Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 1108

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 1108
---
 with or submitted to, or required to be filed with or submitted to, any Governmental Body in connection with the determination, assessment, collection or payment of any Tax or in connection with the administration, implementation or enforcement of or compliance with any Law relating to any Tax.

“

#### Transaction Expenses
” means, with respect to each Party, all fees and expenses incurred by such Party at or prior to the Effective Time in connection with the Contemplated Transactions and this Agreement, including (a) any fees and expenses of legal counsel and accountants and the maximum amount of fees and expenses payable to financial advisors, investment bankers, brokers, consultants, and other advisors of such Party; (b) fees paid to the SEC in connection with filing the Registration Statement, the Proxy Statement, and any amendments and supplements thereto, with the SEC; (c) any fees and expenses in connection with the printing, mailing and distribution of the Registration Statement and any amendments and supplements thereto; (d) any fees and expenses payable to Nasdaq.

“

#### Treasury Regulations
” means the United States Treasury regulations promulgated under the Code.

<div align='center'>A-85</div>

TABLE OF CONTENTS

### ANNEX B
PIPER SANDLER & CO.

December 17, 2024

Board of Directors 
 Cara Therapeutics, Inc. 
 400 Atlantic Street, Suite 500 
 Stamford, CT 06901

Members of the Board:

You have requested our opinion as to the fairness, from a financial point of view, to Cara Therapeutics, Inc. (the “Company”) of the Exchange Ratio (as defined below) pursuant to the terms of the Agreement and Plan of Merger and Reorganization, to be dated as of December 17, 2024 (the “Agreement”), by and among the Company, CT CONVERGENCE MERGER SUB, INC. (“Merger Sub”), a newly formed, wholly owned subsidiary of the Company, and Tvardi Therapeutics, Inc. (“Tvardi”). The Agreement provides for, among other things, the merger (the “Merger”) of Merger Sub with and into Tvardi, with Tvardi surviving the Merger as a wholly owned subsidiary of the Company. At the effective time of the Merger (the “Effective Time”), by virtue of the Merger and without any further action by the Company, Merger Sub, Tvardi, any stockholder of any of them or any other party, each share of common