Process Letter.

On July 31, 2025, representatives of Goldman Sachs informed representatives of Barclays and BofA Securities that Latham would share a revised draft of the Merger Agreement the following week. On August 4, 2025, Latham sent a revised draft of the Merger Agreement (the “August 4 Merger Agreement Draft”) to Ropes & Gray, which was generally consistent with the positions taken by Purchaser in the April 27 Issues List. In addition, the August 4 Merger Agreement Draft contemplated the deduction of transaction expenses of Fortegra from the aggregate purchase price.

On August 14, 2025, Ropes & Gray shared a revised draft of the Merger Agreement with Latham reflecting, among other changes, (i) reinstatement of the “hell-or-high water” obligation to obtain regulatory approvals, other than with respect to insurance regulatory approvals, which would be subject to a narrowed burdensome condition standard that applied only to insurance regulatory approvals, (ii) the acceleration of all equity awards other than Fortegra performance awards, which would continue in effect following the closing, (iii) agreement to a locked box mechanism, (iv) the addition of a 8 percent per annum ticking fee payable by Purchaser if the closing were to occur after a specified date, (v) a termination fee of 2% of the equity value of Fortegra in the event of exercise of the Tiptree Board’s fiduciary out and the deletion of a termination fee of 1% in the event that the Merger Agreement is terminated as a result of the failure to obtain the Tiptree stockholder approval, (vi) the elimination of transaction expenses of Fortegra as a deduction to the aggregate purchase price, and (vii) the removal of post-closing indemnification obligations of Fortegra equityholders, with Purchaser’s sole post-closing recourse for breaches of representations and warranties by Tiptree or Fortegra being limited to recovery under a representations and warranties insurance policy to be purchased by Purchaser.

On August 22, 202