# EDGAR Filing Document

**Accession Number:** 0001866368
**File Stem:** 0001193125-26-067535
**Filing Date:** 2026-2
**Character Count:** 1022471
**Document Hash:** de3451631267dd38457d71f13e16e64f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-067535.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0001193125-26-067535

**CONFORMED SUBMISSION TYPE**: SC 13E3

**PUBLIC DOCUMENT COUNT**: 204

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**GROUP MEMBERS**: ALSEK INVESTMENTS PTE. LTD

**GROUP MEMBERS**: FRANCISCO PARTNERS GP VII MANAGEMENT, LLC

**GROUP MEMBERS**: FRANCISCO PARTNERS GP VII, L.P.

**GROUP MEMBERS**: FRANCISCO PARTNERS MANAGEMENT GP, LLC

**GROUP MEMBERS**: FRANCISCO PARTNERS MANAGEMENT, L.P.

**GROUP MEMBERS**: FRANCISCO PARTNERS VII, L.P.

**GROUP MEMBERS**: FRANCISCO PARTNERS VII-A, L.P.

**GROUP MEMBERS**: FRANCISCO PARTNERS VII-B, L.P.

**GROUP MEMBERS**: FRANCISCO PARTNERS VII-C, L.P.

**GROUP MEMBERS**: GT SILVER BIDCO, INC.

**GROUP MEMBERS**: GT SILVER GP, LLC

**GROUP MEMBERS**: GT SILVER HOLDCO, LLC

**GROUP MEMBERS**: GT SILVER MERGER SUB, INC.

**GROUP MEMBERS**: GT SILVER MLP, LLC

**GROUP MEMBERS**: GT SILVER PARENT, LP

**GROUP MEMBERS**: MARTEL LUX TOPCO SCSP

**GROUP MEMBERS**: PERMIRA ADVISERS LLC

**GROUP MEMBERS**: PERMIRA ADVISERS LLP

**GROUP MEMBERS**: PERMIRA INVESTMENT CAPITAL II LP

**GROUP MEMBERS**: PERMIRA INVESTMENT CAPITAL III LP

**GROUP MEMBERS**: PERMIRA INVESTMENT CAPITAL LP

**GROUP MEMBERS**: PERMIRA MANAGEMENT S.A R.L

**GROUP MEMBERS**: PERMIRA PORTFOLIO MANAGEMENT LTD

**GROUP MEMBERS**: PERMIRA T GP S.A R.L.

**GROUP MEMBERS**: PERMIRA VIII - 1 SCSP

**GROUP MEMBERS**: PERMIRA VIII - 2 SCSP

**GROUP MEMBERS**: PERMIRA VIII CIS 2 SCSP

**GROUP MEMBERS**: PERMIRA VIII CIS SCSP

**GROUP MEMBERS**: PERMIRA VIII GP S.A R.L.

**GROUP MEMBERS**: PERMIRA VIII HOLDCO GP S.A R.L.

**GROUP MEMBERS**: PILI 1 PORTFOLIO SCSP

**GROUP MEMBERS**: PILI 2 PORTFOLIO SCSP

**GROUP MEMBERS**: PILI 4 PORTFOLIO SCSP

**GROUP MEMBERS**: REDWOOD OPPORTUNITIES SCSP

**GROUP MEMBERS**: ROBSON INVESTMENTS PTE. LTD.

**GROUP MEMBERS**: TEMASEK CAPITAL (AMERICAS) HOLDINGS PTE. LTD.

**GROUP MEMBERS**: TEMASEK HOLDINGS (PRIVATE) LTD

**GROUP MEMBERS**: WARBURG PINCUS & CO.

**GROUP MEMBERS**: WARBURG PINCUS FINANCIAL SECTOR III PARTNERS, L.P.

**GROUP MEMBERS**: WARBURG PINCUS FINANCIAL SECTOR III, L.P.

**GROUP MEMBERS**: WARBURG PINCUS FINANCIAL SECTOR III-E, L.P.

**GROUP MEMBERS**: WARBURG PINCUS GLOBAL GROWTH 15 INTERNATIONAL, SCSP

**GROUP MEMBERS**: WARBURG PINCUS GLOBAL GROWTH 15 PARTNERS, L.P.

**GROUP MEMBERS**: WARBURG PINCUS GLOBAL GROWTH 15, L.P.

**GROUP MEMBERS**: WARBURG PINCUS GLOBAL GROWTH 15-B, L.P.

**GROUP MEMBERS**: WARBURG PINCUS LLC

**GROUP MEMBERS**: WARBURG PINCUS PARTNERS GP LLC

**GROUP MEMBERS**: WARBURG PINCUS PARTNERS II, L.P.

**GROUP MEMBERS**: WP GLOBAL GROWTH 15 PARTNERS, L.P.

**GROUP MEMBERS**: WP GLOBAL LLC

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Clearwater Analytics Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001866368
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13E3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92913
- **FILM NUMBER:** 26673012

**BUSINESS ADDRESS:**
- **STREET 1:** 777 W. MAIN STREET, SUITE 900
- **CITY:** BOISE
- **STATE:** ID
- **ZIP:** 83702
- **BUSINESS PHONE:** 208-918-2400

**MAIL ADDRESS:**
- **STREET 1:** 777 W. MAIN STREET, SUITE 900
- **CITY:** BOISE
- **STATE:** ID
- **ZIP:** 83702
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Clearwater Analytics Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001866368
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13E3

**BUSINESS ADDRESS:**
- **STREET 1:** 777 W. MAIN STREET, SUITE 900
- **CITY:** BOISE
- **STATE:** ID
- **ZIP:** 83702
- **BUSINESS PHONE:** 208-918-2400

**MAIL ADDRESS:**
- **STREET 1:** 777 W. MAIN STREET, SUITE 900
- **CITY:** BOISE
- **STATE:** ID
- **ZIP:** 83702

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**SCHEDULE 13E-3** 

**RULE 13E-3 TRANSACTION STATEMENT UNDER SECTION 13(E)** 

**OF THE SECURITIES EXCHANGE ACT OF 1934** 

## Clearwater Analytics Holdings, Inc.
**(Name of the Issuer)** 

**Clearwater Analytics Holdings, Inc.** 

**GT Silver BidCo, Inc.** 

**GT Silver Merger Sub, Inc.** 

**Permira VIII – 1 SCSp** 

**Permira VIII – 2 SCSp** 

**Permira VIII CIS SCSp** 

**Permira VIII CIS 2 SCSp** 

**PILI 1 Portfolio SCSp** 

**PILI 2 Portfolio SCSp** 

**PILI 4 Portfolio SCSp** 

**Permira Investment Capital LP** 

**Permira Investment Capital II LP** 

**Permira Investment Capital III LP** 

**Redwood Opportunities SCSp** 

**Permira T GP S.à r.l.** 

**Permira Advisers LLC** 

**Permira Advisers LLP** 

**GT Silver HoldCo, LLC** 

**GT Silver Parent, LP** 

**Martel Lux Topco SCSp** 

**GT Silver MLP, LLC** 

**GT Silver GP, LLC** 

**Permira VIII Holdco GP S.à r.l.** 

**Permira VIII GP S.à r.l.** 

**Permira Management S.à r.l** 

**Permira Portfolio Management Limited** 

**Warburg Pincus LLC** 

**Warburg Pincus Global Growth 15, L.P.** 

**Warburg Pincus Global Growth 15-B, L.P.** 

**Warburg Pincus Global Growth 15 International, SCSp** 

**WP Global Growth 15 Partners, L.P.** 

**Warburg Pincus Global Growth 15 Partners, L.P.** 

**Warburg Pincus Financial Sector III, L.P.** 

**Warburg Pincus Financial Sector III-E, L.P.** 

**Warburg Pincus Financial Sector III Partners, L.P.** 

**Warburg Pincus & Co.** 

**Warburg Pincus Partners GP LLC** 

**Warburg Pincus Partners II, L.P.** 

**WP Global LLC** 

**Francisco Partners VII, L.P.** 

**Francisco Partners VII-A, L.P.** 

**Francisco Partners VII-B, L.P.** 

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**Francisco Partners VII-C, L.P.** 

**Francisco Partners GP VII, L.P.** 

**Francisco Partners GP VII Management, LLC** 

**Francisco Partners Management, L.P.** 

**Francisco Partners Management GP, LLC** 

**Robson Investments Pte. Ltd.** 

**Temasek Holdings (Private) Limited** 

**Alsek Investments Pte. Ltd.** 

**Temasek Capital (Americas) Holdings Pte. Ltd.** 

**(Names of Persons Filing Statement)** 

**Class A Common Stock, par value $0.001 per share** 

**(Title of Class of Securities)** 

**185123106** 

**(CUSIP Number of Class of Securities)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Alphonse Valbrune<br>Chief Legal Officer & Corporate Secretary**<br> **Clearwater Analytics Holdings, Inc.<br>777 W. Main Street, Suite 900<br>Boise, ID 83702<br>(208) 433-1200** | **Permira Advisers LLC**<br> **GT Silver BidCo, Inc.**<br> **GT Silver Merger Sub, Inc.**<br> **GT Silver HoldCo, LLC**<br> **GT Silver Parent, LP**<br> **GT Silver MLP, LLC**<br> **GT Silver GP, LLC**<br> **c/o Permira Advisers LLC**<br> **320 Park Avenue, 23<sup>rd</sup> Floor**<br> **New York, NY 10022**<br> **(212) 386-7480**<br> **Permira VIII – 1 SCSp**<br> **Permira VIII – 2 SCSp**<br> **Permira VIII CIS SCSp**<br> **Permira VIII CIS 2 SCSp**<br> **PILI 1 Portfolio SCSp**<br> **PILI 2 Portfolio SCSp**<br> **PILI 4 Portfolio SCSp**<br> **Martel Lux Topco SCSp**<br> **Permira VIII Holdco GP S.à r.l.**<br> **Permira VIII GP S.à r.l.**<br> **Permira Management S.à r.l**<br> **c/o Permira Management S.à r.l.,**<br> **488 route de Longwy, L-1940**<br> **Luxembourg**<br> **+352 26 441 651**<br> **Redwood Opportunities SCSp**<br> **Permira T GP S.à r.l.**<br> **c/o Permira LP Co-Investment GP S.à r.l.**<br> **8, Rue Lou Hemmer, L-1748, Luxembourg**<br> **+352 26 441 651**<br> **Permira Investment Capital LP**<br> **Permira Investment Capital II LP**<br> **Permira Investment Capital III LP**<br> **Permira Portfolio Management Limited**<br> **c/o Permira Advisers Limited,**<br> **PO Box 503,**<br> **Trafalgar Court,**<br> **Les Banques, St Peter Port,**<br> **GY1 6DJ, Guernsey**<br> **+44 1481 743 200** | **Warburg Pincus LLC**<br> **Warburg Pincus Global Growth 15, L.P.**<br> **Warburg Pincus Global Growth 15-B, L.P.**<br> **Warburg Pincus Global Growth 15 International, SCSp**<br> **WP Global Growth 15 Partners, L.P.**<br> **Warburg Pincus Global Growth 15 Partners, L.P.**<br> **Warburg Pincus Financial Sector III, L.P.**<br> **Warburg Pincus Financial Sector III-E, L.P.**<br> **Warburg Pincus Financial Sector III Partners, L.P.**<br> **450 Lexington Avenue**<br> **New York, NY 10017**<br> **(212) 878-9207** | **Francisco Partners VII, L.P.**<br> **Francisco Partners VII-A, L.P.**<br> **Francisco Partners VII-B, L.P.**<br> **Francisco Partners VII-C, L.P.**<br> **Francisco Partners GP VII, L.P.**<br> **Francisco Partners GP VII Management, LLC**<br> **Francisco Partners Management, L.P.**<br> **Francisco Partners Management GP, LLC**<br> **One Letterman Drive, Building C – Suite 410, San Francisco, CA, 94129**<br> **(415) 418-2900** | **Robson Investments Pte. Ltd.**<br> **Temasek Holdings (Private) Limited**<br> **Alsek Investments Pte. Ltd.**<br> **Temasek Capital (Americas) Holdings Pte. Ltd.**<br> **60B Orchard<br>Road, #06-18 Tower 2, The Atrium@Orchard, Singapore 238891**<br> **+65 6828 6828** |

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**(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of the Persons Filing Statement)** 

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***With copies to***

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| | | | |
|:---|:---|:---|:---|
| **Thomas E. Dunn**<br> **Daniel J. Cerqueira**<br> **Cravath, Swaine & Moore LLP**<br> **Two Manhattan West**<br> **375 Ninth Avenue**<br> **New York, NY 10001**<br> **(212) 474-1000** | **Brian Mangino**<br> **Amber Banks**<br> **Max Schleusener<br>Latham & Watkins LLP<br>Time-Life Building**<br> **1271 6th Avenue<br>New York, NY 10020<br>(212) 906-1200** | **Atif Azher**<br> **Naveed Anwar**<br> **Simpson Thacher & Barlett LLP**<br> **2475 Hanover Street**<br> **Palo Alto, CA 94304**<br> **(650) 251-5000** | **John Kupiec**<br> **Cleary Gottlieb Steen & Hamilton LLP**<br> **One Liberty Plaza**<br> **New York NY 10006**<br> **(212) 225 2000** |

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This statement is filed in connection with (check the appropriate box):

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| | | |
|:---|:---|:---|
| a.  | ☒ | The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934. |
| b.  | ☐ | The filing of a registration statement under the Securities Act of 1933. |
| c.  | ☐ | A tender offer. |
| d.  | ☐ | None of the above. |

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Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: ☒

Check the following box if the filing is a final amendment reporting the results of the transaction: ☐

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of this transaction, passed upon the merits or fairness of this transaction, or passed upon the adequacy or accuracy of the disclosure in this transaction statement on Schedule 13E-3. Any representation to the contrary is a criminal offense.** 

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**INTRODUCTION** 

This Rule 13e-3 transaction statement on Schedule 13E-3, together with the exhibits hereto (this "Schedule 13E-3" or "Transaction Statement"), is being filed with the Securities and Exchange Commission (the "SEC") pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the "Exchange Act"), jointly by the following persons (each, a "Filing Person," and collectively, the "Filing Persons"): (i) Clearwater Analytics Holdings, Inc., a Delaware corporation (the "Company") and the issuer of the Class A common stock, par value $0.001 per share (the "Company Class A Common Stock") that is subject to the Rule 13e-3 transaction; (ii) GT Silver BidCo, Inc., a Delaware corporation ("Parent"); (iii) GT Silver Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent ("Merger Sub"); (iv) Permira Advisers LLC, a New York limited liability company ("Permira"); (v) Permira VIII - 1 SCSp, a *société en commandite spéciale* organized and existing under the laws of Grand Duchy of Luxembourg; (vi) Permira VIII - 2 SCSp, a *société en commandite spéciale* organized and existing under the laws of Grand Duchy of Luxembourg; (vii) Permira VIII CIS SCSp, a *société en commandite spéciale* organized and existing under the laws of Grand Duchy of Luxembourg; (viii) Permira VIII CIS 2 SCSp, a *société en commandite spéciale* organized and existing under the laws of Grand Duchy of Luxembourg; (ix) PILI 1 Portfolio SCSp, a *société en commandite spéciale* organized and existing under the laws of Grand Duchy of Luxembourg; (x) PILI 2 Portfolio SCSp, a *société en commandite spéciale* organized and existing under the laws of Grand Duchy of Luxembourg; (xi) PILI 4 Portfolio SCSp, a *société en commandite spéciale* organized and existing under the laws of Grand Duchy of Luxembourg; (xii) Permira Investment Capital LP, a limited partnership organized and existing under the laws of Guernsey; (xiii) Permira Investment Capital II LP, a limited partnership organized and existing under the laws of Guernsey; (xiv) Permira Investment Capital III LP, a limited partnership organized and existing under the laws of Guernsey; (xv) Redwood Opportunities SCSp, a société en commandite spéciale organized and existing under the laws of the Grand Duchy of Luxembourg; (xvi) Permira T GP S.à r.l., a société à responsabilité limitée organized and existing under the laws of the Grand Duchy of Luxembourg; (xvii) Permira Advisers LLP, a limited liability partnership organized and existing under the laws of England and Wales; (xviii) GT Silver HoldCo, LLC, a Delaware limited liability company (to be converted into GT Silver HoldCo, Inc.); (xix) GT Silver Parent, LP, a Delaware limited partnership; (xx) Martel Lux Topco SCSp, a société en commandite spéciale organized and existing under the laws of the Grand Duchy of Luxembourg; (xxi) GT Silver MLP, LLC, a Delaware limited liability company; (xxii) GT Silver GP, LLC, a Delaware limited liability company; (xxiii) Permira VIII Holdco GP S.à r.l., a société à responsabilité limitée organized and existing under the laws of the Grand Duchy of Luxembourg; (xxiv) Permira VIII GP S.à r.l., a société à responsabilité limitée organized and existing under the laws of the Grand Duchy of Luxembourg; (xxv) Permira Management S.à r.l., a société à responsabilité limitée organized and existing under the laws of Grand Duchy of Luxembourg; (xxvi) Permira Portfolio Management Limited, a private limited company organized and existing under the laws of Guernsey; (xxvii) Warburg Pincus LLC, a New York limited liability company ("Warburg Pincus"); (xxviii) Warburg Pincus Global Growth 15, L.P., a Delaware limited partnership; (xxix) Warburg Pincus Global Growth 15-B, L.P., a Delaware limited partnership; (xxx) Warburg Pincus Global Growth 15 International, SCSp, a société en commandite spéciale organized and existing under the laws of the Grand Duchy of Luxembourg; (xxxi) WP Global Growth 15 Partners, L.P., a Delaware limited partnership; (xxxii) Warburg Pincus Global Growth 15 Partners, L.P., a Delaware limited partnership; (xxxiii) Warburg Pincus Financial Sector III, L.P., a Delaware limited partnership; (xxxiv) Warburg Pincus Financial Sector III-E, L.P., a Delaware limited partnership; (xxxv) Warburg Pincus Financial Sector III Partners, L.P., a Delaware limited partnership; (xxxvi) Warburg Pincus & Co., a New York general partnership; (xxxvii) Warburg Pincus Partners GP LLC, a Delaware limited liability company; (xxxviii) Warburg Pincus Partners II, L.P., a Delaware limited partnership; (xxxix) WP Global LLC, a Delaware limited liability company; (xl) Francisco Partners VII, L.P., a Cayman Islands exempted limited partnership; (xli) Francisco Partners VII-A, L.P., a Cayman Islands exempted limited partnership; (xlii) Francisco Partners VII-B, L.P., a Delaware limited partnership; (xliii) Francisco Partners VII-C, L.P., a Delaware limited partnership; (xliv) Francisco Partners GP VII, L.P., a Cayman Islands exempted limited partnership; (xlv) Francisco Partners GP VII Management, LLC, a Cayman Islands limited liability company; (xlvi) Francisco Partners Management, L.P., a Delaware limited partnership ("Francisco Partners"); (xlvii) Francisco Partners Management GP, LLC, a Delaware limited liability company;

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(xlviii) Robson Investments Pte. Ltd., a private investment holding company registered in Singapore; (xlix) Temasek Holdings (Private) Limited, a private investment holding company registered in Singapore ("Temasek"); (xlx) Alsek Investments Pte. Ltd., a private investment holding company registered in Singapore; and (xlxi) Temasek Capital (Americas) Holdings Pte. Ltd., a private investment holding company registered in Singapore.

This Transaction Statement relates to the Agreement and Plan of Merger, dated as of December 20, 2025 (as it may be amended from time to time, the "Merger Agreement"), by and among Parent, Merger Sub and the Company, pursuant to which, on the terms and the conditions set forth therein and in accordance with the Delaware General Corporation Law (the "DGCL"), Merger Sub will merge with and into the Company (the "Merger" and together with the other transactions contemplated by the Merger Agreement, collectively, the "Transactions") with the Company surviving the Merger as a wholly owned subsidiary of Parent. The corporation surviving the Merger will be collectively owned, directly or indirectly, by certain funds managed by Permira, Warburg Pincus, Francisco Partners and Temasek.

On the terms and subject to the conditions set forth in the Merger Agreement, each share of Company Class A Common Stock issued and outstanding immediately prior to the effective time of the Merger (the "Effective Time") (other than shares of Company Class A Common Stock (i) owned by Parent or Merger Sub, (ii) owned by the Company as treasury shares or (iii) held by any person who properly exercises appraisal rights under the DGCL) will be converted, at the Effective Time, into the right to receive an amount in cash equal to $24.55 per share, without interest (the "Merger Consideration").

Concurrent with the mailing of a preliminary proxy statement (the "Proxy Statement") under Schedule 14A of the Exchange Act, the Company will exercise its right to require each holder of Class A Common Units of CWAN Holdings, LLC, a Delaware limited liability company ("OpCo" and such units, the "OpCo Units") to exchange all of such holder's OpCo Units and shares of Class B common stock, par value $0.001 per share, of the Company (the "Company Class B Common Stock", and together with the Company Class A Common Stock, the Company's Class C common stock, par value $0.001 per share, and the Company's Class D common stock, par value $0.001 per share, the "Company Common Stock") for shares of Company Class A Common Stock (the "OpCo Units Exchange") immediately prior to the Effective Time and in accordance with the OpCo's limited liability agreement and the Company's certificate of incorporation by delivering a mandatory exchange notice to all of the holders of OpCo Units. The OpCo Units Exchange will be effected immediately prior to, and conditioned on the occurrence of, the Effective Time. Each share of Company Class B Common Stock will automatically be canceled immediately upon the consummation of the OpCo Units Exchange, such that no shares of Company Class B Common Stock will remain outstanding as of immediately prior to the Effective Time.

In connection with entering into the Merger Agreement, Parent obtained equity financing commitments in an aggregate amount of approximately $5,900,000,000 from certain funds affiliated with each of Permira, Warburg Pincus, Francisco Partners and Temasek (to fund the transactions contemplated by the Merger Agreement, subject to the terms and conditions set forth in the equity commitment letters provided by each of the parties thereto, dated as of December 20, 2025). In addition, in connection with entering the Merger Agreement, certain affiliates of Permira, Warburg Pincus, Francisco Partners and Temasek entered into an interim investors agreement governing the relationship among the parties thereto between signing and closing of the Merger Agreement.

The board of directors of the Company (the "Board") established a special committee of the Board comprised solely of independent and disinterested directors of the Company (the "Special Committee") to review, consider, evaluate and negotiate the Merger Agreement, as well as consider other strategic alternatives, make a determination as to whether the Transactions are fair to, advisable and in the best interests of, the Company and its stockholders and make a recommendation to the Board with respect to the Transactions. After careful consideration, the Special Committee, at a meeting duly called and held, determined to recommend approval of the Transactions and unanimously: (i) determined that the Merger Agreement and the Transactions,

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on the terms and subject to the conditions set forth in the Merger Agreement, are fair to, advisable and in the best interests of the Company and its stockholders; (ii) determined that the Merger Agreement and the Transactions are fair (as used in Item 1014(a) of Regulation M-A) to, and in the best interests of, the "unaffiliated security holders" of the Company, as defined in Rule 13e-3(a) under the Exchange Act (the "Unaffiliated Security Holders"); and (iii) recommended that the Board (a) approve and declare advisable the Merger Agreement and the Transactions and (b) recommend adoption of the Merger Agreement to the stockholders of the Company.

The Board (excluding directors affiliated with Welsh Carson Anderson & Stowe ("Welsh Carson"), Warburg Pincus and Permira, none of whom voted on the approval of the Merger Agreement and the Transactions), at a meeting duly called and held, acting upon the unanimous recommendation of the Special Committee: (i) determined that it is advisable and fair to, and in the best interests of, the Company and the stockholders of the Company, that the Company enter into the Merger Agreement and consummate the Transactions; (ii) determined that the Merger Agreement and the Transactions are fair to, and in the best interests of, the Unaffiliated Security Holders; (iii) adopted resolutions approving and declaring the advisability of the Merger Agreement and the consummation of the Transactions, including the Merger; (iv) adopted resolutions recommending the adoption of the Merger Agreement by the stockholders of the Company entitled to vote thereon; and (v) directed that the Merger Agreement and the Transactions be submitted to the stockholders of the Company entitled to vote thereon for adoption.

Concurrently with the filing of this Schedule 13E-3, the Company is filing with the SEC the Proxy Statement, relating to a special meeting of the stockholders of the Company (the "Special Meeting") at which the stockholders of the Company will consider and vote upon a proposal to adopt the Merger Agreement and the Transactions, including the Merger. The Merger cannot be completed unless the Merger Agreement is adopted by the affirmative vote of the holders of (i) a majority of the outstanding voting power of the Company Common Stock entitled to vote thereon and (ii) a majority of the votes cast by the "disinterested stockholders" (as defined in Section 144 of the DGCL) (the "Disinterested Stockholders", and the approvals described in clauses (i) and (ii) of this sentence, collectively, the "Company Stockholder Approval"). Under the Merger Agreement, the receipt of the Company Stockholder Approval is a condition to the consummation of the Merger. A copy of the Proxy Statement is attached hereto as Exhibit (a)(2)(i) and incorporated herein by reference. A copy of the Merger Agreement is attached hereto as Exhibit (d)(i) and is also included as Annex A to the Proxy Statement and incorporated herein by reference. The Disinterested Stockholders do not include (i) Parent, Merger Sub and their respective controlled affiliates, (ii) Permira, its investment fund affiliates and its portfolio companies majority owned by such investment fund affiliates, (iii) Warburg Pincus, its investment fund affiliates and its portfolio companies majority owned by such investment fund affiliates, (iv) Welsh Carson, its investment fund affiliates and its portfolio companies majority owned by such investment fund affiliates, (v) any members of the Board who are employees of Permira, Warburg Pincus, Welsh Carson or any of their respective affiliates or (vi) any person that the Company has determined to be an "officer" of the Company within the meaning of Rule 16a-1(f) of the Exchange Act.

The cross-references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Proxy Statement of the information required to be included in response to the items of Schedule 13E-3. Pursuant to General Instruction F to Schedule 13E-3, the information contained in the Proxy Statement, including all annexes thereto, is incorporated in its entirety herein by reference, and the responses to each item in this Schedule 13E-3 are qualified in their entirety by the information contained in the Proxy Statement and the annexes thereto.

As of the date hereof, the Proxy Statement is in preliminary form and is subject to completion and/or amendment. This Schedule 13E-3 will be amended to reflect such completion or amendment of the Proxy Statement. Capitalized terms used but not expressly defined in this Schedule 13E-3 shall have the respective meanings given to them in the Proxy Statement.

The information concerning the Company contained in, or incorporated by reference into this Schedule 13E-3 and the Proxy Statement was supplied by the Company. Similarly, all information concerning

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each other Filing Person contained in, or incorporated by reference into, this Schedule 13E-3 and the Proxy Statement was supplied by such Filing Person. No Filing Person, including the Company, is responsible for the accuracy of any information supplied by any other Filing Person.

While each of the Filing Persons acknowledges that the Merger may be deemed to constitute a "going private" transaction for purposes of Rule 13e-3 under the Exchange Act, the filing of this Transaction Statement shall not be construed as an admission by any Filing Person, or by any affiliate of a Filing Person, that the Company is "controlled" by any of the Filing Persons and/or their respective affiliates.

**Item 1.** **Summary Term Sheet** <br>

The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"* 

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"* 

**Item 2.** **Subject Company Information** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Name and Address**. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET — The Parties to the Merger — Clearwater Analytics Holdings, Inc."* 

*"THE PARTIES TO THE MERGER — Clearwater Analytics Holdings, Inc."* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Securities**. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET — Record Date and Stockholders Entitled to Vote; Vote Required"* 

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"* 

*"THE SPECIAL MEETING — Record Date and Stockholders Entitled to Vote"* 

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Beneficial Ownership of Company Common Stock by Management, Directors and Holders of 5% or More of Company Common Stock"* 

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Market Price of Shares and Dividends"* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Trading Market and Price**. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Market Price of Shares and Dividends"* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Dividends**. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Market Price of Shares and Dividends"* 

*"THE MERGER AGREEMENT — Covenants Regarding Conduct of Business by the Company Pending the Effective Time"* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Prior Public Offerings**. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Prior Public Offerings"* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Prior Stock Purchases**. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Certain Transactions in the Shares of Company Common Stock"* 

**Item 3.** **Identity and Background of Filing Person** <br>

**(a)–(c) Name and Address; Business and Background of Entities; Business and Background of Natural Persons.** Clearwater Analytics Holdings, Inc. is the subject company. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET — The Parties to the Merger"* 

*"THE PARTIES TO THE MERGER"* 

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY"* 

*"OTHER IMPORTANT INFORMATION REGARDING THE PURCHASER FILING PARTIES"* 

**Item 4.** **Terms of the Transaction** <br>

**(a)(1) Tender Offers**. Not Applicable.

**(a)(2) Merger or Similar Transactions.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"* 

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"* 

*"SPECIAL FACTORS — Background of the Merger"* 

*"SPECIAL FACTORS — Certain Financial Forecasts"* 

*"SPECIAL FACTORS — Opinion of PJT Partners"* 

*"SPECIAL FACTORS — Opinion of J.P. Morgan"* 

*"SPECIAL FACTORS — Recommendation of the Special Committee"* 

*"SPECIAL FACTORS — Recommendation of the Board"* 

*"SPECIAL FACTORS — Reasons for the Merger"* 

*"SPECIAL FACTORS — Purpose and Reasons of Purchaser Filing Parties for the Merger"* 

*"SPECIAL FACTORS — Position of Purchaser Filing Parties as to the Fairness of the Merger"* 

*"SPECIAL FACTORS — Plans for the Company After the Merger"* 

------

*"SPECIAL FACTORS — Certain Effects of the Merger"* 

*"SPECIAL FACTORS — Effects on the Company if the Merger Is Not Consummated"* 

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"* 

*"SPECIAL FACTORS — Material U.S. Federal Income Tax Consequences of the Merger"* 

*"SPECIAL FACTORS — Delisting and Deregistration of Company Class A Common Stock"* 

*"THE SPECIAL MEETING — Vote Required"* 

*"THE MERGER AGREEMENT"* 

*"DELISTING AND DEREGISTRATION OF COMMON STOCK"* 

*Annex A — Agreement and Plan of Merger* 

*Annex B — Opinion of PJT Partners* 

*Annex C — Opinion of J.P. Morgan* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Different Terms**. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"* 

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"* 

*"SPECIAL FACTORS — Plans for the Company After the Merger"* 

*"SPECIAL FACTORS — Certain Effects of the Merger"* 

*"SPECIAL FACTORS — Effects on the Company if the Merger Is Not Consummated"* 

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"* 

*"THE MERGER AGREEMENT — Consideration To Be Received in the Merger"* 

*"THE MERGER AGREEMENT — Exchange of OpCo Units and Company Class B Common Stock"* 

*"THE MERGER AGREEMENT — Treatment of Company Equity-Based Awards"* 

*"THE MERGER AGREEMENT — Payment for Stock"* 

*"THE MERGER AGREEMENT — Employee Benefits Matters"* 

*"THE MERGER AGREEMENT — Indemnification and Insurance"* 

*"PROPOSAL 2: ADVISORY COMPENSATION PROPOSAL"* 

*Annex A — Agreement and Plan of Merger* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Appraisal Rights**. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"* 

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"* 

*"SPECIAL FACTORS — Appraisal Rights"* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Provisions for Unaffiliated Security Holders.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SPECIAL FACTORS — Provisions for Unaffiliated Security Holders"* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Eligibility for Listing or Trading**. Not Applicable.

**Item 5.** **Past Contacts, Transactions, Negotiations and Agreements** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Transactions.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SPECIAL FACTORS — Background of the Merger"* 

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"* 

*"SPECIAL FACTORS — Financing of the Merger"* 

*"THE MERGER AGREEMENT"* 

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Prior Public Offerings"* 

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Certain Transactions in the Shares of Company Common Stock"* 

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Past Contacts, Transactions, Negotiations and Agreements"* 

*"OTHER IMPORTANT INFORMATION REGARDING THE PURCHASER FILING PARTIES"* 

*"PROPOSAL 2: ADVISORY COMPENSATION PROPOSAL"* 

*Annex A — Agreement and Plan of Merger* 

**(b)-(c) Significant Corporate Events; Negotiations or Contacts.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SPECIAL FACTORS — Background of the Merger"* 

*"SPECIAL FACTORS — Recommendation of the Special Committee"* 

*"SPECIAL FACTORS — Recommendation of the Board"* 

*"SPECIAL FACTORS — Reasons for the Merger"* 

------

*"SPECIAL FACTORS — Purpose and Reasons of Purchaser Filing Parties for the Merger"* 

*"SPECIAL FACTORS — Position of Purchaser Filing Parties as to the Fairness of the Merger"* 

*"SPECIAL FACTORS — Financing of the Merger"* 

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"* 

*"THE MERGER AGREEMENT"* 

*"INTERIM INVESTORS AGREEMENT"* 

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Past Contacts, Transactions, Negotiations and Agreements"* 

*Annex A — Agreement and Plan of Merger* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Agreements Involving the Subject Company's Securities.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"* 

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"* 

*"SPECIAL FACTORS — Background of the Merger"* 

*"SPECIAL FACTORS — Reasons for the Merger"* 

*"SPECIAL FACTORS — Purpose and Reasons of Purchaser Filing Parties for the Merger"* 

*"SPECIAL FACTORS — Position of Purchaser Filing Parties as to the Fairness of the Merger"* 

*"SPECIAL FACTORS — Plans for the Company After the Merger"* 

*"SPECIAL FACTORS — Certain Effects of the Merger"* 

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"* 

*"SPECIAL FACTORS — Financing of the Merger"* 

*"THE MERGER AGREEMENT"* 

*"INTERIM INVESTORS AGREEMENT"* 

*"PROPOSAL 2: ADVISORY COMPENSATION PROPOSAL"* 

*Annex A — Agreement and Plan of Merger* 

**Item 6.** **Purposes of the Transaction and Plans or Proposals** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Use of Securities Acquired.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"* 

------

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"* 

*"SPECIAL FACTORS — Plans for the Company After the Merger"* 

*"SPECIAL FACTORS — Certain Effects of the Merger"* 

*"SPECIAL FACTORS — Effects on the Company if the Merger Is Not Consummated"* 

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"* 

*"SPECIAL FACTORS — Delisting and Deregistration of Company Class A Common Stock"* 

*"SPECIAL FACTORS — Financing of the Merger"* 

*"SPECIAL FACTORS — Purpose and Reasons of Purchaser Filing Parties for the Merger"* 

*"THE MERGER AGREEMENT — Effects of the Merger"* 

*"THE MERGER AGREEMENT — Closing and Effective Time of the Merger"* 

*"THE MERGER AGREEMENT — Consideration To Be Received in the Merger"* 

*"THE MERGER AGREEMENT — Exchange of OpCo Units and Company Class B Common Stock"* 

*"THE MERGER AGREEMENT — Treatment of Company Equity-Based Awards"* 

*"THE MERGER AGREEMENT — Payment for Stock"* 

*"DELISTING AND DEREGISTRATION OF COMMON STOCK"* 

*Annex A — Agreement and Plan of Merger* 

**(c)(1)–(8) Plans**. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"* 

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"* 

*"SPECIAL FACTORS — Background of the Merger"* 

*"SPECIAL FACTORS — Recommendation of the Special Committee"* 

*"SPECIAL FACTORS — Recommendation of the Board"* 

*"SPECIAL FACTORS — Reasons for the Merger"* 

*"SPECIAL FACTORS — Purpose and Reasons of Purchaser Filing Parties for the Merger"* 

*"SPECIAL FACTORS — Position of Purchaser Filing Parties as to the Fairness of the Merger"* 

*"SPECIAL FACTORS — Plans for the Company After the Merger"* 

------

*"SPECIAL FACTORS — Certain Effects of the Merger"* 

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"* 

*"SPECIAL FACTORS — Financing of the Merger"* 

*"SPECIAL FACTORS — Delisting and Deregistration of Company Class A Common Stock"* 

*"THE MERGER AGREEMENT — Effects of the Merger"* 

*"THE MERGER AGREEMENT — Consideration To Be Received in the Merger"* 

*"THE MERGER AGREEMENT — Exchange of OpCo Units and Company Class B Common Stock"* 

*"THE MERGER AGREEMENT — Closing and Effective Time of the Merger"* 

*"THE MERGER AGREEMENT — Directors and Officers of the Surviving Corporation"* 

*"THE MERGER AGREEMENT — Treatment of Company Equity-Based Awards"* 

*"THE MERGER AGREEMENT — Covenants Regarding Conduct of Business by the Company Pending the Effective Time"* 

*"THE SPECIAL MEETING — Voting by Company Directors and Executive Officers"* 

*"PROPOSAL 2: ADVISORY COMPENSATION PROPOSAL"* 

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Market Price of Shares and Dividends"* 

*"DELISTING AND DEREGISTRATION OF COMMON STOCK"* 

*Annex A — Agreement and Plan of Merger* 

**Item 7.** **Purposes, Alternatives, Reasons and Effects** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Purposes.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"* 

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"* 

*"SPECIAL FACTORS — Background of the Merger"* 

*"SPECIAL FACTORS — Recommendation of the Special Committee"* 

*"SPECIAL FACTORS — Recommendation of the Board"* 

*"SPECIAL FACTORS — Reasons for the Merger"* 

*"SPECIAL FACTORS — Purpose and Reasons of Purchaser Filing Parties for the Merger"* 

------

*"SPECIAL FACTORS — Position of Purchaser Filing Parties as to the Fairness of the Merger"* 

*"SPECIAL FACTORS — Plans for the Company After the Merger"* 

*"SPECIAL FACTORS — Certain Effects of the Merger"* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Alternatives.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SPECIAL FACTORS — Background of the Merger"* 

*"SPECIAL FACTORS — Reasons for the Merger"* 

*"SPECIAL FACTORS — Purpose and Reasons of Purchaser Filing Parties for the Merger"* 

*"SPECIAL FACTORS — Position of Purchaser Filing Parties as to the Fairness of the Merger"* 

*"SPECIAL FACTORS — Effects on the Company if the Merger Is Not Consummated"* 

*"THE MERGER AGREEMENT — Go-Shop; No Solicitation; Change in Board Recommendation"* 

*Annex A — Agreement and Plan of Merger* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Reasons.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"* 

*"SPECIAL FACTORS — Background of the Merger"* 

*"SPECIAL FACTORS — Opinion of PJT Partners"* 

*"SPECIAL FACTORS — Opinion of J.P. Morgan"* 

*"SPECIAL FACTORS — Recommendation of the Special Committee"* 

*"SPECIAL FACTORS — Recommendation of the Board"* 

*"SPECIAL FACTORS — Reasons for the Merger"* 

*"SPECIAL FACTORS — Certain Financial Forecasts"* 

*"SPECIAL FACTORS — Purpose and Reasons of Purchaser Filing Parties for the Merger"* 

*"SPECIAL FACTORS — Position of Purchaser Filing Parties as to the Fairness of the Merger"* 

*"SPECIAL FACTORS — Plans for the Company After the Merger"* 

*"SPECIAL FACTORS — Certain Effects of the Merger"* 

*Annex B — Opinion of PJT Partners* 

*Annex C — Opinion of J.P. Morgan* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Effects.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"* 

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"* 

*"SPECIAL FACTORS — Recommendation of the Special Committee"* 

*"SPECIAL FACTORS — Recommendation of the Board"* 

*"SPECIAL FACTORS — Background of the Merger"* 

*"SPECIAL FACTORS — Reasons for the Merger"* 

*"SPECIAL FACTORS — Purpose and Reasons of Purchaser Filing Parties for the Merger"* 

*"SPECIAL FACTORS — Position of Purchaser Filing Parties as to the Fairness of the Merger"* 

*"SPECIAL FACTORS — Plans for the Company After the Merger"* 

*"SPECIAL FACTORS — Certain Effects of the Merger"* 

*"SPECIAL FACTORS — Effects on the Company if the Merger Is Not Consummated"* 

*"SPECIAL FACTORS — Financing of the Merger"* 

*"SPECIAL FACTORS — Appraisal Rights"* 

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"* 

*"SPECIAL FACTORS — Material U.S. Federal Income Tax Consequences of the Merger"* 

*"SPECIAL FACTORS — Delisting and Deregistration of Company Class A Common Stock"* 

*"SPECIAL FACTORS — Fees and Expenses"* 

*"THE MERGER AGREEMENT — Effects of the Merger"* 

*"THE MERGER AGREEMENT — Closing and Effective Time of the Merger"* 

*"THE MERGER AGREEMENT — Directors and Officers of the Surviving Corporation"* 

*"THE MERGER AGREEMENT — Consideration To Be Received in the Merger"* 

*"THE MERGER AGREEMENT — Exchange of OpCo Units and Company Class B Common Stock"* 

*"THE MERGER AGREEMENT — Excluded Shares"* 

*"THE MERGER AGREEMENT — Treatment of Company Equity-Based Awards"* 

*"THE MERGER AGREEMENT — Payment for Stock"* 

------

*"THE MERGER AGREEMENT — Termination of Exchange Fund"* 

*"THE MERGER AGREEMENT — Appraisal Rights"* 

*"THE MERGER AGREEMENT — Indemnification and Insurance"* 

*"THE MERGER AGREEMENT — Employee Benefits Matters"* 

*"THE MERGER AGREEMENT — Fees and Expenses"* 

*"THE MERGER AGREEMENT — Withholding Taxes"* 

*"PROPOSAL 2: ADVISORY COMPENSATION PROPOSAL"* 

*"DELISTING AND DEREGISTRATION OF COMMON STOCK"* 

*Annex A — Agreement and Plan of Merger* 

**Item 8.** **Fairness of the Transaction** <br>

**(a)–(b) Fairness; Factors Considered in Determining Fairness.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"* 

*"SPECIAL FACTORS — Background of the Merger"* 

*"SPECIAL FACTORS — Recommendation of the Special Committee"* 

*"SPECIAL FACTORS — Recommendation of the Board"* 

*"SPECIAL FACTORS — Reasons for the Merger"* 

*"SPECIAL FACTORS — Purpose and Reasons of Purchaser Filing Parties for the Merger"* 

*"SPECIAL FACTORS — Position of Purchaser Filing Parties as to the Fairness of the Merger"* 

*"SPECIAL FACTORS — Certain Financial Forecasts"* 

*"SPECIAL FACTORS — Opinion of PJT Partners"* 

*"SPECIAL FACTORS — Opinion of J.P. Morgan"* 

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"* 

*Annex B — Opinion of PJT Partners* 

*Annex C — Opinion of J.P. Morgan* 

The discussion materials prepared by PJT Partners LP ("PJT Partners") and provided to the Special Committee, dated December 20, 2025, December 15, 2025 and December 15, 2025, and by J.P. Morgan Securities LLC ("J.P. Morgan") and provided to the Board or Special Committee, as applicable, dated December 20, 2025, December 15, 2025, October 29, 2025 and October 20, 2025, are attached hereto as Exhibits (c)(ii) through (c)(iv) and Exhibits (c)(vi) through (c)(ix) and are each incorporated by reference herein.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Approval of Security Holders.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"* 

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"* 

*"SPECIAL FACTORS — Background of the Merger"* 

*"SPECIAL FACTORS — Reasons for the Merger"* 

*"THE MERGER AGREEMENT — Conditions of the Merger"* 

*"THE SPECIAL MEETING — Vote Required"* 

*"PROPOSAL 1: MERGER AGREEMENT PROPOSAL"* 

*Annex A — Agreement and Plan of Merger* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Unaffiliated Representative.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"* 

*"SPECIAL FACTORS — Background of the Merger"* 

*"SPECIAL FACTORS — Reasons for the Merger"* 

*"SPECIAL FACTORS — Purpose and Reasons of Purchaser Filing Parties for the Merger"* 

*"SPECIAL FACTORS — Position of Purchaser Filing Parties as to the Fairness of the Merger"* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Approval of Directors.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"* 

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"* 

*"SPECIAL FACTORS — Background of the Merger"* 

*"SPECIAL FACTORS — Recommendation of the Special Committee"* 

*"SPECIAL FACTORS — Recommendation of the Board"* 

*"SPECIAL FACTORS — Reasons for the Merger"* 

*"SPECIAL FACTORS — Purpose and Reasons of Purchaser Filing Parties for the Merger"* 

*"SPECIAL FACTORS — Position of Purchaser Filing Parties as to the Fairness of the Merger"* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Other Offers.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SPECIAL FACTORS — Background of the Merger"* 

------

*"SPECIAL FACTORS — Recommendation of the Special Committee"* 

*"SPECIAL FACTORS — Recommendation of the Board"* 

*"SPECIAL FACTORS — Reasons for the Merger"* 

*"SPECIAL FACTORS — Purpose and Reasons of Purchaser Filing Parties for the Merger"* 

*"SPECIAL FACTORS — Position of Purchaser Filing Parties as to the Fairness of the Merger"* 

*"THE MERGER AGREEMENT — Go-Shop; No Solicitation; Change in Board Recommendation"* 

*Annex A — Agreement and Plan of Merger* 

**Item 9.** **Reports, Opinions, Appraisals and Negotiations** <br>

**(a)–(c) Report, Opinion or Appraisal; Preparer and Summary of the Report, Opinion or Appraisal; Availability of Documents**. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference.

*"SUMMARY TERM SHEET"* 

*"SPECIAL FACTORS — Background of the Merger"* 

*"SPECIAL FACTORS — Reasons for the Merger"* 

*"SPECIAL FACTORS — Purpose and Reasons of Purchaser Filing Parties for the Merger"* 

*"SPECIAL FACTORS — Position of Purchaser Filing Parties as to the Fairness of the Merger"* 

*"SPECIAL FACTORS — Opinion of PJT Partners"* 

*"SPECIAL FACTORS — Opinion of J.P. Morgan"* 

*"WHERE YOU CAN FIND MORE INFORMATION"* 

*Annex B — Opinion of PJT Partners* 

*Annex C — Opinion of J.P. Morgan* 

The discussion materials prepared by PJT Partners and provided to the Special Committee, dated December 20, 2025, December 15, 2025 and December 15, 2025, and by J.P. Morgan and provided to the Board or Special Committee, as applicable, dated December 20, 2025, December 15, 2025, October 29, 2025 and October 20, 2025, are attached hereto as Exhibits (c)(ii) through (c)(iv) and Exhibits (c)(vi) through (c)(ix) and are each incorporated by reference herein.

The reports, opinions or appraisals referenced in this Item 9 are filed herewith or incorporated by reference herein and will be made available for inspection and copying at the principal executive offices of the Company during its regular business hours by any interested holder of Company Common Stock or representative who has been designated in writing, and copies may be obtained by requesting them in writing from the Company at 777 W. Main Street, Suite 900, Boise, Idaho 83702, Attn: Chief Legal Officer and Corporate Secretary.

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**Item 10.** **Source and Amounts of Funds or Other Consideration** <br>

**(a)-(b) Source of Funds; Conditions.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"* 

*"SPECIAL FACTORS — Financing of the Merger"* 

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"* 

*"THE MERGER AGREEMENT — Covenants Regarding Conduct of Business by the Company Pending the Effective Time"* 

*"THE MERGER AGREEMENT — Financing"* 

*Annex A — Agreement and Plan of Merger* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Expenses.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SPECIAL FACTORS — Fees and Expenses"* 

*"SPECIAL FACTORS — Opinion of PJT Partners"* 

*"SPECIAL FACTORS — Opinion of J.P. Morgan"* 

*"THE MERGER AGREEMENT — Financing"* 

*"THE MERGER AGREEMENT — Termination of the Merger Agreement"* 

*"THE MERGER AGREEMENT — Termination Fees"* 

*"THE MERGER AGREEMENT — Fees and Expenses"* 

*"THE SPECIAL MEETING — Solicitation of Proxies"* 

*Annex A — Agreement and Plan of Merger* 

*Annex B — Opinion of PJT Partners* 

*Annex C — Opinion of J.P. Morgan* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Borrowed Funds**.

*"SUMMARY TERM SHEET"* 

*"SPECIAL FACTORS — Financing of the Merger"* 

*"THE MERGER AGREEMENT — Financing"* 

*Annex A — Agreement and Plan of Merger* 

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**Item 11.** **Interest in Securities of the Subject Company** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Securities Ownership.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"* 

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"* 

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"* 

*"THE SPECIAL MEETING — Record Date and Stockholders Entitled to Vote"* 

*"THE SPECIAL MEETING — Quorum"* 

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Beneficial Ownership of Company Common Stock by Management, Directors and Holders of 5% or More of Company Common Stock"* 

*"OTHER IMPORTANT INFORMATION REGARDING THE PURCHASE FILING PARTIES – Certain Effects of the Merger for the Purchaser Filing Parties"* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Securities Transactions.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SPECIAL FACTORS — Background of the Merger"* 

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"* 

*"THE MERGER AGREEMENT"* 

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Certain Transactions in the Shares of Company Common Stock"* 

*Annex A — Agreement and Plan of Merger* 

**Item 12.** **The Solicitation or Recommendation** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Intent to Tender or Vote in a Going-Private Transaction.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"* 

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"* 

*"SPECIAL FACTORS — Recommendation of the Special Committee"* 

*"SPECIAL FACTORS — Recommendation of the Board"* 

*"SPECIAL FACTORS — Background of the Merger"* 

*"SPECIAL FACTORS — Reasons for the Merger"* 

*"SPECIAL FACTORS — Purpose and Reasons of Purchaser Filing Parties for the Merger"* 

*"SPECIAL FACTORS — Position of Purchaser Filing Parties as to the Fairness of the Merger"* 

------

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"* 

*"THE SPECIAL MEETING — Voting by Company Directors and Executive Officers"* 

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Beneficial Ownership of Company Common Stock by Management, Directors and Holders of 5% or More of Company Common Stock"* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Recommendation of Others.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"* 

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"* 

*"SPECIAL FACTORS — Background of the Merger"* 

*"SPECIAL FACTORS — Recommendation of the Special Committee"* 

*"SPECIAL FACTORS — Recommendation of the Board"* 

*"SPECIAL FACTORS — Reasons for the Merger"* 

*"SPECIAL FACTORS — Purpose and Reasons of Purchaser Filing Parties for the Merger"* 

*"SPECIAL FACTORS — Position of Purchaser Filing Parties as to the Fairness of the Merger"* 

**Item 13.** **Financial Statements** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Financial Information.** The audited financial statements set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed on February 26, 2025 (see pages 64 through 97 therein) and the unaudited condensed consolidated balance sheets, condensed consolidated statements of operations, condensed consolidated statements of comprehensive income (loss), condensed consolidated statements of changes in equity and condensed consolidated statements of cash flows set forth in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2025, filed on November 5, 2025 (see pages 1 through 28 therein) are incorporated herein by reference. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"* 

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Selected Historical Consolidated Financial Data"* 

*"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY — Book Value per Share"* 

*"WHERE YOU CAN FIND MORE INFORMATION"* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Pro Forma Information**. Not Applicable.

**Item 14.** **Persons/Assets, Retained, Employed, Compensated or Used** <br>

**(a)-(b) Solicitations or Recommendations; Employees and Corporate Assets.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"* 

------

*"QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER"* 

*"SPECIAL FACTORS — Background of the Merger"* 

*"SPECIAL FACTORS — Reasons for the Merger"* 

*"SPECIAL FACTORS — Purpose and Reasons of Purchaser Filing Parties for the Merger"* 

*"SPECIAL FACTORS — Position of Purchaser Filing Parties as to the Fairness of the Merger"* 

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"* 

*"SPECIAL FACTORS — Fees and Expenses"* 

*"THE MERGER AGREEMENT — Fees and Expenses"* 

*"THE SPECIAL MEETING — Voting Procedures"* 

*"THE SPECIAL MEETING — Solicitation of Proxies"* 

*"THE SPECIAL MEETING — How to Vote"* 

*"THE SPECIAL MEETING — Assistance"* 

**Item 15.** **Additional Information** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

*"SUMMARY TERM SHEET"* 

*"SPECIAL FACTORS — Interests of the Company's Directors and Executive Officers in the Merger"* 

*"SPECIAL FACTORS — Certain Effects of the Merger"* 

*"THE MERGER AGREEMENT — Consideration To Be Received in the Merger"* 

*"THE MERGER AGREEMENT — Exchange of OpCo Units and Company Class B Common Stock"* 

*"THE MERGER AGREEMENT — Treatment of Company Equity-Based Awards"* 

*"PROPOSAL 2: ADVISORY COMPENSATION PROPOSAL"* 

*Annex A — Agreement and Plan of Merger* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Other Material Information.** The information set forth in the Proxy Statement, including all annexes thereto, is incorporated herein by reference.

**Item 16.** **Exhibits** <br>

The following exhibits are filed herewith:

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| (a)(2)(i) | [Preliminary Proxy Statement of Clearwater Analytics Holdings, Inc. (included in the Schedule 14A filed on February 24, 2026 and incorporated herein by reference) (the "Preliminary Proxy Statement").](http://www.sec.gov/Archives/edgar/data/1866368/000119312526067016/d49219dprem14a.htm) |
| (a)(2)(ii) | [Form of Proxy Card (included in the Preliminary Proxy Statement and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1866368/000119312526067016/d49219dprem14a.htm) |

---

------

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| (a)(2)(iii) | [Letter to Stockholders (included in the Preliminary Proxy Statement and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1866368/000119312526067016/d49219dprem14a.htm) |
| (a)(2)(iv) | [Notice of Special Meeting of Stockholders (included in the Preliminary Proxy Statement and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1866368/000119312526067016/d49219dprem14a.htm) |
| (a)(2)(v) | Current Report on [Form 8-K](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001866368/000095015725001016/form8-k.htm), dated December 22, 2025 (included in [Schedule 14A](http://www.sec.gov/Archives/edgar/data/1866368/000095015725001018/defa14a.htm) filed on December 22, 2025 and incorporated herein by reference). |
| (a)(2)(vi) | [Press Release, dated December 21, 2025 (incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K filed by Clearwater Analytics Holdings, Inc. with the Commission on December 22, 2025).](http://www.sec.gov/Archives/edgar/data/1866368/000095015725001016/ex99-1.htm) |
| (a)(2)(vii) | [Email to Employees, dated December 21, 2025 (included in Schedule 14A filed on December 22, 2025 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1866368/000095015725001019/defa14a.htm) |
| (a)(2)(viii) | [Corporate LinkedIn Post, dated December 21, 2025 (included in Schedule 14A filed on December 22, 2025 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1866368/000095015725001023/defa14a.htm) |
| (a)(2)(ix) | [Employee FAQ Email, dated December 22, 2025 (included in Schedule 14A filed on December 23, 2025 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1866368/000095015725001025/defa14a.htm) |
| (a)(2)(x) | [LinkedIn Post from Sandeep Sahai, Chief Executive Officer, dated December 23, 2025 (included in Schedule 14A filed on December 23, 2025 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1866368/000095015725001027/defa14a.htm) |
| (a)(2)(xi) | [Current Report on Form 8-K, dated January 23, 2026 (included in Schedule 14A filed on January 23, 2026 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1866368/000119312526021294/d101147ddefa14a.htm) |
| (a)(2)(xii) | [Current Report on Form 8-K, dated February 17, 2026 (included in Schedule 14A filed on February 17, 2026 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1866368/000186636826000005/cwan-20260217xdefa14ahsr.htm) |
| (b)(i) | [Equity Commitment Letter, dated as of December 20, 2025, by and among Permira VIII - 1 SCSp, Permira VIII—2 SCSp, Permira VIII CIS SCSp, Permira VIII CIS 2 SCSp, PILI 1 Portfolio SCSp, PILI 2 Portfolio SCSp, PILI 4 Portfolio SCSp, Permira Investment Capital LP, Permira Investment Capital II LP, Permira Investment Capital III LP, Permira T GP S.à r.l. and GT Silver BidCo, Inc.](d95008dex99bi.htm) |
| (b)(ii) | [Equity Commitment Letter, dated as of December 20, 2025, by and among Warburg Pincus Global Growth 15, L.P., Warburg Pincus Global Growth 15-B, L.P., Warburg Pincus Global Growth 15 International, SCSp, WP Global Growth 15 Partners, L.P., Warburg Pincus Global Growth 15 Partners, L.P., Warburg Pincus Financial Sector III, L.P., Warburg Pincus Financial Sector III-E, L.P., Warburg Pincus Financial Sector III Partners, L.P. and GT Silver BidCo, Inc.](d95008dex99bii.htm) |
| (b)(iii) | [Equity Commitment Letter, dated as of December 20, 2025, by and among Francisco Partners VII, L.P., Francisco Partners VII-A, L.P., Francisco Partners VII-B, L.P., Francisco Partners VII-C, L.P. and GT Silver BidCo, Inc.](d95008dex99biii.htm) |
| (b)(iv) | [Equity Commitment Letter, dated as of December 20, 2025, by and between Robson Investments Pte. Ltd. and GT Silver BidCo, Inc.](d95008dex99biv.htm) |
| (b)(v) | [Fee Funding Agreement, dated as of December 20, 2025, by and among Permira VIII - 1 SCSp, Permira VIII—2 SCSp, Permira VIII CIS SCSp, Permira VIII CIS 2 SCSp, PILI 1 Portfolio SCSp, PILI 2 Portfolio SCSp, PILI 4 Portfolio SCSp, Permira Investment Capital LP, Permira Investment Capital II LP, Permira Investment Capital III LP, Permira T GP S.à r.l., GT Silver BidCo, Inc. and Clearwater Analytics Holdings, Inc.](d95008dex99bv.htm) |
| (b)(vi) | [Fee Funding Agreement, dated as of December 20, 2025, by and among Warburg Pincus Global Growth 15, L.P., Warburg Pincus Global Growth 15-B, L.P., Warburg Pincus Global Growth 15 International, SCSp, WP Global Growth 15 Partners, L.P., Warburg Pincus Global Growth 15 Partners, L.P., Warburg Pincus Financial Sector III, L.P., Warburg Pincus Financial Sector III-E, L.P., Warburg Pincus Financial Sector III Partners, L.P., GT Silver BidCo, Inc. and Clearwater Analytics Holdings, Inc.](d95008dex99bvi.htm) |

---

------

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| (b)(vii) | [Fee Funding Agreement, dated as of December 20, 2025, by and among Francisco Partners VII, L.P., Francisco Partners VII-A, L.P., Francisco Partners VII-B, L.P., Francisco Partners VII-C, L.P., GT Silver BidCo, Inc. and Clearwater Analytics Holdings, Inc.](d95008dex99bvii.htm) |
| (b)(viii) | [Fee Funding Agreement, dated as of December 20, 2025, by and among Robson Investments Pte. Ltd., GT Silver BidCo, Inc. and Clearwater Analytics Holdings, Inc.](d95008dex99bviii.htm) |
| (b)(ix) | [Amended and Restated Debt Commitment Letter, dated as of January 21, 2026, by and among Goldman Sachs Asset Management, L.P., GLQ II Credit Investments LLC, Ares Capital Management LLC, Blue Owl Credit Advisors LLC, Antares Capital LP, Antares Holdings LP, Golub Capital LLC, NB Alternatives Advisers LLC, CPPIB Credit Investments III Inc., KKR Credit Advisors (US) LLC, KKR Capital Markets LLC, Apollo Global Funding, LLC, Apollo Capital Management, L.P., HPS Investment Partners, LLC and GT Silver BidCo, Inc.](d95008dex99bix.htm) |
| (c)(i) | [Opinion of PJT Partners LP to the Special Committee of the Board of Directors of Clearwater Analytics Holdings, Inc., dated December 20, 2025 (included as Annex B to the Preliminary Proxy Statement and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1866368/000119312526067016/d49219dprem14a.htm) |
| (c)(ii) | [Discussion materials prepared by PJT Partners LP, dated December 20, 2025, for the Special Committee of the Board of Directors of Clearwater Analytics Holdings, Inc.](d95008dex99cii.htm) |
| (c)(iii) | [Discussion materials (Indications of Value Summary) prepared by PJT Partners LP, dated December 15, 2025, for the Special Committee of the Board of Directors of Clearwater Analytics Holdings, Inc.](d95008dex99ciii.htm) |
| (c)(iv) † | [Discussion materials (Indications of Interest Summary) prepared by PJT Partners LP, dated December 15, 2025, for the Special Committee of the Board of Directors of Clearwater Analytics Holdings, Inc.](d95008dex99civ.htm) |
| (c)(v) | [Opinion of J.P. Morgan Securities LLC to the Board of Directors of Clearwater Analytics Holdings, Inc., dated December 20, 2025 (included as Annex C to the Preliminary Proxy Statement and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1866368/000119312526067016/d49219dprem14a.htm#tx49219_67) |
| (c)(vi) | [Discussion materials prepared by J.P. Morgan Securities LLC, dated December 20, 2025, for the Board of Directors of Clearwater Analytics Holdings, Inc.](d95008dex99cvi.htm) |
| (c)(vii) | [Discussion materials prepared by J.P. Morgan Securities LLC, dated December 15, 2025, for the Special Committee of the Board of Directors of Clearwater Analytics Holdings, Inc.](d95008dex99cvii.htm) |
| (c)(viii) † | [Discussion materials prepared by J.P. Morgan Securities LLC, dated October 29, 2025, for the Board of Directors of Clearwater Analytics Holdings, Inc.](d95008dex99cviii.htm) |
| (c)(ix) † | [Discussion materials prepared by J.P. Morgan Securities LLC, dated October 20, 2025, for the Board of Directors of Clearwater Analytics Holdings, Inc.](d95008dex99cix.htm) |
| (d)(i) | [Agreement and Plan of Merger, dated December 20, 2025, by and among GT Silver BidCo, Inc., GT Silver Merger Sub, Inc. and Clearwater Analytics Holdings, Inc. (included as Annex A to the Preliminary Proxy Statement and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1866368/000119312526067016/d49219dprem14a.htm#tx49219_65) |
| (d)(ii) | [Interim Investors Agreement, dated December 20, 2025, by and among Martel Lux Topco SCSp, WP Silver Aggregator, L.P., Francisco Partners VII, L.P., Francisco Partners VII-A, L.P., Francisco Partners VII-B, L.P., Francisco Partners VII-C, L.P. and Robson Investments Pte. Ltd.](d95008dex99dii.htm) |
| (f) | [Section 262 of the DGCL.](d95008dex99f.htm) |
| (g) | Not Applicable. |
| 107 | [Filing Fee Table.](d95008dexfilingfees.htm) |

---

† Certain portions of this exhibit have been redacted and separately filed with the SEC pursuant to a request for
confidential treatment.

------

**SIGNATURES** 

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | |
|:---|:---|
| **CLEARWATER ANALYTICS HOLDINGS, INC.** | **CLEARWATER ANALYTICS HOLDINGS, INC.** |
| By: | /s/ Alphonse Valbrune |
| Name: | Alphonse Valbrune |
| Title: | Chief Legal Officer and Corporate Secretary |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **GT SILVER BIDCO, INC.** | **GT SILVER BIDCO, INC.** |
| By: | /s/ Peter Flynn |
| Name: | Peter Flynn |
| Title: | Chief Executive Officer and President |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **GT SILVER MERGER SUB, INC.** | **GT SILVER MERGER SUB, INC.** |
| By: | /s/ Peter Flynn |
| Name: | Peter Flynn |
| Title: | Chief Executive Officer and President |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **PERMIRA ADVISERS LLC** | **PERMIRA ADVISERS LLC** |
| By: | /s/ Andrew Young |
| Name: | Andrew Young |
| Title: | Partner |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **PERMIRA ADVISERS LLP** | **PERMIRA ADVISERS LLP** |
| By: | /s/ Alberto Riva |
| Name: | Alberto Riva |
| Title: | Managing Director |

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Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **PERMIRA VIII - 1 SCSP** | **PERMIRA VIII - 1 SCSP** |
| by its portfolio manager and authorized representative | by its portfolio manager and authorized representative |
| PERMIRA PORTFOLIO MANAGEMENT LIMITED | PERMIRA PORTFOLIO MANAGEMENT LIMITED |
| By: | /s/ Tom Amy |
| Name: | Tom Amy |
| Title: | Director |

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Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **PERMIRA VIII - 2 SCSP** | **PERMIRA VIII - 2 SCSP** |
| by its portfolio manager and authorized representative | by its portfolio manager and authorized representative |
| PERMIRA PORTFOLIO MANAGEMENT LIMITED | PERMIRA PORTFOLIO MANAGEMENT LIMITED |
| By: | /s/ Tom Amy |
| Name: | Tom Amy |
| Title: | Director |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **PERMIRA VIII CIS SCSP** | **PERMIRA VIII CIS SCSP** |
| by its portfolio manager and authorized representative | by its portfolio manager and authorized representative |
| PERMIRA PORTFOLIO MANAGEMENT LIMITED | PERMIRA PORTFOLIO MANAGEMENT LIMITED |
| By: | /s/ Tom Amy |
| Name: | Tom Amy |
| Title: | Director |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **PERMIRA VIII CIS 2 SCSP** | **PERMIRA VIII CIS 2 SCSP** |
| by its general partner PERMIRA VIII GP S.À R.L. | by its general partner PERMIRA VIII GP S.À R.L. |
| By: | /s/ Cedric Pedoni |
| Name: | Cedric Pedoni |
| Title: | Manager |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **PILI 1 PORTFOLIO SCSP** | **PILI 1 PORTFOLIO SCSP** |
| by its general partner | by its general partner |
| PILI 1 PORTFOLIO GP S.À R.L. | PILI 1 PORTFOLIO GP S.À R.L. |
| By: | /s/ Cedric Pedoni |
| Name: | Cedric Pedoni |
| Title: | Manager |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **PILI 2 PORTFOLIO SCSP** | **PILI 2 PORTFOLIO SCSP** |
| by its general partner | by its general partner |
| PILI 2 PORTFOLIO GP S.À R.L. | PILI 2 PORTFOLIO GP S.À R.L. |
| By: | /s/ Cedric Pedoni |
| Name: | Cedric Pedoni |
| Title: | Manager |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **PILI 4 PORTFOLIO SCSP** | **PILI 4 PORTFOLIO SCSP** |
| by its general partner | by its general partner |
| PILI 4 PORTFOLIO GP S.À R.L. | PILI 4 PORTFOLIO GP S.À R.L. |
| By: | /s/ Cedric Pedoni |
| Name: | Cedric Pedoni |
| Title: | Manager |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **PERMIRA INVESTMENT CAPITAL LP** | **PERMIRA INVESTMENT CAPITAL LP** |
| by its general partner | by its general partner |
| PERMIRA INVESTMENT CAPITAL GP LIMITED | PERMIRA INVESTMENT CAPITAL GP LIMITED |
| By: | /s/ Alistair Boyle |
| Name: | Alistair Boyle |
| Title: | Director |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **PERMIRA INVESTMENT CAPITAL II LP** | **PERMIRA INVESTMENT CAPITAL II LP** |
| by its general partner | by its general partner |
| PERMIRA INVESTMENT CAPITAL GP LIMITED | PERMIRA INVESTMENT CAPITAL GP LIMITED |
| By: | /s/ Alistair Boyle |
| Name: | Alistair Boyle |
| Title: | Director |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **PERMIRA INVESTMENT CAPITAL III LP** | **PERMIRA INVESTMENT CAPITAL III LP** |
| by its general partner | by its general partner |
| PERMIRA INVESTMENT CAPITAL GP LIMITED | PERMIRA INVESTMENT CAPITAL GP LIMITED |
| By: | /s/ Alistair Boyle |
| Name: | Alistair Boyle |
| Title: | Director |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **PERMIRA T GP S.À R.L.** | **PERMIRA T GP S.À R.L.** |
|  in its capacity as general partner of REDWOOD OPPORTUNITIES SCSP | in its capacity as general partner of REDWOOD OPPORTUNITIES SCSP |
| By: | /s/ Cedric Pedoni |
| Name: | Cedric Pedoni |
| Title: | Manager |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **PERMIRA T GP S.À R.L.** | **PERMIRA T GP S.À R.L.** |
| By: | /s/ Cedric Pedoni |
| Name: | Cedric Pedoni |
| Title: | Manager |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **GT SILVER HOLDCO, LLC** | **GT SILVER HOLDCO, LLC** |
| By: | /s/ Peter Flynn |
| Name: | Peter Flynn |
| Title: | Chief Executive Officer and President |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **GT SILVER PARENT, LP** | **GT SILVER PARENT, LP** |
| by its general partner | by its general partner |
| GT SILVER GP, LLC | GT SILVER GP, LLC |
| By: | /s/ Peter Flynn |
| Name: | Peter Flynn |
| Title: | Chief Executive Officer and President |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **GT SILVER MLP, LLC** | **GT SILVER MLP, LLC** |
| By: | /s/ Peter Flynn |
| Name: | Peter Flynn |
| Title: | Chief Executive Officer and President |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **GT SILVER GP, LLC** | **GT SILVER GP, LLC** |
| By: | /s/ Peter Flynn |
| Name: | Peter Flynn |
| Title: | Chief Executive Officer and President |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **MARTEL LUX TOPCO SCSP** | **MARTEL LUX TOPCO SCSP** |
| by its general partner | by its general partner |
| PERMIRA VIII HOLDCO GP S.À R.L. | PERMIRA VIII HOLDCO GP S.À R.L. |
| By: | /s/ Cedric Pedoni |
| Name: | Cedric Pedoni |
| Title: | Manager |
| by its special partner | by its special partner |
| PERMIRA ACHT GBMH & CO. KG | PERMIRA ACHT GBMH & CO. KG |
| acting by its general partner, SVE | acting by its general partner, SVE |
| VERWALTUNGS GMBH | VERWALTUNGS GMBH |
| By: | /s/ Stefan Dziarski |
| Name: | Stefan Dziarski |
| Title: | Partner |
| by its initial limited partner | by its initial limited partner |
| PERMIRA VIII AE SCSP | PERMIRA VIII AE SCSP |
| acting by its general partner, PERMIRA VIII | acting by its general partner, PERMIRA VIII |
| GP S.À R.L. | GP S.À R.L. |
| By: | /s/ Cedric Pedoni |
| Name: | Cedric Pedoni |
| Title: | Manager |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **PERMIRA VIII HOLDCO GP S.À R.L.** | **PERMIRA VIII HOLDCO GP S.À R.L.** |
| By: | /s/ Cedric Pedoni |
| Name: | Cedric Pedoni |
| Title: | Manager |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

------

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **PERMIRA VIII GP S.À R.L.** | **PERMIRA VIII GP S.À R.L.** |
| By: | /s/ Cedric Pedoni |
| Name: | Cedric Pedoni |
| Title: | Manager |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

------

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | |
|:---|:---|
| **PERMIRA MANAGEMENT S.À R.L.** | **PERMIRA MANAGEMENT S.À R.L.** |
| By: | /s/ Cedric Pedoni |
| Name: | Cedric Pedoni |
| Title: | Manager |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

------

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | |
|:---|:---|
| **PERMIRA PORTFOLIO MANAGEMENT LIMITED** | **PERMIRA PORTFOLIO MANAGEMENT LIMITED** |
| By: | /s/ Tom Amy |
| Name: | Tom Amy |
| Title: | Director |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | |
|:---|:---|
| **WARBURG PINCUS LLC** | **WARBURG PINCUS LLC** |
| By: | /s/ David Sreter |
| Name: | David Sreter |
| Title: | Managing Director and Chief Financial Officer |

---

Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **WARBURG PINCUS & CO.** | **WARBURG PINCUS & CO.** |
| By: | /s/ David Sreter |
| Name: | David Sreter |
| Title: | Partner |

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Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
|  **WARBURG PINCUS GLOBAL GROWTH 15, L.P.** | **WARBURG PINCUS GLOBAL GROWTH 15, L.P.** |
| By: | Warburg Pincus Global Growth 15 GP, L.P., its general partner |
| By: | WP Global LLC, its general partner |
| By: | Warburg Pincus Partners II, L.P., its managing member |
| By: | Warburg Pincus Partners GP LLC, its general partner |
| By: | Warburg Pincus & Co., its managing member |
| By: | /s/ David Sreter |
| Name: | David Sreter |
| Title: | Partner |

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Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
|  **WARBURG PINCUS GLOBAL GROWTH 15-B, L.P.** | **WARBURG PINCUS GLOBAL GROWTH 15-B, L.P.** |
| By: | Warburg Pincus Global Growth 15 GP, L.P., its general partner |
| By: | WP Global LLC, its general partner |
| By: | Warburg Pincus Partners II, L.P., its managing member |
| By: | Warburg Pincus Partners GP LLC, its general partner |
| By: | Warburg Pincus & Co., its managing member |
| By: | /s/ David Sreter |
| Name: | David Sreter |
| Title: | Partner |

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Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **WP GLOBAL GROWTH 15 PARTNERS, L.P.** | **WP GLOBAL GROWTH 15 PARTNERS, L.P.** |
| By: | Warburg Pincus Global Growth 15 GP, L.P., its general partner |
| By: | WP Global LLC, its general partner |
| By: | Warburg Pincus Partners II, L.P., its managing member |
| By: | Warburg Pincus Partners GP LLC, its general partner |
| By: | Warburg Pincus & Co., its managing member |
| By: | /s/ David Sreter |
| Name: | David Sreter |
| Title: | Partner |

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Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
|  **WARBURG PINCUS GLOBAL GROWTH 15 PARTNERS, L.P.** | **WARBURG PINCUS GLOBAL GROWTH 15 PARTNERS, L.P.** |
| By: | Warburg Pincus Global Growth 15 GP, L.P., its general partner |
| By: | WP Global LLC, its general partner |
| By: | Warburg Pincus Partners II, L.P., its managing member |
| By: | Warburg Pincus Partners GP LLC, its general partner |
| By: | Warburg Pincus & Co., its managing member |
| By: | /s/ David Sreter |
| Name: | David Sreter |
| Title: | Partner |

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Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
|  **WARBURG PINCUS GLOBAL GROWTH 15 INTERNATIONAL, SCSP** | **WARBURG PINCUS GLOBAL GROWTH 15 INTERNATIONAL, SCSP** |
| By: | Warburg Pincus Global Growth 15 GP, S.à r.l., its managing general partner |
| By: | /s/ Raquel Guevara |
| Name: | Raquel Guevara |
| Title: | Class A Manager |
| By: | /s/ Oana Lazar |
| Name: | Oana Lazar |
| Title: | Class B Manager |

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Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
|  **WARBURG PINCUS FINANCIAL SECTOR III, L.P.** | **WARBURG PINCUS FINANCIAL SECTOR III, L.P.** |
| By: | Warburg Pincus Financial Sector III GP, L.P., its general partner |
| By: | WP Global LLC, its general partner |
| By: | Warburg Pincus Partners II, L.P., its managing member |
| By: | Warburg Pincus Partners GP LLC, its general partner |
| By: | Warburg Pincus & Co., its managing member |
| By: | /s/ David Sreter |
| Name: | David Sreter |
| Title: | Partner |

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Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
|  **WARBURG PINCUS FINANCIAL SECTOR III-E, L.P.** | **WARBURG PINCUS FINANCIAL SECTOR III-E, L.P.** |
| By: | Warburg Pincus Financial Sector III GP, L.P., its general partner |
| By: | WP Global LLC, its general partner |
| By: | Warburg Pincus Partners II, L.P., its managing member |
| By: | Warburg Pincus Partners GP LLC, its general partner |
| By: | Warburg Pincus & Co., its managing member |
| By: | /s/ David Sreter |
| Name: | David Sreter |
| Title: | Partner |

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Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
|  **WARBURG PINCUS FINANCIAL SECTOR III PARTNERS, L.P.** | **WARBURG PINCUS FINANCIAL SECTOR III PARTNERS, L.P.** |
| By: | Warburg Pincus Financial Sector III GP, L.P., its general partner |
| By: | WP Global LLC, its general partner |
| By: | Warburg Pincus Partners II, L.P., its managing member |
| By: | Warburg Pincus Partners GP LLC, its general partner |
| By: | Warburg Pincus & Co., its managing member |
| By: | /s/ David Sreter |
| Name: | David Sreter |
| Title: | Partner |

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Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **WARBURG PINCUS PARTNERS GP LLC** | **WARBURG PINCUS PARTNERS GP LLC** |
| By: Warburg Pincus & Co., its managing member | By: Warburg Pincus & Co., its managing member |
| By: | /s/ David Sreter |
| Name: | David Sreter |
| Title: | Partner |

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Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **WARBURG PINCUS PARTNERS II, L.P.** | **WARBURG PINCUS PARTNERS II, L.P.** |
|  By: Warburg Pincus Partners GP LLC, its general partner | By: Warburg Pincus Partners GP LLC, its general partner |
| By: Warburg Pincus & Co., its managing member | By: Warburg Pincus & Co., its managing member |
| By: | /s/ David Sreter |
| Name: | David Sreter |
| Title: | Partner |

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Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **WP GLOBAL LLC** | **WP GLOBAL LLC** |
|  By: Warburg Pincus Partners II, L.P., its managing member | By: Warburg Pincus Partners II, L.P., its managing member |
|  By: Warburg Pincus Partners GP LLC, its general partner | By: Warburg Pincus Partners GP LLC, its general partner |
| By: Warburg Pincus & Co., its managing member | By: Warburg Pincus & Co., its managing member |
| By: | /s/ David Sreter |
| Name: | David Sreter |
| Title: | Partner |

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Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **FRANCISCO PARTNERS VII, L.P.** | **FRANCISCO PARTNERS VII, L.P.** |
| By: | Francisco Partners GP VII, L.P. |
| Its: | General Partner |
| By: | Francisco Partners GP VII Management, LLC |
| Its: | General Partner |
| By: | /s/ Ashley Evans |
| Name: | Ashley Evans |
| Title: | Managing Director |
| **FRANCISCO PARTNERS VII-A, L.P.** | **FRANCISCO PARTNERS VII-A, L.P.** |
| By: | Francisco Partners GP VII, L.P. |
| Its: | General Partner |
| By: | Francisco Partners GP VII Management, LLC |
| Its: | General Partner |
| By: | /s/ Ashley Evans |
| Name: | Ashley Evans |
| Title: | Managing Director |
| **FRANCISCO PARTNERS VII-B, L.P.** | **FRANCISCO PARTNERS VII-B, L.P.** |
| By: | Francisco Partners GP VII, L.P. |
| Its: | General Partner |
| By: | Francisco Partners GP VII Management, LLC |
| Its: | General Partner |
| By: | /s/ Ashley Evans |
| Name: | Ashley Evans |
| Title: | Managing Director |

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Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **FRANCISCO PARTNERS VII-C, L.P.** | **FRANCISCO PARTNERS VII-C, L.P.** |
| By: | Francisco Partners GP VII, L.P. |
| Its: | General Partner |
| By: | Francisco Partners GP VII Management, LLC |
| Its: | General Partner |
| By: | /s/ Ashley Evans |
| Name: | Ashley Evans |
| Title: | Managing Director |

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Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **FRANCISCO PARTNERS GP VII, L.P.** | **FRANCISCO PARTNERS GP VII, L.P.** |
| By: | Francisco Partners GP VII, L.P. |
| Its: | General Partner |
| By: | Francisco Partners GP VII Management, LLC |
| Its: | General Partner |
| By: | /s/ Steve Eisner |
| Name: | Steve Eisner |
| Title: | Managing Director and General Counsel |
|  **FRANCISCO PARTNERS GP VII MANAGEMENT, LLC** | **FRANCISCO PARTNERS GP VII MANAGEMENT, LLC** |
| By: | /s/ Steve Eisner |
| Name: | Steve Eisner |
| Title: | Managing Director and General Counsel |
|  **FRANCISCO PARTNERS MANAGEMENT, L.P.** | **FRANCISCO PARTNERS MANAGEMENT, L.P.** |
| By: | Francisco Partners Management GP, LLC |
| Its: | General Partner |
| By: | /s/ Steve Eisner |
| Name: | Steve Eisner |
| Title: | Managing Director and General Counsel |
|  **FRANCISCO PARTNERS MANAGEMENT GP, LLC** | **FRANCISCO PARTNERS MANAGEMENT GP, LLC** |
| By: | /s/ Steve Eisner |
| Name: | Steve Eisner |
| Title: | Managing Director and General Counsel |

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Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

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After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **ROBSON INVESTMENTS PTE. LTD.** | **ROBSON INVESTMENTS PTE. LTD.** |
| By: | /s/ Oh Chong Yew, Alvin |
| Name: | Oh Chong Yew, Alvin |
| Title: | Authorized Signatory |
| **ALSEK INVESTMENTS PTE. LTD.** | **ALSEK INVESTMENTS PTE. LTD.** |
| By: | /s/ Oh Boon Hui, Stella |
| Name: | Oh Boon Hui, Stella |
| Title: | Authorized Signatory |
|  **TEMASEK CAPITAL (AMERICAS) HOLDINGS PTE. LTD.** | **TEMASEK CAPITAL (AMERICAS) HOLDINGS PTE. LTD.** |
| By: | /s/ Belinda Chan Hian Wun |
| Name: | Belinda Chan Hian Wun |
| Title: | Authorized Signatory |
| **TEMASEK HOLDINGS (PRIVATE) LIMITED** | **TEMASEK HOLDINGS (PRIVATE) LIMITED** |
| By: | /s/ Jason Norman Lee |
| Name: | Jason Norman Lee |
| Title: | Authorized Signatory |

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Date: February 24, 2026

*[Signature page to Schedule 13E-3]*

## Ex-99.(B)(I)

**Exhibit (b)(i)** 

*Execution Version* 

**Equity Commitment Letter** 

December 20, 2025

GT Silver BidCo, Inc.

c/o Permira Advisers LLC

320 Park Avenue, 23rd FL

New York, NY 10022

Attn: Justin Herridge

Ladies and Gentlemen:

This letter agreement sets forth the commitment of each of the undersigned Persons identified as an Investor on <u>Schedule A</u> hereto (each an "<u>Investor</u>" and together the "<u>Investors</u>" and, for the avoidance of doubt, excluding each of the Persons identified as an Other Investor on <u>Schedule B</u> hereto, collectively, the "<u>Other Investors</u>"), on the terms and subject to the conditions contained herein, to purchase, or cause the purchase of certain equity securities of GT Silver BidCo, Inc., a Delaware corporation ("<u>Parent</u>"), directly or indirectly through one or more entities. It is contemplated that, pursuant to that certain Agreement and Plan of Merger, dated as of the date hereof (as amended, restated, modified or supplemented from time to time, the "<u>Merger</u> <u>Agreement</u>"), by and among Parent, GT Silver Merger Sub, Inc., a Delaware corporation ("<u>Merger</u> <u>Sub</u>"), and Clearwater Analytics Holdings, Inc., a Delaware corporation (the "<u>Company</u>"), Merger Sub will merge with and into the Company, with the Company surviving the merger as a wholly owned subsidiary of Parent (the "<u>Transaction</u>"). Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Commitment</u>. Each Investor hereby commits, severally and not jointly, on the terms and subject to the conditions set forth herein, that at or immediately prior to the Closing, such Investor shall purchase, or cause an assignee permitted by the terms of Section 5 to purchase, directly or indirectly, equity securities of Parent for cash in an aggregate amount that is equal to the amount set forth opposite its name in the second column (Commitment) of <u>Schedule A</u> hereto (the maximum amount payable by each Investor, its "<u>Commitment</u>", and the maximum aggregate amount payable by the Investors pursuant to this letter agreement and the Other Investors pursuant to the Other Equity Commitment Letters (as defined below), collectively, the "<u>Commitments</u>"), which amount shall be used solely for the purpose of fulfilling Parent's obligation under the Merger Agreement to fund, together with the net proceeds of the Debt Financing, the amounts required to be paid by Parent at the Closing pursuant to, and in accordance with, the Merger Agreement, including fees, costs and expenses required in connection with the consummation of the Transactions, to be paid at the Closing, on the terms and subject to the conditions set forth in the Merger Agreement (collectively, the "<u>Merger Consideration</u>"); <u>provided</u>, that, Parent's obligation to fund the amounts required to be paid by Parent at the Closing shall not be conditioned on the availability of any cash of the Company, and the Commitments, together with the Debt Financing, shall be sufficient to fund all amounts required to be paid by Parent at the Closing pursuant to the Merger Agreement; <u>provided</u>, further, that no Investor shall, under any circumstances, be obligated to contribute to, or purchase equity or otherwise provide funds, directly or indirectly, from or to, Parent, in any amount in excess of such Investor's Commitment. The aggregate amount of liability of each Investor under this letter agreement shall at no time

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exceed such Investor's Commitment. Each Investor may effect the purchase of equity securities of Parent directly or indirectly through one or more Affiliates or an entity managed or advised by an Affiliate (other than Parent or any subsidiary thereof) or any of the other Investors so long as the entity(ies) funding the Commitment is able to make the representations and warranties set forth in <u>Section</u> <u>13</u>; <u>provided</u>, that no such action shall reduce the amount of such Investor's Commitment or otherwise affect the obligations of such Investor under this letter agreement except to the extent any such Affiliate, Investor or other Person actually fulfills such obligation; <u>provided</u>, that (A) credit shall be given only on a dollar-for-dollar basis for amounts in cash actually and irrevocably received by Parent, and (B) the Investor shall remain primarily liable hereunder unless and until the entire Commitment amount is so received. The amount to be funded under this letter agreement may be reduced to the extent that Parent does not require the full amount of the Commitments to pay the amounts payable by Parent at the Closing pursuant to, and in accordance with, the Merger Agreement (and any related fees, costs, and expenses); <u>provided</u>, that any such reduction in the Commitments shall be applied in the manner agreed amongst the Investors and the Other Investors; <u>provided</u>, further that any such reduction shall only occur simultaneously with the consummation of the Closing to the extent that Purchaser does not require the full amount of the Commitments in respect of the payment of the amounts required to be paid by Parent on the Closing Date under the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Conditions</u>. The several obligations of each Investor (together with their respective permitted assigns) to fund their respective proportion of the Commitments, shall (a) be subject to and conditioned upon (i) the valid execution and delivery of the Merger Agreement by the parties thereto; (ii) the satisfaction in full, or valid waiver by Parent, in writing of each of the conditions to Parent's obligations to consummate the Transaction set forth in Section 6.01 and Section 6.02 of the Merger Agreement (other than those conditions that by their terms or nature are to be satisfied at the Closing <u>provided</u>, that those conditions would be satisfied at the Closing if the Closing were to occur at such time); (iii) the Debt Financing (A) having been funded (or any alternative financing having been funded) or (B) being (as affirmed in writing by the agent therefor) funded following and subject only to the satisfaction of those conditions that by their nature are to be satisfied at the Closing (<u>provided</u>, that those conditions would be satisfied at the Closing if the Closing were to occur at such time), and substantially simultaneously with the funding of the Equity Financing; (iv) the substantially concurrent consummation of the Transaction in accordance with the terms of the Merger Agreement (including as a result of the granting of specific performance to cause the Closing of the Transaction by a court of competent jurisdiction in accordance with the Merger Agreement), (v) the prior or substantially concurrent funding by each of the Other Investors under their respective equity commitment letters (each an "<u>Other Equity Commitment Letter</u>" and collectively, the "<u>Other Equity Commitment Letters</u>"), dated as of the date hereof, between each such Other Investor, respectively, and Parent; and (vi) the terms of this letter agreement, and (b) occur, subject to the foregoing clause (a), substantially simultaneously with the issuance of the equity securities of Parent to each of the Investors. For the avoidance of doubt, the obligations of Parent under the Merger Agreement shall be determined in accordance with the terms thereof, and nothing in this letter agreement shall amend, modify or waive any of the terms of the Merger Agreement or any assertion of liability or obligation against Parent under the Merger Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Enforceability</u>. Neither the Investors' nor Parent's creditors shall have any right to enforce this letter agreement or to cause Parent to enforce this letter agreement. Notwithstanding the foregoing, the Company shall be, and is intended to be, a third party beneficiary of the rights granted to Parent (i) for purposes of this <u>Section</u> <u>3</u> and <u>Sections 4</u>, <u>5</u> and <u>10</u> hereof and (ii) for the purpose of enforcing Parent's obligations under this letter agreement under circumstances in which the Company has received an order of specific performance against Parent pursuant to (and subject to the limitations of) Section 8.08 of the Merger Agreement to cause Parent to draw down the full proceeds of the Equity Financing and to cause Parent to consummate the Closing pursuant to Section 8.08 of the Merger Agreement and for no other purpose (including any claim for monetary damages hereunder or thereunder); <u>provided</u>, that, the foregoing clause (ii) shall be conditioned on (x) the conditions set forth in this letter agreement having been satisfied and (y) the Company having irrevocably confirmed in writing to Parent that if specific performance is granted, then the Company will consummate the Transaction, then the Company shall have the express right to enforce Parent's rights under this letter agreement; <u>provided</u>, that, in no event shall this letter agreement or the funding obligations set forth herein be enforced by any Person in accordance with this letter agreement unless the funding obligations set forth in each Other Equity Commitment Letter are being concurrently enforced by such Person, pro rata based on the Commitments herein and therein (but only to the extent such funding obligation requires enforcement because the Other Investor declines to provide such funding under the applicable Other Equity Commitment Letter). Notwithstanding the foregoing, the Company's inability to join, commence or maintain an action against any other investor as a result of any stay, injunction, bankruptcy, moratorium, settlement or other impediment shall not limit, delay or excuse enforcement against any other Investor up to such Investor's Commitment. Notwithstanding anything that may be expressed or implied in this letter agreement, for the avoidance of doubt, in no event shall this letter agreement be enforced (A) to the extent it would result in a duplicative recovery or (B) if the Company or any of its affiliates has received the Parent Termination Fee (either when it is due and payable under the Merger Agreement or following a judgment directing it to be paid) or any other monetary damages from Parent, Buyer, an Investor or an Investor Party in accordance with the Merger Agreement or the Fee Funding Agreements. Notwithstanding the foregoing, nothing in this Section 3 shall, in any respect, limit claims against Parent or the Investors in accordance with and subject to the terms and conditions hereof or any Person's right to assert any Retained Claim (as defined in the applicable Fee Funding Agreement) solely against the Persons specifically identified in the definition thereof with respect to such Retained Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>No Modification; Entire Agreement</u>. This letter agreement may not be amended, restated, supplemented or otherwise modified without the prior written consent of Parent, the Investors, Martel Lux TopCo SCSp and WP Silver Aggregator, L.P. (the "<u>Co-Lead</u> <u>Investors</u>") and the Company in respect of <u>Section</u> <u>3</u>, this <u>Section</u> <u>4</u> and <u>Section</u> <u>10</u>; <u>provided</u>, however, that, for the avoidance of doubt, any amendment, modification, or waiver that adversely affects the Company's or Parent's rights hereunder shall require the prior written consent of the Company or Parent, as applicable. Together with the other agreements being entered into in connection with the Transaction, including, without limitation, the Merger Agreement, the Other Equity Commitment Letters, the Fee Funding Agreements (as defined below), and the Confidentiality Agreement, this letter agreement constitutes the entire agreement with respect to the subject matter hereof, and supersedes all prior agreements, understandings and statements, written or oral, between the Investors or any of their Affiliates, on the one hand, and Parent or any of its Affiliates, on the other, with respect to the transactions contemplated hereby. Each party hereto acknowledges that, in entering into this letter agreement, it is not relying on, and shall have

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no remedies in respect of, any representation, warranty or undertaking not expressly set out in this letter agreement. Each party agrees and acknowledges that its only right and remedy in relation to any representation, warranty or undertaking made or given in this letter agreement shall be for specific performance of the terms of this letter agreement pursuant to, and subject to the terms and conditions of, Section 8.08 of the Merger Agreement, and each of the parties waives all other rights and remedies (including those in tort or arising under statute) in relation to any such representation, warranty or undertaking; provided, that, for the avoidance of doubt, nothing in the foregoing sentence shall limit the Company's right to assert any Retained Claim. Except as expressly permitted in <u>Section</u> <u>1</u> and <u>Section</u> <u>5</u> hereof, no transfer of any rights or obligations hereunder shall be permitted without the consent of Parent, the Investors, the Co-Lead Investors and the Company. Any transfer in violation of the preceding sentence shall be null and void. For the avoidance of doubt, and notwithstanding anything to the contrary herein, the parties hereby agree and acknowledge that none of the foregoing agreements and acknowledgements set forth in this <u>Section</u> <u>4</u> shall limit the rights and remedies available to the Company with respect to Parent or the Investors under <u>Section</u> <u>3</u> hereof or any other agreements to which the Company is a party being entered into in connection with the Transaction, subject to the terms and conditions hereof and thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Assignment</u>. Other than as expressly provided herein, an Investor may not, directly or indirectly, assign all or any portion of its rights or obligations under this letter agreement to any Person without the prior written consent of the other parties hereto, the Co-Lead Investors and the Company, <u>provided</u>, that each Investor may assign all or a portion of its rights and obligations hereunder to one or more of its Affiliates (other than, for the avoidance of doubt, any portfolio companies of such Investor, Parent or any subsidiary thereof) that is able to make the representations and warranties set forth in this letter agreement and the Interim Investors Agreement, dated on or around the date hereof, by and among the Investors and the other parties thereto (the "<u>IIA</u>"); <u>provided</u>, further, that such assignment would not reasonably be expected to result in any material delay in satisfying, or increase the risk of not satisfying, the conditions to the Closing set forth in the Merger Agreement and the assignee is capable of performing its obligations under this letter agreement, the Fee Funding Agreement and the IIA, including having the financial capacity necessary to fund the full amount of the Commitment that is being assigned; <u>provided</u>, further, that no such assignment shall be permitted (i) in violation of applicable Law or (ii) that would (x) require any material licensing, regulatory consent or other regulatory proceeding to be obtained or participated in by any of the Investors, the Other Investors, Parent, Merger Sub or the Company (the "<u>Transaction Parties</u>") or otherwise subject any Transaction Party or its Affiliates to any additional substantive regulation; or (y) cause any statement made or information provided to a Governmental Authority prior to such assignment to become materially untrue or misleading (other than any statement made or information provided related solely to the identity of such Investor); <u>provided</u>, further, that any such assignment shall not relieve the assigning Investor of its obligations under this letter agreement or Fee Funding Agreement, as applicable, unless and until the assignee has actually funded the full amount of the Commitment being assigned. Any assignment in derogation of the foregoing shall be null and void.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law; Submission to Jurisdiction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This letter agreement and all disputes, controversies or other Actions arising out of or relating to this letter agreement or the Transaction, including matters of validity, construction, effect, performance and remedies, shall be governed by, and construed in accordance with, the Laws of the State of Delaware applicable to contracts executed in and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable conflict of Laws principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. All Actions arising out of or relating to this letter agreement or the Transaction shall be heard and determined in the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court of competent jurisdiction within the State of Delaware). The parties hereto hereby irrevocably (i) submit to the exclusive jurisdiction and venue of such courts in any such Action, (ii) waive the defense of an inconvenient forum or lack of jurisdiction to the maintenance of any such Action, (iii) agree to not attempt to deny or defeat such jurisdiction by motion or otherwise request for leave from any such court and (iv) agree to not bring any Action arising out of or relating to this letter agreement or the Transaction in any court other than the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court within the State of Delaware), except for Actions brought to enforce the judgment of any such court. The consents to jurisdiction and venue set forth in this <u>Section</u> <u>6(b)</u> shall not constitute general consents to service of process in the State of Delaware and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than the parties hereto. Each party hereto agrees that service of process upon such party in any Action arising out of or relating to this Agreement shall be effective if notice is given by overnight courier at the address set forth in Section 8.10 of the Merger Agreement. The parties hereto agree that a final judgment in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law; provided, however, that nothing in the foregoing shall restrict any party's rights to seek any post judgment relief regarding, or any appeal from, a final trial court judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Waiver of Jury Trial</u>. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS LETTER AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS LETTER AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, INCLUDING THE DEBT COMMITMENT LETTER OR THE DEBT FINANCING. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS LETTER AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS <u>SECTION 7</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Counterparts</u>. This letter agreement may be signed in any number of counterparts (including by means of telecopied signature pages or electronic transmission with attachment in pdf format or any electronic signature complying with the U.S. federal ESIGN Act of 2000 (e.g., www.docusign.com), which will be deemed to have the same effect as physical delivery of a paper document bearing the original signatures), each such counterpart being deemed to be an original instrument, with the same effect as if the signatures to each counterpart were upon a single instrument, and all such counterparts together shall be deemed an original of this letter agreement. This letter agreement shall become effective when each party hereto shall have received a counterpart hereof signed by all of the other parties hereto. Until and unless each party has received a counterpart hereof signed by each other party hereto, this letter agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). The parties irrevocably and unreservedly agree that this letter agreement may be executed by way of electronic signatures and the parties agree that this letter, or any part thereof, shall not be challenged or denied any legal effect, validity and/or enforceability solely on the ground that it is in the form of an electronic record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>No Third Party Beneficiaries</u>. Except as expressly set forth in <u>Section</u> <u>3</u> hereof, the rights of the Company in respect of <u>Sections 3</u>, <u>4</u>, <u>5</u> and <u>10</u>, the rights of the Co-Lead Investors in respect of <u>Sections 1</u>, <u>4</u>, <u>5</u> and <u>10</u>, and the rights of the Investor Parties (as defined below) in respect of <u>Section</u> <u>12</u>, the parties hereto hereby agree that their respective representations, warranties and covenants set forth herein are solely for the benefit of the other parties hereto and their permitted successors and permitted assigns, in accordance with and subject to the terms of this letter agreement, and this letter agreement is not intended to, and does not, confer upon any Person other than the parties hereto and their respective permitted successors and permitted assigns any rights or remedies hereunder or any rights to enforce the Commitment of each Investor or any provision of this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Confidentiality</u>. The existence and content of this letter agreement shall be treated as confidential by the Company and is being provided to the Company solely in connection with the transactions contemplated by the Merger Agreement. The existence and content of this letter agreement may not be used, circulated, quoted or otherwise referred to in any document, except with the prior written consent of the Investors, the Co-Lead Investors and Parent; <u>provided</u>, however, that no such written consent shall be required (and each Investor and its Affiliates shall be free to release such information) for disclosures to each Investor's and its Affiliates' respective partners, members, directors, officers, employees, agents, legal, financial, accounting or other advisors, potential debt and equity financing sources, co-investors, related investment funds, consultants and other representatives, so long as such Persons are bound by obligations of confidentiality with respect to such information; and <u>provided</u>, further, that the Investors, the Co- Lead Investors, Parent and any of their respective Affiliates (the "<u>Disclosing Parties</u>") may disclose this letter agreement to the extent required by applicable Law, the applicable rules of any national securities exchange or self-regulatory organization or in connection with any securities filings relating to the Transaction, any court proceedings in connection with any litigation relating to the Transaction or the Merger Agreement, as permitted by or provided in the Merger Agreement, but if any such disclosure names or references an Investor or its Affiliates (other than any disclosure made in connection with enforcing this letter agreement), the Disclosing Party shall consult such Investor and shall use reasonable best efforts to not make or limit such disclosure and shall consider such Investor's reasonable input on disclosure, in each case, to the extent legally

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permitted; and <u>provided</u>, further, that the Company and Parent may disclose the letter agreement to each party's respective Affiliates, and their and their Affiliates' officers, directors, employees, advisors, representatives, auditors and financing sources, as applicable; and <u>provided</u>, further, that the Company may disclose the existence of this letter agreement (i) to the extent required by Law, (ii) in order to comply with the applicable rules of any national securities exchange or self- regulatory organization, or in connection with any securities filings relating to the Transaction, or (iii) in connection with any litigation related to the Company's rights hereunder, under the Merger Agreement or any Fee Funding Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Termination</u>. The obligations of each Investor under this letter agreement (including the obligation of such Investor to fund its respective Commitment) will terminate automatically and immediately upon the earliest to occur of (i) the consummation of the Closing and the funding of the Commitment; (ii) the valid termination of any Other Equity Commitment Letter (other than in connection with the funding of the aggregate Commitments thereunder), (iii) the valid termination of the Merger Agreement in accordance with its terms; (iv) any final, non- appealable judgment against Parent in any action that includes an award of damages or the payment of any amount due in connection with the Fee Funding Agreements of even date herewith by and between the Investors and the Co-Lead Investors, respectively, and Parent and the Company (the "Fee Funding Agreements" and each, a "<u>Fee Funding Agreement</u>"), (v) the commencement by the Company or any of its Affiliates (but excluding any Affiliates not controlled by, or acting at the direction of, the foregoing parties), or any of their respective officers, directors or representatives (in their capacities as such) to the extent acting on their behalf, and at their direction, of any action, complaint, demand, lawsuit, litigation or other legal proceeding asserting any claim (whether in equity, tort, arbitration, contract or otherwise) against Parent, its subsidiaries, any Investor or any of their respective permitted assignees, or any of the Investor Parties (as defined below) under, in respect of, or relating to, the Merger Agreement, any Fee Funding Agreement, the Other Equity Commitment Letters or this letter agreement or the transactions contemplated hereby or thereby (including in respect of any oral representations made or alleged to be made in connection therewith), other than a Retained Claim; (vi) each Investor party hereto and each Other Investor pursuant to the Other Equity Commitment Letters contributing directly or indirectly to Parent cash in an aggregate amount equal to its full Commitment (and solely to the extent such payment of the Commitments actually results in the Closing), (vii) thirty (30) days following the Outside Date so long as no Action (which, for the avoidance of doubt, includes the filing of any complaint, petition, statement of claim, counterclaim or cross-claim in a court of competent jurisdiction or, as permitted, arbitration and no inadvertent defect in venue, service or caption shall constitute a failure to "commence" litigation if promptly cured) seeking specific enforcement of the obligations of Parent to consummate the Closing in accordance with Section 8.08 of the Merger Agreement has commenced, and (viii) if a court of competent jurisdiction upon the final, non-appealable judgement has declined to specifically enforce the obligations of Parent to consummate the Closing pursuant to a claim for specific performance brought against Parent pursuant to Section 8.08 of the Merger Agreement. Upon termination of this letter, the Investor shall not have any further obligations or liabilities hereunder, except that Sections <u>6</u>, <u>7</u>, <u>10</u> and <u>12</u> shall survive termination in accordance with their terms. Notwithstanding the foregoing, such termination shall not relieve any Investor of any liability or obligation it may have under any Fee Funding Agreement (except to the extent provided in such Fee Funding Agreement).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>No Recourse</u>. Notwithstanding anything that may be expressed or implied in this letter agreement, or any document or instrument delivered in connection herewith, by its acceptance of the benefits of this letter agreement, Parent covenants, agrees and acknowledges on behalf of itself, its Affiliates, and any Person claiming by, through or on behalf of any of them, that no Person other than the Investors (and any assignee permitted in accordance with <u>Section</u> <u>5</u> hereof) has any obligation hereunder or, except for Parent and Merger Sub, in connection with the transactions contemplated hereby, and that, notwithstanding that each Investor (or any assignee permitted in accordance with <u>Section</u> <u>5</u> hereof) may be a partnership, limited liability company or other entity, no Person, including Parent, has any right of recovery under this letter agreement against, and no recourse under this letter agreement or under any document or instrument delivered in connection herewith or in respect of any oral representations made or alleged to be made in connection herewith or therewith shall be had against, any former, current or future equity holders, controlling Persons, directors, officers, employees, Affiliates (other than Parent or any of its subsidiaries or any assignee permitted in accordance with <u>Section</u> <u>5</u> hereof), members, managers, general or limited partners or representatives of any Investor or any former, current or future equity holder, controlling Person, director, officer, employee, contractors, portfolio companies, Affiliate (other than Parent or any of its subsidiaries, the Investors or any assignee permitted in accordance with <u>Section</u> <u>5</u> hereof), member, manager, general or limited partner or representative of any of the foregoing (collectively, but for the avoidance of doubt, not including Parent or any of its subsidiaries, the Investors or any assignee permitted in accordance with <u>Section</u> <u>5</u> hereof, the "<u>Investor Parties</u>"), whether by the enforcement of any judgment, fine or penalty, or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable Law, or otherwise; it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on, or otherwise be incurred by any Investor Party, as such, for any obligation of an Investor under this letter agreement or the transactions contemplated hereby, under any documents or instruments delivered in connection herewith, in respect of any oral representations made or alleged to be made in connection herewith or therewith, or for any claim (whether in tort, contract or otherwise) based on, in respect of, or by reason of, such obligations or their creation; <u>provided</u>, however, that in the event any Investor (i) consolidates with or merges with any other Person and is not the continuing or surviving entity of such consolidation or merger or (ii) transfers or conveys all or a substantial portion of its properties and other assets to any Person such that the sum of such Investor's remaining net assets plus uncalled capital is less than such Investor's Commitment hereunder, then Parent may seek recourse, whether by the enforcement of any judgment or assessment or by any legal or equitable proceeding or by virtue of any statute, regulation or other applicable Law, against such continuing or surviving entity or such transferee Person, as the case may be, but only to the extent of the obligations of such Investor hereunder and subject to the limitations herein.

Each of the parties hereto further agrees that no Person (including Parent, the Company and their respective Affiliates) shall have any right of recovery against the Investors or any Investor Party, whether by piercing of the corporate veil, by a claim on behalf of Parent against any Investor or any Investor Party, or otherwise, except for Parent's right to be capitalized by each Investor under and to the extent provided in this letter agreement, on the terms and subject to the conditions hereof or pursuant to the Fee Funding Agreement to which such Investor is a party. Each of the parties hereto hereby covenants and agrees that it shall not institute, and shall cause its controlled Affiliates not to institute, any proceeding or bring any other claim (whether in tort, contract or otherwise) arising under, or in connection with, the Merger Agreement or the

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transactions contemplated thereby, or in respect of any oral representations made or alleged to be made in connection therewith, against any Investor or any Investor Party except for claims solely against any Investor under this letter agreement or pursuant to the Fee Funding Agreement to which such Investor is a party. Notwithstanding the foregoing, nothing in this Section 12 shall, in any respect, limit claims against Parent or the Investors in accordance with and subject to the terms and conditions hereof or any Person's right to assert any Retained Claim solely against the Persons specifically identified in the definition thereof with respect to such Retained Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Representations and Warranties</u>. Each Investor hereby represents, warrants and covenants, severally and not jointly (nor jointly and severally), to Parent as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Such Investor is duly formed, validly existing and in good standing under the Laws of the jurisdiction of its formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. To the extent (if any) that its governing documents limit the amount it may commit to any one investment, such Investor's Commitment hereunder is less than the maximum amount that it is permitted to invest in any one investment pursuant to the terms of its governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Such Investor has the requisite power and authority to enter into and deliver this letter agreement and to perform its obligations under this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This letter agreement has been duly and validly executed and delivered by such Investor and constitutes the lawful, valid and binding agreement of such Investor, enforceable against such Investor, in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Such Investor will (i) have, as of the Closing, available cash necessary to fund, or cause the funding of, its Commitment, and (ii) have, for so long as this letter agreement remains in effect, unrestricted cash on hand or uncalled capital commitments from its limited partners or other sources of immediately available cash funds, or otherwise will (at the time when required to funds its Commitment hereunder) have access to available funds or enforceable equity commitments, sufficient to pay and perform its obligations under this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. This letter agreement does not contravene, conflict with or result in any violation of any provision of such Investor's governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Neither the execution and delivery of this letter agreement, nor the consummation of the transactions contemplated hereby, will conflict with, result in a breach of, constitute a default under, result in the acceleration of any obligation, create in any Person the right to accelerate, terminate or cancel, or result in the imposition of any Encumbrances upon any of the assets of such Investor under, any agreement, contract, lease, license, instrument or other arrangement to which such Investor is a party or by which it is bound or to which any of its assets is subject, except where the violation, conflict, breach, default, acceleration, termination, cancellation or Encumbrances would not materially impair or delay such Investor's performance under this letter agreement or the consummation of the transactions contemplated by this letter agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Subject to receipt of all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Authority contemplated by the Merger Agreement or the schedules thereto, all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Authority necessary for the due execution, delivery and performance of this letter agreement by such Investor have been duly complied with, and no other action by, and no notice to or filing with, any Governmental Authority or regulatory body is required in connection with the execution, delivery or performance of this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Such Investor has not entered into any side letter or other similar agreement related to or in respect of this letter agreement that would create additional conditionality regarding its obligation to satisfy its Commitment in full or that would reasonably be expected to affect the enforceability of this letter agreement or prevent or substantially delay the availability and funding of its Commitment at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Acknowledgements</u>. Each party acknowledges and agrees that (a) this letter agreement is not intended to, and does not, create any agency, partnership, fiduciary or joint venture relationship between or among any of the parties hereto and neither this letter agreement nor any other document or agreement entered into by any party hereto relating to the subject matter hereof shall be construed to suggest otherwise and (b) the obligations of the Investors under this letter agreement are solely contractual and not fiduciary in nature. Notwithstanding the foregoing, nothing in this Section 14 diminishes any duties or liabilities expressly undertaken herein or any remedies otherwise available to the Company under this letter agreement, the Merger Agreement or applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Severability</u>. In the event that any provision of this letter agreement, or the application thereof, becomes or is declared by a court of competent jurisdiction to be illegal, void or unenforceable, the remainder of this letter agreement will continue in full force and effect and the application of such provision to other Persons or circumstances will be interpreted so as reasonably to effect the intent of the parties hereto. The parties hereto further agree to replace such void or unenforceable provision of this letter agreement with a valid and enforceable provision that will achieve, to the extent possible, the economic, business and other purposes of such void or unenforceable provision. Notwithstanding anything to the contrary set forth herein, under no circumstances will this letter agreement be enforceable without giving effect to the maximum amount of the Commitment and the provisions of <u>Sections 3</u> and <u>12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Interpretation and Construction</u>. The following provisions shall apply, to the extent applicable and wherever appropriate, herein: (a) "herein," "hereby," "hereunder," "hereof" and other equivalent words shall refer to this letter agreement as an entirety and not solely to the particular portion of this letter agreement in which any such word is used; (b) all definitions set forth herein shall be deemed applicable whether the words defined are used herein in the singular or the plural; (c) wherever used herein, any pronoun or pronouns shall be deemed to include both the singular and plural and to cover all genders; and (d) the word "including" or any variation thereof shall mean including, without limitation.

[*Signature Pages Follow*]

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **PERMIRA VIII - 1 SCSP** | **PERMIRA VIII - 1 SCSP** |
| by its portfolio manager and authorized representative | by its portfolio manager and authorized representative |
| PERMIRA PORTFOLIO MANAGEMENT LIMITED | PERMIRA PORTFOLIO MANAGEMENT LIMITED |
| By: | /s/ Tom Amy |
| Name: | Tom Amy |
| Title: | Director |
| **PERMIRA VIII - 2 SCSP** | **PERMIRA VIII - 2 SCSP** |
| by its portfolio manager and authorized representative | by its portfolio manager and authorized representative |
| PERMIRA PORTFOLIO MANAGEMENT LIMITED | PERMIRA PORTFOLIO MANAGEMENT LIMITED |
| By: | /s/ Tom Amy |
| Name: | Tom Amy |
| Title: | Director |
| **PERMIRA VIII CIS SCSP** | **PERMIRA VIII CIS SCSP** |
| by its portfolio manager and authorized representative | by its portfolio manager and authorized representative |
| PERMIRA PORTFOLIO MANAGEMENT LIMITED | PERMIRA PORTFOLIO MANAGEMENT LIMITED |
| By: | /s/ Tom Amy |
| Name: | Tom Amy |
| Title: | Director |
| **PERMIRA VIII CIS 2 SCSP** | **PERMIRA VIII CIS 2 SCSP** |
| by its general partner | by its general partner |
| PERMIRA VIII GP S.À R.L. | PERMIRA VIII GP S.À R.L. |
| By: | /s/ Cedric Pedoni |
| Name: | Cedric Pedoni |
| Title: | Manager |

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[*Equity Commitment Letter Signature Page*]

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| | |
|:---|:---|
| **PILI 1 PORTFOLIO SCSP** | **PILI 1 PORTFOLIO SCSP** |
| by its general partner | by its general partner |
| PILI 1 PORTFOLIO GP S.À R.L. | PILI 1 PORTFOLIO GP S.À R.L. |
| By: | /s/ Cedric Pedoni |
| Name: | Cedric Pedoni |
| Title: | Manager |
| **PILI 2 PORTFOLIO SCSP** | **PILI 2 PORTFOLIO SCSP** |
| by its general partner | by its general partner |
| PILI 2 PORTFOLIO GP S.À R.L. | PILI 2 PORTFOLIO GP S.À R.L. |
| By: | /s/ Cedric Pedoni |
| Name: | Cedric Pedoni |
| Title: | Manager |
| **PILI 4 PORTFOLIO SCSP** | **PILI 4 PORTFOLIO SCSP** |
| by its general partner | by its general partner |
| PILI 4 PORTFOLIO GP S.À R.L. | PILI 4 PORTFOLIO GP S.À R.L. |
| By: | /s/ Cedric Pedoni |
| Name: | Cedric Pedoni |
| Title: | Manager |
| **PERMIRA INVESTMENT CAPITAL LP** | **PERMIRA INVESTMENT CAPITAL LP** |
| by its general partner | by its general partner |
| PERMIRA INVESTMENT CAPITAL GP LIMITED | PERMIRA INVESTMENT CAPITAL GP LIMITED |
| By: | /s/ Alistair Boyle |
| Name: | Alistair Boyle |
| Title: | Director |

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[*Equity Commitment Letter Signature Page*]

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| | |
|:---|:---|
| **PERMIRA INVESTMENT CAPITAL II LP** | **PERMIRA INVESTMENT CAPITAL II LP** |
| by its general partner | by its general partner |
| PERMIRA INVESTMENT CAPITAL GP LIMITED | PERMIRA INVESTMENT CAPITAL GP LIMITED |
| By: | /s/ Alistair Boyle |
| Name: | Alistair Boyle |
| Title: | Director |
| **PERMIRA INVESTMENT CAPITAL III LP** | **PERMIRA INVESTMENT CAPITAL III LP** |
| by its general partner | by its general partner |
| PERMIRA INVESTMENT CAPITAL GP LIMITED | PERMIRA INVESTMENT CAPITAL GP LIMITED |
| By: | /s/ Alistair Boyle |
| Name: | Alistair Boyle |
| Title: | Director |

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[*Equity Commitment Letter Signature Page*]

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| | |
|:---|:---|
| **PERMIRA T GP S.À R.L.** | **PERMIRA T GP S.À R.L.** |
| in its capacity as general partner of | in its capacity as general partner of |
| REDWOOD OPPORTUNITIES SCSP | REDWOOD OPPORTUNITIES SCSP |
| By: | /s/ Cedric Pedoni |
| Name: | Cedric Pedoni |
| Title: | Manager |

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[*Equity Commitment Letter Signature Page*]

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| | |
|:---|:---|
| Agreed to and accepted as of | Agreed to and accepted as of |
| the date first written above: | the date first written above: |
| **GT SILVER BIDCO, INC.** | **GT SILVER BIDCO, INC.** |
| By: | /s/ Peter Flynn |
|  | Name: Peter Flynn |
|  | Title: Chief Executive Officer and President |

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[*Equity Commitment Letter Signature Page*]

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**Schedule A** 

**Investors** 

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| | | |
|:---|:---|:---|
| **Permira** | **Commitment** | **Percentage of<br>Total<br>Commitments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira VIII - 1 SCSp | $1592437084 | 26.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira VIII - 2 SCSp | $387160753 | 6.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira VIII CIS SCSp | $47571589 | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira VIII CIS 2 SCSp | $49834 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PILI 1 Portfolio SCSp | $34260547 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PILI 2 Portfolio SCSp | $5136200 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PILI 4 Portfolio SCSp | $6229190 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira Investment Capital LP | $1387311 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira Investment Capital II LP | $1349845 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira Investment Capital III LP | $1902548 | 0.03% |
|  **Total Permira VIII** | $**2077484901** | **35.19%** |
|  REDWOOD OPPORTUNITIES SCSP | $500000000 | 8.47% |
|  **Total Permira** | $**2577484901** | **43.66%** |

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**Schedule B** 

**Other Investors** 

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| | | |
|:---|:---|:---|
| **Warburg** | **Commitment** | **Percentage of<br>Total<br>Commitments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15, L.P. | $558868640 | 9.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15-B, L.P. | $421905957 | 7.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15 International, SCSp | $213596435 | 3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WP Global Growth 15 Partners, L.P. | $85502536 | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15 Partners, L.P. | $182114353 | 3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Financial Sector III, L.P. | $307136250 | 5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Financial Sector III-E, L.P. | $23565418 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Financial Sector III Partners, L.P. | $34795313 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Warburg** | $**1827484901** | **30.94%** |
|  **Francisco Partners** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII, L.P. | $325563771 | 5.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII-A, L.P. | $377412200 | 6.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII-B, L.P. | $8927911 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII-C, L.P. | $38096118 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Francisco** | $**750000000** | **12.70%** |
|  **Temasek** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robson Investments Pte. Ltd. | $750000000 | 12.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Temasek** | $**750000000** | **12.70%** |

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## Ex-99.(B)(Ii)

**Exhibit (b)(ii)** 

*Execution Version* 

**Equity Commitment Letter** 

December 20, 2025

GT Silver BidCo, Inc.

c/o Permira Advisers LLC

320 Park Avenue, 23rd FL

New York, NY 10022

Attn: Justin Herridge

Ladies and Gentlemen:

This letter agreement sets forth the commitment of each of the undersigned Persons identified as an Investor on <u>Schedule A</u> hereto (each an "<u>Investor</u>" and together the "<u>Investors</u>" and, for the avoidance of doubt, excluding each of the Persons identified as an Other Investor on <u>Schedule B</u> hereto, collectively, the "<u>Other Investors</u>"), on the terms and subject to the conditions contained herein, to purchase, or cause the purchase of certain equity securities of GT Silver BidCo, Inc., a Delaware corporation ("<u>Parent</u>"), directly or indirectly through one or more entities. It is contemplated that, pursuant to that certain Agreement and Plan of Merger, dated as of the date hereof (as amended, restated, modified or supplemented from time to time, the "<u>Merger</u> <u>Agreement</u>"), by and among Parent, GT Silver Merger Sub, Inc., a Delaware corporation ("<u>Merger</u> <u>Sub</u>"), and Clearwater Analytics Holdings, Inc., a Delaware corporation (the "<u>Company</u>"), Merger Sub will merge with and into the Company, with the Company surviving the merger as a wholly owned subsidiary of Parent (the "<u>Transaction</u>"). Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Commitment</u>. Each Investor hereby commits, severally and not jointly, on the terms and subject to the conditions set forth herein, that at or immediately prior to the Closing, such Investor shall purchase, or cause an assignee permitted by the terms of Section 5 to purchase, directly or indirectly, equity securities of Parent for cash in an aggregate amount that is equal to the amount set forth opposite its name in the second column (Commitment) of <u>Schedule A</u> hereto (the maximum amount payable by each Investor, its "<u>Commitment</u>", and the maximum aggregate amount payable by the Investors pursuant to this letter agreement and the Other Investors pursuant to the Other Equity Commitment Letters (as defined below), collectively, the "<u>Commitments</u>"), which amount shall be used solely for the purpose of fulfilling Parent's obligation under the Merger Agreement to fund, together with the net proceeds of the Debt Financing, the amounts required to be paid by Parent at the Closing pursuant to, and in accordance with, the Merger Agreement, including fees, costs and expenses required in connection with the consummation of the Transactions, to be paid at the Closing, on the terms and subject to the conditions set forth in the Merger Agreement (collectively, the "<u>Merger Consideration</u>"); <u>provided</u>, that, Parent's obligation to fund the amounts required to be paid by Parent at the Closing shall not be conditioned on the availability of any cash of the Company, and the Commitments, together with the Debt Financing, shall be sufficient to fund all amounts required to be paid by Parent at the Closing pursuant to the Merger Agreement; <u>provided</u>, further, that no Investor shall, under any circumstances, be obligated to contribute to, or purchase equity or otherwise provide funds, directly or indirectly, from or to, Parent, in any amount in excess of such Investor's Commitment. The aggregate amount of liability of each Investor under this letter agreement shall at no time

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exceed such Investor's Commitment. Each Investor may effect the purchase of equity securities of Parent directly or indirectly through one or more Affiliates or an entity managed or advised by an Affiliate (other than Parent or any subsidiary thereof) or any of the other Investors so long as the entity(ies) funding the Commitment is able to make the representations and warranties set forth in <u>Section</u> <u>13</u>; <u>provided</u>, that no such action shall reduce the amount of such Investor's Commitment or otherwise affect the obligations of such Investor under this letter agreement except to the extent any such Affiliate, Investor or other Person actually fulfills such obligation; <u>provided</u>, that (A) credit shall be given only on a dollar-for-dollar basis for amounts in cash actually and irrevocably received by Parent, and (B) the Investor shall remain primarily liable hereunder unless and until the entire Commitment amount is so received. The amount to be funded under this letter agreement may be reduced to the extent that Parent does not require the full amount of the Commitments to pay the amounts payable by Parent at the Closing pursuant to, and in accordance with, the Merger Agreement (and any related fees, costs, and expenses); <u>provided</u>, that any such reduction in the Commitments shall be applied in the manner agreed amongst the Investors and the Other Investors; <u>provided</u>, further that any such reduction shall only occur simultaneously with the consummation of the Closing to the extent that Purchaser does not require the full amount of the Commitments in respect of the payment of the amounts required to be paid by Parent on the Closing Date under the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Conditions</u>. The several obligations of each Investor (together with their respective permitted assigns) to fund their respective proportion of the Commitments, shall (a) be subject to and conditioned upon (i) the valid execution and delivery of the Merger Agreement by the parties thereto; (ii) the satisfaction in full, or valid waiver by Parent, in writing of each of the conditions to Parent's obligations to consummate the Transaction set forth in Section 6.01 and Section 6.02 of the Merger Agreement (other than those conditions that by their terms or nature are to be satisfied at the Closing <u>provided</u>, that those conditions would be satisfied at the Closing if the Closing were to occur at such time); (iii) the Debt Financing (A) having been funded (or any alternative financing having been funded) or (B) being (as affirmed in writing by the agent therefor) funded following and subject only to the satisfaction of those conditions that by their nature are to be satisfied at the Closing (<u>provided</u>, that those conditions would be satisfied at the Closing if the Closing were to occur at such time), and substantially simultaneously with the funding of the Equity Financing; (iv) the substantially concurrent consummation of the Transaction in accordance with the terms of the Merger Agreement (including as a result of the granting of specific performance to cause the Closing of the Transaction by a court of competent jurisdiction in accordance with the Merger Agreement), (v) the prior or substantially concurrent funding by each of the Other Investors under their respective equity commitment letters (each an "<u>Other Equity Commitment Letter</u>" and collectively, the "<u>Other Equity Commitment Letters</u>"), dated as of the date hereof, between each such Other Investor, respectively, and Parent; and (vi) the terms of this letter agreement, and (b) occur, subject to the foregoing clause (a), substantially simultaneously with the issuance of the equity securities of Parent to each of the Investors. For the avoidance of doubt, the obligations of Parent under the Merger Agreement shall be determined in accordance with the terms thereof, and nothing in this letter agreement shall amend, modify or waive any of the terms of the Merger Agreement or any assertion of liability or obligation against Parent under the Merger Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Enforceability</u>. Neither the Investors' nor Parent's creditors shall have any right to enforce this letter agreement or to cause Parent to enforce this letter agreement. Notwithstanding the foregoing, the Company shall be, and is intended to be, a third party beneficiary of the rights granted to Parent (i) for purposes of this <u>Section</u> <u>3</u> and <u>Sections 4</u>, <u>5</u> and <u>10</u> hereof and (ii) for the purpose of enforcing Parent's obligations under this letter agreement under circumstances in which the Company has received an order of specific performance against Parent pursuant to (and subject to the limitations of) Section 8.08 of the Merger Agreement to cause Parent to draw down the full proceeds of the Equity Financing and to cause Parent to consummate the Closing pursuant to Section 8.08 of the Merger Agreement and for no other purpose (including any claim for monetary damages hereunder or thereunder); <u>provided</u>, that, the foregoing clause (ii) shall be conditioned on (x) the conditions set forth in this letter agreement having been satisfied and (y) the Company having irrevocably confirmed in writing to Parent that if specific performance is granted, then the Company will consummate the Transaction, then the Company shall have the express right to enforce Parent's rights under this letter agreement; <u>provided</u>, that, in no event shall this letter agreement or the funding obligations set forth herein be enforced by any Person in accordance with this letter agreement unless the funding obligations set forth in each Other Equity Commitment Letter are being concurrently enforced by such Person, pro rata based on the Commitments herein and therein (but only to the extent such funding obligation requires enforcement because the Other Investor declines to provide such funding under the applicable Other Equity Commitment Letter). Notwithstanding the foregoing, the Company's inability to join, commence or maintain an action against any other investor as a result of any stay, injunction, bankruptcy, moratorium, settlement or other impediment shall not limit, delay or excuse enforcement against any other Investor up to such Investor's Commitment. Notwithstanding anything that may be expressed or implied in this letter agreement, for the avoidance of doubt, in no event shall this letter agreement be enforced (A) to the extent it would result in a duplicative recovery or (B) if the Company or any of its affiliates has received the Parent Termination Fee (either when it is due and payable under the Merger Agreement or following a judgment directing it to be paid) or any other monetary damages from Parent, Buyer, an Investor or an Investor Party in accordance with the Merger Agreement or the Fee Funding Agreements. Notwithstanding the foregoing, nothing in this Section 3 shall, in any respect, limit claims against Parent or the Investors in accordance with and subject to the terms and conditions hereof or any Person's right to assert any Retained Claim (as defined in the applicable Fee Funding Agreement) solely against the Persons specifically identified in the definition thereof with respect to such Retained Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>No Modification; Entire Agreement</u>. This letter agreement may not be amended, restated, supplemented or otherwise modified without the prior written consent of Parent, the Investors, Martel Lux TopCo SCSp and WP Silver Aggregator, L.P. (the "<u>Co-Lead</u> <u>Investors</u>") and the Company in respect of <u>Section</u> <u>3</u>, this <u>Section</u> <u>4</u> and <u>Section</u> <u>10</u>; <u>provided</u>, however, that, for the avoidance of doubt, any amendment, modification, or waiver that adversely affects the Company's or Parent's rights hereunder shall require the prior written consent of the Company or Parent, as applicable. Together with the other agreements being entered into in connection with the Transaction, including, without limitation, the Merger Agreement, the Other Equity Commitment Letters, the Fee Funding Agreements (as defined below), and the Confidentiality Agreement, this letter agreement constitutes the entire agreement with respect to the subject matter hereof, and supersedes all prior agreements, understandings and statements, written or oral, between the Investors or any of their Affiliates, on the one hand, and Parent or any of its Affiliates, on the other, with respect to the transactions contemplated hereby. Each party hereto acknowledges that, in entering into this letter agreement, it is not relying on, and shall have

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no remedies in respect of, any representation, warranty or undertaking not expressly set out in this letter agreement. Each party agrees and acknowledges that its only right and remedy in relation to any representation, warranty or undertaking made or given in this letter agreement shall be for specific performance of the terms of this letter agreement pursuant to, and subject to the terms and conditions of, Section 8.08 of the Merger Agreement, and each of the parties waives all other rights and remedies (including those in tort or arising under statute) in relation to any such representation, warranty or undertaking; provided, that, for the avoidance of doubt, nothing in the foregoing sentence shall limit the Company's right to assert any Retained Claim. Except as expressly permitted in <u>Section</u> <u>1</u> and <u>Section</u> <u>5</u> hereof, no transfer of any rights or obligations hereunder shall be permitted without the consent of Parent, the Investors, the Co-Lead Investors and the Company. Any transfer in violation of the preceding sentence shall be null and void. For the avoidance of doubt, and notwithstanding anything to the contrary herein, the parties hereby agree and acknowledge that none of the foregoing agreements and acknowledgements set forth in this <u>Section</u> <u>4</u> shall limit the rights and remedies available to the Company with respect to Parent or the Investors under <u>Section</u> <u>3</u> hereof or any other agreements to which the Company is a party being entered into in connection with the Transaction, subject to the terms and conditions hereof and thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Assignment</u>. Other than as expressly provided herein, an Investor may not, directly or indirectly, assign all or any portion of its rights or obligations under this letter agreement to any Person without the prior written consent of the other parties hereto, the Co-Lead Investors and the Company, <u>provided</u>, that each Investor may assign all or a portion of its rights and obligations hereunder to one or more of its Affiliates (other than, for the avoidance of doubt, any portfolio companies of such Investor, Parent or any subsidiary thereof) that is able to make the representations and warranties set forth in this letter agreement and the Interim Investors Agreement, dated on or around the date hereof, by and among the Investors and the other parties thereto (the "<u>IIA</u>"); <u>provided</u>, further, that such assignment would not reasonably be expected to result in any material delay in satisfying, or increase the risk of not satisfying, the conditions to the Closing set forth in the Merger Agreement and the assignee is capable of performing its obligations under this letter agreement, the Fee Funding Agreement and the IIA, including having the financial capacity necessary to fund the full amount of the Commitment that is being assigned; <u>provided</u>, further, that no such assignment shall be permitted (i) in violation of applicable Law or (ii) that would (x) require any material licensing, regulatory consent or other regulatory proceeding to be obtained or participated in by any of the Investors, the Other Investors, Parent, Merger Sub or the Company (the "<u>Transaction Parties</u>") or otherwise subject any Transaction Party or its Affiliates to any additional substantive regulation; or (y) cause any statement made or information provided to a Governmental Authority prior to such assignment to become materially untrue or misleading (other than any statement made or information provided related solely to the identity of such Investor); <u>provided</u>, further, that any such assignment shall not relieve the assigning Investor of its obligations under this letter agreement or Fee Funding Agreement, as applicable, unless and until the assignee has actually funded the full amount of the Commitment being assigned. Any assignment in derogation of the foregoing shall be null and void.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law; Submission to Jurisdiction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This letter agreement and all disputes, controversies or other Actions arising out of or relating to this letter agreement or the Transaction, including matters of validity, construction, effect, performance and remedies, shall be governed by, and construed in accordance with, the Laws of the State of Delaware applicable to contracts executed in and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable conflict of Laws principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. All Actions arising out of or relating to this letter agreement or the Transaction shall be heard and determined in the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court of competent jurisdiction within the State of Delaware). The parties hereto hereby irrevocably (i) submit to the exclusive jurisdiction and venue of such courts in any such Action, (ii) waive the defense of an inconvenient forum or lack of jurisdiction to the maintenance of any such Action, (iii) agree to not attempt to deny or defeat such jurisdiction by motion or otherwise request for leave from any such court and (iv) agree to not bring any Action arising out of or relating to this letter agreement or the Transaction in any court other than the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court within the State of Delaware), except for Actions brought to enforce the judgment of any such court. The consents to jurisdiction and venue set forth in this <u>Section</u> <u>6(b)</u> shall not constitute general consents to service of process in the State of Delaware and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than the parties hereto. Each party hereto agrees that service of process upon such party in any Action arising out of or relating to this Agreement shall be effective if notice is given by overnight courier at the address set forth in Section 8.10 of the Merger Agreement. The parties hereto agree that a final judgment in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law; provided, however, that nothing in the foregoing shall restrict any party's rights to seek any post judgment relief regarding, or any appeal from, a final trial court judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Waiver of Jury Trial</u>. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS LETTER AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS LETTER AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, INCLUDING THE DEBT COMMITMENT LETTER OR THE DEBT FINANCING. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS LETTER AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS <u>SECTION 7</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Counterparts</u>. This letter agreement may be signed in any number of counterparts (including by means of telecopied signature pages or electronic transmission with attachment in pdf format or any electronic signature complying with the U.S. federal ESIGN Act of 2000 (e.g., www.docusign.com), which will be deemed to have the same effect as physical delivery of a paper document bearing the original signatures), each such counterpart being deemed to be an original instrument, with the same effect as if the signatures to each counterpart were upon a single instrument, and all such counterparts together shall be deemed an original of this letter agreement. This letter agreement shall become effective when each party hereto shall have received a counterpart hereof signed by all of the other parties hereto. Until and unless each party has received a counterpart hereof signed by each other party hereto, this letter agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). The parties irrevocably and unreservedly agree that this letter agreement may be executed by way of electronic signatures and the parties agree that this letter, or any part thereof, shall not be challenged or denied any legal effect, validity and/or enforceability solely on the ground that it is in the form of an electronic record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>No Third Party Beneficiaries</u>. Except as expressly set forth in <u>Section</u> <u>3</u> hereof, the rights of the Company in respect of <u>Sections 3</u>, <u>4</u>, <u>5</u> and <u>10</u>, the rights of the Co-Lead Investors in respect of <u>Sections 1</u>, <u>4</u>, <u>5</u> and <u>10</u>, and the rights of the Investor Parties (as defined below) in respect of <u>Section</u> <u>12</u>, the parties hereto hereby agree that their respective representations, warranties and covenants set forth herein are solely for the benefit of the other parties hereto and their permitted successors and permitted assigns, in accordance with and subject to the terms of this letter agreement, and this letter agreement is not intended to, and does not, confer upon any Person other than the parties hereto and their respective permitted successors and permitted assigns any rights or remedies hereunder or any rights to enforce the Commitment of each Investor or any provision of this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Confidentiality</u>. The existence and content of this letter agreement shall be treated as confidential by the Company and is being provided to the Company solely in connection with the transactions contemplated by the Merger Agreement. The existence and content of this letter agreement may not be used, circulated, quoted or otherwise referred to in any document, except with the prior written consent of the Investors, the Co-Lead Investors and Parent; <u>provided</u>, however, that no such written consent shall be required (and each Investor and its Affiliates shall be free to release such information) for disclosures to each Investor's and its Affiliates' respective partners, members, directors, officers, employees, agents, legal, financial, accounting or other advisors, potential debt and equity financing sources, co-investors, related investment funds, consultants and other representatives, so long as such Persons are bound by obligations of confidentiality with respect to such information; and <u>provided</u>, further, that the Investors, the Co- Lead Investors, Parent and any of their respective Affiliates (the "<u>Disclosing Parties</u>") may disclose this letter agreement to the extent required by applicable Law, the applicable rules of any national securities exchange or self-regulatory organization or in connection with any securities filings relating to the Transaction, any court proceedings in connection with any litigation relating to the Transaction or the Merger Agreement, as permitted by or provided in the Merger Agreement, but if any such disclosure names or references an Investor or its Affiliates (other than any disclosure made in connection with enforcing this letter agreement), the Disclosing Party shall consult such Investor and shall use reasonable best efforts to not make or limit such disclosure and shall consider such Investor's reasonable input on disclosure, in each case, to the extent legally

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permitted; and <u>provided</u>, further, that the Company and Parent may disclose the letter agreement to each party's respective Affiliates, and their and their Affiliates' officers, directors, employees, advisors, representatives, auditors and financing sources, as applicable; and <u>provided</u>, further, that the Company may disclose the existence of this letter agreement (i) to the extent required by Law, (ii) in order to comply with the applicable rules of any national securities exchange or self- regulatory organization, or in connection with any securities filings relating to the Transaction, or (iii) in connection with any litigation related to the Company's rights hereunder, under the Merger Agreement or any Fee Funding Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Termination</u>. The obligations of each Investor under this letter agreement (including the obligation of such Investor to fund its respective Commitment) will terminate automatically and immediately upon the earliest to occur of (i) the consummation of the Closing and the funding of the Commitment; (ii) the valid termination of any Other Equity Commitment Letter (other than in connection with the funding of the aggregate Commitments thereunder), (iii) the valid termination of the Merger Agreement in accordance with its terms; (iv) any final, non- appealable judgment against Parent in any action that includes an award of damages or the payment of any amount due in connection with the Fee Funding Agreements of even date herewith by and between the Investors and the Co-Lead Investors, respectively, and Parent and the Company (the "Fee Funding Agreements" and each, a "<u>Fee Funding Agreement</u>"), (v) the commencement by the Company or any of its Affiliates (but excluding any Affiliates not controlled by, or acting at the direction of, the foregoing parties), or any of their respective officers, directors or representatives (in their capacities as such) to the extent acting on their behalf, and at their direction, of any action, complaint, demand, lawsuit, litigation or other legal proceeding asserting any claim (whether in equity, tort, arbitration, contract or otherwise) against Parent, its subsidiaries, any Investor or any of their respective permitted assignees, or any of the Investor Parties (as defined below) under, in respect of, or relating to, the Merger Agreement, any Fee Funding Agreement, the Other Equity Commitment Letters or this letter agreement or the transactions contemplated hereby or thereby (including in respect of any oral representations made or alleged to be made in connection therewith), other than a Retained Claim; (vi) each Investor party hereto and each Other Investor pursuant to the Other Equity Commitment Letters contributing directly or indirectly to Parent cash in an aggregate amount equal to its full Commitment (and solely to the extent such payment of the Commitments actually results in the Closing), (vii) thirty (30) days following the Outside Date so long as no Action (which, for the avoidance of doubt, includes the filing of any complaint, petition, statement of claim, counterclaim or cross-claim in a court of competent jurisdiction or, as permitted, arbitration and no inadvertent defect in venue, service or caption shall constitute a failure to "commence" litigation if promptly cured) seeking specific enforcement of the obligations of Parent to consummate the Closing in accordance with Section 8.08 of the Merger Agreement has commenced, and (viii) if a court of competent jurisdiction upon the final, non-appealable judgement has declined to specifically enforce the obligations of Parent to consummate the Closing pursuant to a claim for specific performance brought against Parent pursuant to Section 8.08 of the Merger Agreement. Upon termination of this letter, the Investor shall not have any further obligations or liabilities hereunder, except that Sections <u>6</u>, <u>7</u>, <u>10</u> and <u>12</u> shall survive termination in accordance with their terms. Notwithstanding the foregoing, such termination shall not relieve any Investor of any liability or obligation it may have under any Fee Funding Agreement (except to the extent provided in such Fee Funding Agreement).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>No Recourse</u>. Notwithstanding anything that may be expressed or implied in this letter agreement, or any document or instrument delivered in connection herewith, by its acceptance of the benefits of this letter agreement, Parent covenants, agrees and acknowledges on behalf of itself, its Affiliates, and any Person claiming by, through or on behalf of any of them, that no Person other than the Investors (and any assignee permitted in accordance with <u>Section</u> <u>5</u> hereof) has any obligation hereunder or, except for Parent and Merger Sub, in connection with the transactions contemplated hereby, and that, notwithstanding that each Investor (or any assignee permitted in accordance with <u>Section</u> <u>5</u> hereof) may be a partnership, limited liability company or other entity, no Person, including Parent, has any right of recovery under this letter agreement against, and no recourse under this letter agreement or under any document or instrument delivered in connection herewith or in respect of any oral representations made or alleged to be made in connection herewith or therewith shall be had against, any former, current or future equity holders, controlling Persons, directors, officers, employees, Affiliates (other than Parent or any of its subsidiaries or any assignee permitted in accordance with <u>Section</u> <u>5</u> hereof), members, managers, general or limited partners or representatives of any Investor or any former, current or future equity holder, controlling Person, director, officer, employee, contractors, portfolio companies, Affiliate (other than Parent or any of its subsidiaries, the Investors or any assignee permitted in accordance with <u>Section</u> <u>5</u> hereof), member, manager, general or limited partner or representative of any of the foregoing (collectively, but for the avoidance of doubt, not including Parent or any of its subsidiaries, the Investors or any assignee permitted in accordance with <u>Section</u> <u>5</u> hereof, the "<u>Investor Parties</u>"), whether by the enforcement of any judgment, fine or penalty, or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable Law, or otherwise; it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on, or otherwise be incurred by any Investor Party, as such, for any obligation of an Investor under this letter agreement or the transactions contemplated hereby, under any documents or instruments delivered in connection herewith, in respect of any oral representations made or alleged to be made in connection herewith or therewith, or for any claim (whether in tort, contract or otherwise) based on, in respect of, or by reason of, such obligations or their creation; <u>provided</u>, however, that in the event any Investor (i) consolidates with or merges with any other Person and is not the continuing or surviving entity of such consolidation or merger or (ii) transfers or conveys all or a substantial portion of its properties and other assets to any Person such that the sum of such Investor's remaining net assets plus uncalled capital is less than such Investor's Commitment hereunder, then Parent may seek recourse, whether by the enforcement of any judgment or assessment or by any legal or equitable proceeding or by virtue of any statute, regulation or other applicable Law, against such continuing or surviving entity or such transferee Person, as the case may be, but only to the extent of the obligations of such Investor hereunder and subject to the limitations herein.

Each of the parties hereto further agrees that no Person (including Parent, the Company and their respective Affiliates) shall have any right of recovery against the Investors or any Investor Party, whether by piercing of the corporate veil, by a claim on behalf of Parent against any Investor or any Investor Party, or otherwise, except for Parent's right to be capitalized by each Investor under and to the extent provided in this letter agreement, on the terms and subject to the conditions hereof or pursuant to the Fee Funding Agreement to which such Investor is a party. Each of the parties hereto hereby covenants and agrees that it shall not institute, and shall cause its controlled Affiliates not to institute, any proceeding or bring any other claim (whether in tort, contract or otherwise) arising under, or in connection with, the Merger Agreement or the

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transactions contemplated thereby, or in respect of any oral representations made or alleged to be made in connection therewith, against any Investor or any Investor Party except for claims solely against any Investor under this letter agreement or pursuant to the Fee Funding Agreement to which such Investor is a party. Notwithstanding the foregoing, nothing in this Section 12 shall, in any respect, limit claims against Parent or the Investors in accordance with and subject to the terms and conditions hereof or any Person's right to assert any Retained Claim solely against the Persons specifically identified in the definition thereof with respect to such Retained Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Representations and Warranties</u>. Each Investor hereby represents, warrants and covenants, severally and not jointly (nor jointly and severally), to Parent as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Such Investor is duly formed, validly existing and in good standing under the Laws of the jurisdiction of its formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. To the extent (if any) that its governing documents limit the amount it may commit to any one investment, such Investor's Commitment hereunder is less than the maximum amount that it is permitted to invest in any one investment pursuant to the terms of its governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Such Investor has the requisite power and authority to enter into and deliver this letter agreement and to perform its obligations under this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This letter agreement has been duly and validly executed and delivered by such Investor and constitutes the lawful, valid and binding agreement of such Investor, enforceable against such Investor, in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Such Investor will (i) have, as of the Closing, available cash necessary to fund, or cause the funding of, its Commitment, and (ii) have, for so long as this letter agreement remains in effect, unrestricted cash on hand or uncalled capital commitments from its limited partners or other sources of immediately available cash funds, or otherwise will (at the time when required to funds its Commitment hereunder) have access to available funds or enforceable equity commitments, sufficient to pay and perform its obligations under this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. This letter agreement does not contravene, conflict with or result in any violation of any provision of such Investor's governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Neither the execution and delivery of this letter agreement, nor the consummation of the transactions contemplated hereby, will conflict with, result in a breach of, constitute a default under, result in the acceleration of any obligation, create in any Person the right to accelerate, terminate or cancel, or result in the imposition of any Encumbrances upon any of the assets of such Investor under, any agreement, contract, lease, license, instrument or other arrangement to which such Investor is a party or by which it is bound or to which any of its assets is subject, except where the violation, conflict, breach, default, acceleration, termination, cancellation or Encumbrances would not materially impair or delay such Investor's performance under this letter agreement or the consummation of the transactions contemplated by this letter agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Subject to receipt of all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Authority contemplated by the Merger Agreement or the schedules thereto, all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Authority necessary for the due execution, delivery and performance of this letter agreement by such Investor have been duly complied with, and no other action by, and no notice to or filing with, any Governmental Authority or regulatory body is required in connection with the execution, delivery or performance of this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Such Investor has not entered into any side letter or other similar agreement related to or in respect of this letter agreement that would create additional conditionality regarding its obligation to satisfy its Commitment in full or that would reasonably be expected to affect the enforceability of this letter agreement or prevent or substantially delay the availability and funding of its Commitment at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Acknowledgements</u>. Each party acknowledges and agrees that (a) this letter agreement is not intended to, and does not, create any agency, partnership, fiduciary or joint venture relationship between or among any of the parties hereto and neither this letter agreement nor any other document or agreement entered into by any party hereto relating to the subject matter hereof shall be construed to suggest otherwise and (b) the obligations of the Investors under this letter agreement are solely contractual and not fiduciary in nature. Notwithstanding the foregoing, nothing in this Section 14 diminishes any duties or liabilities expressly undertaken herein or any remedies otherwise available to the Company under this letter agreement, the Merger Agreement or applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Severability</u>. In the event that any provision of this letter agreement, or the application thereof, becomes or is declared by a court of competent jurisdiction to be illegal, void or unenforceable, the remainder of this letter agreement will continue in full force and effect and the application of such provision to other Persons or circumstances will be interpreted so as reasonably to effect the intent of the parties hereto. The parties hereto further agree to replace such void or unenforceable provision of this letter agreement with a valid and enforceable provision that will achieve, to the extent possible, the economic, business and other purposes of such void or unenforceable provision. Notwithstanding anything to the contrary set forth herein, under no circumstances will this letter agreement be enforceable without giving effect to the maximum amount of the Commitment and the provisions of <u>Sections 3</u> and <u>12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Interpretation and Construction</u>. The following provisions shall apply, to the extent applicable and wherever appropriate, herein: (a) "herein," "hereby," "hereunder," "hereof" and other equivalent words shall refer to this letter agreement as an entirety and not solely to the particular portion of this letter agreement in which any such word is used; (b) all definitions set forth herein shall be deemed applicable whether the words defined are used herein in the singular or the plural; (c) wherever used herein, any pronoun or pronouns shall be deemed to include both the singular and plural and to cover all genders; and (d) the word "including" or any variation thereof shall mean including, without limitation.

[*Signature Pages Follow*]

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Very truly yours, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Very truly yours, |
| **WARBURG PINCUS GLOBAL GROWTH 15, L.P.** | **WARBURG PINCUS GLOBAL GROWTH 15, L.P.** |
| By: Warburg Pincus Global Growth 15 GP, L.P., its general partner | By: Warburg Pincus Global Growth 15 GP, L.P., its general partner |
| By: WP Global LLC, its general partner | By: WP Global LLC, its general partner |
| By: Warburg Pincus Partners II, L.P., its managing member | By: Warburg Pincus Partners II, L.P., its managing member |
| By: Warburg Pincus Partners GP LLC, its general partner | By: Warburg Pincus Partners GP LLC, its general partner |
| By: Warburg Pincus & Co., its managing member | By: Warburg Pincus & Co., its managing member |
| By: | /s/ Alexander Stratoudakis |
| Name: Alexander Stratoudakis | Name: Alexander Stratoudakis |
| Title: Partner | Title: Partner |
| **WARBURG PINCUS GLOBAL GROWTH 15-B, L.P.** | **WARBURG PINCUS GLOBAL GROWTH 15-B, L.P.** |
| By: Warburg Pincus Global Growth 15 GP, L.P., its general partner | By: Warburg Pincus Global Growth 15 GP, L.P., its general partner |
| By: WP Global LLC, its general partner | By: WP Global LLC, its general partner |
| By: Warburg Pincus Partners II, L.P., its managing member | By: Warburg Pincus Partners II, L.P., its managing member |
| By: Warburg Pincus Partners GP LLC, its general partner | By: Warburg Pincus Partners GP LLC, its general partner |
| By: Warburg Pincus & Co., its managing member | By: Warburg Pincus & Co., its managing member |
| By: | /s/ Alexander Stratoudakis |
| Name: Alexander Stratoudakis | Name: Alexander Stratoudakis |
| Title: Partner | Title: Partner |

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[*Equity Commitment Letter Signature Page*]

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| | |
|:---|:---|
| **WP GLOBAL GROWTH 15 PARTNERS, L.P.** | **WP GLOBAL GROWTH 15 PARTNERS, L.P.** |
| By: Warburg Pincus Global Growth 15 GP, L.P., its general partner | By: Warburg Pincus Global Growth 15 GP, L.P., its general partner |
| By: WP Global LLC, its general partner | By: WP Global LLC, its general partner |
| By: Warburg Pincus Partners II, L.P., its managing member | By: Warburg Pincus Partners II, L.P., its managing member |
| By: Warburg Pincus Partners GP LLC, its general partner | By: Warburg Pincus Partners GP LLC, its general partner |
| By: Warburg Pincus & Co., its managing member | By: Warburg Pincus & Co., its managing member |
| By: | /s/ Alexander Stratoudakis |
| Name: Alexander Stratoudakis | Name: Alexander Stratoudakis |
| Title: Partner | Title: Partner |
| **WARBURG PINCUS GLOBAL GROWTH 15 PARTNERS, L.P.** | **WARBURG PINCUS GLOBAL GROWTH 15 PARTNERS, L.P.** |
| By: Warburg Pincus Global Growth 15 GP, L.P., its general partner | By: Warburg Pincus Global Growth 15 GP, L.P., its general partner |
| By: WP Global LLC, its general partner | By: WP Global LLC, its general partner |
| By: Warburg Pincus Partners II, L.P., its managing member | By: Warburg Pincus Partners II, L.P., its managing member |
| By: Warburg Pincus Partners GP LLC, its general partner | By: Warburg Pincus Partners GP LLC, its general partner |
| By: Warburg Pincus & Co., its managing member | By: Warburg Pincus & Co., its managing member |
| By: | /s/ Alexander Stratoudakis |
| Name: Alexander Stratoudakis | Name: Alexander Stratoudakis |
| Title: Partner | Title: Partner |

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[*Equity Commitment Letter Signature Page*]

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| | |
|:---|:---|
| **WARBURG PINCUS GLOBAL GROWTH 15 INTERNATIONAL, SCSP** | **WARBURG PINCUS GLOBAL GROWTH 15 INTERNATIONAL, SCSP** |
| By: Warburg Pincus Global Growth 15 GP, S.à r.l., its managing general partner | By: Warburg Pincus Global Growth 15 GP, S.à r.l., its managing general partner |
| By: | /s/ Raquel Guevara |
| Name: Raquel Guevara | Name: Raquel Guevara |
| Title: Class A Manager | Title: Class A Manager |
| By: | /s/ Oana Lazar |
| Name: Oana Lazar | Name: Oana Lazar |
| Title: Class B Manager | Title: Class B Manager |
| **WARBURG PINCUS FINANCIAL SECTOR III, L.P.** | **WARBURG PINCUS FINANCIAL SECTOR III, L.P.** |
| By: Warburg Pincus Financial Sector III GP, L.P., its general partner | By: Warburg Pincus Financial Sector III GP, L.P., its general partner |
| By: WP Global LLC, its general partner | By: WP Global LLC, its general partner |
| By: Warburg Pincus Partners II, L.P., its managing member | By: Warburg Pincus Partners II, L.P., its managing member |
| By: Warburg Pincus Partners GP LLC, its general partner | By: Warburg Pincus Partners GP LLC, its general partner |
| By: Warburg Pincus & Co., its managing member | By: Warburg Pincus & Co., its managing member |
| By: | /s/ Alexander Stratoudakis |
| Name: Alexander Stratoudakis | Name: Alexander Stratoudakis |
| Title: Partner | Title: Partner |

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[*Equity Commitment Letter Signature Page*]

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| | |
|:---|:---|
| **WARBURG PINCUS FINANCIAL SECTOR III-E, L.P.** | **WARBURG PINCUS FINANCIAL SECTOR III-E, L.P.** |
| By: Warburg Pincus Financial Sector III GP, L.P., its general partner | By: Warburg Pincus Financial Sector III GP, L.P., its general partner |
| By: WP Global LLC, its general partner | By: WP Global LLC, its general partner |
| By: Warburg Pincus Partners II, L.P., its managing member | By: Warburg Pincus Partners II, L.P., its managing member |
| By: Warburg Pincus Partners GP LLC, its general partner | By: Warburg Pincus Partners GP LLC, its general partner |
| By: Warburg Pincus & Co., its managing member | By: Warburg Pincus & Co., its managing member |
| By: | /s/ Alexander Stratoudakis |
| Name: Alexander Stratoudakis | Name: Alexander Stratoudakis |
| Title: Partner | Title: Partner |
| **WARBURG PINCUS FINANCIAL SECTOR III PARTNERS, L.P.** | **WARBURG PINCUS FINANCIAL SECTOR III PARTNERS, L.P.** |
| By: Warburg Pincus Financial Sector III GP, L.P., its general partner | By: Warburg Pincus Financial Sector III GP, L.P., its general partner |
| By: WP Global LLC, its general partner | By: WP Global LLC, its general partner |
| By: Warburg Pincus Partners II, L.P., its managing member | By: Warburg Pincus Partners II, L.P., its managing member |
| By: Warburg Pincus Partners GP LLC, its general partner | By: Warburg Pincus Partners GP LLC, its general partner |
| By: Warburg Pincus & Co., its managing member | By: Warburg Pincus & Co., its managing member |
| By: | /s/ Alexander Stratoudakis |
| Name: Alexander Stratoudakis | Name: Alexander Stratoudakis |
| Title: Partner | Title: Partner |

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[*Equity Commitment Letter Signature Page*]

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| | |
|:---|:---|
| Agreed to and accepted as of<br> the date first written above: | Agreed to and accepted as of<br> the date first written above: |
| **GT SILVER BIDCO, INC.** | **GT SILVER BIDCO, INC.** |
| By: | /s/ Peter Flynn |
|  | Name: Peter Flynn |
|  | Title: Chief Executive Officer and President |

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**[***Equity Commitment Letter Signature Page***]** 

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**Schedule A** 

**Investors** 

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| | | |
|:---|:---|:---|
| **Warburg** | **Commitment** | **Percentage of<br>Total<br>Commitments** |
|  Warburg Pincus Global Growth 15, L.P. | $558868640 | 9.46% |
|  Warburg Pincus Global Growth 15-B, L.P. | $421905957 | 7.14% |
|  Warburg Pincus Global Growth 15 International, SCSp | $213596435 | 3.62% |
|  WP Global Growth 15 Partners, L.P. | $85502536 | 1.45% |
|  Warburg Pincus Global Growth 15 Partners, L.P. | $182114353 | 3.08% |
|  Warburg Pincus Financial Sector III, L.P. | $307136250 | 5.20% |
|  Warburg Pincus Financial Sector III-E, L.P. | $23565418 | 0.40% |
|  Warburg Pincus Financial Sector III Partners, L.P. | $34795313 | 0.59% |
|  **Total Warburg** | $**1827484901** | **30.94%** |

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**Schedule B** 

**Other Investors** 

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| | | |
|:---|:---|:---|
| **Permira** | **Commitment** | **Percentage of<br>Total<br>Commitments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira VIII - 1 SCSp | $1592437084 | 26.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira VIII - 2 SCSp | $387160753 | 6.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira VIII CIS SCSp | $47571589 | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira VIII CIS 2 SCSp | $49834 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PILI 1 Portfolio SCSp | $34260547 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PILI 2 Portfolio SCSp | $5136200 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PILI 4 Portfolio SCSp | $6229190 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira Investment Capital LP | $1387311 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira Investment Capital II LP | $1349845 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira Investment Capital III LP | $1902548 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Permira VIII** | $**2077484901** | **35.19%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REDWOOD OPPORTUNITIES SCSP | $500000000 | 8.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Permira** | $**2577484901** | **43.66%** |
|  **Francisco Partners** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII, L.P. | $325563771 | 5.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII-A, L.P. | $377412200 | 6.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII-B, L.P. | $8927911 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII-C, L.P. | $38096118 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Francisco** | $**750000000** | **12.70%** |
|  **Temasek** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robson Investments Pte. Ltd. | $750000000 | 12.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Temasek** | $**750000000** | **12.70%** |

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## Ex-99.(B)(Iii)

**Exhibit (b)(iii)** 

*Execution Version* 

**Equity Commitment Letter** 

December 20, 2025

GT Silver BidCo, Inc.

c/o Permira Advisers LLC

320 Park Avenue, 23rd FL

New York, NY 10022

Attn: Justin Herridge

Ladies and Gentlemen:

This letter agreement sets forth the commitment of each of the undersigned Persons identified as an Investor on Schedule A hereto (each an "Investor" and together the "Investors" and, for the avoidance of doubt, excluding each of the Persons identified as an Other Investor on Schedule B hereto, collectively, the "Other Investors"), on the terms and subject to the conditions contained herein, to purchase, or cause the purchase of certain equity securities of GT Silver BidCo, Inc., a Delaware corporation ("Parent"), directly or indirectly through one or more entities. It is contemplated that, pursuant to that certain Agreement and Plan of Merger, dated as of the date hereof (as amended, restated, modified or supplemented from time to time, the "Merger Agreement"), by and among Parent, GT Silver Merger Sub, Inc., a Delaware corporation ("Merger Sub"), and Clearwater Analytics Holdings, Inc., a Delaware corporation (the "Company"), Merger Sub will merge with and into the Company, with the Company surviving the merger as a wholly owned subsidiary of Parent (the "Transaction"). Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Commitment</u>. Each Investor hereby commits, severally and not jointly, on the terms and subject to the conditions set forth herein, that at or immediately prior to the Closing, such Investor shall purchase, or cause an assignee permitted by the terms of Section 5 to purchase, directly or indirectly, equity securities of Parent for cash in an aggregate amount that is equal to the amount set forth opposite its name in the second column (Commitment) of <u>Schedule A</u> hereto (the maximum amount payable by each Investor, its "<u>Commitment</u>", and the maximum aggregate amount payable by the Investors pursuant to this letter agreement and the Other Investors pursuant to the Other Equity Commitment Letters (as defined below), collectively, the "<u>Commitments</u>"), which amount shall be used solely for the purpose of fulfilling Parent's obligation under the Merger Agreement to fund, together with the net proceeds of the Debt Financing, the amounts required to be paid by Parent at the Closing pursuant to, and in accordance with, the Merger Agreement, including fees, costs and expenses required in connection with the consummation of the Transactions, to be paid at the Closing, on the terms and subject to the conditions set forth in the Merger Agreement (collectively, the "<u>Merger Consideration</u>"); <u>provided</u>, that, Parent's obligation to fund the amounts required to be paid by Parent at the Closing shall not be conditioned on the availability of any cash of the Company, and the Commitments, together with the Debt Financing, shall be sufficient to fund all amounts required to be paid by Parent at the Closing pursuant to the Merger Agreement; <u>provided</u>, further, that no Investor shall, under any circumstances, be obligated to contribute to, or purchase equity or otherwise provide funds, directly or indirectly, from or to, Parent, in any amount in excess of such Investor's Commitment. The aggregate amount of liability of each Investor under this letter agreement shall at no time

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exceed such Investor's Commitment. Each Investor may effect the purchase of equity securities of Parent directly or indirectly through one or more Affiliates or an entity managed or advised by an Affiliate (other than Parent or any subsidiary thereof) or any of the other Investors so long as the entity(ies) funding the Commitment is able to make the representations and warranties set forth in <u>Section</u> <u>13</u>; <u>provided</u>, that no such action shall reduce the amount of such Investor's Commitment or otherwise affect the obligations of such Investor under this letter agreement except to the extent any such Affiliate, Investor or other Person actually fulfills such obligation; <u>provided</u>, that (A) credit shall be given only on a dollar-for-dollar basis for amounts in cash actually and irrevocably received by Parent, and (B) the Investor shall remain primarily liable hereunder unless and until the entire Commitment amount is so received. The amount to be funded under this letter agreement may be reduced to the extent that Parent does not require the full amount of the Commitments to pay the amounts payable by Parent at the Closing pursuant to, and in accordance with, the Merger Agreement (and any related fees, costs, and expenses); <u>provided</u>, that any such reduction in the Commitments shall be applied in the manner agreed amongst the Investors and the Other Investors; <u>provided</u>, further that any such reduction shall only occur simultaneously with the consummation of the Closing to the extent that Purchaser does not require the full amount of the Commitments in respect of the payment of the amounts required to be paid by Parent on the Closing Date under the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Conditions</u>. The several obligations of each Investor (together with their respective permitted assigns) to fund their respective proportion of the Commitments, shall (a) be subject to and conditioned upon (i) the valid execution and delivery of the Merger Agreement by the parties thereto; (ii) the satisfaction in full, or valid waiver by Parent, in writing of each of the conditions to Parent's obligations to consummate the Transaction set forth in Section 6.01 and Section 6.02 of the Merger Agreement (other than those conditions that by their terms or nature are to be satisfied at the Closing <u>provided</u>, that those conditions would be satisfied at the Closing if the Closing were to occur at such time); (iii) the Debt Financing (A) having been funded (or any alternative financing having been funded) or (B) being (as affirmed in writing by the agent therefor) funded following and subject only to the satisfaction of those conditions that by their nature are to be satisfied at the Closing (<u>provided</u>, that those conditions would be satisfied at the Closing if the Closing were to occur at such time), and substantially simultaneously with the funding of the Equity Financing; (iv) the substantially concurrent consummation of the Transaction in accordance with the terms of the Merger Agreement (including as a result of the granting of specific performance to cause the Closing of the Transaction by a court of competent jurisdiction in accordance with the Merger Agreement), (v) the prior or substantially concurrent funding by each of the Other Investors under their respective equity commitment letters (each an "<u>Other Equity Commitment Letter</u>" and collectively, the "<u>Other Equity Commitment Letters</u>"), dated as of the date hereof, between each such Other Investor, respectively, and Parent; and (vi) the terms of this letter agreement, and (b) occur, subject to the foregoing clause (a), substantially simultaneously with the issuance of the equity securities of Parent to each of the Investors. For the avoidance of doubt, the obligations of Parent under the Merger Agreement shall be determined in accordance with the terms thereof, and nothing in this letter agreement shall amend, modify or waive any of the terms of the Merger Agreement or any assertion of liability or obligation against Parent under the Merger Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Enforceability</u>. Neither the Investors' nor Parent's creditors shall have any right to enforce this letter agreement or to cause Parent to enforce this letter agreement. Notwithstanding the foregoing, the Company shall be, and is intended to be, a third party beneficiary of the rights granted to Parent (i) for purposes of this <u>Section</u> <u>3</u> and <u>Sections 4</u>, <u>5</u> and <u>10</u> hereof and (ii) for the purpose of enforcing Parent's obligations under this letter agreement under circumstances in which the Company has received an order of specific performance against Parent pursuant to (and subject to the limitations of) Section 8.08 of the Merger Agreement to cause Parent to draw down the full proceeds of the Equity Financing and to cause Parent to consummate the Closing pursuant to Section 8.08 of the Merger Agreement and for no other purpose (including any claim for monetary damages hereunder or thereunder); <u>provided</u>, that, the foregoing clause (ii) shall be conditioned on (x) the conditions set forth in this letter agreement having been satisfied and (y) the Company having irrevocably confirmed in writing to Parent that if specific performance is granted, then the Company will consummate the Transaction, then the Company shall have the express right to enforce Parent's rights under this letter agreement; <u>provided</u>, that, in no event shall this letter agreement or the funding obligations set forth herein be enforced by any Person in accordance with this letter agreement unless the funding obligations set forth in each Other Equity Commitment Letter are being concurrently enforced by such Person, pro rata based on the Commitments herein and therein (but only to the extent such funding obligation requires enforcement because the Other Investor declines to provide such funding under the applicable Other Equity Commitment Letter). Notwithstanding the foregoing, the Company's inability to join, commence or maintain an action against any other investor as a result of any stay, injunction, bankruptcy, moratorium, settlement or other impediment shall not limit, delay or excuse enforcement against any other Investor up to such Investor's Commitment. Notwithstanding anything that may be expressed or implied in this letter agreement, for the avoidance of doubt, in no event shall this letter agreement be enforced (A) to the extent it would result in a duplicative recovery or (B) if the Company or any of its affiliates has received the Parent Termination Fee (either when it is due and payable under the Merger Agreement or following a judgment directing it to be paid) or any other monetary damages from Parent, Buyer, an Investor or an Investor Party in accordance with the Merger Agreement or the Fee Funding Agreements. Notwithstanding the foregoing, nothing in this Section 3 shall, in any respect, limit claims against Parent or the Investors in accordance with and subject to the terms and conditions hereof or any Person's right to assert any Retained Claim (as defined in the applicable Fee Funding Agreement) solely against the Persons specifically identified in the definition thereof with respect to such Retained Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>No Modification; Entire Agreement</u>. This letter agreement may not be amended, restated, supplemented or otherwise modified without the prior written consent of Parent, the Investors, Martel Lux TopCo SCSp and WP Silver Aggregator, L.P. (the "<u>Co-Lead</u> <u>Investors</u>") and the Company in respect of <u>Section</u> <u>3</u>, this <u>Section</u> <u>4</u> and <u>Section</u> <u>10</u>; <u>provided</u>, however, that, for the avoidance of doubt, any amendment, modification, or waiver that adversely affects the Company's or Parent's rights hereunder shall require the prior written consent of the Company or Parent, as applicable. Together with the other agreements being entered into in connection with the Transaction, including, without limitation, the Merger Agreement, the Other Equity Commitment Letters, the Fee Funding Agreements (as defined below), and the Confidentiality Agreement, this letter agreement constitutes the entire agreement with respect to the subject matter hereof, and supersedes all prior agreements, understandings and statements, written or oral, between the Investors or any of their Affiliates, on the one hand, and Parent or any of its Affiliates, on the other, with respect to the transactions contemplated hereby. Each party hereto acknowledges that, in entering into this letter agreement, it is not relying on, and shall have

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no remedies in respect of, any representation, warranty or undertaking not expressly set out in this letter agreement. Each party agrees and acknowledges that its only right and remedy in relation to any representation, warranty or undertaking made or given in this letter agreement shall be for specific performance of the terms of this letter agreement pursuant to, and subject to the terms and conditions of, Section 8.08 of the Merger Agreement, and each of the parties waives all other rights and remedies (including those in tort or arising under statute) in relation to any such representation, warranty or undertaking; provided, that, for the avoidance of doubt, nothing in the foregoing sentence shall limit the Company's right to assert any Retained Claim. Except as expressly permitted in <u>Section</u> <u>1</u> and <u>Section</u> <u>5</u> hereof, no transfer of any rights or obligations hereunder shall be permitted without the consent of Parent, the Investors, the Co-Lead Investors and the Company. Any transfer in violation of the preceding sentence shall be null and void. For the avoidance of doubt, and notwithstanding anything to the contrary herein, the parties hereby agree and acknowledge that none of the foregoing agreements and acknowledgements set forth in this <u>Section</u> <u>4</u> shall limit the rights and remedies available to the Company with respect to Parent or the Investors under <u>Section</u> <u>3</u> hereof or any other agreements to which the Company is a party being entered into in connection with the Transaction, subject to the terms and conditions hereof and thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Assignment</u>. Other than as expressly provided herein, an Investor may not, directly or indirectly, assign all or any portion of its rights or obligations under this letter agreement to any Person without the prior written consent of the other parties hereto, the Co-Lead Investors and the Company, <u>provided</u>, that each Investor may assign all or a portion of its rights and obligations hereunder to one or more of its Affiliates (other than, for the avoidance of doubt, any portfolio companies of such Investor, Parent or any subsidiary thereof) that is able to make the representations and warranties set forth in this letter agreement and the Interim Investors Agreement, dated on or around the date hereof, by and among the Investors and the other parties thereto (the "<u>IIA</u>"); <u>provided</u>, further, that such assignment would not reasonably be expected to result in any material delay in satisfying, or increase the risk of not satisfying, the conditions to the Closing set forth in the Merger Agreement and the assignee is capable of performing its obligations under this letter agreement, the Fee Funding Agreement and the IIA, including having the financial capacity necessary to fund the full amount of the Commitment that is being assigned; <u>provided</u>, further, that no such assignment shall be permitted (i) in violation of applicable Law or (ii) that would (x) require any material licensing, regulatory consent or other regulatory proceeding to be obtained or participated in by any of the Investors, the Other Investors, Parent, Merger Sub or the Company (the "<u>Transaction Parties</u>") or otherwise subject any Transaction Party or its Affiliates to any additional substantive regulation; or (y) cause any statement made or information provided to a Governmental Authority prior to such assignment to become materially untrue or misleading (other than any statement made or information provided related solely to the identity of such Investor); <u>provided</u>, further, that any such assignment shall not relieve the assigning Investor of its obligations under this letter agreement or Fee Funding Agreement, as applicable, unless and until the assignee has actually funded the full amount of the Commitment being assigned. Any assignment in derogation of the foregoing shall be null and void.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law; Submission to Jurisdiction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This letter agreement and all disputes, controversies or other Actions arising out of or relating to this letter agreement or the Transaction, including matters of validity, construction, effect, performance and remedies, shall be governed by, and construed in accordance with, the Laws of the State of Delaware applicable to contracts executed in and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable conflict of Laws principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. All Actions arising out of or relating to this letter agreement or the Transaction shall be heard and determined in the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court of competent jurisdiction within the State of Delaware). The parties hereto hereby irrevocably (i) submit to the exclusive jurisdiction and venue of such courts in any such Action, (ii) waive the defense of an inconvenient forum or lack of jurisdiction to the maintenance of any such Action, (iii) agree to not attempt to deny or defeat such jurisdiction by motion or otherwise request for leave from any such court and (iv) agree to not bring any Action arising out of or relating to this letter agreement or the Transaction in any court other than the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court within the State of Delaware), except for Actions brought to enforce the judgment of any such court. The consents to jurisdiction and venue set forth in this <u>Section</u> <u>6(b)</u> shall not constitute general consents to service of process in the State of Delaware and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than the parties hereto. Each party hereto agrees that service of process upon such party in any Action arising out of or relating to this Agreement shall be effective if notice is given by overnight courier at the address set forth in Section 8.10 of the Merger Agreement. The parties hereto agree that a final judgment in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law; provided, however, that nothing in the foregoing shall restrict any party's rights to seek any post judgment relief regarding, or any appeal from, a final trial court judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Waiver of Jury Trial</u>. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS LETTER AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS LETTER AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, INCLUDING THE DEBT COMMITMENT LETTER OR THE DEBT FINANCING. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS LETTER AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS <u>SECTION 7</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Counterparts</u>. This letter agreement may be signed in any number of counterparts (including by means of telecopied signature pages or electronic transmission with attachment in pdf format or any electronic signature complying with the U.S. federal ESIGN Act of 2000 (e.g., www.docusign.com), which will be deemed to have the same effect as physical delivery of a paper document bearing the original signatures), each such counterpart being deemed to be an original instrument, with the same effect as if the signatures to each counterpart were upon a single instrument, and all such counterparts together shall be deemed an original of this letter agreement. This letter agreement shall become effective when each party hereto shall have received a counterpart hereof signed by all of the other parties hereto. Until and unless each party has received a counterpart hereof signed by each other party hereto, this letter agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). The parties irrevocably and unreservedly agree that this letter agreement may be executed by way of electronic signatures and the parties agree that this letter, or any part thereof, shall not be challenged or denied any legal effect, validity and/or enforceability solely on the ground that it is in the form of an electronic record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>No Third Party Beneficiaries</u>. Except as expressly set forth in <u>Section</u> <u>3</u> hereof, the rights of the Company in respect of <u>Sections 3</u>, <u>4</u>, <u>5</u> and <u>10</u>, the rights of the Co-Lead Investors in respect of <u>Sections 1</u>, <u>4</u>, <u>5</u> and <u>10</u>, and the rights of the Investor Parties (as defined below) in respect of <u>Section</u> <u>12</u>, the parties hereto hereby agree that their respective representations, warranties and covenants set forth herein are solely for the benefit of the other parties hereto and their permitted successors and permitted assigns, in accordance with and subject to the terms of this letter agreement, and this letter agreement is not intended to, and does not, confer upon any Person other than the parties hereto and their respective permitted successors and permitted assigns any rights or remedies hereunder or any rights to enforce the Commitment of each Investor or any provision of this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Confidentiality</u>. The existence and content of this letter agreement shall be treated as confidential by the Company and is being provided to the Company solely in connection with the transactions contemplated by the Merger Agreement. The existence and content of this letter agreement may not be used, circulated, quoted or otherwise referred to in any document, except with the prior written consent of the Investors, the Co-Lead Investors and Parent; <u>provided</u>, however, that no such written consent shall be required (and each Investor and its Affiliates shall be free to release such information) for disclosures to each Investor's and its Affiliates' respective partners, members, directors, officers, employees, agents, legal, financial, accounting or other advisors, potential debt and equity financing sources, co-investors, related investment funds, consultants and other representatives, so long as such Persons are bound by obligations of confidentiality with respect to such information; and <u>provided</u>, further, that the Investors, the Co- Lead Investors, Parent and any of their respective Affiliates (the "<u>Disclosing Parties</u>") may disclose this letter agreement to the extent required by applicable Law, the applicable rules of any national securities exchange or self-regulatory organization or in connection with any securities filings relating to the Transaction, any court proceedings in connection with any litigation relating to the Transaction or the Merger Agreement, as permitted by or provided in the Merger Agreement, but if any such disclosure names or references an Investor or its Affiliates (other than any disclosure made in connection with enforcing this letter agreement), the Disclosing Party shall consult such Investor and shall use reasonable best efforts to not make or limit such disclosure and shall consider such Investor's reasonable input on disclosure, in each case, to the extent legally

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permitted; and <u>provided</u>, further, that the Company and Parent may disclose the letter agreement to each party's respective Affiliates, and their and their Affiliates' officers, directors, employees, advisors, representatives, auditors and financing sources, as applicable; and <u>provided</u>, further, that the Company may disclose the existence of this letter agreement (i) to the extent required by Law, (ii) in order to comply with the applicable rules of any national securities exchange or self- regulatory organization, or in connection with any securities filings relating to the Transaction, or (iii) in connection with any litigation related to the Company's rights hereunder, under the Merger Agreement or any Fee Funding Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Termination</u>. The obligations of each Investor under this letter agreement (including the obligation of such Investor to fund its respective Commitment) will terminate automatically and immediately upon the earliest to occur of (i) the consummation of the Closing and the funding of the Commitment; (ii) the valid termination of any Other Equity Commitment Letter (other than in connection with the funding of the aggregate Commitments thereunder), (iii) the valid termination of the Merger Agreement in accordance with its terms; (iv) any final, non- appealable judgment against Parent in any action that includes an award of damages or the payment of any amount due in connection with the Fee Funding Agreements of even date herewith by and between the Investors and the Co-Lead Investors, respectively, and Parent and the Company (the "Fee Funding Agreements" and each, a "<u>Fee Funding Agreement</u>"), (v) the commencement by the Company or any of its Affiliates (but excluding any Affiliates not controlled by, or acting at the direction of, the foregoing parties), or any of their respective officers, directors or representatives (in their capacities as such) to the extent acting on their behalf, and at their direction, of any action, complaint, demand, lawsuit, litigation or other legal proceeding asserting any claim (whether in equity, tort, arbitration, contract or otherwise) against Parent, its subsidiaries, any Investor or any of their respective permitted assignees, or any of the Investor Parties (as defined below) under, in respect of, or relating to, the Merger Agreement, any Fee Funding Agreement, the Other Equity Commitment Letters or this letter agreement or the transactions contemplated hereby or thereby (including in respect of any oral representations made or alleged to be made in connection therewith), other than a Retained Claim; (vi) each Investor party hereto and each Other Investor pursuant to the Other Equity Commitment Letters contributing directly or indirectly to Parent cash in an aggregate amount equal to its full Commitment (and solely to the extent such payment of the Commitments actually results in the Closing), (vii) thirty (30) days following the Outside Date so long as no Action (which, for the avoidance of doubt, includes the filing of any complaint, petition, statement of claim, counterclaim or cross-claim in a court of competent jurisdiction or, as permitted, arbitration and no inadvertent defect in venue, service or caption shall constitute a failure to "commence" litigation if promptly cured) seeking specific enforcement of the obligations of Parent to consummate the Closing in accordance with Section 8.08 of the Merger Agreement has commenced, and (viii) if a court of competent jurisdiction upon the final, non-appealable judgement has declined to specifically enforce the obligations of Parent to consummate the Closing pursuant to a claim for specific performance brought against Parent pursuant to Section 8.08 of the Merger Agreement. Upon termination of this letter, the Investor shall not have any further obligations or liabilities hereunder, except that Sections <u>6</u>, <u>7</u>, <u>10</u> and <u>12</u> shall survive termination in accordance with their terms. Notwithstanding the foregoing, such termination shall not relieve any Investor of any liability or obligation it may have under any Fee Funding Agreement (except to the extent provided in such Fee Funding Agreement).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>No Recourse</u>. Notwithstanding anything that may be expressed or implied in this letter agreement, or any document or instrument delivered in connection herewith, by its acceptance of the benefits of this letter agreement, Parent covenants, agrees and acknowledges on behalf of itself, its Affiliates, and any Person claiming by, through or on behalf of any of them, that no Person other than the Investors (and any assignee permitted in accordance with <u>Section</u> <u>5</u> hereof) has any obligation hereunder or, except for Parent and Merger Sub, in connection with the transactions contemplated hereby, and that, notwithstanding that each Investor (or any assignee permitted in accordance with <u>Section</u> <u>5</u> hereof) may be a partnership, limited liability company or other entity, no Person, including Parent, has any right of recovery under this letter agreement against, and no recourse under this letter agreement or under any document or instrument delivered in connection herewith or in respect of any oral representations made or alleged to be made in connection herewith or therewith shall be had against, any former, current or future equity holders, controlling Persons, directors, officers, employees, Affiliates (other than Parent or any of its subsidiaries or any assignee permitted in accordance with <u>Section</u> <u>5</u> hereof), members, managers, general or limited partners or representatives of any Investor or any former, current or future equity holder, controlling Person, director, officer, employee, contractors, portfolio companies, Affiliate (other than Parent or any of its subsidiaries, the Investors or any assignee permitted in accordance with <u>Section</u> <u>5</u> hereof), member, manager, general or limited partner or representative of any of the foregoing (collectively, but for the avoidance of doubt, not including Parent or any of its subsidiaries, the Investors or any assignee permitted in accordance with <u>Section</u> <u>5</u> hereof, the "<u>Investor Parties</u>"), whether by the enforcement of any judgment, fine or penalty, or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable Law, or otherwise; it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on, or otherwise be incurred by any Investor Party, as such, for any obligation of an Investor under this letter agreement or the transactions contemplated hereby, under any documents or instruments delivered in connection herewith, in respect of any oral representations made or alleged to be made in connection herewith or therewith, or for any claim (whether in tort, contract or otherwise) based on, in respect of, or by reason of, such obligations or their creation; <u>provided</u>, however, that in the event any Investor (i) consolidates with or merges with any other Person and is not the continuing or surviving entity of such consolidation or merger or (ii) transfers or conveys all or a substantial portion of its properties and other assets to any Person such that the sum of such Investor's remaining net assets plus uncalled capital is less than such Investor's Commitment hereunder, then Parent may seek recourse, whether by the enforcement of any judgment or assessment or by any legal or equitable proceeding or by virtue of any statute, regulation or other applicable Law, against such continuing or surviving entity or such transferee Person, as the case may be, but only to the extent of the obligations of such Investor hereunder and subject to the limitations herein.

Each of the parties hereto further agrees that no Person (including Parent, the Company and their respective Affiliates) shall have any right of recovery against the Investors or any Investor Party, whether by piercing of the corporate veil, by a claim on behalf of Parent against any Investor or any Investor Party, or otherwise, except for Parent's right to be capitalized by each Investor under and to the extent provided in this letter agreement, on the terms and subject to the conditions hereof or pursuant to the Fee Funding Agreement to which such Investor is a party. Each of the parties hereto hereby covenants and agrees that it shall not institute, and shall cause its controlled Affiliates not to institute, any proceeding or bring any other claim (whether in tort, contract or otherwise) arising under, or in connection with, the Merger Agreement or the

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transactions contemplated thereby, or in respect of any oral representations made or alleged to be made in connection therewith, against any Investor or any Investor Party except for claims solely against any Investor under this letter agreement or pursuant to the Fee Funding Agreement to which such Investor is a party. Notwithstanding the foregoing, nothing in this Section 12 shall, in any respect, limit claims against Parent or the Investors in accordance with and subject to the terms and conditions hereof or any Person's right to assert any Retained Claim solely against the Persons specifically identified in the definition thereof with respect to such Retained Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Representations and Warranties</u>. Each Investor hereby represents, warrants and covenants, severally and not jointly (nor jointly and severally), to Parent as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Such Investor is duly formed, validly existing and in good standing under the Laws of the jurisdiction of its formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. To the extent (if any) that its governing documents limit the amount it may commit to any one investment, such Investor's Commitment hereunder is less than the maximum amount that it is permitted to invest in any one investment pursuant to the terms of its governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Such Investor has the requisite power and authority to enter into and deliver this letter agreement and to perform its obligations under this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This letter agreement has been duly and validly executed and delivered by such Investor and constitutes the lawful, valid and binding agreement of such Investor, enforceable against such Investor, in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Such Investor will (i) have, as of the Closing, available cash necessary to fund, or cause the funding of, its Commitment, and (ii) have, for so long as this letter agreement remains in effect, unrestricted cash on hand or uncalled capital commitments from its limited partners or other sources of immediately available cash funds, or otherwise will (at the time when required to funds its Commitment hereunder) have access to available funds or enforceable equity commitments, sufficient to pay and perform its obligations under this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. This letter agreement does not contravene, conflict with or result in any violation of any provision of such Investor's governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Neither the execution and delivery of this letter agreement, nor the consummation of the transactions contemplated hereby, will conflict with, result in a breach of, constitute a default under, result in the acceleration of any obligation, create in any Person the right to accelerate, terminate or cancel, or result in the imposition of any Encumbrances upon any of the assets of such Investor under, any agreement, contract, lease, license, instrument or other arrangement to which such Investor is a party or by which it is bound or to which any of its assets is subject, except where the violation, conflict, breach, default, acceleration, termination, cancellation or Encumbrances would not materially impair or delay such Investor's performance under this letter agreement or the consummation of the transactions contemplated by this letter agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Subject to receipt of all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Authority contemplated by the Merger Agreement or the schedules thereto, all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Authority necessary for the due execution, delivery and performance of this letter agreement by such Investor have been duly complied with, and no other action by, and no notice to or filing with, any Governmental Authority or regulatory body is required in connection with the execution, delivery or performance of this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Such Investor has not entered into any side letter or other similar agreement related to or in respect of this letter agreement that would create additional conditionality regarding its obligation to satisfy its Commitment in full or that would reasonably be expected to affect the enforceability of this letter agreement or prevent or substantially delay the availability and funding of its Commitment at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Acknowledgements</u>. Each party acknowledges and agrees that (a) this letter agreement is not intended to, and does not, create any agency, partnership, fiduciary or joint venture relationship between or among any of the parties hereto and neither this letter agreement nor any other document or agreement entered into by any party hereto relating to the subject matter hereof shall be construed to suggest otherwise and (b) the obligations of the Investors under this letter agreement are solely contractual and not fiduciary in nature. Notwithstanding the foregoing, nothing in this Section 14 diminishes any duties or liabilities expressly undertaken herein or any remedies otherwise available to the Company under this letter agreement, the Merger Agreement or applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Severability</u>. In the event that any provision of this letter agreement, or the application thereof, becomes or is declared by a court of competent jurisdiction to be illegal, void or unenforceable, the remainder of this letter agreement will continue in full force and effect and the application of such provision to other Persons or circumstances will be interpreted so as reasonably to effect the intent of the parties hereto. The parties hereto further agree to replace such void or unenforceable provision of this letter agreement with a valid and enforceable provision that will achieve, to the extent possible, the economic, business and other purposes of such void or unenforceable provision. Notwithstanding anything to the contrary set forth herein, under no circumstances will this letter agreement be enforceable without giving effect to the maximum amount of the Commitment and the provisions of <u>Sections 3</u> and <u>12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Interpretation and Construction</u>. The following provisions shall apply, to the extent applicable and wherever appropriate, herein: (a) "herein," "hereby," "hereunder," "hereof" and other equivalent words shall refer to this letter agreement as an entirety and not solely to the particular portion of this letter agreement in which any such word is used; (b) all definitions set forth herein shall be deemed applicable whether the words defined are used herein in the singular or the plural; (c) wherever used herein, any pronoun or pronouns shall be deemed to include both the singular and plural and to cover all genders; and (d) the word "including" or any variation thereof shall mean including, without limitation.

[*Signature Pages Follow*]

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---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **FRANCISCO PARTNERS VII, L.P.** | **FRANCISCO PARTNERS VII, L.P.** |
| By: Francisco Partners GP VII, L.P.<br> Its: General Partner | By: Francisco Partners GP VII, L.P.<br> Its: General Partner |
| By: Francisco Partners GP VII Management, LLC | By: Francisco Partners GP VII Management, LLC |
| Its: General Partner | Its: General Partner |
| By: | /s/ Ashley Evans |
| Name: Ashley Evans | Name: Ashley Evans |
| Title: Managing Director | Title: Managing Director |
| **FRANCISCO PARTNERS VII-A, L.P.** | **FRANCISCO PARTNERS VII-A, L.P.** |
| By: Francisco Partners GP VII, L.P.<br> Its: General Partner | By: Francisco Partners GP VII, L.P.<br> Its: General Partner |
| By: Francisco Partners GP VII Management, LLC | By: Francisco Partners GP VII Management, LLC |
| Its: General Partner | Its: General Partner |
| By: | /s/ Ashley Evans |
| Name: Ashley Evans | Name: Ashley Evans |
| Title: Managing Director | Title: Managing Director |
| **FRANCISCO PARTNERS VII-B, L.P.** | **FRANCISCO PARTNERS VII-B, L.P.** |
| By: Francisco Partners GP VII, L.P.<br> Its: General Partner | By: Francisco Partners GP VII, L.P.<br> Its: General Partner |
| By: Francisco Partners GP VII Management, LLC | By: Francisco Partners GP VII Management, LLC |
| Its: General Partner | Its: General Partner |
| By: | /s/ Ashley Evans |
| Name: Ashley Evans | Name: Ashley Evans |
| Title: Managing Director | Title: Managing Director |

---

[*Equity Commitment Letter Signature Page*]

------

---

| | |
|:---|:---|
| **FRANCISCO PARTNERS VII-C, L.P.** | **FRANCISCO PARTNERS VII-C, L.P.** |
| By: Francisco Partners GP VII, L.P<br> . Its: General Partner | By: Francisco Partners GP VII, L.P<br> . Its: General Partner |
| By: Francisco Partners GP VII Management, LLC | By: Francisco Partners GP VII Management, LLC |
| Its: General Partner | Its: General Partner |
| By: | /s/ Ashley Evans |
| Name: Ashley Evans | Name: Ashley Evans |
| Title: Managing Director | Title: Managing Director |

---

[*Equity Commitment Letter Signature Page*]

------

---

| | |
|:---|:---|
| Agreed to and accepted as of<br> the date first written above: | Agreed to and accepted as of<br> the date first written above: |
| **GT SILVER BIDCO, INC.** | **GT SILVER BIDCO, INC.** |
| By: | /s/ Peter Flynn |
|  | Name: Peter Flynn |
|  | Title: Chief Executive Officer and President |

---

[*Equity Commitment Letter Signature Page*]

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**Schedule A** 

**Investors** 

---

| | | |
|:---|:---|:---|
| **Francisco Partners** | **Commitment** | **Percentage<br>of Total<br>Commitments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII, L.P. | $325563771 | 5.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII-A, L.P. | $377412200 | 6.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII-B, L.P. | $8927911 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII-C, L.P. | $38096118 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Francisco** | $**750000000** | **12.70%** |

---

------

**Schedule B** 

**Other Investors** 

---

| | | |
|:---|:---|:---|
| **Permira** | **Commitment** | **Percentage of<br>Total<br>Commitments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira VIII - 1 SCSp | $1592437084 | 26.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira VIII - 2 SCSp | $387160753 | 6.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira VIII CIS SCSp | $47571589 | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira VIII CIS 2 SCSp | $49834 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PILI 1 Portfolio SCSp | $34260547 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PILI 2 Portfolio SCSp | $5136200 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PILI 4 Portfolio SCSp | $6229190 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira Investment Capital LP | $1387311 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira Investment Capital II LP | $1349845 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira Investment Capital III LP | $1902548 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Permira VIII** | $**2077484901** | **35.19%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REDWOOD OPPORTUNITIES SCSP | $500000000 | 8.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Permira** | $**2577484901** | **43.66%** |
|  **Warburg** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15, L.P. | $558868640 | 9.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15-B, L.P. | $421905957 | 7.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15 International, SCSp | $213596435 | 3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WP Global Growth 15 Partners, L.P. | $85502536 | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15 Partners, L.P. | $182114353 | 3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Financial Sector III, L.P. | $307136250 | 5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Financial Sector III-E, L.P. | $23565418 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Financial Sector III Partners, L.P. | $34795313 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Warburg** | $**1827484901** | **30.94%** |
|  **Temasek** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robson Investments Pte. Ltd. | $750000000 | 12.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Temasek** | $**750000000** | **12.70%** |

---

## Ex-99.(B)(Iv)

**Exhibit (b)(iv)** 

*Execution Version* 

**Equity Commitment Letter** 

December 20, 2025

GT Silver BidCo, Inc.

c/o Permira Advisers LLC

320 Park Avenue, 23rd FL

New York, NY 10022

Attn: Justin Herridge

Ladies and Gentlemen:

This letter agreement sets forth the commitment of each of the undersigned Persons identified as an Investor on <u>Schedule A</u> hereto (each an "<u>Investor</u>" and together the "<u>Investors</u>" and, for the avoidance of doubt, excluding each of the Persons identified as an Other Investor on <u>Schedule B</u> hereto, collectively, the "<u>Other Investors</u>"), on the terms and subject to the conditions contained herein, to purchase, or cause the purchase of certain equity securities of GT Silver BidCo, Inc., a Delaware corporation ("<u>Parent</u>"), directly or indirectly through one or more entities. It is contemplated that, pursuant to that certain Agreement and Plan of Merger, dated as of the date hereof (as amended, restated, modified or supplemented from time to time, the "<u>Merger</u> <u>Agreement</u>"), by and among Parent, GT Silver Merger Sub, Inc., a Delaware corporation ("<u>Merger</u> <u>Sub</u>"), and Clearwater Analytics Holdings, Inc., a Delaware corporation (the "<u>Company</u>"), Merger Sub will merge with and into the Company, with the Company surviving the merger as a wholly owned subsidiary of Parent (the "<u>Transaction</u>"). Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Commitment</u>. Each Investor hereby commits, severally and not jointly, on the terms and subject to the conditions set forth herein, that at or immediately prior to the Closing, such Investor shall purchase, or cause an assignee permitted by the terms of Section 5 to purchase, directly or indirectly, equity securities of Parent for cash in an aggregate amount that is equal to the amount set forth opposite its name in the second column (Commitment) of <u>Schedule A</u> hereto (the maximum amount payable by each Investor, its "<u>Commitment</u>", and the maximum aggregate amount payable by the Investors pursuant to this letter agreement and the Other Investors pursuant to the Other Equity Commitment Letters (as defined below), collectively, the "<u>Commitments</u>"), which amount shall be used solely for the purpose of fulfilling Parent's obligation under the Merger Agreement to fund, together with the net proceeds of the Debt Financing, the amounts required to be paid by Parent at the Closing pursuant to, and in accordance with, the Merger Agreement, including fees, costs and expenses required in connection with the consummation of the Transactions, to be paid at the Closing, on the terms and subject to the conditions set forth in the Merger Agreement (collectively, the "<u>Merger Consideration</u>"); <u>provided</u>, that, Parent's obligation to fund the amounts required to be paid by Parent at the Closing shall not be conditioned on the availability of any cash of the Company, and the Commitments, together with the Debt Financing, shall be sufficient to fund all amounts required to be paid by Parent at the Closing pursuant to the Merger Agreement; <u>provided</u>, further, that no Investor shall, under any circumstances, be obligated to contribute to, or purchase equity or otherwise provide funds, directly or indirectly, from or to, Parent, in any amount in excess of such Investor's Commitment. The aggregate amount of liability of each Investor under this letter agreement shall at no time

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exceed such Investor's Commitment. Each Investor may effect the purchase of equity securities of Parent directly or indirectly through one or more Affiliates or an entity managed or advised by an Affiliate (other than Parent or any subsidiary thereof) or any of the other Investors so long as the entity(ies) funding the Commitment is able to make the representations and warranties set forth in <u>Section</u> <u>13</u>; <u>provided</u>, that no such action shall reduce the amount of such Investor's Commitment or otherwise affect the obligations of such Investor under this letter agreement except to the extent any such Affiliate, Investor or other Person actually fulfills such obligation; <u>provided</u>, that (A) credit shall be given only on a dollar-for-dollar basis for amounts in cash actually and irrevocably received by Parent, and (B) the Investor shall remain primarily liable hereunder unless and until the entire Commitment amount is so received. The amount to be funded under this letter agreement may be reduced to the extent that Parent does not require the full amount of the Commitments to pay the amounts payable by Parent at the Closing pursuant to, and in accordance with, the Merger Agreement (and any related fees, costs, and expenses); <u>provided</u>, that any such reduction in the Commitments shall be applied in the manner agreed amongst the Investors and the Other Investors; <u>provided</u>, further that any such reduction shall only occur simultaneously with the consummation of the Closing to the extent that Purchaser does not require the full amount of the Commitments in respect of the payment of the amounts required to be paid by Parent on the Closing Date under the Merger Agreement. For all purposes of this letter agreement, "Affiliate" of the undersigned Investor means: (a) Temasek Holdings (Private) Limited ("<u>Temasek</u> <u>Holdings</u>"); and (b) Temasek Holdings' direct and indirect wholly-owned subsidiaries whose boards of directors or equivalent governing bodies comprise employees or nominees of (i) Temasek Holdings, (ii) Temasek Pte. Ltd. (being a wholly- owned Subsidiary of Temasek Holdings), and/or (iii) wholly-owned subsidiaries of Temasek Pte. Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Conditions</u>. The several obligations of each Investor (together with their respective permitted assigns) to fund their respective proportion of the Commitments, shall (a) be subject to and conditioned upon (i) the valid execution and delivery of the Merger Agreement by the parties thereto; (ii) the satisfaction in full, or valid waiver by Parent, in writing of each of the conditions to Parent's obligations to consummate the Transaction set forth in Section 6.01 and Section 6.02 of the Merger Agreement (other than those conditions that by their terms or nature are to be satisfied at the Closing <u>provided</u>, that those conditions would be satisfied at the Closing if the Closing were to occur at such time); (iii) the Debt Financing (A) having been funded (or any alternative financing having been funded) or (B) being (as affirmed in writing by the agent therefor) funded following and subject only to the satisfaction of those conditions that by their nature are to be satisfied at the Closing (<u>provided</u>, that those conditions would be satisfied at the Closing if the Closing were to occur at such time), and substantially simultaneously with the funding of the Equity Financing; (iv) the substantially concurrent consummation of the Transaction in accordance with the terms of the Merger Agreement (including as a result of the granting of specific performance to cause the Closing of the Transaction by a court of competent jurisdiction in accordance with the Merger Agreement), (v) the prior or substantially concurrent funding by each of the Other Investors under their respective equity commitment letters (each an "<u>Other Equity Commitment Letter</u>" and collectively, the "<u>Other Equity Commitment Letters</u>"), dated as of the date hereof, between each such Other Investor, respectively, and Parent; and (vi) the terms of this letter agreement, and (b) occur, subject to the foregoing clause (a), substantially simultaneously with the issuance of the equity securities of Parent to each of the Investors. For the avoidance of doubt, the obligations of Parent under the Merger Agreement shall be determined in accordance with the terms thereof, and nothing in this letter agreement shall amend, modify or waive any of the terms of the Merger Agreement or any assertion of liability or obligation against Parent under the Merger Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Enforceability</u>. Neither the Investors' nor Parent's creditors shall have any right to enforce this letter agreement or to cause Parent to enforce this letter agreement. Notwithstanding the foregoing, the Company shall be, and is intended to be, a third party beneficiary of the rights granted to Parent (i) for purposes of this <u>Section</u> <u>3</u> and <u>Sections 4</u>, <u>5</u> and <u>10</u> hereof and (ii) for the purpose of enforcing Parent's obligations under this letter agreement under circumstances in which the Company has received an order of specific performance against Parent pursuant to (and subject to the limitations of) Section 8.08 of the Merger Agreement to cause Parent to draw down the full proceeds of the Equity Financing and to cause Parent to consummate the Closing pursuant to Section 8.08 of the Merger Agreement and for no other purpose (including any claim for monetary damages hereunder or thereunder); <u>provided</u>, that, the foregoing clause (ii) shall be conditioned on (x) the conditions set forth in this letter agreement having been satisfied and (y) the Company having irrevocably confirmed in writing to Parent that if specific performance is granted, then the Company will consummate the Transaction, then the Company shall have the express right to enforce Parent's rights under this letter agreement; <u>provided</u>, that, in no event shall this letter agreement or the funding obligations set forth herein be enforced by any Person in accordance with this letter agreement unless the funding obligations set forth in each Other Equity Commitment Letter are being concurrently enforced by such Person, pro rata based on the Commitments herein and therein (but only to the extent such funding obligation requires enforcement because the Other Investor declines to provide such funding under the applicable Other Equity Commitment Letter). Notwithstanding the foregoing, the Company's inability to join, commence or maintain an action against any other investor as a result of any stay, injunction, bankruptcy, moratorium, settlement or other impediment shall not limit, delay or excuse enforcement against any other Investor up to such Investor's Commitment. Notwithstanding anything that may be expressed or implied in this letter agreement, for the avoidance of doubt, in no event shall this letter agreement be enforced (A) to the extent it would result in a duplicative recovery or (B) if the Company or any of its affiliates has received the Parent Termination Fee (either when it is due and payable under the Merger Agreement or following a judgment directing it to be paid) or any other monetary damages from Parent, Buyer, an Investor or an Investor Party in accordance with the Merger Agreement or the Fee Funding Agreements. Notwithstanding the foregoing, nothing in this Section 3 shall, in any respect, limit claims against Parent or the Investors in accordance with and subject to the terms and conditions hereof or any Person's right to assert any Retained Claim (as defined in the applicable Fee Funding Agreement) solely against the Persons specifically identified in the definition thereof with respect to such Retained Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>No Modification; Entire Agreement</u>. This letter agreement may not be amended, restated, supplemented or otherwise modified without the prior written consent of Parent, the Investors, Martel Lux TopCo SCSp and WP Silver Aggregator, L.P. (the "<u>Co-Lead</u> <u>Investors</u>") and the Company in respect of <u>Section</u> <u>3</u>, this <u>Section</u> <u>4</u> and <u>Section</u> <u>10</u>; <u>provided</u>, however, that, for the avoidance of doubt, any amendment, modification, or waiver that adversely affects the Company's or Parent's rights hereunder shall require the prior written consent of the Company or Parent, as applicable. Together with the other agreements being entered into in connection with the Transaction, including, without limitation, the Merger Agreement, the Other Equity Commitment Letters, the Fee Funding Agreements (as defined below), and the

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Confidentiality Agreement, this letter agreement constitutes the entire agreement with respect to the subject matter hereof, and supersedes all prior agreements, understandings and statements, written or oral, between the Investors or any of their Affiliates, on the one hand, and Parent or any of its Affiliates, on the other, with respect to the transactions contemplated hereby. Each party hereto acknowledges that, in entering into this letter agreement, it is not relying on, and shall have no remedies in respect of, any representation, warranty or undertaking not expressly set out in this letter agreement. Each party agrees and acknowledges that its only right and remedy in relation to any representation, warranty or undertaking made or given in this letter agreement shall be for specific performance of the terms of this letter agreement pursuant to, and subject to the terms and conditions of, Section 8.08 of the Merger Agreement, and each of the parties waives all other rights and remedies (including those in tort or arising under statute) in relation to any such representation, warranty or undertaking; provided, that, for the avoidance of doubt, nothing in the foregoing sentence shall limit the Company's right to assert any Retained Claim. Except as expressly permitted in <u>Section</u> <u>1</u> and <u>Section</u> <u>5</u> hereof, no transfer of any rights or obligations hereunder shall be permitted without the consent of Parent, the Investors, the Co-Lead Investors and the Company. Any transfer in violation of the preceding sentence shall be null and void. For the avoidance of doubt, and notwithstanding anything to the contrary herein, the parties hereby agree and acknowledge that none of the foregoing agreements and acknowledgements set forth in this <u>Section</u> <u>4</u> shall limit the rights and remedies available to the Company with respect to Parent or the Investors under <u>Section</u> <u>3</u> hereof or any other agreements to which the Company is a party being entered into in connection with the Transaction, subject to the terms and conditions hereof and thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Assignment</u>. Other than as expressly provided herein, an Investor may not, directly or indirectly, assign all or any portion of its rights or obligations under this letter agreement to any Person without the prior written consent of the other parties hereto, the Co-Lead Investors and the Company, <u>provided</u>, that each Investor may assign all or a portion of its rights and obligations hereunder to one or more of its Affiliates (other than, for the avoidance of doubt, any portfolio companies of such Investor, Parent or any subsidiary thereof) that is able to make the representations and warranties set forth in this letter agreement and the Interim Investors Agreement, dated on or around the date hereof, by and among the Investors and the other parties thereto (the "<u>IIA</u>"); <u>provided</u>, further, that such assignment would not reasonably be expected to result in any material delay in satisfying, or increase the risk of not satisfying, the conditions to the Closing set forth in the Merger Agreement and the assignee is capable of performing its obligations under this letter agreement, the Fee Funding Agreement and the IIA, including having the financial capacity necessary to fund the full amount of the Commitment that is being assigned; <u>provided</u>, further, that no such assignment shall be permitted (i) in violation of applicable Law or (ii) that would (x) require any material licensing, regulatory consent or other regulatory proceeding to be obtained or participated in by any of the Investors, the Other Investors, Parent, Merger Sub or the Company (the "<u>Transaction Parties</u>") or otherwise subject any Transaction Party or its Affiliates to any additional substantive regulation; or (y) cause any statement made or information provided to a Governmental Authority prior to such assignment to become materially untrue or misleading (other than any statement made or information provided related solely to the identity of such Investor); <u>provided</u>, further, that any such assignment shall not relieve the assigning Investor of its obligations under this letter agreement or Fee Funding Agreement, as applicable, unless and until the assignee has actually funded the full amount of the Commitment being assigned. Any assignment in derogation of the foregoing shall be null and void.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law; Submission to Jurisdiction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This letter agreement and all disputes, controversies or other Actions arising out of or relating to this letter agreement or the Transaction, including matters of validity, construction, effect, performance and remedies, shall be governed by, and construed in accordance with, the Laws of the State of Delaware applicable to contracts executed in and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable conflict of Laws principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. All Actions arising out of or relating to this letter agreement or the Transaction shall be heard and determined in the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court of competent jurisdiction within the State of Delaware). The parties hereto hereby irrevocably (i) submit to the exclusive jurisdiction and venue of such courts in any such Action, (ii) waive the defense of an inconvenient forum or lack of jurisdiction to the maintenance of any such Action, (iii) agree to not attempt to deny or defeat such jurisdiction by motion or otherwise request for leave from any such court and (iv) agree to not bring any Action arising out of or relating to this letter agreement or the Transaction in any court other than the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court within the State of Delaware), except for Actions brought to enforce the judgment of any such court. The consents to jurisdiction and venue set forth in this <u>Section</u> <u>6(b)</u> shall not constitute general consents to service of process in the State of Delaware and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than the parties hereto. Each party hereto agrees that service of process upon such party in any Action arising out of or relating to this Agreement shall be effective if notice is given by overnight courier at the address set forth in Section 8.10 of the Merger Agreement. The parties hereto agree that a final judgment in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law; provided, however, that nothing in the foregoing shall restrict any party's rights to seek any post judgment relief regarding, or any appeal from, a final trial court judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Waiver of Jury Trial</u>. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS LETTER AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS LETTER AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, INCLUDING THE DEBT COMMITMENT LETTER OR THE DEBT FINANCING. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS LETTER AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS <u>SECTION 7</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Counterparts</u>. This letter agreement may be signed in any number of counterparts (including by means of telecopied signature pages or electronic transmission with attachment in pdf format or any electronic signature complying with the U.S. federal ESIGN Act of 2000 (e.g., www.docusign.com), which will be deemed to have the same effect as physical delivery of a paper document bearing the original signatures), each such counterpart being deemed to be an original instrument, with the same effect as if the signatures to each counterpart were upon a single instrument, and all such counterparts together shall be deemed an original of this letter agreement. This letter agreement shall become effective when each party hereto shall have received a counterpart hereof signed by all of the other parties hereto. Until and unless each party has received a counterpart hereof signed by each other party hereto, this letter agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). The parties irrevocably and unreservedly agree that this letter agreement may be executed by way of electronic signatures and the parties agree that this letter, or any part thereof, shall not be challenged or denied any legal effect, validity and/or enforceability solely on the ground that it is in the form of an electronic record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>No Third Party Beneficiaries</u>. Except as expressly set forth in <u>Section</u> <u>3</u> hereof, the rights of the Company in respect of <u>Sections 3</u>, <u>4</u>, <u>5</u> and <u>10</u>, the rights of the Co-Lead Investors in respect of <u>Sections 1</u>, <u>4</u>, <u>5</u> and <u>10</u>, and the rights of the Investor Parties (as defined below) in respect of <u>Section</u> <u>12</u>, the parties hereto hereby agree that their respective representations, warranties and covenants set forth herein are solely for the benefit of the other parties hereto and their permitted successors and permitted assigns, in accordance with and subject to the terms of this letter agreement, and this letter agreement is not intended to, and does not, confer upon any Person other than the parties hereto and their respective permitted successors and permitted assigns any rights or remedies hereunder or any rights to enforce the Commitment of each Investor or any provision of this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Confidentiality</u>. The existence and content of this letter agreement shall be treated as confidential by the Company and is being provided to the Company solely in connection with the transactions contemplated by the Merger Agreement. The existence and content of this letter agreement may not be used, circulated, quoted or otherwise referred to in any document, except with the prior written consent of the Investors, the Co-Lead Investors and Parent; <u>provided</u>, however, that no such written consent shall be required (and each Investor and its Affiliates shall be free to release such information) for disclosures to each Investor's and its Affiliates' respective partners, members, directors, officers, employees, agents, legal, financial, accounting or other advisors, potential debt and equity financing sources, co-investors, related investment funds, consultants and other representatives, so long as such Persons are bound by obligations of confidentiality with respect to such information; and <u>provided</u>, further, that the Investors, the Co- Lead Investors, Parent and any of their respective Affiliates (the "<u>Disclosing Parties</u>") may disclose this letter agreement to the extent required by applicable Law, the applicable rules of any national securities exchange or self-regulatory organization or in connection with any securities filings relating to the Transaction, any court proceedings in connection with any litigation relating to the Transaction or the Merger Agreement, as permitted by or provided in the Merger Agreement, but if any such disclosure names or references an Investor or its Affiliates (other than any

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disclosure made in connection with enforcing this letter agreement), the Disclosing Party shall consult such Investor and shall use reasonable best efforts to not make or limit such disclosure and shall consider such Investor's reasonable input on disclosure, in each case, to the extent legally permitted; and <u>provided</u>, further, that the Company and Parent may disclose the letter agreement to each party's respective Affiliates, and their and their Affiliates' officers, directors, employees, advisors, representatives, auditors and financing sources, as applicable; and <u>provided</u>, further, that the Company may disclose the existence of this letter agreement (i) to the extent required by Law, (ii) in order to comply with the applicable rules of any national securities exchange or self- regulatory organization, or in connection with any securities filings relating to the Transaction, or (iii) in connection with any litigation related to the Company's rights hereunder, under the Merger Agreement or any Fee Funding Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Termination</u>. The obligations of each Investor under this letter agreement (including the obligation of such Investor to fund its respective Commitment) will terminate automatically and immediately upon the earliest to occur of (i) the consummation of the Closing and the funding of the Commitment; (ii) the valid termination of any Other Equity Commitment Letter (other than in connection with the funding of the aggregate Commitments thereunder), (iii) the valid termination of the Merger Agreement in accordance with its terms; (iv) any final, non- appealable judgment against Parent in any action that includes an award of damages or the payment of any amount due in connection with the Fee Funding Agreements of even date herewith by and between the Investors and the Co-Lead Investors, respectively, and Parent and the Company (the "Fee Funding Agreements" and each, a "<u>Fee Funding Agreement</u>"), (v) the commencement by the Company or any of its Affiliates (but excluding any Affiliates not controlled by, or acting at the direction of, the foregoing parties), or any of their respective officers, directors or representatives (in their capacities as such) to the extent acting on their behalf, and at their direction, of any action, complaint, demand, lawsuit, litigation or other legal proceeding asserting any claim (whether in equity, tort, arbitration, contract or otherwise) against Parent, its subsidiaries, any Investor or any of their respective permitted assignees, or any of the Investor Parties (as defined below) under, in respect of, or relating to, the Merger Agreement, any Fee Funding Agreement, the Other Equity Commitment Letters or this letter agreement or the transactions contemplated hereby or thereby (including in respect of any oral representations made or alleged to be made in connection therewith), other than a Retained Claim; (vi) each Investor party hereto and each Other Investor pursuant to the Other Equity Commitment Letters contributing directly or indirectly to Parent cash in an aggregate amount equal to its full Commitment (and solely to the extent such payment of the Commitments actually results in the Closing), (vii) thirty (30) days following the Outside Date so long as no Action (which, for the avoidance of doubt, includes the filing of any complaint, petition, statement of claim, counterclaim or cross-claim in a court of competent jurisdiction or, as permitted, arbitration and no inadvertent defect in venue, service or caption shall constitute a failure to "commence" litigation if promptly cured) seeking specific enforcement of the obligations of Parent to consummate the Closing in accordance with Section 8.08 of the Merger Agreement has commenced, and (viii) if a court of competent jurisdiction upon the final, non-appealable judgement has declined to specifically enforce the obligations of Parent to consummate the Closing pursuant to a claim for specific performance brought against Parent pursuant to Section 8.08 of the Merger Agreement. Upon termination of this letter, the Investor shall not have any further obligations or liabilities hereunder, except that Sections <u>6</u>, <u>7</u>, <u>10</u> and <u>12</u> shall survive termination in accordance with their terms. Notwithstanding the foregoing, such termination shall not relieve any Investor of any liability or obligation it may have under any Fee Funding Agreement (except to the extent provided in such Fee Funding Agreement).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>No Recourse</u>. Notwithstanding anything that may be expressed or implied in this letter agreement, or any document or instrument delivered in connection herewith, by its acceptance of the benefits of this letter agreement, Parent covenants, agrees and acknowledges on behalf of itself, its Affiliates, and any Person claiming by, through or on behalf of any of them, that no Person other than the Investors (and any assignee permitted in accordance with <u>Section</u> <u>5</u> hereof) has any obligation hereunder or, except for Parent and Merger Sub, in connection with the transactions contemplated hereby, and that, notwithstanding that each Investor (or any assignee permitted in accordance with <u>Section</u> <u>5</u> hereof) may be a partnership, limited liability company or other entity, no Person, including Parent, has any right of recovery under this letter agreement against, and no recourse under this letter agreement or under any document or instrument delivered in connection herewith or in respect of any oral representations made or alleged to be made in connection herewith or therewith shall be had against, any former, current or future equity holders, controlling Persons, directors, officers, employees, Affiliates (other than Parent or any of its subsidiaries or any assignee permitted in accordance with <u>Section</u> <u>5</u> hereof), members, managers, general or limited partners or representatives of any Investor or any former, current or future equity holder, controlling Person, director, officer, employee, contractors, portfolio companies, Affiliate (other than Parent or any of its subsidiaries, the Investors or any assignee permitted in accordance with <u>Section</u> <u>5</u> hereof), member, manager, general or limited partner or representative of any of the foregoing (collectively, but for the avoidance of doubt, not including Parent or any of its subsidiaries, the Investors or any assignee permitted in accordance with <u>Section</u> <u>5</u> hereof, the "<u>Investor Parties</u>"), whether by the enforcement of any judgment, fine or penalty, or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable Law, or otherwise; it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on, or otherwise be incurred by any Investor Party, as such, for any obligation of an Investor under this letter agreement or the transactions contemplated hereby, under any documents or instruments delivered in connection herewith, in respect of any oral representations made or alleged to be made in connection herewith or therewith, or for any claim (whether in tort, contract or otherwise) based on, in respect of, or by reason of, such obligations or their creation; <u>provided</u>, however, that in the event any Investor (i) consolidates with or merges with any other Person and is not the continuing or surviving entity of such consolidation or merger or (ii) transfers or conveys all or a substantial portion of its properties and other assets to any Person such that the sum of such Investor's remaining net assets plus uncalled capital is less than such Investor's Commitment hereunder, then Parent may seek recourse, whether by the enforcement of any judgment or assessment or by any legal or equitable proceeding or by virtue of any statute, regulation or other applicable Law, against such continuing or surviving entity or such transferee Person, as the case may be, but only to the extent of the obligations of such Investor hereunder and subject to the limitations herein.

Each of the parties hereto further agrees that no Person (including Parent, the Company and their respective Affiliates) shall have any right of recovery against the Investors or any Investor Party, whether by piercing of the corporate veil, by a claim on behalf of Parent against any Investor or any Investor Party, or otherwise, except for Parent's right to be capitalized by each Investor under and to the extent provided in this letter agreement, on the terms and subject to the conditions hereof or pursuant to the Fee Funding Agreement to which such Investor is a party.

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Each of the parties hereto hereby covenants and agrees that it shall not institute, and shall cause its controlled Affiliates not to institute, any proceeding or bring any other claim (whether in tort, contract or otherwise) arising under, or in connection with, the Merger Agreement or the transactions contemplated thereby, or in respect of any oral representations made or alleged to be made in connection therewith, against any Investor or any Investor Party except for claims solely against any Investor under this letter agreement or pursuant to the Fee Funding Agreement to which such Investor is a party. Notwithstanding the foregoing, nothing in this Section 12 shall, in any respect, limit claims against Parent or the Investors in accordance with and subject to the terms and conditions hereof or any Person's right to assert any Retained Claim solely against the Persons specifically identified in the definition thereof with respect to such Retained Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Representations and Warranties</u>. Each Investor hereby represents, warrants and covenants, severally and not jointly (nor jointly and severally), to Parent as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Such Investor is duly formed, validly existing and in good standing under the Laws of the jurisdiction of its formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. To the extent (if any) that its governing documents limit the amount it may commit to any one investment, such Investor's Commitment hereunder is less than the maximum amount that it is permitted to invest in any one investment pursuant to the terms of its governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Such Investor has the requisite power and authority to enter into and deliver this letter agreement and to perform its obligations under this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This letter agreement has been duly and validly executed and delivered by such Investor and constitutes the lawful, valid and binding agreement of such Investor, enforceable against such Investor, in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Such Investor will (i) have, as of the Closing, available cash necessary to fund, or cause the funding of, its Commitment, and (ii) have, for so long as this letter agreement remains in effect, unrestricted cash on hand or uncalled capital commitments from its limited partners or other sources of immediately available cash funds, or otherwise will (at the time when required to funds its Commitment hereunder) have access to available funds or enforceable equity commitments, sufficient to pay and perform its obligations under this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. This letter agreement does not contravene, conflict with or result in any violation of any provision of such Investor's governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Neither the execution and delivery of this letter agreement, nor the consummation of the transactions contemplated hereby, will conflict with, result in a breach of, constitute a default under, result in the acceleration of any obligation, create in any Person the right to accelerate, terminate or cancel, or result in the imposition of any Encumbrances upon any of the assets of such Investor under, any agreement, contract, lease, license, instrument or other arrangement to which such Investor is a party or by which it is bound or to which any of its assets is subject, except where the violation, conflict, breach, default, acceleration, termination, cancellation or Encumbrances would not materially impair or delay such Investor's performance under this letter agreement or the consummation of the transactions contemplated by this letter agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Subject to receipt of all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Authority contemplated by the Merger Agreement or the schedules thereto, all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Authority necessary for the due execution, delivery and performance of this letter agreement by such Investor have been duly complied with, and no other action by, and no notice to or filing with, any Governmental Authority or regulatory body is required in connection with the execution, delivery or performance of this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Such Investor has not entered into any side letter or other similar agreement related to or in respect of this letter agreement that would create additional conditionality regarding its obligation to satisfy its Commitment in full or that would reasonably be expected to affect the enforceability of this letter agreement or prevent or substantially delay the availability and funding of its Commitment at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Acknowledgements</u>. Each party acknowledges and agrees that (a) this letter agreement is not intended to, and does not, create any agency, partnership, fiduciary or joint venture relationship between or among any of the parties hereto and neither this letter agreement nor any other document or agreement entered into by any party hereto relating to the subject matter hereof shall be construed to suggest otherwise and (b) the obligations of the Investors under this letter agreement are solely contractual and not fiduciary in nature. Notwithstanding the foregoing, nothing in this Section 14 diminishes any duties or liabilities expressly undertaken herein or any remedies otherwise available to the Company under this letter agreement, the Merger Agreement or applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Severability</u>. In the event that any provision of this letter agreement, or the application thereof, becomes or is declared by a court of competent jurisdiction to be illegal, void or unenforceable, the remainder of this letter agreement will continue in full force and effect and the application of such provision to other Persons or circumstances will be interpreted so as reasonably to effect the intent of the parties hereto. The parties hereto further agree to replace such void or unenforceable provision of this letter agreement with a valid and enforceable provision that will achieve, to the extent possible, the economic, business and other purposes of such void or unenforceable provision. Notwithstanding anything to the contrary set forth herein, under no circumstances will this letter agreement be enforceable without giving effect to the maximum amount of the Commitment and the provisions of <u>Sections 3</u> and <u>12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Interpretation and Construction</u>. The following provisions shall apply, to the extent applicable and wherever appropriate, herein: (a) "herein," "hereby," "hereunder," "hereof" and other equivalent words shall refer to this letter agreement as an entirety and not solely to the particular portion of this letter agreement in which any such word is used; (b) all definitions set forth herein shall be deemed applicable whether the words defined are used herein in the singular or the plural; (c) wherever used herein, any pronoun or pronouns shall be deemed to include both the singular and plural and to cover all genders; and (d) the word "including" or any variation thereof shall mean including, without limitation.

[*Signature Pages Follow*]

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **ROBSON INVESTMENTS PTE. LTD.** | **ROBSON INVESTMENTS PTE. LTD.** |
| By: | /s/ Song Hwee Chia |
| Name: Song Hwee Chia | Name: Song Hwee Chia |
| Title: Authorized Signatory | Title: Authorized Signatory |

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[*Equity Commitment Letter Signature Page*]

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| | |
|:---|:---|
| Agreed to and accepted as<br> of the date first written above: | Agreed to and accepted as<br> of the date first written above: |
| **GT SILVER BIDCO, INC.** | **GT SILVER BIDCO, INC.** |
| By: | /s/ Peter Flynn |
| Name: Peter Flynn | Name: Peter Flynn |
| Title: Chief Executive Officer and President | Title: Chief Executive Officer and President |

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[*Equity Commitment Letter Signature Page*]

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**Schedule A** 

**Investors** 

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| | | |
|:---|:---|:---|
| **Temasek** | **Commitment** | **Percentage of<br>Total<br>Commitments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robson Investments Pte. Ltd. | $750000000 | 12.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Temasek** | $**750000000** | **12.70%** |

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**Schedule B** 

**Other Investors** 

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| | | |
|:---|:---|:---|
| **Permira** | **Commitment** | **Percentage of<br>Total<br>Commitments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira VIII - 1 SCSp | $1592437084 | 26.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira VIII - 2 SCSp | $387160753 | 6.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira VIII CIS SCSp | $47571589 | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira VIII CIS 2 SCSp | $49834 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PILI 1 Portfolio SCSp | $34260547 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PILI 2 Portfolio SCSp | $5136200 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PILI 4 Portfolio SCSp | $6229190 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira Investment Capital LP | $1387311 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira Investment Capital II LP | $1349845 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira Investment Capital III LP | $1902548 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Permira VIII** | $**2077484901** | **35.19%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REDWOOD OPPORTUNITIES SCSP | $500000000 | 8.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Permira** | $**2577484901** | **43.66%** |
|  **Warburg** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15, L.P. | $558868640 | 9.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15-B, L.P. | $421905957 | 7.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15 International, SCSp | $213596435 | 3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WP Global Growth 15 Partners, L.P. | $85502536 | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15 Partners, L.P. | $182114353 | 3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Financial Sector III, L.P. | $307136250 | 5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Financial Sector III-E, L.P. | $23565418 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Financial Sector III Partners, L.P. | $34795313 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Warburg** | $**1827484901** | **30.94%** |
|  **Francisco Partners** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII, L.P. | $325563771 | 5.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII-A, L.P. | $377412200 | 6.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII-B, L.P. | $8927911 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII-C, L.P. | $38096118 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Francisco** | $**750000000** | **12.70%** |

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## Ex-99.(B)(V)

**Exhibit (b)(v)** 

*Execution Version* 

**FEE FUNDING AGREEMENT** 

This Fee Funding Agreement, dated as of December 20, 2025 (this "<u>Agreement</u>"), is by and among each of the undersigned Persons identified as a Funding Party on <u>Schedule A</u> hereto (each a "<u>Funding Party</u>" and, collectively, the "<u>Funding Parties</u>" and, for the avoidance of doubt, excluding each of the Persons identified as an Other Investor on <u>Schedule B</u> hereto, collectively, the "<u>Other Investors</u>"), GT Silver BidCo, Inc., a Delaware corporation ("<u>Parent</u>") and Clearwater Analytics Holdings, Inc., a Delaware corporation (the "<u>Company</u>"). Capitalized terms used but not defined herein have the meanings ascribed to them in the Merger Agreement (defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>FUNDING AGREEMENT</u>. To induce the Company to enter into the Agreement and Plan of Merger (as amended, restated, modified or supplemented from time to time, the "<u>Merger Agreement</u>"), dated as of the date hereof, by and among Parent, Merger Sub and the Company, pursuant to which, upon the terms and subject to the conditions in the Merger Agreement, Merger Sub will merge with and into the Company, with the Company surviving the merger as a wholly owned subsidiary of Parent, each Funding Party, intending to be legally bound, hereby irrevocably agrees to pay on a several and not joint basis (as opposed to a joint and several basis) to the Company, on behalf of Parent, on the terms and subject to the conditions set forth herein, its *pro rata* amount of the Obligations (defined below) (based on the percentage set forth opposite such Funding Party's name in the second column (*Percentage of Obligations*) on <u>Schedule A</u> attached hereto, such Funding Party's "<u>Funding Percentage</u>"), in satisfaction of Parent's obligation to pay (i) the Parent Termination Fee solely to the extent payable pursuant to Section 7.03(b) of the Merger Agreement if, as and when due and subject to the limitations set forth therein, (ii) the amount of any collection costs pursuant to Section 7.03(c) of the Merger Agreement if, as and when due and subject to the limitations set forth therein, in an aggregate amount not to exceed $7,500,000, (iii) the amount of any indemnification and expense reimbursement pursuant to Section 5.14(d) of the Merger Agreement if, as and when due and subject to the limitations set forth therein, in an aggregate amount not to exceed $5,000,000, and (iv) any damages payable by Parent to the Company pursuant to the Merger Agreement if, as and when due and subject to the limitations set forth therein, in respect of claims permitted thereunder, in each case solely to the extent recoverable by the Company under the Merger Agreement, subject to the limitations set forth therein and without duplication of amounts described in clause (i) (clauses (ii) and (iii), collectively, the "Costs" and, collectively with clauses (i) and (iv), the "<u>Obligations</u>"); <u>provided</u> that the maximum amount payable by each Funding Party hereunder shall not exceed the dollar amount set forth opposite such Funding Party's name in the third column (Cap) on <u>Schedule A</u> attached hereto, it being understood that the Company will not seek to enforce this Agreement against the relevant Funding Party for a dollar amount in excess of the amount set forth next to such Funding Party's name in the third column (*Cap*) on <u>Schedule A</u> attached hereto which shall equal each such Funding Party's *pro rata* percentage of the sum of (A) an aggregate amount equal to $521,130,000 plus (B) the Costs, which Costs shall in no event exceed $12,500,000 in the aggregate (clauses (A) and (B), collectively, the "<u>Aggregate Cap</u>", and such amount with respect to each Funding Party's *pro rata* percentage amount of the Aggregate Cap inclusive of all Other Investors, its "<u>Cap</u>"). This Agreement may only be enforced in accordance with its terms at the same time as those certain Fee Funding Agreements, dated as of the date hereof, between the Other Investors, Parent and the Company (the "<u>Other Funding Agreements</u>"), *pro rata* based on the Funding Percentage of each Funding Party and each Other Investor, and in

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the case of each Funding Party subject to its Cap hereunder and with respect to each Other Investor subject to its "Cap" thereunder; <u>provided</u>, <u>however</u>, that, for the avoidance of doubt, this provision governs enforcement only and shall not affect the effectiveness of this Agreement; <u>provided</u>, <u>further</u>, that if the Company is legally impeded due to a legal restraint, an automatic stay in bankruptcy, an injunction, a stay, impossibility, or insolvency from asserting or pursuing its rights and remedies against any Funding Party or Other Investor, the Company may proceed against the remaining Funding Parties and Other Investors, on a *pro rata* basis among such remaining Funding Parties and Other Investors, to recover amounts up to each such party's individual Cap, provided that if the Company settles a claim against the Funding Parties and other Investors with fewer than all Funding Parties and/or Other Investors, any settlement amounts shall be credited to preserve the agreed *pro rata* allocation (subject to each Cap) (e.g., if the Company settles with one Funding Party for 95% of its Cap, no Other Investor will be liable for greater than 95% of its Cap). All payments hereunder shall be made in lawful money of the United States, in immediately available funds. Neither any Funding Party nor any Other Investor shall be required to pay any amount under this Agreement or any Other Funding Agreements, as applicable, if (i) the Closing has occurred, resulting in the consummation of the transactions contemplated by the Merger Agreement, (ii) it has funded its total requisite Commitment (as defined in the Equity Commitment Letter) under its corresponding Equity Commitment Letter, dated as of the date hereof (each, an "<u>Equity Commitment Letter</u>") and the consummation of the transactions contemplated by the Merger Agreement has occurred or (iii) the Company has received a grant of specific performance resulting in the consummation of the transactions contemplated by the Merger Agreement. Under no circumstance shall the Company be permitted or entitled to receive both (a) specific performance of the Equity Commitment Letters resulting in the Closing and (b) payment of any Obligations under this Agreement or the Other Funding Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>NATURE OF FUNDING COMMITMENT</u>. Subject to the terms and conditions hereof, the obligations of each Funding Party set forth herein are absolute, unconditional and irrevocable. The Company shall not be obligated to file any claim relating to any Obligations in the event that Parent becomes subject to a bankruptcy, reorganization or similar proceeding, and the failure of the Company to so file shall not affect any Funding Party's obligations hereunder. In the event that any payment to the Company in respect of any Obligations is rescinded or must otherwise be returned to the Funding Parties (or any other person on a Funding Party's behalf) for any reason whatsoever, each Funding Party shall remain liable hereunder with respect to the Obligations (subject to the terms and conditions hereof, including, without limitation, each Funding Party's Funding Percentage of the Obligations and Cap) as if such payment had not been made (but only treating it as unmade to the extent of the amount so rescinded or otherwise returned to the Funding Parties). Notwithstanding any other provision of this Agreement, the Company hereby agrees that the Funding Parties may assert, as a defense to any payment or performance by the Funding Parties under this Agreement, any defense to such payment or performance that Parent may have under the terms of the Merger Agreement, other than defenses arising from bankruptcy or insolvency of Parent. For the avoidance of doubt, subject to the terms of this Agreement, if the Company is prevented from demanding or accelerating payment of the Obligations (or any portion thereof) from Parent by reason of any automatic stay or any limitation on creditor rights or remedies with a similar effect (other than as a result of the Company's or any of its Affiliates' breach of this Agreement, the Merger Agreement or any Equity Commitment Letter), the Company shall be entitled to pursue payment of the Obligations from the Funding Parties, in each case subject to the terms and conditions of this Agreement and the Merger Agreement and each Funding Party's Funding Percentage and Cap. This Agreement is an obligation of payment and not of collection.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>CHANGES IN OBLIGATIONS, CERTAIN WAIVERS</u>. Each Funding Party agrees that the Company may at any time and from time to time, without notice to or further consent of any Funding Party, extend the time of payment of any of the Obligations, and subject to the terms of the IIA (as defined below) may also make any agreement with Parent, or with any other Person interested in the transactions contemplated by the Merger Agreement (except the Other Investors), for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, or for any modification of the terms of any agreement between the Company and Parent, or any such other Person (except the Other Investors) without in any way impairing or affecting any Funding Party's obligations under this Agreement. Each Funding Party agrees that, except as set forth in this Agreement, its obligations hereunder shall to the fullest extent permitted by applicable Law, be absolute and unconditional irrespective of, and shall not be released or discharged, in whole or in part, or otherwise affected by: (a) the failure or delay of the Company to assert any claim or demand or to enforce any right or remedy against Parent, in each case, in accordance with the terms of the Merger Agreement, or any other Person interested in the transactions contemplated by the Merger Agreement (except the Other Investors as required by <u>Section</u> <u>1</u> of this Agreement); (b) any change in the time, place or manner of payment of any of the Obligations or any rescission, waiver, compromise, consolidation or other amendment or modification of any of the terms or provisions of the Merger Agreement or any escrow agreement or other agreement (other than the Other Funding Agreements) evidencing, securing or otherwise executed in connection with any of the Obligations so long as any such changes do not have the effect of increasing the Funding Percentage or the Cap of any Funding Party; (c) the addition, substitution or release of any Person now or hereafter liable with respect to any of the Obligations or otherwise interested in the transactions contemplated by the Merger Agreement (other than the release of any Other Investor); (d) any change in the corporate existence, structure or direct or indirect ownership of Parent, Funding Party, or any other Person interested in the transactions contemplated by the Merger Agreement so long as any such changes do not have the effect of increasing the Funding Percentage or the Cap of any Funding Party; (e) any insolvency, bankruptcy, reorganization or other similar proceeding affecting Parent or any other Person now or hereafter liable with respect to the Obligations or otherwise interested in the transactions contemplated by the Merger Agreement so long as any such proceeding does not have the effect of increasing the Funding Percentage or the Cap of any Funding Party; (f) the existence of any claim, set-off or other right which any Funding Party may have at any time against Parent or the Company or any of their respective Affiliates, whether in connection with the Obligations or otherwise (other than defenses to the payment of the Obligations that are available to Parent under the Merger Agreement, which are retained by the Funding Parties); (g) the adequacy of any other means the Company may have of obtaining payment of any of the Obligations or (h) the unenforceability of the Merger Agreement, this Agreement or any Equity Commitment Letter as a result of a breach of the representations, warranties or covenants therein by Parent, Merger Sub, or the Other Investors, as applicable. To the fullest extent permitted by applicable Law, with respect to any Funding Party's Funding Percentage of the Obligations, such Funding Party hereby irrevocably and expressly waives any and all rights or defenses arising by reason of any Law which would otherwise require any election of remedies by the Company. With respect to any Funding Party's Funding Percentage of the Obligations, such Funding Party hereby irrevocably and expressly waives promptness, diligence, notice of the acceptance of this Agreement and of the

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Obligations, presentment, demand for payment, notice of non-performance, default, dishonor and protest, notice of any Obligations incurred and all other notices of any kind (except for notices required to be provided to Parent or Merger Sub in accordance with the Merger Agreement), all defenses which may be available by virtue of any valuation, stay, moratorium Law or other similar Law now or hereafter in effect, any right to require the marshalling of assets of Parent, or any other Person interested in the transactions contemplated by the Merger Agreement, and all suretyship defenses (other than defenses to the payment of the Obligations that are available to Parent under the Merger Agreement, which are retained by the Funding Parties). Each Funding Party hereunder acknowledges and agrees that the Obligations shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Agreement, and all dealings between Parent, Merger Sub and each Funding Party hereunder, on the one hand, and the Company, on the other hand, shall likewise be conclusively presumed to have been had or consummated in reliance on this Agreement. Each Funding Party acknowledges that it will receive substantial direct and indirect benefits from the transactions contemplated by the Merger Agreement and this Agreement and that the waivers set forth in this Agreement are knowingly made in contemplation of such benefits.

The Company hereby covenants and agrees that it shall not institute, and shall cause its controlled Affiliates (as defined below) not to institute in the name of or on behalf of the Company or any other Person, any action, complaint, demand or proceeding of any nature or bring any other claim arising under, or in connection with, the Merger Agreement or any Equity Commitment Letter or the transactions contemplated by any of the foregoing, against any Funding Party, any Other Investor, Parent, any former, current or future equity holders, controlling Persons, directors, officers, employees, Affiliates (other than Parent, Merger Sub and any assignees of a Funding Party permitted in accordance with <u>Section</u> <u>6</u> hereof), members, managers or general or limited partners or representatives of any Funding Party, any Other Investor or Parent, or any former, current or future equity holder, controlling Person, director, officer, employee, contractors, portfolio companies, general or limited partner, member, manager or Affiliate (other than Parent, Merger Sub and any assignees permitted in accordance with <u>Section</u> <u>6</u> hereof) of any of the foregoing, except for claims (i) against the Funding Parties (or their respective successors or permitted assigns) under this Agreement to recover from each such Funding Party up to the amount of such Funding Party's Funding Percentage of the Obligations (subject to such Funding Party's Cap and the other limitations described herein), (ii) against the Parent or a Funding Party (or its respective permitted assigns) pursuant to, and subject to the terms and conditions of, each Funding Party's Equity Commitment Letter, solely with respect to claims for specific performance to cause the funding of its (or its respective permitted assign's) Commitment (as defined in such Equity Commitment Letter) for up to an amount of such Funding Party's (or its respective permitted assign's) Commitment, (iii) against Parent or Merger Sub under the Merger Agreement (including the obligation of specific performance), and (iv) under the Confidentiality Agreements against the party thereto (collectively, clauses (i) – (iv), the "<u>Retained Claims</u>"). For purposes of this Agreement, "<u>Affiliate</u>" means, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Person specified and, for purposes of this Agreement, includes the directors and officers of such Person when acting in their respective capacities as such. "<u>Control</u>" (including, with correlative meanings, the terms "controlling", "controlled by" and "under common control with") means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. Notwithstanding anything to the contrary contained in this Agreement, the

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Company hereby agrees that to the extent Parent is relieved (other than by operation of any bankruptcy, insolvency or similar Law) of all or any portion of the Obligations under the Merger Agreement, each of the Funding Parties shall be similarly proportionately relieved, to such extent, of its obligations under this Agreement; <u>provided</u>, that any such relief shall be limited to a dollar- for-dollar reduction of the Obligations (subject to each Funding Party's Funding Percentage and Cap). If any amount shall be paid by any Funding Party to Parent at any time and from time to time pursuant to this Agreement, such amount shall be received and held in trust by Parent solely for the benefit of the Company, shall be segregated from other property and funds of Parent and shall forthwith be promptly paid or delivered to the Company in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to such Funding Party's Funding Percentage of the Obligations and Cap, whether matured or unmatured, or to be held as collateral for the Obligations or other amounts payable under this Agreement thereafter arising.

Each Funding Party hereby unconditionally and irrevocably agrees not to exercise any rights that it may now have or hereafter acquire against Parent that arise from the existence, payment, performance, or enforcement of such Funding Party's Funding Percentage of the Obligations, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Company against Parent, including, without limitation, the right to take or receive from Parent, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right, unless and until the Obligations shall have been paid in full in cash. If any amount shall be paid to any Funding Party in violation of the immediately preceding sentence at any time prior to the payment in full in cash of the Obligations, such amount shall be received and held in trust for the benefit of the Company, shall be segregated from other property and funds of such Funding Party and shall forthwith be paid or delivered to the Company in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to such Funding Party's Funding Percentage of the Obligations, whether matured or unmatured, or to be held as collateral for such Funding Party's Funding Percentage of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>NO WAIVER; CUMULATIVE RIGHTS</u>. No failure on the part of the Company to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by the Company of any right, remedy or power hereunder or under the Merger Agreement or otherwise preclude any other or future exercise of any right, remedy or power hereunder; <u>provided</u>, that, any waiver shall be effective only if in a writing signed by the Company and shall not be deemed a continuing waiver; <u>provided</u>, <u>further</u>, that notwithstanding anything to the contrary in this Agreement or otherwise, the Company may not pursue any rights or remedies against any Funding Party if the Company shall have obtained a grant of specific performance resulting in the consummation of the transactions contemplated by the Merger Agreement or the performance and full satisfaction of such Funding Party's obligations under its Equity Commitment Letter and, for the avoidance of doubt, solely to the extent of the Commitments (as defined in the Equity Commitment Letter) are actually received by Parent and thereafter applied to the consummation of the transactions contemplated by the Merger Agreement. Each and every right, remedy and power hereby granted to the Company or allowed it by Law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by the Company at any time or from time to time. Notwithstanding anything herein to the contrary, when pursuing its rights and remedies hereunder

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against any Funding Party, the Company must simultaneously assert and pursue its rights and remedies under (i) this Agreement against all of the Funding Parties collectively and (ii) the Other Funding Agreements against all of the Other Investors, collectively, and shall not assert or pursue any rights and remedies under this Agreement against an individual Funding Party without asserting or pursuing such rights against all Funding Parties and all Other Investors. Notwithstanding the foregoing, the Company's inability to join, commence or maintain an action against any Funding Party or Other Investor as a result of any stay, injunction, bankruptcy, moratorium, settlement or other impediment shall not limit, delay or excuse enforcement against any Funding Party and any net recoveries shall be credited to maintain the agreed *pro rata* allocation (subject to each Cap).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>REPRESENTATIONS AND WARRANTIES AND COVENANTS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Funding Party hereby represents, warrants, and covenants severally and not jointly (nor jointly and severally), to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly formed and validly existing under the laws of the jurisdiction of its formation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it has the requisite power and authority necessary to execute, deliver and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the execution, delivery and performance of this Agreement have been duly and validly authorized by all necessary action and do not contravene, conflict with or result in any violation of any provision of such Funding Party's charter, partnership agreement, operating agreement or similar organizational documents or any law, regulation, rule, decree, order, judgment or contractual restriction applicable to or binding on such Funding Party or its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Authority or other Person necessary for the due execution, delivery and performance of this Agreement by such Funding Party have been obtained or made and all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with, any Governmental Authority or other Person is required in connection with the execution, delivery or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) assuming the due authorization, execution and delivery of this Agreement by each of Parent and the Company, this Agreement constitutes a legal, valid and binding obligation of such Funding Party enforceable against such Funding Party in accordance with its terms, subject to (x) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws affecting creditors' rights generally, and (y) general equitable principles (whether considered in a proceeding in equity or at Law); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) such Funding Party is solvent and has the financial capacity to pay and perform its obligations under this Agreement, subject to the terms and conditions hereof, and that all funds necessary for such Funding Party to fulfill such Funding Party's Funding Percentage of the Obligations (subject to its Cap) under this Agreement shall be available to such Funding Party for so long as this Agreement shall remain in effect in accordance with <u>Section</u> <u>8</u> hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) such Funding Party has not entered into any side letter or other similar agreement related to, or in respect of, this Agreement that would create additional conditionality regarding its obligation to fund such Funding Party's Funding Percentage of the Obligations (subject to its Cap) in full or that would reasonably be expected to affect the enforceability of this Agreement or prevent or substantially delay the availability and funding of its Funding Percentage of the Obligations (subject to its Cap).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Funding Party covenants and agrees that all funds necessary for such Funding Party to fulfill its obligation to pay its Funding Percentage of the Obligations (subject to its Cap) under this Agreement shall be available to such Funding Party for so long as this Agreement shall remain in effect in accordance with <u>Section</u> <u>8</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>NO ASSIGNMENT</u>. This Agreement shall be binding upon and shall inure to the benefit of the parties and their permitted successors and assigns. Other than as expressly provided herein, neither any Funding Party nor the Company may, directly or indirectly, assign all or any portion of its rights or obligations under this Agreement to any person without the prior written consent of the other parties hereto, the Company, the Funding Parties, Martel Lux TopCo SCSp and WP Silver Aggregator, L.P. (the "<u>Co-Lead Investors</u>"); <u>provided</u>, that each Funding Party may assign all or a portion of its rights and obligations hereunder to one or more of its Affiliates (other than, for the avoidance of doubt, any portfolio companies of such Funding Party, Parent or any subsidiary thereof) that is able to make the representations and warranties set forth in this Agreement and the Interim Investors Agreement, dated on or around the date hereof, by and among the Funding Parties and the other parties thereto (the "<u>IIA</u>"); <u>provided</u>, <u>further</u>, that such assignment would not reasonably be expected to result in any material delay in satisfying, or increase the risk of not satisfying, the conditions to the Closing set forth in the Merger Agreement and the assignee is capable of performing its obligations under this Agreement and the IIA, including having the financial capacity necessary to fund the Funding Percentage of the Obligations (subject to the applicable Cap) that are being assigned; <u>provided</u>, <u>further</u>, that no such assignment shall be permitted (i) in violation of applicable Law or (ii) that would (x) require any material licensing, regulatory consent or other regulatory proceeding to be obtained or participated in by any of the Funding Parties, any of the Other Investors, Parent, Merger Sub or the Company (the "<u>Transaction Parties</u>") or otherwise subject any Transaction Party or its Affiliates to any additional substantive regulation; or (y) cause any statement made or information provided to a regulatory authority prior to such assignment to become materially untrue or misleading (other than any statement made or information provided related solely to the identity of such Funding Party); <u>provided</u>, <u>further</u>, that any such assignment shall not relieve the assigning Funding Party of its obligations under this Agreement unless and until the assignee has actually funded the full amount of the Funding Party's Funding Percentage of the Obligations. Any assignment in derogation of the foregoing shall be null and void.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>NOTICES</u>. All notices and other written communications hereunder shall be in writing and shall be given (a) on the date of delivery if delivered personally, (b) on the first Business Day following the date of dispatch if delivered by a nationally recognized next-day courier service, (c) on the fifth Business Day following the date of mailing if delivered by registered or certified mail (postage prepaid, return receipt requested) or (d) if sent by electronic mail transmission, when transmitted (but only when receipt is confirmed in writing (including by reply e-mail correspondence)). All notices and other written communications to the Company or Parent hereunder shall be delivered in accordance with Section 8.10 of the Merger Agreement.

All notices and other written communications to the Funding Parties hereunder (or any assignee permitted in accordance with <u>Section</u> <u>6</u> hereunder) shall be delivered as set forth below:

To the Funding Parties:

Permira VIII - 1 SCSp

Permira VIII - 2 SCSp

Permira VIII CIS SCSp

Permira VIII CIS 2 SCSp

PILI 1 Portfolio SCSp

PILI 2 Portfolio SCSp

PILI 4 Portfolio SCSp

Permira Investment Capital LP

Permira Investment Capital II LP

Permira Investment Capital III LP

REDWOOD OPPORTUNITIES SCSP

c/o Permira Advisers LLC

320 Park Avenue, 23rd Floor

New York, NY 10022

Attention: Justin Herridge

Email: [REDACTED]

with a copy (which shall not constitute notice) to:

Latham & Watkins LLP

555 Eleventh Street, NW, Suite 1000

Washington, D.C., 20004

Attention: Amber Banks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brian Mangino

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Max Schleusener

Email: Amber.Banks@lw.com

&nbsp;&nbsp;&nbsp;&nbsp;Brian.Mangino@lw.com

&nbsp;&nbsp;&nbsp;&nbsp;Max.Schleusener@lw.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>CONTINUING OBLIGATION; TERMINATION</u>. Unless terminated pursuant to this <u>Section</u> <u>8</u>, this Agreement shall remain in full force and effect and shall be binding on the Funding Parties and their respective successors and permitted assigns until payment in full of its Funding Percentage of the Obligations payable hereunder (subject to the Cap). Notwithstanding the foregoing, the obligations of each Funding Party under this Agreement, (including the obligation of each Funding Party to fund its Funding Percentage of the Obligations pursuant to <u>Section</u> <u>1</u> (subject to the Cap)), shall terminate (other than this <u>Section</u> <u>8</u> (except the first sentence of this <u>Section</u> <u>8</u>) and <u>Sections 9</u> through <u>19</u>, all of which shall survive the termination

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of this Agreement) automatically and immediately upon the earliest to occur of (i) the Closing pursuant to the terms of the Merger Agreement and (ii) thirty (30) days following the termination of the Merger Agreement if the Company has not commenced litigation (which, for the avoidance of doubt, includes the filing of any complaint, petition, statement of claim, counterclaim or cross- claim in a court of competent jurisdiction or, as permitted, arbitration and no inadvertent defect in venue, service or caption shall constitute a failure to "commence" litigation if promptly cured) for payment of any Obligation to Company, in satisfaction of Parent's obligations hereunder, by such date; <u>provided</u>, that, if the Merger Agreement has been so terminated and such claim has been made, this Agreement shall continue in full force and effect until the earliest to occur of (w) the consummation of the Closing in accordance with the terms of the Merger Agreement, including payment of the Merger Consideration in accordance with the Merger Agreement, (x) a final, non- appealable order of a court of competent jurisdiction determining that the Funding Parties do not owe any amount under this Agreement, (y) a written agreement between the Funding Parties, the Other Investors and the Company terminating the obligations and liabilities of the Funding Parties pursuant to this Agreement and the obligations and liabilities of the Other Investors pursuant to their Other Funding Agreement, and (z) payment in full of the Funding Percentage of the Obligations payable hereunder (subject to the Cap). Notwithstanding the foregoing, in the event that the Company or any of its Affiliates (but excluding any Affiliates not controlled by, or acting at the direction of, the foregoing parties), or any of their respective officers, directors or representatives (in their capacities as such) to the extent acting on their behalf, and at their direction, asserts in any complaint, demand, lawsuit, litigation or other legal proceeding (whether in equity, tort, contract or otherwise) under, in respect of, or relating to, this Agreement, the Merger Agreement, any Equity Commitment Letter or any Other Funding Agreement, that the provisions of <u>Section</u> <u>1</u> hereof limiting the liability of each Funding Party pursuant to this Agreement to its Funding Percentage of the Obligations or the amount of its Cap or requiring simultaneous enforcement of the Other Funding Agreements (subject to the exceptions herein) or that any other provisions of this <u>Section</u> <u>8</u> or paragraph 2 of <u>Section</u> <u>3</u> or <u>Section</u> <u>9</u> are illegal, invalid or unenforceable in whole or in part, or, the Company asserts any theory of liability against a Funding Party, an Other Investor, or an Investor Party (as defined in the Equity Commitment Letters), the Equity Commitment Letters, this Agreement, the Other Funding Agreements, or the transactions contemplated by the Merger Agreement, other than asserting claims (A) against Parent under Section 8.08 of the Merger Agreement, (B) against the Funding Parties under their respective Equity Commitment Letters or this Agreement (as limited by the provisions hereof, including <u>Section</u> <u>1</u>, and thereof), (C) against an Other Investor under its Equity Commitment Letter or Other Funding Agreement in accordance with and subject to the respective terms thereof (as limited by the provisions thereof, including Section 1 thereof), or (D) pursuant to a Retained Claim; then (and, solely if, the Company does not withdraw or dismiss such claim within ten (10) Business Days thereafter) (a) the obligations of each Funding Party under this Agreement shall terminate *ab initio* and shall thereupon be null and void, (b) if any Funding Party has previously made any payments under this Agreement, it shall be entitled to have such payments refunded by the Company, and (c) no Funding Party shall have any liability (whether at Law or in equity, whether sounding in contract, tort, statute or otherwise) to the Company or any of its Affiliates under this Agreement or its Equity Commitment Letter, or the transactions contemplated hereby or thereby.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>NO RECOURSE</u>. Notwithstanding anything that may be expressed or implied in this Agreement, or any document or instrument delivered contemporaneously herewith, and notwithstanding the fact that a Funding Party (or any assignee permitted in accordance with <u>Section</u> <u>6</u> hereof) may be a limited partnership, limited liability company or other entity, by its acceptance of the benefits of this Agreement, the Company acknowledges and agrees on behalf of itself, its Affiliates, and any Person claiming by, through or on behalf of any of them, that, except with respect to its rights against the Funding Parties under this Agreement, the Company has no right of recovery under this Agreement against, and no personal liability under this Agreement shall attach to, and no recourse (whether under an equitable, contractual, tort, statutory or other claim or theory) under this Agreement shall be had against, the Funding Party, any former, current or future equity holders, controlling Persons, directors, officers, employees, Affiliates (other than Parent, Merger Sub and any assignees of a Funding Party permitted in accordance with <u>Section</u> <u>6</u> hereof), members, managers or general or limited partners or representatives of any Funding Party, or any former, current or future equity holder, controlling Person, director, officer, employee, contractors, portfolio companies, general or limited partner, member, manager or Affiliate (other than Parent, Merger Sub and any assignees permitted in accordance with <u>Section</u> <u>6</u> hereof) of any of the foregoing (collectively, but not including Parent, Merger Sub and any assignees of a Funding Party permitted in accordance with <u>Section</u> <u>6</u> hereof, the "<u>Released Persons</u>"), whether by or through attempted piercing of the corporate veil, by or through a claim by or on behalf of Parent, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute, regulation or applicable Law, or otherwise, including in the event Parent breaches (whether willfully, intentionally, unintentionally or otherwise) its obligations under the Merger Agreement or any other document or instrument delivered in connection therewith, except for (a) its rights to recover from each Funding Party (but not Released Persons) such Funding Party's Funding Percentage of the Obligations (subject to its Cap and the other limitations described herein), and (b) its right to cause the Funding Parties' (but not the Released Persons') to comply with their obligations under their respective Equity Commitment Letter (pursuant to, in accordance with, and subject to the limitations described therein). Nothing set forth in this Agreement shall be construed to give to any Person (including any Representative of any Person) other than the Company any rights or remedies against any Person other than the Funding Parties as expressly set forth herein. For the avoidance of doubt, under no circumstances shall Parent and Merger Sub be considered a Released Person. Neither the Company nor any of its Affiliates has relied on any statement, representation or warranty or assurance made by, or any action taken by, any Person in connection with the subject matter hereof, other than those made by (i) the Funding Party in this Agreement and/or the Funding Party in its Equity Commitment Letter and (ii) Parent in the Merger Agreement. Notwithstanding the foregoing, nothing in this <u>Section</u> <u>9</u> shall, in any respect, limit claims against Parent, Merger Sub or the Funding Parties in accordance with and subject to the terms and conditions hereof or any Person's right to assert any Retained Claim solely against the Persons specifically identified in the definition thereof with respect to such Retained Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>GOVERNING LAW; SUBMISSION TO JURISDICTION</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement and all disputes, controversies or other Actions arising out of or relating to this Agreement or the Transactions, including matters of validity, construction, effect, performance and remedies, shall be governed by, and construed in accordance with, the Laws of the State of Delaware applicable to contracts executed in and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable conflict of Laws principles.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. All Actions arising out of or relating to this Agreement or the Transactions shall be heard and determined in the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court of competent jurisdiction within the State of Delaware). The parties hereto hereby irrevocably (i) submit to the exclusive jurisdiction and venue of such courts in any such Action, (ii) waive the defense of an inconvenient forum or lack of jurisdiction to the maintenance of any such Action, (iii) agree to not attempt to deny or defeat such jurisdiction by motion or otherwise request for leave from any such court and (iv) agree to not bring any Action arising out of or relating to this Agreement or the Transactions in any court other than the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court within the State of Delaware), except for Actions brought to enforce the judgment of any such court. The consents to jurisdiction and venue set forth in this <u>Section</u> <u>10(b)</u> shall not constitute general consents to service of process in the State of Delaware and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than the parties hereto. Each party hereto agrees that service of process upon such party in any Action arising out of or relating to this Agreement shall be effective if notice is given by overnight courier at the address set forth in Section 8.10 of the Merger Agreement. The parties hereto agree that a final judgment in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law; provided, however, that nothing in the foregoing shall restrict any party's rights to seek any post judgment relief regarding, or any appeal from, a final trial court judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>WAIVER OF JURY TRIAL</u>. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, INCLUDING THE DEBT COMMITMENT LETTER OR THE DEBT FINANCING. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS <u>SECTION 11</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>CONFIDENTIALITY</u>. This Agreement shall be treated by the Company as confidential and is being provided to the Company solely in connection with the transactions contemplated by the Merger Agreement. The existence and content of this Agreement may not be used, circulated, quoted or otherwise referred to in any document, except with the prior written consent of the Funding Parties and Parent; <u>provided</u>, <u>however</u>, that no such written consent shall be required (and each Funding Party and its Affiliates shall be free to release such information) for

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disclosures to each Funding Party's and its Affiliates' respective partners, members, directors, officers, employees, agents, legal, financial, accounting or other advisors, potential debt and equity financing sources, co-investors, related investment funds consultants and other representatives, so long as such persons are bound by obligations of confidentiality with respect to such information; <u>provided</u>, <u>further</u>, that no such written consent shall be required and the Funding Parties and Parent may disclose such information (including the existence of this Agreement) (i) to the extent required by Law or the applicable rules of any national securities exchange or in connection with any securities filings relating to the transactions contemplated by the Merger Agreement or in connection with any litigation relating to the transactions contemplated by the Merger Agreement as permitted by or provided in the Merger Agreement and/or (ii) in connection with any filings or other submissions with any court of competent jurisdiction in order to enforce the terms hereof. This Agreement may not be used, circulated, quoted or otherwise referred to by the Company or any of its Affiliates in any document, except with the prior written consent of the Funding Parties; <u>provided</u>, <u>however</u>, that no such written consent shall be required (and the Company and its Affiliates shall be free to release such information) for disclosures to employees or legal, financial, accounting or other advisors, in each case, on a need-to-know basis, so long as such persons agree to keep such information confidential; <u>provided</u>, <u>further</u>, that no such written consent shall be required and the Company may disclose such information (including the existence of this Agreement) (x) to the extent required by Law or the applicable rules of any national securities exchange or in connection with any securities filings relating to the transactions contemplated by the Merger Agreement or in connection with any litigation relating to the transactions contemplated by the Merger Agreement as permitted by or provided in the Merger Agreement and/or (y) in connection with any filings or other submissions with any court of competent jurisdiction in order to enforce the terms hereof, the Merger Agreement or any Equity Commitment Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>ENTIRE AGREEMENT</u>. This Agreement constitutes the entire agreement with respect to the subject matter hereof and supersedes any and all prior discussions, negotiations, proposals, undertakings and agreements, whether written or oral, between Parent and the Funding Parties or any of their Affiliates, on the one hand, and the Company and any of its Affiliates, on the other hand, except for the Merger Agreement and the other agreements related thereto, including the Other Funding Agreements, the Equity Commitment Letters and the Confidentiality Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>NO THIRD PARTY BENEFICIARIES</u>. Except for the rights of the Released Persons under <u>Section</u> <u>9</u> and of the Co-Lead Investors in respect of <u>Sections 6</u>, <u>12</u> and <u>15</u>, the parties hereby agree that their respective representations, warranties and covenants set forth herein are solely for the benefit of the other parties hereto and their respective successors and permitted assigns, in accordance with and subject to the terms of this Agreement, and this Agreement is not intended to, and does not, confer upon any Person other than the parties hereto any rights or remedies hereunder, including the right to rely upon the representations and warranties set forth herein. This Agreement shall be binding on each of the Funding Party's successors and permitted assigns.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>AMENDMENT</u>. This Agreement can be amended, supplemented or changed, and any provision hereof can be waived, only by written instrument making specific reference to this Agreement signed by the Funding Parties, the Co-Lead Investors, Parent and the Company. No action taken pursuant to this Agreement, including any investigation by or on behalf of any party, shall be deemed to constitute a waiver by the party taking such action of compliance with any representation, warranty, covenant or agreement contained herein. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or any subsequent breach or as a waiver of any other term or condition of this Agreement. No failure on the part of any party to exercise, and no delay by any party in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The parties hereto shall not declare a breach of this Agreement by any other party hereto unless and until it delivers a written notice describing such breach to such party and provides such party with an opportunity to cure such breach for at least ten (10) Business Days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>COUNTERPARTS</u>. This Agreement may be signed in any number of counterparts (including by means of telecopied signature pages or electronic transmission with attachment in pdf format or any electronic signature complying with the U.S. federal ESIGN Act of 2000 (e.g., www.docusign.com), which will be deemed to have the same effect as physical delivery of a paper document bearing the original signatures), each such counterpart being deemed to be an original instrument, with the same effect as if the signatures to each counterpart were upon a single instrument, and all such counterparts together shall be deemed an original of this Agreement. This Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by all of the other parties hereto. Until and unless each party has received a counterpart hereof signed by each other party hereto, this Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). The parties irrevocably and unreservedly agree that this Agreement may be executed by way of electronic signatures and the parties agree that this letter, or any part thereof, shall not be challenged or denied any legal effect, validity and/or enforceability solely on the ground that it is in the form of an electronic record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>INTERPRETATION</u>. All parties acknowledge that each party and its counsel have reviewed this Agreement and that any rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>RELATIONSHIP OF THE PARTIES</u>. Each party hereto acknowledges and agrees that (a) this Agreement is not intended to, and does not, create any agency, partnership, fiduciary or joint venture relationship between or among any of the parties hereto or the Other Investors and neither this Agreement nor any other document or agreement entered into by any party hereto or by any Other Investor relating to the subject matter hereof shall be construed to suggest otherwise, (b) the obligations of each of the Funding Parties under this Agreement are solely contractual in nature and (c) the determinations of the Funding Parties and Other Investors were independent of each other. Notwithstanding anything to the contrary contained in this Agreement, the liability of each Funding Party hereunder shall be several and not joint, not joint and several, and no Funding Party shall be liable for any amount hereunder in excess of its Cap or its Funding Percentage of the Obligations or such lesser amount as may be required to be paid by the Funding Parties and the Other Investors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>HEADINGS; INTERPRETATION AND CONSTRUCTION</u>. The headings contained in this Agreement are for convenience purposes only and will not in any way affect the meaning or interpretation hereof.

The following provisions shall apply, to the extent applicable and wherever appropriate, herein: (a) "herein," "hereby," "hereunder," "hereof" and other equivalent words shall refer to this letter agreement as an entirety and not solely to the particular portion of this letter agreement in which any such word is used; (b) all definitions set forth herein shall be deemed applicable whether the words defined are used herein in the singular or the plural; (c) wherever used herein, any pronoun or pronouns shall be deemed to include both the singular and plural and to cover all genders; and (d) the word "including" or any variation thereof shall mean including, without limitation.

[*Signatures on following page*]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered as of the date first written above by its officer thereunto duly authorized.

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| | |
|:---|:---|
| **PERMIRA VIII - 1 SCSP** | **PERMIRA VIII - 1 SCSP** |
| by its portfolio manager and authorized representative | by its portfolio manager and authorized representative |
| PERMIRA PORTFOLIO MANAGEMENT LIMITED | PERMIRA PORTFOLIO MANAGEMENT LIMITED |
| By: | /s/ Tom Amy |
| Name: Tom Amy | Name: Tom Amy |
| Title: Director | Title: Director |
| **PERMIRA VIII - 2 SCSP** | **PERMIRA VIII - 2 SCSP** |
| by its portfolio manager and authorized representative | by its portfolio manager and authorized representative |
| PERMIRA PORTFOLIO MANAGEMENT LIMITED | PERMIRA PORTFOLIO MANAGEMENT LIMITED |
| By: | /s/ Tom Amy |
| Name: Tom Amy | Name: Tom Amy |
| Title: Director | Title: Director |
| **PERMIRA VIII CIS SCSP** | **PERMIRA VIII CIS SCSP** |
| by its portfolio manager and authorized representative | by its portfolio manager and authorized representative |
| PERMIRA PORTFOLIO MANAGEMENT LIMITED | PERMIRA PORTFOLIO MANAGEMENT LIMITED |
| By: | /s/ Tom Amy |
| Name: Tom Amy | Name: Tom Amy |
| Title: Director | Title: Director |
| **PERMIRA VIII CIS 2 SCSP** | **PERMIRA VIII CIS 2 SCSP** |
| by its general partner<br> PERMIRA VIII GP S.À R.L. | by its general partner<br> PERMIRA VIII GP S.À R.L. |
| By: | /s/ Cedric Pedoni |
| Name: Cedric Pedoni | Name: Cedric Pedoni |
| Title: Manager | Title: Manager |

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[*Signature Page to Fee Funding Agreement [Permira]*]

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| | |
|:---|:---|
| **PILI 1 PORTFOLIO SCSP** | **PILI 1 PORTFOLIO SCSP** |
| by its general partner | by its general partner |
| PILI 1 PORTFOLIO GP S.À R.L. | PILI 1 PORTFOLIO GP S.À R.L. |
| By: | /s/ Cedric Pedoni |
| Name: Cedric Pedoni | Name: Cedric Pedoni |
| Title: Manager | Title: Manager |
| **PILI 2 PORTFOLIO SCSP** | **PILI 2 PORTFOLIO SCSP** |
| by its general partner | by its general partner |
| PILI 2 PORTFOLIO GP S.À R.L. | PILI 2 PORTFOLIO GP S.À R.L. |
| By: | /s/ Cedric Pedoni |
| Name: Cedric Pedoni | Name: Cedric Pedoni |
| Title: Manager | Title: Manager |
| **PILI 4 PORTFOLIO SCSP** | **PILI 4 PORTFOLIO SCSP** |
| by its general partner | by its general partner |
| PILI 4 PORTFOLIO GP S.À R.L. | PILI 4 PORTFOLIO GP S.À R.L. |
| By: | /s/ Cedric Pedoni |
| Name: Cedric Pedoni | Name: Cedric Pedoni |
| Title: Manager | Title: Manager |

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[*Signature Page to Fee Funding Agreement [Permira]*]

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| | |
|:---|:---|
| **PERMIRA INVESTMENT CAPITAL LP** | **PERMIRA INVESTMENT CAPITAL LP** |
| by its general partner | by its general partner |
| PERMIRA INVESTMENT CAPITAL GP LIMITED | PERMIRA INVESTMENT CAPITAL GP LIMITED |
| By: | /s/ Alistair Boyle |
| Name: Alistair Boyle | Name: Alistair Boyle |
| Title: Director | Title: Director |
| **PERMIRA INVESTMENT CAPITAL II LP** | **PERMIRA INVESTMENT CAPITAL II LP** |
| by its general partner | by its general partner |
| PERMIRA INVESTMENT CAPITAL GP LIMITED | PERMIRA INVESTMENT CAPITAL GP LIMITED |
| By: | /s/ Alistair Boyle |
| Name: Alistair Boyle | Name: Alistair Boyle |
| Title: Director | Title: Director |
| **PERMIRA INVESTMENT CAPITAL III LP** | **PERMIRA INVESTMENT CAPITAL III LP** |
| by its general partner | by its general partner |
| PERMIRA INVESTMENT CAPITAL GP LIMITED | PERMIRA INVESTMENT CAPITAL GP LIMITED |
| By: | /s/ Alistair Boyle |
| Name: Alistair Boyle | Name: Alistair Boyle |
| Title: Director | Title: Director |

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*[Signature Page to Fee Funding Agreement [Permira]]* 

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| | |
|:---|:---|
| **PERMIRA T GP S.À R.L.** | **PERMIRA T GP S.À R.L.** |
| in its capacity as general partner of REDWOOD OPPORTUNITIES SCSP | in its capacity as general partner of REDWOOD OPPORTUNITIES SCSP |
| By: | /s/ Cedric Pedoni |
| Name: Cedric Pedoni | Name: Cedric Pedoni |
| Title: Manager | Title: Manager |

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[*Signature Page to Fee Funding Agreement [Redwood Opportunities SCSp]*]

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| | |
|:---|:---|
| **GT SILVER BIDCO, INC.** | **GT SILVER BIDCO, INC.** |
| By: | /s/ Peter Flynn |
| Name: Peter Flynn | Name: Peter Flynn |
| Title: Chief Executive Officer and President | Title: Chief Executive Officer and President |

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[*Signature Page to Fee Funding Agreement [GT Silver Bidco, Inc.]*]

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| | |
|:---|:---|
| Accepted and Agreed to: | Accepted and Agreed to: |
| **CLEARWATER ANALYTICS HOLDINGS, INC**. | **CLEARWATER ANALYTICS HOLDINGS, INC**. |
| By: | /s/ Sandeep Sahai |
|  | Name: Sandeep Sahai |
|  | Title: Chief Executive Officer |

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[*Signature Page to Fee Funding Agreement [Permira]*]

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**Schedule A** 

**Funding Parties** 

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| | | |
|:---|:---|:---|
| **Permira** | **Percentage<br>of<br>Obligations** | **Cap** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira VIII - 1 SCSp | 26.97% | $143907967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira VIII - 2 SCSp | 6.56% | $34987578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira VIII CIS SCSp | 0.81% | $4299027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira VIII CIS 2 SCSp | 0.00% | $4503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PILI 1 Portfolio SCSp | 0.58% | $3096113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PILI 2 Portfolio SCSp | 0.09% | $464157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PILI 4 Portfolio SCSp | 0.11% | $562930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira Investment Capital LP | 0.02% | $125371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira Investment Capital II LP | 0.02% | $121985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira Investment Capital III LP | 0.03% | $171933 |
|  **Total Permira VIII** | **35.19%** | $**187741564** |
|  REDWOOD OPPORTUNITIES SCSP | 8.47% | $45184820 |
|  **Total Permira** | **43.66%** | $**232926385** |

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**Schedule B** 

**Other Investors** 

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| | | |
|:---|:---|:---|
| **Warburg** | **Percentage<br>of Obligations** | **Cap** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15, L.P. | 9.46% | $50504758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15-B, L.P. | 7.14% | $38127490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15 International, SCSp | 3.62% | $19302633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WP Global Growth 15 Partners, L.P. | 1.45% | $7726833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15 Partners, L.P. | 3.08% | $16457609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Financial Sector III, L.P. | 5.20% | $27755793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Financial Sector III-E, L.P. | 0.40% | $2129598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Financial Sector III Partners, L.P. | 0.59% | $3144440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Warburg** | **30.94%** | $**165149154** |
|  **Francisco Partners** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII, L.P. | 5.51% | $29421081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII-A, L.P. | 6.39% | $34106605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII-B, L.P. | 0.15% | $806812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII-C, L.P. | 0.65% | $3442733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Francisco** | **12.70%** | $**67777231** |
|  **Temasek** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robson Investments Pte. Ltd. | 12.70% | $67777231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Temasek** | **12.70%** | $67777231 |

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## Ex-99.(B)(Vi)

**Exhibit (b)(vi)** 

*Execution Version* 

**FEE FUNDING AGREEMENT** 

This Fee Funding Agreement, dated as of December 20, 2025 (this "<u>Agreement</u>"), is by and among each of the undersigned Persons identified as a Funding Party on <u>Schedule A</u> hereto (each a "<u>Funding Party</u>" and, collectively, the "<u>Funding Parties</u>" and, for the avoidance of doubt, excluding each of the Persons identified as an Other Investor on <u>Schedule B</u> hereto, collectively, the "<u>Other Investors</u>"), GT Silver BidCo, Inc., a Delaware corporation ("<u>Parent</u>") and Clearwater Analytics Holdings, Inc., a Delaware corporation (the "<u>Company</u>"). Capitalized terms used but not defined herein have the meanings ascribed to them in the Merger Agreement (defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>FUNDING AGREEMENT</u>. To induce the Company to enter into the Agreement and Plan of Merger (as amended, restated, modified or supplemented from time to time, the "<u>Merger Agreement</u>"), dated as of the date hereof, by and among Parent, Merger Sub and the Company, pursuant to which, upon the terms and subject to the conditions in the Merger Agreement, Merger Sub will merge with and into the Company, with the Company surviving the merger as a wholly owned subsidiary of Parent, each Funding Party, intending to be legally bound, hereby irrevocably agrees to pay on a several and not joint basis (as opposed to a joint and several basis) to the Company, on behalf of Parent, on the terms and subject to the conditions set forth herein, its *pro rata* amount of the Obligations (defined below) (based on the percentage set forth opposite such Funding Party's name in the second column (*Percentage of Obligations*) on <u>Schedule A</u> attached hereto, such Funding Party's "<u>Funding Percentage</u>"), in satisfaction of Parent's obligation to pay (i) the Parent Termination Fee solely to the extent payable pursuant to Section 7.03(b) of the Merger Agreement if, as and when due and subject to the limitations set forth therein, (ii) the amount of any collection costs pursuant to Section 7.03(c) of the Merger Agreement if, as and when due and subject to the limitations set forth therein, in an aggregate amount not to exceed $7,500,000, (iii) the amount of any indemnification and expense reimbursement pursuant to Section 5.14(d) of the Merger Agreement if, as and when due and subject to the limitations set forth therein, in an aggregate amount not to exceed $5,000,000, and (iv) any damages payable by Parent to the Company pursuant to the Merger Agreement if, as and when due and subject to the limitations set forth therein, in respect of claims permitted thereunder, in each case solely to the extent recoverable by the Company under the Merger Agreement, subject to the limitations set forth therein and without duplication of amounts described in clause (i) (clauses (ii) and (iii), collectively, the "Costs" and, collectively with clauses (i) and (iv), the "<u>Obligations</u>"); <u>provided</u> that the maximum amount payable by each Funding Party hereunder shall not exceed the dollar amount set forth opposite such Funding Party's name in the third column (Cap) on <u>Schedule A</u> attached hereto, it being understood that the Company will not seek to enforce this Agreement against the relevant Funding Party for a dollar amount in excess of the amount set forth next to such Funding Party's name in the third column (*Cap*) on <u>Schedule A</u> attached hereto which shall equal each such Funding Party's *pro rata* percentage of the sum of (A) an aggregate amount equal to $521,130,000 plus (B) the Costs, which Costs shall in no event exceed $12,500,000 in the aggregate (clauses (A) and (B), collectively, the "<u>Aggregate Cap</u>", and such amount with respect to each Funding Party's *pro rata* percentage amount of the Aggregate Cap inclusive of all Other Investors, its "<u>Cap</u>"). This Agreement may only be enforced in accordance with its terms at the same time as those certain Fee Funding Agreements, dated as of the date hereof, between the Other Investors, Parent and the Company (the "<u>Other Funding Agreements</u>"), *pro rata* based on the Funding Percentage of each Funding Party and each Other Investor, and in

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the case of each Funding Party subject to its Cap hereunder and with respect to each Other Investor subject to its "Cap" thereunder; <u>provided</u>, <u>however</u>, that, for the avoidance of doubt, this provision governs enforcement only and shall not affect the effectiveness of this Agreement; <u>provided</u>, <u>further</u>, that if the Company is legally impeded due to a legal restraint, an automatic stay in bankruptcy, an injunction, a stay, impossibility, or insolvency from asserting or pursuing its rights and remedies against any Funding Party or Other Investor, the Company may proceed against the remaining Funding Parties and Other Investors, on a *pro rata* basis among such remaining Funding Parties and Other Investors, to recover amounts up to each such party's individual Cap, provided that if the Company settles a claim against the Funding Parties and other Investors with fewer than all Funding Parties and/or Other Investors, any settlement amounts shall be credited to preserve the agreed *pro rata* allocation (subject to each Cap) (e.g., if the Company settles with one Funding Party for 95% of its Cap, no Other Investor will be liable for greater than 95% of its Cap). All payments hereunder shall be made in lawful money of the United States, in immediately available funds. Neither any Funding Party nor any Other Investor shall be required to pay any amount under this Agreement or any Other Funding Agreements, as applicable, if (i) the Closing has occurred, resulting in the consummation of the transactions contemplated by the Merger Agreement, (ii) it has funded its total requisite Commitment (as defined in the Equity Commitment Letter) under its corresponding Equity Commitment Letter, dated as of the date hereof (each, an "<u>Equity Commitment Letter</u>") and the consummation of the transactions contemplated by the Merger Agreement has occurred or (iii) the Company has received a grant of specific performance resulting in the consummation of the transactions contemplated by the Merger Agreement. Under no circumstance shall the Company be permitted or entitled to receive both (a) specific performance of the Equity Commitment Letters resulting in the Closing and (b) payment of any Obligations under this Agreement or the Other Funding Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>NATURE OF FUNDING COMMITMENT</u>. Subject to the terms and conditions hereof, the obligations of each Funding Party set forth herein are absolute, unconditional and irrevocable. The Company shall not be obligated to file any claim relating to any Obligations in the event that Parent becomes subject to a bankruptcy, reorganization or similar proceeding, and the failure of the Company to so file shall not affect any Funding Party's obligations hereunder. In the event that any payment to the Company in respect of any Obligations is rescinded or must otherwise be returned to the Funding Parties (or any other person on a Funding Party's behalf) for any reason whatsoever, each Funding Party shall remain liable hereunder with respect to the Obligations (subject to the terms and conditions hereof, including, without limitation, each Funding Party's Funding Percentage of the Obligations and Cap) as if such payment had not been made (but only treating it as unmade to the extent of the amount so rescinded or otherwise returned to the Funding Parties). Notwithstanding any other provision of this Agreement, the Company hereby agrees that the Funding Parties may assert, as a defense to any payment or performance by the Funding Parties under this Agreement, any defense to such payment or performance that Parent may have under the terms of the Merger Agreement, other than defenses arising from bankruptcy or insolvency of Parent. For the avoidance of doubt, subject to the terms of this Agreement, if the Company is prevented from demanding or accelerating payment of the Obligations (or any portion thereof) from Parent by reason of any automatic stay or any limitation on creditor rights or remedies with a similar effect (other than as a result of the Company's or any of its Affiliates' breach of this Agreement, the Merger Agreement or any Equity Commitment Letter), the Company shall be entitled to pursue payment of the Obligations from the Funding Parties, in each case subject to the terms and conditions of this Agreement and the Merger Agreement and each Funding Party's Funding Percentage and Cap. This Agreement is an obligation of payment and not of collection.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>CHANGES IN OBLIGATIONS, CERTAIN WAIVERS</u>. Each Funding Party agrees that the Company may at any time and from time to time, without notice to or further consent of any Funding Party, extend the time of payment of any of the Obligations, and subject to the terms of the IIA (as defined below) may also make any agreement with Parent, or with any other Person interested in the transactions contemplated by the Merger Agreement (except the Other Investors), for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, or for any modification of the terms of any agreement between the Company and Parent, or any such other Person (except the Other Investors) without in any way impairing or affecting any Funding Party's obligations under this Agreement. Each Funding Party agrees that, except as set forth in this Agreement, its obligations hereunder shall to the fullest extent permitted by applicable Law, be absolute and unconditional irrespective of, and shall not be released or discharged, in whole or in part, or otherwise affected by: (a) the failure or delay of the Company to assert any claim or demand or to enforce any right or remedy against Parent, in each case, in accordance with the terms of the Merger Agreement, or any other Person interested in the transactions contemplated by the Merger Agreement (except the Other Investors as required by <u>Section</u> <u>1</u> of this Agreement); (b) any change in the time, place or manner of payment of any of the Obligations or any rescission, waiver, compromise, consolidation or other amendment or modification of any of the terms or provisions of the Merger Agreement or any escrow agreement or other agreement (other than the Other Funding Agreements) evidencing, securing or otherwise executed in connection with any of the Obligations so long as any such changes do not have the effect of increasing the Funding Percentage or the Cap of any Funding Party; (c) the addition, substitution or release of any Person now or hereafter liable with respect to any of the Obligations or otherwise interested in the transactions contemplated by the Merger Agreement (other than the release of any Other Investor); (d) any change in the corporate existence, structure or direct or indirect ownership of Parent, Funding Party, or any other Person interested in the transactions contemplated by the Merger Agreement so long as any such changes do not have the effect of increasing the Funding Percentage or the Cap of any Funding Party; (e) any insolvency, bankruptcy, reorganization or other similar proceeding affecting Parent or any other Person now or hereafter liable with respect to the Obligations or otherwise interested in the transactions contemplated by the Merger Agreement so long as any such proceeding does not have the effect of increasing the Funding Percentage or the Cap of any Funding Party; (f) the existence of any claim, set-off or other right which any Funding Party may have at any time against Parent or the Company or any of their respective Affiliates, whether in connection with the Obligations or otherwise (other than defenses to the payment of the Obligations that are available to Parent under the Merger Agreement, which are retained by the Funding Parties); (g) the adequacy of any other means the Company may have of obtaining payment of any of the Obligations or (h) the unenforceability of the Merger Agreement, this Agreement or any Equity Commitment Letter as a result of a breach of the representations, warranties or covenants therein by Parent, Merger Sub, or the Other Investors, as applicable. To the fullest extent permitted by applicable Law, with respect to any Funding Party's Funding Percentage of the Obligations, such Funding Party hereby irrevocably and expressly waives any and all rights or defenses arising by reason of any Law which would otherwise require any election of remedies by the Company. With respect to any Funding Party's Funding Percentage of the Obligations, such Funding Party hereby irrevocably and expressly waives promptness, diligence, notice of the acceptance of this Agreement and of the

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Obligations, presentment, demand for payment, notice of non-performance, default, dishonor and protest, notice of any Obligations incurred and all other notices of any kind (except for notices required to be provided to Parent or Merger Sub in accordance with the Merger Agreement), all defenses which may be available by virtue of any valuation, stay, moratorium Law or other similar Law now or hereafter in effect, any right to require the marshalling of assets of Parent, or any other Person interested in the transactions contemplated by the Merger Agreement, and all suretyship defenses (other than defenses to the payment of the Obligations that are available to Parent under the Merger Agreement, which are retained by the Funding Parties). Each Funding Party hereunder acknowledges and agrees that the Obligations shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Agreement, and all dealings between Parent, Merger Sub and each Funding Party hereunder, on the one hand, and the Company, on the other hand, shall likewise be conclusively presumed to have been had or consummated in reliance on this Agreement. Each Funding Party acknowledges that it will receive substantial direct and indirect benefits from the transactions contemplated by the Merger Agreement and this Agreement and that the waivers set forth in this Agreement are knowingly made in contemplation of such benefits.

The Company hereby covenants and agrees that it shall not institute, and shall cause its controlled Affiliates (as defined below) not to institute in the name of or on behalf of the Company or any other Person, any action, complaint, demand or proceeding of any nature or bring any other claim arising under, or in connection with, the Merger Agreement or any Equity Commitment Letter or the transactions contemplated by any of the foregoing, against any Funding Party, any Other Investor, Parent, any former, current or future equity holders, controlling Persons, directors, officers, employees, Affiliates (other than Parent, Merger Sub and any assignees of a Funding Party permitted in accordance with <u>Section</u> <u>6</u> hereof), members, managers or general or limited partners or representatives of any Funding Party, any Other Investor or Parent, or any former, current or future equity holder, controlling Person, director, officer, employee, contractors, portfolio companies, general or limited partner, member, manager or Affiliate (other than Parent, Merger Sub and any assignees permitted in accordance with <u>Section</u> <u>6</u> hereof) of any of the foregoing, except for claims (i) against the Funding Parties (or their respective successors or permitted assigns) under this Agreement to recover from each such Funding Party up to the amount of such Funding Party's Funding Percentage of the Obligations (subject to such Funding Party's Cap and the other limitations described herein), (ii) against the Parent or a Funding Party (or its respective permitted assigns) pursuant to, and subject to the terms and conditions of, each Funding Party's Equity Commitment Letter, solely with respect to claims for specific performance to cause the funding of its (or its respective permitted assign's) Commitment (as defined in such Equity Commitment Letter) for up to an amount of such Funding Party's (or its respective permitted assign's) Commitment, (iii) against Parent or Merger Sub under the Merger Agreement (including the obligation of specific performance), and (iv) under the Confidentiality Agreements against the party thereto (collectively, clauses (i) – (iv), the "<u>Retained Claims</u>"). For purposes of this Agreement, "<u>Affiliate</u>" means, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Person specified and, for purposes of this Agreement, includes the directors and officers of such Person when acting in their respective capacities as such. "<u>Control</u>" (including, with correlative meanings, the terms "controlling", "controlled by" and "under common control with") means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. Notwithstanding anything to the contrary contained in this Agreement, the

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Company hereby agrees that to the extent Parent is relieved (other than by operation of any bankruptcy, insolvency or similar Law) of all or any portion of the Obligations under the Merger Agreement, each of the Funding Parties shall be similarly proportionately relieved, to such extent, of its obligations under this Agreement; <u>provided</u>, that any such relief shall be limited to a dollar- for-dollar reduction of the Obligations (subject to each Funding Party's Funding Percentage and Cap). If any amount shall be paid by any Funding Party to Parent at any time and from time to time pursuant to this Agreement, such amount shall be received and held in trust by Parent solely for the benefit of the Company, shall be segregated from other property and funds of Parent and shall forthwith be promptly paid or delivered to the Company in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to such Funding Party's Funding Percentage of the Obligations and Cap, whether matured or unmatured, or to be held as collateral for the Obligations or other amounts payable under this Agreement thereafter arising.

Each Funding Party hereby unconditionally and irrevocably agrees not to exercise any rights that it may now have or hereafter acquire against Parent that arise from the existence, payment, performance, or enforcement of such Funding Party's Funding Percentage of the Obligations, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Company against Parent, including, without limitation, the right to take or receive from Parent, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right, unless and until the Obligations shall have been paid in full in cash. If any amount shall be paid to any Funding Party in violation of the immediately preceding sentence at any time prior to the payment in full in cash of the Obligations, such amount shall be received and held in trust for the benefit of the Company, shall be segregated from other property and funds of such Funding Party and shall forthwith be paid or delivered to the Company in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to such Funding Party's Funding Percentage of the Obligations, whether matured or unmatured, or to be held as collateral for such Funding Party's Funding Percentage of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>NO WAIVER; CUMULATIVE RIGHTS</u>. No failure on the part of the Company to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by the Company of any right, remedy or power hereunder or under the Merger Agreement or otherwise preclude any other or future exercise of any right, remedy or power hereunder; <u>provided</u>, that, any waiver shall be effective only if in a writing signed by the Company and shall not be deemed a continuing waiver; <u>provided</u>, <u>further</u>, that notwithstanding anything to the contrary in this Agreement or otherwise, the Company may not pursue any rights or remedies against any Funding Party if the Company shall have obtained a grant of specific performance resulting in the consummation of the transactions contemplated by the Merger Agreement or the performance and full satisfaction of such Funding Party's obligations under its Equity Commitment Letter and, for the avoidance of doubt, solely to the extent of the Commitments (as defined in the Equity Commitment Letter) are actually received by Parent and thereafter applied to the consummation of the transactions contemplated by the Merger Agreement. Each and every right, remedy and power hereby granted to the Company or allowed it by Law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by the Company at any time or from time to time. Notwithstanding anything herein to the contrary, when pursuing its rights and remedies hereunder

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against any Funding Party, the Company must simultaneously assert and pursue its rights and remedies under (i) this Agreement against all of the Funding Parties collectively and (ii) the Other Funding Agreements against all of the Other Investors, collectively, and shall not assert or pursue any rights and remedies under this Agreement against an individual Funding Party without asserting or pursuing such rights against all Funding Parties and all Other Investors. Notwithstanding the foregoing, the Company's inability to join, commence or maintain an action against any Funding Party or Other Investor as a result of any stay, injunction, bankruptcy, moratorium, settlement or other impediment shall not limit, delay or excuse enforcement against any Funding Party and any net recoveries shall be credited to maintain the agreed *pro rata* allocation (subject to each Cap).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>REPRESENTATIONS AND WARRANTIES AND COVENANTS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Funding Party hereby represents, warrants, and covenants severally and not jointly (nor jointly and severally), to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly formed and validly existing under the laws of the jurisdiction of its formation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it has the requisite power and authority necessary to execute, deliver and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the execution, delivery and performance of this Agreement have been duly and validly authorized by all necessary action and do not contravene, conflict with or result in any violation of any provision of such Funding Party's charter, partnership agreement, operating agreement or similar organizational documents or any law, regulation, rule, decree, order, judgment or contractual restriction applicable to or binding on such Funding Party or its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Authority or other Person necessary for the due execution, delivery and performance of this Agreement by such Funding Party have been obtained or made and all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with, any Governmental Authority or other Person is required in connection with the execution, delivery or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) assuming the due authorization, execution and delivery of this Agreement by each of Parent and the Company, this Agreement constitutes a legal, valid and binding obligation of such Funding Party enforceable against such Funding Party in accordance with its terms, subject to (x) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws affecting creditors' rights generally, and (y) general equitable principles (whether considered in a proceeding in equity or at Law); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) such Funding Party is solvent and has the financial capacity to pay and perform its obligations under this Agreement, subject to the terms and conditions hereof, and that all funds necessary for such Funding Party to fulfill such Funding Party's Funding Percentage of the Obligations (subject to its Cap) under this Agreement shall be available to such Funding Party for so long as this Agreement shall remain in effect in accordance with <u>Section</u> <u>8</u> hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) such Funding Party has not entered into any side letter or other similar agreement related to, or in respect of, this Agreement that would create additional conditionality regarding its obligation to fund such Funding Party's Funding Percentage of the Obligations (subject to its Cap) in full or that would reasonably be expected to affect the enforceability of this Agreement or prevent or substantially delay the availability and funding of its Funding Percentage of the Obligations (subject to its Cap).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Funding Party covenants and agrees that all funds necessary for such Funding Party to fulfill its obligation to pay its Funding Percentage of the Obligations (subject to its Cap) under this Agreement shall be available to such Funding Party for so long as this Agreement shall remain in effect in accordance with <u>Section</u> <u>8</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>NO ASSIGNMENT</u>. This Agreement shall be binding upon and shall inure to the benefit of the parties and their permitted successors and assigns. Other than as expressly provided herein, neither any Funding Party nor the Company may, directly or indirectly, assign all or any portion of its rights or obligations under this Agreement to any person without the prior written consent of the other parties hereto, the Company, the Funding Parties, Martel Lux TopCo SCSp and WP Silver Aggregator, L.P. (the "<u>Co-Lead Investors</u>"); <u>provided</u>, that each Funding Party may assign all or a portion of its rights and obligations hereunder to one or more of its Affiliates (other than, for the avoidance of doubt, any portfolio companies of such Funding Party, Parent or any subsidiary thereof) that is able to make the representations and warranties set forth in this Agreement and the Interim Investors Agreement, dated on or around the date hereof, by and among the Funding Parties and the other parties thereto (the "<u>IIA</u>"); <u>provided</u>, <u>further</u>, that such assignment would not reasonably be expected to result in any material delay in satisfying, or increase the risk of not satisfying, the conditions to the Closing set forth in the Merger Agreement and the assignee is capable of performing its obligations under this Agreement and the IIA, including having the financial capacity necessary to fund the Funding Percentage of the Obligations (subject to the applicable Cap) that are being assigned; <u>provided</u>, <u>further</u>, that no such assignment shall be permitted (i) in violation of applicable Law or (ii) that would (x) require any material licensing, regulatory consent or other regulatory proceeding to be obtained or participated in by any of the Funding Parties, any of the Other Investors, Parent, Merger Sub or the Company (the "<u>Transaction Parties</u>") or otherwise subject any Transaction Party or its Affiliates to any additional substantive regulation; or (y) cause any statement made or information provided to a regulatory authority prior to such assignment to become materially untrue or misleading (other than any statement made or information provided related solely to the identity of such Funding Party); <u>provided</u>, <u>further</u>, that any such assignment shall not relieve the assigning Funding Party of its obligations under this Agreement unless and until the assignee has actually funded the full amount of the Funding Party's Funding Percentage of the Obligations. Any assignment in derogation of the foregoing shall be null and void.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>NOTICES</u>. All notices and other written communications hereunder shall be in writing and shall be given (a) on the date of delivery if delivered personally, (b) on the first Business Day following the date of dispatch if delivered by a nationally recognized next-day courier service, (c) on the fifth Business Day following the date of mailing if delivered by registered or certified mail (postage prepaid, return receipt requested) or (d) if sent by electronic mail transmission, when transmitted (but only when receipt is confirmed in writing (including by reply e-mail correspondence)). All notices and other written communications to the Company or Parent hereunder shall be delivered in accordance with Section 8.10 of the Merger Agreement.

All notices and other written communications to the Funding Parties hereunder (or any assignee permitted in accordance with <u>Section</u> <u>6</u> hereunder) shall be delivered as set forth below:

To the Funding Parties:

Warburg Pincus Global Growth 15, L.P.

Warburg Pincus Global Growth 15-B, L.P.

Warburg Pincus Global Growth 15 International, SCSp

WP Global Growth 15 Partners, L.P.

Warburg Pincus Global Growth 15 Partners, L.P.

Warburg Pincus Financial Sector III, L.P.

Warburg Pincus Financial Sector III-E, L.P.

Warburg Pincus Financial Sector III Partners, L.P.

450 Lexington Avenue

New York, NY 10017 Attention: Brett Shawn

Email: [REDACTED]

with a copy (which shall not constitute notice) to:

Latham & Watkins LLP

555 Eleventh Street, NW, Suite 1000

Washington, D.C., 20004

Attention: Amber Banks

Brian Mangino

Max Schleusener

Email: Amber.Banks@lw.com

&nbsp;&nbsp;&nbsp;&nbsp;Brian.Mangino@lw.com

&nbsp;&nbsp;&nbsp;&nbsp;Max.Schleusener@lw.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>CONTINUING OBLIGATION; TERMINATION</u>. Unless terminated pursuant to this <u>Section</u> <u>8</u>, this Agreement shall remain in full force and effect and shall be binding on the Funding Parties and their respective successors and permitted assigns until payment in full of its Funding Percentage of the Obligations payable hereunder (subject to the Cap). Notwithstanding the foregoing, the obligations of each Funding Party under this Agreement, (including the obligation of each Funding Party to fund its Funding Percentage of the Obligations pursuant to <u>Section</u> <u>1</u> (subject to the Cap)), shall terminate (other than this <u>Section</u> <u>8</u> (except the first sentence of this <u>Section</u> <u>8</u>) and <u>Sections 9</u> through <u>19</u>, all of which shall survive the termination of this Agreement) automatically and immediately upon the earliest to occur of (i) the Closing pursuant to the terms of the Merger Agreement and (ii) thirty (30) days following the termination of the Merger Agreement if the Company has not commenced litigation (which, for the avoidance of doubt, includes the filing of any complaint, petition, statement of claim, counterclaim or cross-

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claim in a court of competent jurisdiction or, as permitted, arbitration and no inadvertent defect in venue, service or caption shall constitute a failure to "commence" litigation if promptly cured) for payment of any Obligation to Company, in satisfaction of Parent's obligations hereunder, by such date; <u>provided</u>, that, if the Merger Agreement has been so terminated and such claim has been made, this Agreement shall continue in full force and effect until the earliest to occur of (w) the consummation of the Closing in accordance with the terms of the Merger Agreement, including payment of the Merger Consideration in accordance with the Merger Agreement, (x) a final, non- appealable order of a court of competent jurisdiction determining that the Funding Parties do not owe any amount under this Agreement, (y) a written agreement between the Funding Parties, the Other Investors and the Company terminating the obligations and liabilities of the Funding Parties pursuant to this Agreement and the obligations and liabilities of the Other Investors pursuant to their Other Funding Agreement, and (z) payment in full of the Funding Percentage of the Obligations payable hereunder (subject to the Cap). Notwithstanding the foregoing, in the event that the Company or any of its Affiliates (but excluding any Affiliates not controlled by, or acting at the direction of, the foregoing parties), or any of their respective officers, directors or representatives (in their capacities as such) to the extent acting on their behalf, and at their direction, asserts in any complaint, demand, lawsuit, litigation or other legal proceeding (whether in equity, tort, contract or otherwise) under, in respect of, or relating to, this Agreement, the Merger Agreement, any Equity Commitment Letter or any Other Funding Agreement, that the provisions of <u>Section</u> <u>1</u> hereof limiting the liability of each Funding Party pursuant to this Agreement to its Funding Percentage of the Obligations or the amount of its Cap or requiring simultaneous enforcement of the Other Funding Agreements (subject to the exceptions herein) or that any other provisions of this <u>Section</u> <u>8</u> or paragraph 2 of <u>Section</u> <u>3</u> or <u>Section</u> <u>9</u> are illegal, invalid or unenforceable in whole or in part, or, the Company asserts any theory of liability against a Funding Party, an Other Investor, or an Investor Party (as defined in the Equity Commitment Letters), the Equity Commitment Letters, this Agreement, the Other Funding Agreements, or the transactions contemplated by the Merger Agreement, other than asserting claims (A) against Parent under Section 8.08 of the Merger Agreement, (B) against the Funding Parties under their respective Equity Commitment Letters or this Agreement (as limited by the provisions hereof, including <u>Section</u> <u>1</u>, and thereof), (C) against an Other Investor under its Equity Commitment Letter or Other Funding Agreement in accordance with and subject to the respective terms thereof (as limited by the provisions thereof, including Section 1 thereof), or (D) pursuant to a Retained Claim; then (and, solely if, the Company does not withdraw or dismiss such claim within ten (10) Business Days thereafter) (a) the obligations of each Funding Party under this Agreement shall terminate *ab initio* and shall thereupon be null and void, (b) if any Funding Party has previously made any payments under this Agreement, it shall be entitled to have such payments refunded by the Company, and (c) no Funding Party shall have any liability (whether at Law or in equity, whether sounding in contract, tort, statute or otherwise) to the Company or any of its Affiliates under this Agreement or its Equity Commitment Letter, or the transactions contemplated hereby or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>NO RECOURSE</u>. Notwithstanding anything that may be expressed or implied in this Agreement, or any document or instrument delivered contemporaneously herewith, and notwithstanding the fact that a Funding Party (or any assignee permitted in accordance with <u>Section</u> <u>6</u> hereof) may be a limited partnership, limited liability company or other entity, by its acceptance of the benefits of this Agreement, the Company acknowledges and agrees on behalf of itself, its Affiliates, and any Person claiming by, through or on behalf of any of them, that, except with respect to its rights against the Funding Parties under this Agreement, the Company has no

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right of recovery under this Agreement against, and no personal liability under this Agreement shall attach to, and no recourse (whether under an equitable, contractual, tort, statutory or other claim or theory) under this Agreement shall be had against, the Funding Party, any former, current or future equity holders, controlling Persons, directors, officers, employees, Affiliates (other than Parent, Merger Sub and any assignees of a Funding Party permitted in accordance with <u>Section</u> <u>6</u> hereof), members, managers or general or limited partners or representatives of any Funding Party, or any former, current or future equity holder, controlling Person, director, officer, employee, contractors, portfolio companies, general or limited partner, member, manager or Affiliate (other than Parent, Merger Sub and any assignees permitted in accordance with <u>Section</u> <u>6</u> hereof) of any of the foregoing (collectively, but not including Parent, Merger Sub and any assignees of a Funding Party permitted in accordance with <u>Section</u> <u>6</u> hereof, the "<u>Released Persons</u>"), whether by or through attempted piercing of the corporate veil, by or through a claim by or on behalf of Parent, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute, regulation or applicable Law, or otherwise, including in the event Parent breaches (whether willfully, intentionally, unintentionally or otherwise) its obligations under the Merger Agreement or any other document or instrument delivered in connection therewith, except for (a) its rights to recover from each Funding Party (but not Released Persons) such Funding Party's Funding Percentage of the Obligations (subject to its Cap and the other limitations described herein), and (b) its right to cause the Funding Parties' (but not the Released Persons') to comply with their obligations under their respective Equity Commitment Letter (pursuant to, in accordance with, and subject to the limitations described therein). Nothing set forth in this Agreement shall be construed to give to any Person (including any Representative of any Person) other than the Company any rights or remedies against any Person other than the Funding Parties as expressly set forth herein. For the avoidance of doubt, under no circumstances shall Parent and Merger Sub be considered a Released Person. Neither the Company nor any of its Affiliates has relied on any statement, representation or warranty or assurance made by, or any action taken by, any Person in connection with the subject matter hereof, other than those made by (i) the Funding Party in this Agreement and/or the Funding Party in its Equity Commitment Letter and (ii) Parent in the Merger Agreement. Notwithstanding the foregoing, nothing in this <u>Section</u> <u>9</u> shall, in any respect, limit claims against Parent, Merger Sub or the Funding Parties in accordance with and subject to the terms and conditions hereof or any Person's right to assert any Retained Claim solely against the Persons specifically identified in the definition thereof with respect to such Retained Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>GOVERNING LAW; SUBMISSION TO JURISDICTION</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement and all disputes, controversies or other Actions arising out of or relating to this Agreement or the Transactions, including matters of validity, construction, effect, performance and remedies, shall be governed by, and construed in accordance with, the Laws of the State of Delaware applicable to contracts executed in and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable conflict of Laws principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. All Actions arising out of or relating to this Agreement or the Transactions shall be heard and determined in the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court of competent jurisdiction within the State of Delaware). The parties hereto hereby irrevocably (i) submit to the exclusive jurisdiction and venue of such courts in any

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such Action, (ii) waive the defense of an inconvenient forum or lack of jurisdiction to the maintenance of any such Action, (iii) agree to not attempt to deny or defeat such jurisdiction by motion or otherwise request for leave from any such court and (iv) agree to not bring any Action arising out of or relating to this Agreement or the Transactions in any court other than the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court within the State of Delaware), except for Actions brought to enforce the judgment of any such court. The consents to jurisdiction and venue set forth in this <u>Section</u> <u>10(b)</u> shall not constitute general consents to service of process in the State of Delaware and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than the parties hereto. Each party hereto agrees that service of process upon such party in any Action arising out of or relating to this Agreement shall be effective if notice is given by overnight courier at the address set forth in Section 8.10 of the Merger Agreement. The parties hereto agree that a final judgment in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law; provided, however, that nothing in the foregoing shall restrict any party's rights to seek any post judgment relief regarding, or any appeal from, a final trial court judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>WAIVER OF JURY TRIAL</u>. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, INCLUDING THE DEBT COMMITMENT LETTER OR THE DEBT FINANCING. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS <u>SECTION 11</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>CONFIDENTIALITY</u>. This Agreement shall be treated by the Company as confidential and is being provided to the Company solely in connection with the transactions contemplated by the Merger Agreement. The existence and content of this Agreement may not be used, circulated, quoted or otherwise referred to in any document, except with the prior written consent of the Funding Parties and Parent; <u>provided</u>, <u>however</u>, that no such written consent shall be required (and each Funding Party and its Affiliates shall be free to release such information) for disclosures to each Funding Party's and its Affiliates' respective partners, members, directors, officers, employees, agents, legal, financial, accounting or other advisors, potential debt and equity financing sources, co-investors, related investment funds consultants and other representatives, so long as such persons are bound by obligations of confidentiality with respect to such information; <u>provided</u>, <u>further</u>, that no such written consent shall be required and the Funding Parties and Parent

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may disclose such information (including the existence of this Agreement) (i) to the extent required by Law or the applicable rules of any national securities exchange or in connection with any securities filings relating to the transactions contemplated by the Merger Agreement or in connection with any litigation relating to the transactions contemplated by the Merger Agreement as permitted by or provided in the Merger Agreement and/or (ii) in connection with any filings or other submissions with any court of competent jurisdiction in order to enforce the terms hereof. This Agreement may not be used, circulated, quoted or otherwise referred to by the Company or any of its Affiliates in any document, except with the prior written consent of the Funding Parties; <u>provided</u>, <u>however</u>, that no such written consent shall be required (and the Company and its Affiliates shall be free to release such information) for disclosures to employees or legal, financial, accounting or other advisors, in each case, on a need-to-know basis, so long as such persons agree to keep such information confidential; <u>provided</u>, <u>further</u>, that no such written consent shall be required and the Company may disclose such information (including the existence of this Agreement) (x) to the extent required by Law or the applicable rules of any national securities exchange or in connection with any securities filings relating to the transactions contemplated by the Merger Agreement or in connection with any litigation relating to the transactions contemplated by the Merger Agreement as permitted by or provided in the Merger Agreement and/or (y) in connection with any filings or other submissions with any court of competent jurisdiction in order to enforce the terms hereof, the Merger Agreement or any Equity Commitment Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>ENTIRE AGREEMENT</u>. This Agreement constitutes the entire agreement with respect to the subject matter hereof and supersedes any and all prior discussions, negotiations, proposals, undertakings and agreements, whether written or oral, between Parent and the Funding Parties or any of their Affiliates, on the one hand, and the Company and any of its Affiliates, on the other hand, except for the Merger Agreement and the other agreements related thereto, including the Other Funding Agreements, the Equity Commitment Letters and the Confidentiality Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>NO THIRD PARTY BENEFICIARIES</u>. Except for the rights of the Released Persons under <u>Section</u> <u>9</u> and of the Co-Lead Investors in respect of <u>Sections 6</u>, <u>12</u> and <u>15</u>, the parties hereby agree that their respective representations, warranties and covenants set forth herein are solely for the benefit of the other parties hereto and their respective successors and permitted assigns, in accordance with and subject to the terms of this Agreement, and this Agreement is not intended to, and does not, confer upon any Person other than the parties hereto any rights or remedies hereunder, including the right to rely upon the representations and warranties set forth herein. This Agreement shall be binding on each of the Funding Party's successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>AMENDMENT</u>. This Agreement can be amended, supplemented or changed, and any provision hereof can be waived, only by written instrument making specific reference to this Agreement signed by the Funding Parties, the Co-Lead Investors, Parent and the Company. No action taken pursuant to this Agreement, including any investigation by or on behalf of any party, shall be deemed to constitute a waiver by the party taking such action of compliance with any representation, warranty, covenant or agreement contained herein. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or any subsequent breach or as a waiver of any other

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term or condition of this Agreement. No failure on the part of any party to exercise, and no delay by any party in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The parties hereto shall not declare a breach of this Agreement by any other party hereto unless and until it delivers a written notice describing such breach to such party and provides such party with an opportunity to cure such breach for at least ten (10) Business Days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>COUNTERPARTS</u>. This Agreement may be signed in any number of counterparts (including by means of telecopied signature pages or electronic transmission with attachment in pdf format or any electronic signature complying with the U.S. federal ESIGN Act of 2000 (e.g., www.docusign.com), which will be deemed to have the same effect as physical delivery of a paper document bearing the original signatures), each such counterpart being deemed to be an original instrument, with the same effect as if the signatures to each counterpart were upon a single instrument, and all such counterparts together shall be deemed an original of this Agreement. This Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by all of the other parties hereto. Until and unless each party has received a counterpart hereof signed by each other party hereto, this Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). The parties irrevocably and unreservedly agree that this Agreement may be executed by way of electronic signatures and the parties agree that this letter, or any part thereof, shall not be challenged or denied any legal effect, validity and/or enforceability solely on the ground that it is in the form of an electronic record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>INTERPRETATION</u>. All parties acknowledge that each party and its counsel have reviewed this Agreement and that any rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>RELATIONSHIP OF THE PARTIES</u>. Each party hereto acknowledges and agrees that (a) this Agreement is not intended to, and does not, create any agency, partnership, fiduciary or joint venture relationship between or among any of the parties hereto or the Other Investors and neither this Agreement nor any other document or agreement entered into by any party hereto or by any Other Investor relating to the subject matter hereof shall be construed to suggest otherwise, (b) the obligations of each of the Funding Parties under this Agreement are solely contractual in nature and (c) the determinations of the Funding Parties and Other Investors were independent of each other. Notwithstanding anything to the contrary contained in this Agreement, the liability of each Funding Party hereunder shall be several and not joint, not joint and several, and no Funding Party shall be liable for any amount hereunder in excess of its Cap or its Funding Percentage of the Obligations or such lesser amount as may be required to be paid by the Funding Parties and the Other Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>HEADINGS; INTERPRETATION AND CONSTRUCTION</u>. The headings contained in this Agreement are for convenience purposes only and will not in any way affect the meaning or interpretation hereof.

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The following provisions shall apply, to the extent applicable and wherever appropriate, herein: (a) "herein," "hereby," "hereunder," "hereof" and other equivalent words shall refer to this letter agreement as an entirety and not solely to the particular portion of this letter agreement in which any such word is used; (b) all definitions set forth herein shall be deemed applicable whether the words defined are used herein in the singular or the plural; (c) wherever used herein, any pronoun or pronouns shall be deemed to include both the singular and plural and to cover all genders; and (d) the word "including" or any variation thereof shall mean including, without limitation.

[*Signatures on following page*]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered as of the date first written above by its officer thereunto duly authorized.

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| | |
|:---|:---|
| **WARBURG PINCUS GLOBAL GROWTH 15, L.P.** | **WARBURG PINCUS GLOBAL GROWTH 15, L.P.** |
| By: Warburg Pincus Global Growth 15 GP, L.P., its general partner | By: Warburg Pincus Global Growth 15 GP, L.P., its general partner |
| By: WP Global LLC, its general partner | By: WP Global LLC, its general partner |
| By: Warburg Pincus Partners II, L.P., its managing member | By: Warburg Pincus Partners II, L.P., its managing member |
| By: Warburg Pincus Partners GP LLC, its general partner | By: Warburg Pincus Partners GP LLC, its general partner |
| By: Warburg Pincus & Co., its managing member | By: Warburg Pincus & Co., its managing member |
| By: | /s/ Alexander Stratoudakis |
| Name: | Alexander Stratoudakis |
| Title: | Partner |
| **WARBURG PINCUS GLOBAL GROWTH 15-B, L.P.** | **WARBURG PINCUS GLOBAL GROWTH 15-B, L.P.** |
| By: Warburg Pincus Global Growth 15 GP, L.P., its general partner | By: Warburg Pincus Global Growth 15 GP, L.P., its general partner |
| By: WP Global LLC, its general partner | By: WP Global LLC, its general partner |
| By: Warburg Pincus Partners II, L.P., its managing member | By: Warburg Pincus Partners II, L.P., its managing member |
| By: Warburg Pincus Partners GP LLC, its general partner | By: Warburg Pincus Partners GP LLC, its general partner |
| By: Warburg Pincus & Co., its managing member | By: Warburg Pincus & Co., its managing member |
| By: | /s/ Alexander Stratoudakis |
| Name: | Alexander Stratoudakis |
| Title: | Partner |

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[*Signature Page to Fee Funding Agreement [Warburg Pincus]*]

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| | |
|:---|:---|
| **WP GLOBAL GROWTH 15 PARTNERS, L.P.** | **WP GLOBAL GROWTH 15 PARTNERS, L.P.** |
| By: Warburg Pincus Global Growth 15 GP, L.P., its general partner<br>By: WP Global LLC, its general partner | By: Warburg Pincus Global Growth 15 GP, L.P., its general partner<br>By: WP Global LLC, its general partner |
| By: Warburg Pincus Partners II, L.P., its managing member | By: Warburg Pincus Partners II, L.P., its managing member |
| By: Warburg Pincus Partners GP LLC, its general partner | By: Warburg Pincus Partners GP LLC, its general partner |
| By: Warburg Pincus & Co., its managing member | By: Warburg Pincus & Co., its managing member |
| By: | /s/ Alexander Stratoudakis |
| Name: | Alexander Stratoudakis |
| Title: | Partner |
| **WARBURG PINCUS GLOBAL GROWTH 15 PARTNERS, L.P.** | **WARBURG PINCUS GLOBAL GROWTH 15 PARTNERS, L.P.** |
| By: Warburg Pincus Global Growth 15 GP, L.P., its general partner | By: Warburg Pincus Global Growth 15 GP, L.P., its general partner |
| By: WP Global LLC, its general partner | By: WP Global LLC, its general partner |
| By: Warburg Pincus Partners II, L.P., its managing member | By: Warburg Pincus Partners II, L.P., its managing member |
| By: Warburg Pincus Partners GP LLC, its general partner | By: Warburg Pincus Partners GP LLC, its general partner |
| By: Warburg Pincus & Co., its managing member | By: Warburg Pincus & Co., its managing member |
| By: | /s/ Alexander Stratoudakis |
| Name: | Alexander Stratoudakis |
| Title: | Partner |

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[*Signature Page to Fee Funding Agreement [Warburg Pincus]*]

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| | |
|:---|:---|
| **WARBURG PINCUS GLOBAL GROWTH 15 INTERNATIONAL, SCSP** | **WARBURG PINCUS GLOBAL GROWTH 15 INTERNATIONAL, SCSP** |
| By: Warburg Pincus Global Growth 15 GP, S.à r.l., its managing general partner | By: Warburg Pincus Global Growth 15 GP, S.à r.l., its managing general partner |
| By: | /s/ Raquel Guevara |
| Name: Raquel Guevara | Name: Raquel Guevara |
| Title: Class A Manager | Title: Class A Manager |
| By: | /s/ Oana Lazar |
| Name: Oana Lazar | Name: Oana Lazar |
| Title: Class B Manager | Title: Class B Manager |
| **WARBURG PINCUS FINANCIAL SECTOR III, L.P.** | **WARBURG PINCUS FINANCIAL SECTOR III, L.P.** |
| By: Warburg Pincus Financial Sector III GP, L.P., its general partner<br>By: WP Global LLC, its general partner | By: Warburg Pincus Financial Sector III GP, L.P., its general partner<br>By: WP Global LLC, its general partner |
| By: Warburg Pincus Partners II, L.P., its managing member<br>By: Warburg Pincus Partners GP LLC, its general partner<br>By: Warburg Pincus & Co., its managing member | By: Warburg Pincus Partners II, L.P., its managing member<br>By: Warburg Pincus Partners GP LLC, its general partner<br>By: Warburg Pincus & Co., its managing member |
| By: | /s/ Alexander Stratoudakis |
| Name: Alexander Stratoudakis | Name: Alexander Stratoudakis |
| Title: Partner | Title: Partner |

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[*Signature Page to Fee Funding Agreement [Warburg Pincus]*]

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| | |
|:---|:---|
| **WARBURG PINCUS FINANCIAL SECTOR III-E, L.P.** | **WARBURG PINCUS FINANCIAL SECTOR III-E, L.P.** |
| By: Warburg Pincus Financial Sector III GP, L.P., its general partner<br>By: WP Global LLC, its general partner | By: Warburg Pincus Financial Sector III GP, L.P., its general partner<br>By: WP Global LLC, its general partner |
| By: Warburg Pincus Partners II, L.P., its managing member<br>By: Warburg Pincus Partners GP LLC, its general partner<br>By: Warburg Pincus & Co., its managing member | By: Warburg Pincus Partners II, L.P., its managing member<br>By: Warburg Pincus Partners GP LLC, its general partner<br>By: Warburg Pincus & Co., its managing member |
| By: | /s/ Alexander Stratoudakis |
| Name: Alexander Stratoudakis | Name: Alexander Stratoudakis |
| Title: Partner | Title: Partner |
| **WARBURG PINCUS FINANCIAL SECTOR III PARTNERS, L.P.** | **WARBURG PINCUS FINANCIAL SECTOR III PARTNERS, L.P.** |
| By: Warburg Pincus Financial Sector III GP, L.P., its general partner<br>By: WP Global LLC, its general partner | By: Warburg Pincus Financial Sector III GP, L.P., its general partner<br>By: WP Global LLC, its general partner |
| By: Warburg Pincus Partners II, L.P., its managing member<br>By: Warburg Pincus Partners GP LLC, its general partner<br>By: Warburg Pincus & Co., its managing member | By: Warburg Pincus Partners II, L.P., its managing member<br>By: Warburg Pincus Partners GP LLC, its general partner<br>By: Warburg Pincus & Co., its managing member |
| By: | /s/ Alexander Stratoudakis |
| Name: Alexander Stratoudakis | Name: Alexander Stratoudakis |
| Title: Partner | Title: Partner |

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[*Signature Page to Fee Funding Agreement [Warburg Pincus]*]

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| | |
|:---|:---|
| **GT SILVER BIDCO, INC.** | **GT SILVER BIDCO, INC.** |
| By: | /s/ Peter Flynn |
| Name: Peter Flynn | Name: Peter Flynn |
| Title: Chief Executive Officer and President | Title: Chief Executive Officer and President |

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[*Signature Page to Fee Funding Agreement [GT Silver Bidco, Inc.]*]

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| | |
|:---|:---|
| Accepted and Agreed to: | Accepted and Agreed to: |
| **CLEARWATER ANALYTICS HOLDINGS, INC.** | **CLEARWATER ANALYTICS HOLDINGS, INC.** |
| By: | /s/ Sandeep Sahai |
|  | Name: Sandeep Sahai |
|  | Title: Chief Executive Officer |

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[*Signature Page to Fee Funding Agreement [Warburg Pincus]*]

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**Schedule A** 

**Funding Parties** 

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| | | |
|:---|:---|:---|
| **Warburg** | **Percentage<br>of Obligations** | **Cap** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15, L.P. | 9.46% | $50504758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15-B, L.P. | 7.14% | $38127490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15 International, SCSp | 3.62% | $19302633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WP Global Growth 15 Partners, L.P. | 1.45% | $7726833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15 Partners, L.P. | 3.08% | $16457609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Financial Sector III, L.P. | 5.20% | $27755793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Financial Sector III-E, L.P. | 0.40% | $2129598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Financial Sector III Partners, L.P. | 0.59% | $3144440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Warburg** | **30.94%** | $**165149154** |

---

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**Schedule B** 

**Other Investors** 

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| | | |
|:---|:---|:---|
| **Permira** | **Percentage<br>of Obligations** | **Cap** |
|  Permira VIII - 1 SCSp | 26.97% | $143907967 |
|  Permira VIII - 2 SCSp | 6.56% | $34987578 |
|  Permira VIII CIS SCSp | 0.81% | $4299027 |
|  Permira VIII CIS 2 SCSp | 0.00% | $4503 |
|  PILI 1 Portfolio SCSp | 0.58% | $3096113 |
|  PILI 2 Portfolio SCSp | 0.09% | $464157 |
|  PILI 4 Portfolio SCSp | 0.11% | $562930 |
|  Permira Investment Capital LP | 0.02% | $125371 |
|  Permira Investment Capital II LP | 0.02% | $121985 |
|  Permira Investment Capital III LP | 0.03% | $171933 |
|  **Total Permira VIII** | **35.19%** | $**187741564** |
|  REDWOOD OPPORTUNITIES SCSP | 8.47% | $45184820 |
|  **Total Permira** | **43.66%** | $**232926385** |
|  **Francisco Partners** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII, L.P. | 5.51% | $29421081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII-A, L.P. | 6.39% | $34106605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII-B, L.P. | 0.15% | $806812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII-C, L.P. | 0.65% | $3442733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Francisco** | **12.70%** | $**67777231** |
|  **Temasek** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robson Investments Pte. Ltd. | 12.70% | $67777231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Temasek** | **12.70%** | $**67777231** |

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## Ex-99.(B)(Vii)

**Exhibit (b)(vii)** 

***Execution Version*** 

**FEE FUNDING AGREEMENT** 

This Fee Funding Agreement, dated as of December 20, 2025 (this "<u>Agreement</u>"), is by and among each of the undersigned Persons identified as a Funding Party on <u>Schedule A</u> hereto (each a "<u>Funding Party</u>" and, collectively, the "<u>Funding Parties</u>" and, for the avoidance of doubt, excluding each of the Persons identified as an Other Investor on <u>Schedule B</u> hereto, collectively, the "<u>Other Investors</u>"), GT Silver BidCo, Inc., a Delaware corporation ("<u>Parent</u>") and Clearwater Analytics Holdings, Inc., a Delaware corporation (the "<u>Company</u>"). Capitalized terms used but not defined herein have the meanings ascribed to them in the Merger Agreement (defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>FUNDING AGREEMENT</u>. To induce the Company to enter into the Agreement and Plan of Merger (as amended, restated, modified or supplemented from time to time, the "<u>Merger Agreement</u>"), dated as of the date hereof, by and among Parent, Merger Sub and the Company, pursuant to which, upon the terms and subject to the conditions in the Merger Agreement, Merger Sub will merge with and into the Company, with the Company surviving the merger as a wholly owned subsidiary of Parent, each Funding Party, intending to be legally bound, hereby irrevocably agrees to pay on a several and not joint basis (as opposed to a joint and several basis) to the Company, on behalf of Parent, on the terms and subject to the conditions set forth herein, its *pro rata* amount of the Obligations (defined below) (based on the percentage set forth opposite such Funding Party's name in the second column (*Percentage of Obligations*) on <u>Schedule A</u> attached hereto, such Funding Party's "<u>Funding Percentage</u>"), in satisfaction of Parent's obligation to pay (i) the Parent Termination Fee solely to the extent payable pursuant to Section 7.03(b) of the Merger Agreement if, as and when due and subject to the limitations set forth therein, (ii) the amount of any collection costs pursuant to Section 7.03(c) of the Merger Agreement if, as and when due and subject to the limitations set forth therein, in an aggregate amount not to exceed $7,500,000, (iii) the amount of any indemnification and expense reimbursement pursuant to Section 5.14(d) of the Merger Agreement if, as and when due and subject to the limitations set forth therein, in an aggregate amount not to exceed $5,000,000, and (iv) any damages payable by Parent to the Company pursuant to the Merger Agreement if, as and when due and subject to the limitations set forth therein, in respect of claims permitted thereunder, in each case solely to the extent recoverable by the Company under the Merger Agreement, subject to the limitations set forth therein and without duplication of amounts described in clause (i) (clauses (ii) and (iii), collectively, the "Costs" and, collectively with clauses (i) and (iv), the "<u>Obligations</u>"); <u>provided</u> that the maximum amount payable by each Funding Party hereunder shall not exceed the dollar amount set forth opposite such Funding Party's name in the third column (Cap) on <u>Schedule A</u> attached hereto, it being understood that the Company will not seek to enforce this Agreement against the relevant Funding Party for a dollar amount in excess of the amount set forth next to such Funding Party's name in the third column (*Cap*) on <u>Schedule A</u> attached hereto which shall equal each such Funding Party's *pro rata* percentage of the sum of (A) an aggregate amount equal to $521,130,000 plus (B) the Costs, which Costs shall in no event exceed $12,500,000 in the aggregate (clauses (A) and (B), collectively, the "<u>Aggregate Cap</u>", and such amount with respect to each Funding Party's *pro rata* percentage amount of the Aggregate Cap inclusive of all Other Investors, its "<u>Cap</u>"). This Agreement may only be enforced in accordance with its terms at the same time as those certain Fee Funding Agreements, dated as of the date hereof, between the Other Investors, Parent and the Company (the "<u>Other Funding Agreements</u>"), *pro rata* based on the Funding Percentage of each Funding Party and each Other Investor, and in

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the case of each Funding Party subject to its Cap hereunder and with respect to each Other Investor subject to its "Cap" thereunder; <u>provided</u>, <u>however</u>, that, for the avoidance of doubt, this provision governs enforcement only and shall not affect the effectiveness of this Agreement; <u>provided</u>, <u>further</u>, that if the Company is legally impeded due to a legal restraint, an automatic stay in bankruptcy, an injunction, a stay, impossibility, or insolvency from asserting or pursuing its rights and remedies against any Funding Party or Other Investor, the Company may proceed against the remaining Funding Parties and Other Investors, on a *pro rata* basis among such remaining Funding Parties and Other Investors, to recover amounts up to each such party's individual Cap, provided that if the Company settles a claim against the Funding Parties and other Investors with fewer than all Funding Parties and/or Other Investors, any settlement amounts shall be credited to preserve the agreed *pro rata* allocation (subject to each Cap) (e.g., if the Company settles with one Funding Party for 95% of its Cap, no Other Investor will be liable for greater than 95% of its Cap). All payments hereunder shall be made in lawful money of the United States, in immediately available funds. Neither any Funding Party nor any Other Investor shall be required to pay any amount under this Agreement or any Other Funding Agreements, as applicable, if (i) the Closing has occurred, resulting in the consummation of the transactions contemplated by the Merger Agreement, (ii) it has funded its total requisite Commitment (as defined in the Equity Commitment Letter) under its corresponding Equity Commitment Letter, dated as of the date hereof (each, an "<u>Equity Commitment Letter</u>") and the consummation of the transactions contemplated by the Merger Agreement has occurred or (iii) the Company has received a grant of specific performance resulting in the consummation of the transactions contemplated by the Merger Agreement. Under no circumstance shall the Company be permitted or entitled to receive both (a) specific performance of the Equity Commitment Letters resulting in the Closing and (b) payment of any Obligations under this Agreement or the Other Funding Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>NATURE OF FUNDING COMMITMENT</u>. Subject to the terms and conditions hereof, the obligations of each Funding Party set forth herein are absolute, unconditional and irrevocable. The Company shall not be obligated to file any claim relating to any Obligations in the event that Parent becomes subject to a bankruptcy, reorganization or similar proceeding, and the failure of the Company to so file shall not affect any Funding Party's obligations hereunder. In the event that any payment to the Company in respect of any Obligations is rescinded or must otherwise be returned to the Funding Parties (or any other person on a Funding Party's behalf) for any reason whatsoever, each Funding Party shall remain liable hereunder with respect to the Obligations (subject to the terms and conditions hereof, including, without limitation, each Funding Party's Funding Percentage of the Obligations and Cap) as if such payment had not been made (but only treating it as unmade to the extent of the amount so rescinded or otherwise returned to the Funding Parties). Notwithstanding any other provision of this Agreement, the Company hereby agrees that the Funding Parties may assert, as a defense to any payment or performance by the Funding Parties under this Agreement, any defense to such payment or performance that Parent may have under the terms of the Merger Agreement, other than defenses arising from bankruptcy or insolvency of Parent. For the avoidance of doubt, subject to the terms of this Agreement, if the Company is prevented from demanding or accelerating payment of the Obligations (or any portion thereof) from Parent by reason of any automatic stay or any limitation on creditor rights or remedies with a similar effect (other than as a result of the Company's or any of its Affiliates' breach of this Agreement, the Merger Agreement or any Equity Commitment Letter), the Company shall be entitled to pursue payment of the Obligations from the Funding Parties, in each case subject to the terms and conditions of this Agreement and the Merger Agreement and each Funding Party's Funding Percentage and Cap. This Agreement is an obligation of payment and not of collection.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>CHANGES IN OBLIGATIONS, CERTAIN WAIVERS</u>. Each Funding Party agrees that the Company may at any time and from time to time, without notice to or further consent of any Funding Party, extend the time of payment of any of the Obligations, and subject to the terms of the IIA (as defined below) may also make any agreement with Parent, or with any other Person interested in the transactions contemplated by the Merger Agreement (except the Other Investors), for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, or for any modification of the terms of any agreement between the Company and Parent, or any such other Person (except the Other Investors) without in any way impairing or affecting any Funding Party's obligations under this Agreement. Each Funding Party agrees that, except as set forth in this Agreement, its obligations hereunder shall to the fullest extent permitted by applicable Law, be absolute and unconditional irrespective of, and shall not be released or discharged, in whole or in part, or otherwise affected by: (a) the failure or delay of the Company to assert any claim or demand or to enforce any right or remedy against Parent, in each case, in accordance with the terms of the Merger Agreement, or any other Person interested in the transactions contemplated by the Merger Agreement (except the Other Investors as required by <u>Section</u> <u>1</u> of this Agreement); (b) any change in the time, place or manner of payment of any of the Obligations or any rescission, waiver, compromise, consolidation or other amendment or modification of any of the terms or provisions of the Merger Agreement or any escrow agreement or other agreement (other than the Other Funding Agreements) evidencing, securing or otherwise executed in connection with any of the Obligations so long as any such changes do not have the effect of increasing the Funding Percentage or the Cap of any Funding Party; (c) the addition, substitution or release of any Person now or hereafter liable with respect to any of the Obligations or otherwise interested in the transactions contemplated by the Merger Agreement (other than the release of any Other Investor); (d) any change in the corporate existence, structure or direct or indirect ownership of Parent, Funding Party, or any other Person interested in the transactions contemplated by the Merger Agreement so long as any such changes do not have the effect of increasing the Funding Percentage or the Cap of any Funding Party; (e) any insolvency, bankruptcy, reorganization or other similar proceeding affecting Parent or any other Person now or hereafter liable with respect to the Obligations or otherwise interested in the transactions contemplated by the Merger Agreement so long as any such proceeding does not have the effect of increasing the Funding Percentage or the Cap of any Funding Party; (f) the existence of any claim, set-off or other right which any Funding Party may have at any time against Parent or the Company or any of their respective Affiliates, whether in connection with the Obligations or otherwise (other than defenses to the payment of the Obligations that are available to Parent under the Merger Agreement, which are retained by the Funding Parties); (g) the adequacy of any other means the Company may have of obtaining payment of any of the Obligations or (h) the unenforceability of the Merger Agreement, this Agreement or any Equity Commitment Letter as a result of a breach of the representations, warranties or covenants therein by Parent, Merger Sub, or the Other Investors, as applicable. To the fullest extent permitted by applicable Law, with respect to any Funding Party's Funding Percentage of the Obligations, such Funding Party hereby irrevocably and expressly waives any and all rights or defenses arising by reason of any Law which would otherwise require any election of remedies by the Company. With respect to any Funding Party's Funding Percentage of the Obligations, such Funding Party hereby irrevocably and expressly waives promptness, diligence, notice of the acceptance of this Agreement and of the

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Obligations, presentment, demand for payment, notice of non-performance, default, dishonor and protest, notice of any Obligations incurred and all other notices of any kind (except for notices required to be provided to Parent or Merger Sub in accordance with the Merger Agreement), all defenses which may be available by virtue of any valuation, stay, moratorium Law or other similar Law now or hereafter in effect, any right to require the marshalling of assets of Parent, or any other Person interested in the transactions contemplated by the Merger Agreement, and all suretyship defenses (other than defenses to the payment of the Obligations that are available to Parent under the Merger Agreement, which are retained by the Funding Parties). Each Funding Party hereunder acknowledges and agrees that the Obligations shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Agreement, and all dealings between Parent, Merger Sub and each Funding Party hereunder, on the one hand, and the Company, on the other hand, shall likewise be conclusively presumed to have been had or consummated in reliance on this Agreement. Each Funding Party acknowledges that it will receive substantial direct and indirect benefits from the transactions contemplated by the Merger Agreement and this Agreement and that the waivers set forth in this Agreement are knowingly made in contemplation of such benefits.

The Company hereby covenants and agrees that it shall not institute, and shall cause its controlled Affiliates (as defined below) not to institute in the name of or on behalf of the Company or any other Person, any action, complaint, demand or proceeding of any nature or bring any other claim arising under, or in connection with, the Merger Agreement or any Equity Commitment Letter or the transactions contemplated by any of the foregoing, against any Funding Party, any Other Investor, Parent, any former, current or future equity holders, controlling Persons, directors, officers, employees, Affiliates (other than Parent, Merger Sub and any assignees of a Funding Party permitted in accordance with <u>Section</u> <u>6</u> hereof), members, managers or general or limited partners or representatives of any Funding Party, any Other Investor or Parent, or any former, current or future equity holder, controlling Person, director, officer, employee, contractors, portfolio companies, general or limited partner, member, manager or Affiliate (other than Parent, Merger Sub and any assignees permitted in accordance with <u>Section</u> <u>6</u> hereof) of any of the foregoing, except for claims (i) against the Funding Parties (or their respective successors or permitted assigns) under this Agreement to recover from each such Funding Party up to the amount of such Funding Party's Funding Percentage of the Obligations (subject to such Funding Party's Cap and the other limitations described herein), (ii) against the Parent or a Funding Party (or its respective permitted assigns) pursuant to, and subject to the terms and conditions of, each Funding Party's Equity Commitment Letter, solely with respect to claims for specific performance to cause the funding of its (or its respective permitted assign's) Commitment (as defined in such Equity Commitment Letter) for up to an amount of such Funding Party's (or its respective permitted assign's) Commitment, (iii) against Parent or Merger Sub under the Merger Agreement (including the obligation of specific performance), and (iv) under the Confidentiality Agreements against the party thereto (collectively, clauses (i) – (iv), the "<u>Retained Claims</u>"). For purposes of this Agreement, "<u>Affiliate</u>" means, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Person specified and, for purposes of this Agreement, includes the directors and officers of such Person when acting in their respective capacities as such. "<u>Control</u>" (including, with correlative meanings, the terms "controlling", "controlled by" and "under common control with") means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. Notwithstanding anything to the contrary contained in this Agreement, the

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Company hereby agrees that to the extent Parent is relieved (other than by operation of any bankruptcy, insolvency or similar Law) of all or any portion of the Obligations under the Merger Agreement, each of the Funding Parties shall be similarly proportionately relieved, to such extent, of its obligations under this Agreement; <u>provided</u>, that any such relief shall be limited to a dollar- for-dollar reduction of the Obligations (subject to each Funding Party's Funding Percentage and Cap). If any amount shall be paid by any Funding Party to Parent at any time and from time to time pursuant to this Agreement, such amount shall be received and held in trust by Parent solely for the benefit of the Company, shall be segregated from other property and funds of Parent and shall forthwith be promptly paid or delivered to the Company in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to such Funding Party's Funding Percentage of the Obligations and Cap, whether matured or unmatured, or to be held as collateral for the Obligations or other amounts payable under this Agreement thereafter arising.

Each Funding Party hereby unconditionally and irrevocably agrees not to exercise any rights that it may now have or hereafter acquire against Parent that arise from the existence, payment, performance, or enforcement of such Funding Party's Funding Percentage of the Obligations, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Company against Parent, including, without limitation, the right to take or receive from Parent, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right, unless and until the Obligations shall have been paid in full in cash. If any amount shall be paid to any Funding Party in violation of the immediately preceding sentence at any time prior to the payment in full in cash of the Obligations, such amount shall be received and held in trust for the benefit of the Company, shall be segregated from other property and funds of such Funding Party and shall forthwith be paid or delivered to the Company in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to such Funding Party's Funding Percentage of the Obligations, whether matured or unmatured, or to be held as collateral for such Funding Party's Funding Percentage of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>NO WAIVER; CUMULATIVE RIGHTS</u>. No failure on the part of the Company to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by the Company of any right, remedy or power hereunder or under the Merger Agreement or otherwise preclude any other or future exercise of any right, remedy or power hereunder; <u>provided</u>, that, any waiver shall be effective only if in a writing signed by the Company and shall not be deemed a continuing waiver; <u>provided</u>, <u>further</u>, that notwithstanding anything to the contrary in this Agreement or otherwise, the Company may not pursue any rights or remedies against any Funding Party if the Company shall have obtained a grant of specific performance resulting in the consummation of the transactions contemplated by the Merger Agreement or the performance and full satisfaction of such Funding Party's obligations under its Equity Commitment Letter and, for the avoidance of doubt, solely to the extent of the Commitments (as defined in the Equity Commitment Letter) are actually received by Parent and thereafter applied to the consummation of the transactions contemplated by the Merger Agreement. Each and every right, remedy and power hereby granted to the Company or allowed it by Law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by the Company at any time or from time to time. Notwithstanding anything herein to the contrary, when pursuing its rights and remedies hereunder

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against any Funding Party, the Company must simultaneously assert and pursue its rights and remedies under (i) this Agreement against all of the Funding Parties collectively and (ii) the Other Funding Agreements against all of the Other Investors, collectively, and shall not assert or pursue any rights and remedies under this Agreement against an individual Funding Party without asserting or pursuing such rights against all Funding Parties and all Other Investors. Notwithstanding the foregoing, the Company's inability to join, commence or maintain an action against any Funding Party or Other Investor as a result of any stay, injunction, bankruptcy, moratorium, settlement or other impediment shall not limit, delay or excuse enforcement against any Funding Party and any net recoveries shall be credited to maintain the agreed *pro rata* allocation (subject to each Cap).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>REPRESENTATIONS AND WARRANTIES AND COVENANTS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Funding Party hereby represents, warrants, and covenants severally and not jointly (nor jointly and severally), to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly formed and validly existing under the laws of the jurisdiction of its formation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it has the requisite power and authority necessary to execute, deliver and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the execution, delivery and performance of this Agreement have been duly and validly authorized by all necessary action and do not contravene, conflict with or result in any violation of any provision of such Funding Party's charter, partnership agreement, operating agreement or similar organizational documents or any law, regulation, rule, decree, order, judgment or contractual restriction applicable to or binding on such Funding Party or its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Authority or other Person necessary for the due execution, delivery and performance of this Agreement by such Funding Party have been obtained or made and all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with, any Governmental Authority or other Person is required in connection with the execution, delivery or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) assuming the due authorization, execution and delivery of this Agreement by each of Parent and the Company, this Agreement constitutes a legal, valid and binding obligation of such Funding Party enforceable against such Funding Party in accordance with its terms, subject to (x) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws affecting creditors' rights generally, and (y) general equitable principles (whether considered in a proceeding in equity or at Law); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) such Funding Party is solvent and has the financial capacity to pay and perform its obligations under this Agreement, subject to the terms and conditions hereof, and that all funds necessary for such Funding Party to fulfill such Funding Party's Funding Percentage of the Obligations (subject to its Cap) under this Agreement shall be available to such Funding Party for so long as this Agreement shall remain in effect in accordance with <u>Section</u> <u>8</u> hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) such Funding Party has not entered into any side letter or other similar agreement related to, or in respect of, this Agreement that would create additional conditionality regarding its obligation to fund such Funding Party's Funding Percentage of the Obligations (subject to its Cap) in full or that would reasonably be expected to affect the enforceability of this Agreement or prevent or substantially delay the availability and funding of its Funding Percentage of the Obligations (subject to its Cap).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Funding Party covenants and agrees that all funds necessary for such Funding Party to fulfill its obligation to pay its Funding Percentage of the Obligations (subject to its Cap) under this Agreement shall be available to such Funding Party for so long as this Agreement shall remain in effect in accordance with <u>Section</u> <u>8</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>NO ASSIGNMENT</u>. This Agreement shall be binding upon and shall inure to the benefit of the parties and their permitted successors and assigns. Other than as expressly provided herein, neither any Funding Party nor the Company may, directly or indirectly, assign all or any portion of its rights or obligations under this Agreement to any person without the prior written consent of the other parties hereto, the Company, the Funding Parties, Martel Lux TopCo SCSp and WP Silver Aggregator, L.P. (the "<u>Co-Lead Investors</u>"); <u>provided</u>, that each Funding Party may assign all or a portion of its rights and obligations hereunder to one or more of its Affiliates (other than, for the avoidance of doubt, any portfolio companies of such Funding Party, Parent or any subsidiary thereof) that is able to make the representations and warranties set forth in this Agreement and the Interim Investors Agreement, dated on or around the date hereof, by and among the Funding Parties and the other parties thereto (the "<u>IIA</u>"); <u>provided</u>, <u>further</u>, that such assignment would not reasonably be expected to result in any material delay in satisfying, or increase the risk of not satisfying, the conditions to the Closing set forth in the Merger Agreement and the assignee is capable of performing its obligations under this Agreement and the IIA, including having the financial capacity necessary to fund the Funding Percentage of the Obligations (subject to the applicable Cap) that are being assigned; <u>provided</u>, <u>further</u>, that no such assignment shall be permitted (i) in violation of applicable Law or (ii) that would (x) require any material licensing, regulatory consent or other regulatory proceeding to be obtained or participated in by any of the Funding Parties, any of the Other Investors, Parent, Merger Sub or the Company (the "<u>Transaction Parties</u>") or otherwise subject any Transaction Party or its Affiliates to any additional substantive regulation; or (y) cause any statement made or information provided to a regulatory authority prior to such assignment to become materially untrue or misleading (other than any statement made or information provided related solely to the identity of such Funding Party); <u>provided</u>, <u>further</u>, that any such assignment shall not relieve the assigning Funding Party of its obligations under this Agreement unless and until the assignee has actually funded the full amount of the Funding Party's Funding Percentage of the Obligations. Any assignment in derogation of the foregoing shall be null and void.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>NOTICES</u>. All notices and other written communications hereunder shall be in writing and shall be given (a) on the date of delivery if delivered personally, (b) on the first Business Day following the date of dispatch if delivered by a nationally recognized next-day courier service, (c) on the fifth Business Day following the date of mailing if delivered by registered or certified mail (postage prepaid, return receipt requested) or (d) if sent by electronic mail transmission, when transmitted (but only when receipt is confirmed in writing (including by reply e-mail correspondence)). All notices and other written communications to the Company or Parent hereunder shall be delivered in accordance with Section 8.10 of the Merger Agreement.

All notices and other written communications to the Funding Parties hereunder (or any assignee permitted in accordance with <u>Section</u> <u>6</u> hereunder) shall be delivered as set forth below:

To the Funding Parties:

c/o Francisco Partners Management, L.P.

One Letterman Drive, Building C – Suite 410

San Francisco, CA 94129

Attention: Peter Christodoulo; Ashley Evans; Legal Notices

Email: [REDACTED]

with a copy (which will not constitute notice) to:

Simpson Thacher & Barlett LLP

2475 Hanover Street

Palo Alto, CA 94304

Attention: Atif Azher; Naveed Anwar

Email: <u>aazher@stblaw.com; naveed.anwar@stblaw.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>CONTINUING OBLIGATION; TERMINATION</u>. Unless terminated pursuant to this <u>Section</u> <u>8</u>, this Agreement shall remain in full force and effect and shall be binding on the Funding Parties and their respective successors and permitted assigns until payment in full of its Funding Percentage of the Obligations payable hereunder (subject to the Cap). Notwithstanding the foregoing, the obligations of each Funding Party under this Agreement, (including the obligation of each Funding Party to fund its Funding Percentage of the Obligations pursuant to <u>Section</u> <u>1</u> (subject to the Cap)), shall terminate (other than this <u>Section</u> <u>8</u> (except the first sentence of this <u>Section</u> <u>8</u>) and <u>Sections 9</u> through <u>19</u>, all of which shall survive the termination of this Agreement) automatically and immediately upon the earliest to occur of (i) the Closing pursuant to the terms of the Merger Agreement and (ii) thirty (30) days following the termination of the Merger Agreement if the Company has not commenced litigation (which, for the avoidance of doubt, includes the filing of any complaint, petition, statement of claim, counterclaim or cross- claim in a court of competent jurisdiction or, as permitted, arbitration and no inadvertent defect in venue, service or caption shall constitute a failure to "commence" litigation if promptly cured) for payment of any Obligation to Company, in satisfaction of Parent's obligations hereunder, by such date; <u>provided</u>, that, if the Merger Agreement has been so terminated and such claim has been made, this Agreement shall continue in full force and effect until the earliest to occur of (w) the consummation of the Closing in accordance with the terms of the Merger Agreement, including payment of the Merger Consideration in accordance with the Merger Agreement, (x) a final, non- appealable order of a court of competent jurisdiction determining that the Funding Parties do not owe any amount under this Agreement, (y) a written agreement between the Funding Parties, the

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Other Investors and the Company terminating the obligations and liabilities of the Funding Parties pursuant to this Agreement and the obligations and liabilities of the Other Investors pursuant to their Other Funding Agreement, and (z) payment in full of the Funding Percentage of the Obligations payable hereunder (subject to the Cap). Notwithstanding the foregoing, in the event that the Company or any of its Affiliates (but excluding any Affiliates not controlled by, or acting at the direction of, the foregoing parties), or any of their respective officers, directors or representatives (in their capacities as such) to the extent acting on their behalf, and at their direction, asserts in any complaint, demand, lawsuit, litigation or other legal proceeding (whether in equity, tort, contract or otherwise) under, in respect of, or relating to, this Agreement, the Merger Agreement, any Equity Commitment Letter or any Other Funding Agreement, that the provisions of <u>Section</u> <u>1</u> hereof limiting the liability of each Funding Party pursuant to this Agreement to its Funding Percentage of the Obligations or the amount of its Cap or requiring simultaneous enforcement of the Other Funding Agreements (subject to the exceptions herein) or that any other provisions of this <u>Section</u> <u>8</u> or paragraph 2 of <u>Section</u> <u>3</u> or <u>Section</u> <u>9</u> are illegal, invalid or unenforceable in whole or in part, or, the Company asserts any theory of liability against a Funding Party, an Other Investor, or an Investor Party (as defined in the Equity Commitment Letters), the Equity Commitment Letters, this Agreement, the Other Funding Agreements, or the transactions contemplated by the Merger Agreement, other than asserting claims (A) against Parent under Section 8.08 of the Merger Agreement, (B) against the Funding Parties under their respective Equity Commitment Letters or this Agreement (as limited by the provisions hereof, including <u>Section</u> <u>1</u>, and thereof), (C) against an Other Investor under its Equity Commitment Letter or Other Funding Agreement in accordance with and subject to the respective terms thereof (as limited by the provisions thereof, including Section 1 thereof), or (D) pursuant to a Retained Claim; then (and, solely if, the Company does not withdraw or dismiss such claim within ten (10) Business Days thereafter) (a) the obligations of each Funding Party under this Agreement shall terminate *ab initio* and shall thereupon be null and void, (b) if any Funding Party has previously made any payments under this Agreement, it shall be entitled to have such payments refunded by the Company, and (c) no Funding Party shall have any liability (whether at Law or in equity, whether sounding in contract, tort, statute or otherwise) to the Company or any of its Affiliates under this Agreement or its Equity Commitment Letter, or the transactions contemplated hereby or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>NO RECOURSE</u>. Notwithstanding anything that may be expressed or implied in this Agreement, or any document or instrument delivered contemporaneously herewith, and notwithstanding the fact that a Funding Party (or any assignee permitted in accordance with <u>Section</u> <u>6</u> hereof) may be a limited partnership, limited liability company or other entity, by its acceptance of the benefits of this Agreement, the Company acknowledges and agrees on behalf of itself, its Affiliates, and any Person claiming by, through or on behalf of any of them, that, except with respect to its rights against the Funding Parties under this Agreement, the Company has no right of recovery under this Agreement against, and no personal liability under this Agreement shall attach to, and no recourse (whether under an equitable, contractual, tort, statutory or other claim or theory) under this Agreement shall be had against, the Funding Party, any former, current or future equity holders, controlling Persons, directors, officers, employees, Affiliates (other than Parent, Merger Sub and any assignees of a Funding Party permitted in accordance with <u>Section</u> <u>6</u> hereof), members, managers or general or limited partners or representatives of any Funding Party, or any former, current or future equity holder, controlling Person, director, officer, employee, contractors, portfolio companies, general or limited partner, member, manager or Affiliate (other than Parent, Merger Sub and any assignees permitted in accordance with <u>Section</u> <u>6</u> hereof) of any

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of the foregoing (collectively, but not including Parent, Merger Sub and any assignees of a Funding Party permitted in accordance with <u>Section</u> <u>6</u> hereof, the "<u>Released Persons</u>"), whether by or through attempted piercing of the corporate veil, by or through a claim by or on behalf of Parent, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute, regulation or applicable Law, or otherwise, including in the event Parent breaches (whether willfully, intentionally, unintentionally or otherwise) its obligations under the Merger Agreement or any other document or instrument delivered in connection therewith, except for (a) its rights to recover from each Funding Party (but not Released Persons) such Funding Party's Funding Percentage of the Obligations (subject to its Cap and the other limitations described herein), and (b) its right to cause the Funding Parties' (but not the Released Persons') to comply with their obligations under their respective Equity Commitment Letter (pursuant to, in accordance with, and subject to the limitations described therein). Nothing set forth in this Agreement shall be construed to give to any Person (including any Representative of any Person) other than the Company any rights or remedies against any Person other than the Funding Parties as expressly set forth herein. For the avoidance of doubt, under no circumstances shall Parent and Merger Sub be considered a Released Person. Neither the Company nor any of its Affiliates has relied on any statement, representation or warranty or assurance made by, or any action taken by, any Person in connection with the subject matter hereof, other than those made by (i) the Funding Party in this Agreement and/or the Funding Party in its Equity Commitment Letter and (ii) Parent in the Merger Agreement. Notwithstanding the foregoing, nothing in this <u>Section</u> <u>9</u> shall, in any respect, limit claims against Parent, Merger Sub or the Funding Parties in accordance with and subject to the terms and conditions hereof or any Person's right to assert any Retained Claim solely against the Persons specifically identified in the definition thereof with respect to such Retained Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>GOVERNING LAW; SUBMISSION TO JURISDICTION</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement and all disputes, controversies or other Actions arising out of or relating to this Agreement or the Transactions, including matters of validity, construction, effect, performance and remedies, shall be governed by, and construed in accordance with, the Laws of the State of Delaware applicable to contracts executed in and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable conflict of Laws principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. All Actions arising out of or relating to this Agreement or the Transactions shall be heard and determined in the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court of competent jurisdiction within the State of Delaware). The parties hereto hereby irrevocably (i) submit to the exclusive jurisdiction and venue of such courts in any such Action, (ii) waive the defense of an inconvenient forum or lack of jurisdiction to the maintenance of any such Action, (iii) agree to not attempt to deny or defeat such jurisdiction by motion or otherwise request for leave from any such court and (iv) agree to not bring any Action arising out of or relating to this Agreement or the Transactions in any court other than the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court within the State of Delaware), except for Actions brought to enforce the judgment of any such court. The consents to jurisdiction and venue set forth in this <u>Section</u> <u>10(b)</u> shall not constitute general consents to service of process in the State of Delaware and shall have no effect for any purpose except as provided in this

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paragraph and shall not be deemed to confer rights on any Person other than the parties hereto. Each party hereto agrees that service of process upon such party in any Action arising out of or relating to this Agreement shall be effective if notice is given by overnight courier at the address set forth in Section 8.10 of the Merger Agreement. The parties hereto agree that a final judgment in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law; provided, however, that nothing in the foregoing shall restrict any party's rights to seek any post judgment relief regarding, or any appeal from, a final trial court judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>WAIVER OF JURY TRIAL</u>. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, INCLUDING THE DEBT COMMITMENT LETTER OR THE DEBT FINANCING. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS <u>SECTION 11</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>CONFIDENTIALITY</u>. This Agreement shall be treated by the Company as confidential and is being provided to the Company solely in connection with the transactions contemplated by the Merger Agreement. The existence and content of this Agreement may not be used, circulated, quoted or otherwise referred to in any document, except with the prior written consent of the Funding Parties and Parent; <u>provided</u>, <u>however</u>, that no such written consent shall be required (and each Funding Party and its Affiliates shall be free to release such information) for disclosures to each Funding Party's and its Affiliates' respective partners, members, directors, officers, employees, agents, legal, financial, accounting or other advisors, potential debt and equity financing sources, co-investors, related investment funds consultants and other representatives, so long as such persons are bound by obligations of confidentiality with respect to such information; <u>provided</u>, <u>further</u>, that no such written consent shall be required and the Funding Parties and Parent may disclose such information (including the existence of this Agreement) (i) to the extent required by Law or the applicable rules of any national securities exchange or in connection with any securities filings relating to the transactions contemplated by the Merger Agreement or in connection with any litigation relating to the transactions contemplated by the Merger Agreement as permitted by or provided in the Merger Agreement and/or (ii) in connection with any filings or other submissions with any court of competent jurisdiction in order to enforce the terms hereof. This Agreement may not be used, circulated, quoted or otherwise referred to by the Company or any of its Affiliates in any document, except with the prior written consent of the Funding Parties; <u>provided</u>, <u>however</u>, that no such written consent shall be required (and the Company and its

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Affiliates shall be free to release such information) for disclosures to employees or legal, financial, accounting or other advisors, in each case, on a need-to-know basis, so long as such persons agree to keep such information confidential; <u>provided</u>, <u>further</u>, that no such written consent shall be required and the Company may disclose such information (including the existence of this Agreement) (x) to the extent required by Law or the applicable rules of any national securities exchange or in connection with any securities filings relating to the transactions contemplated by the Merger Agreement or in connection with any litigation relating to the transactions contemplated by the Merger Agreement as permitted by or provided in the Merger Agreement and/or (y) in connection with any filings or other submissions with any court of competent jurisdiction in order to enforce the terms hereof, the Merger Agreement or any Equity Commitment Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>ENTIRE AGREEMENT</u>. This Agreement constitutes the entire agreement with respect to the subject matter hereof and supersedes any and all prior discussions, negotiations, proposals, undertakings and agreements, whether written or oral, between Parent and the Funding Parties or any of their Affiliates, on the one hand, and the Company and any of its Affiliates, on the other hand, except for the Merger Agreement and the other agreements related thereto, including the Other Funding Agreements, the Equity Commitment Letters and the Confidentiality Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>NO THIRD PARTY BENEFICIARIES</u>. Except for the rights of the Released Persons under <u>Section</u> <u>9</u> and of the Co-Lead Investors in respect of <u>Sections 6</u>, <u>12</u> and <u>15</u>, the parties hereby agree that their respective representations, warranties and covenants set forth herein are solely for the benefit of the other parties hereto and their respective successors and permitted assigns, in accordance with and subject to the terms of this Agreement, and this Agreement is not intended to, and does not, confer upon any Person other than the parties hereto any rights or remedies hereunder, including the right to rely upon the representations and warranties set forth herein. This Agreement shall be binding on each of the Funding Party's successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>AMENDMENT</u>. This Agreement can be amended, supplemented or changed, and any provision hereof can be waived, only by written instrument making specific reference to this Agreement signed by the Funding Parties, the Co-Lead Investors, Parent and the Company. No action taken pursuant to this Agreement, including any investigation by or on behalf of any party, shall be deemed to constitute a waiver by the party taking such action of compliance with any representation, warranty, covenant or agreement contained herein. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or any subsequent breach or as a waiver of any other term or condition of this Agreement. No failure on the part of any party to exercise, and no delay by any party in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The parties hereto shall not declare a breach of this Agreement by any other party hereto unless and until it delivers a written notice describing such breach to such party and provides such party with an opportunity to cure such breach for at least ten (10) Business Days after receipt thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>COUNTERPARTS</u>. This Agreement may be signed in any number of counterparts (including by means of telecopied signature pages or electronic transmission with attachment in pdf format or any electronic signature complying with the U.S. federal ESIGN Act of 2000 (e.g., www.docusign.com), which will be deemed to have the same effect as physical delivery of a paper document bearing the original signatures), each such counterpart being deemed to be an original instrument, with the same effect as if the signatures to each counterpart were upon a single instrument, and all such counterparts together shall be deemed an original of this Agreement. This Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by all of the other parties hereto. Until and unless each party has received a counterpart hereof signed by each other party hereto, this Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). The parties irrevocably and unreservedly agree that this Agreement may be executed by way of electronic signatures and the parties agree that this letter, or any part thereof, shall not be challenged or denied any legal effect, validity and/or enforceability solely on the ground that it is in the form of an electronic record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>INTERPRETATION</u>. All parties acknowledge that each party and its counsel have reviewed this Agreement and that any rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>RELATIONSHIP OF THE PARTIES</u>. Each party hereto acknowledges and agrees that (a) this Agreement is not intended to, and does not, create any agency, partnership, fiduciary or joint venture relationship between or among any of the parties hereto or the Other Investors and neither this Agreement nor any other document or agreement entered into by any party hereto or by any Other Investor relating to the subject matter hereof shall be construed to suggest otherwise, (b) the obligations of each of the Funding Parties under this Agreement are solely contractual in nature and (c) the determinations of the Funding Parties and Other Investors were independent of each other. Notwithstanding anything to the contrary contained in this Agreement, the liability of each Funding Party hereunder shall be several and not joint, not joint and several, and no Funding Party shall be liable for any amount hereunder in excess of its Cap or its Funding Percentage of the Obligations or such lesser amount as may be required to be paid by the Funding Parties and the Other Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>HEADINGS; INTERPRETATION AND CONSTRUCTION</u>. The headings contained in this Agreement are for convenience purposes only and will not in any way affect the meaning or interpretation hereof.

The following provisions shall apply, to the extent applicable and wherever appropriate, herein: (a) "herein," "hereby," "hereunder," "hereof" and other equivalent words shall refer to this letter agreement as an entirety and not solely to the particular portion of this letter agreement in which any such word is used; (b) all definitions set forth herein shall be deemed applicable whether the words defined are used herein in the singular or the plural; (c) wherever used herein, any pronoun or pronouns shall be deemed to include both the singular and plural and to cover all genders; and (d) the word "including" or any variation thereof shall mean including, without limitation.

[*Signatures on following page*]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered as of the date first written above by its officer thereunto duly authorized.

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| | |
|:---|:---|
| **FRANCISCO PARTNERS VII, L.P.** | **FRANCISCO PARTNERS VII, L.P.** |
| By: Francisco Partners GP VII, L.P.<br> Its: General Partner | By: Francisco Partners GP VII, L.P.<br> Its: General Partner |
| By: Francisco Partners GP VII Management, LLC<br> Its: General Partner | By: Francisco Partners GP VII Management, LLC<br> Its: General Partner |
| By: | /s/ Ashley Evans |
| Name: Ashley Evans | Name: Ashley Evans |
| Title: Managing Director | Title: Managing Director |
| **FRANCISCO PARTNERS VII-A, L.P.** | **FRANCISCO PARTNERS VII-A, L.P.** |
| By: Francisco Partners GP VII, L.P.<br> Its: General Partner | By: Francisco Partners GP VII, L.P.<br> Its: General Partner |
| By: Francisco Partners GP VII Management, LLC<br> Its: General Partner | By: Francisco Partners GP VII Management, LLC<br> Its: General Partner |
| By: | /s/ Ashley Evans |
| Name: Ashley Evans | Name: Ashley Evans |
| Title: Managing Director | Title: Managing Director |
| **FRANCISCO PARTNERS VII-B, L.P.** | **FRANCISCO PARTNERS VII-B, L.P.** |
| By: Francisco Partners GP VII, L.P.<br> Its: General Partner | By: Francisco Partners GP VII, L.P.<br> Its: General Partner |
| By: Francisco Partners GP VII Management, LLC<br> Its: General Partner | By: Francisco Partners GP VII Management, LLC<br> Its: General Partner |
| By: | /s/ Ashley Evans |
| Name: Ashley Evans | Name: Ashley Evans |
| Title: Managing Director | Title: Managing Director |

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[*Signature Page to Fee Funding Agreement*]

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| | |
|:---|:---|
| **FRANCISCO PARTNERS VII-C, L.P.** | **FRANCISCO PARTNERS VII-C, L.P.** |
| By: Francisco Partners GP VII, L.P.<br> Its: General Partner | By: Francisco Partners GP VII, L.P.<br> Its: General Partner |
| By: Francisco Partners GP VII Management, LLC<br> Its: General Partner | By: Francisco Partners GP VII Management, LLC<br> Its: General Partner |
| By: | /s/ Ashley Evans |
| Name: Ashley Evans | Name: Ashley Evans |
| Title: Managing Director | Title: Managing Director |

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[*Signature Page to Fee Funding Agreement*]

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| | |
|:---|:---|
| **GT SILVER BIDCO, INC.** | **GT SILVER BIDCO, INC.** |
| By: | /s/ Peter Flynn |
| Name: Peter Flynn | Name: Peter Flynn |
| Title: Chief Executive Officer and President | Title: Chief Executive Officer and President |

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[*Signature Page to Fee Funding Agreement [GT Silver Bidco, Inc.]*]

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| | |
|:---|:---|
| Accepted and Agreed to: | Accepted and Agreed to: |
| **CLEARWATER ANALYTICS HOLDINGS, INC.** | **CLEARWATER ANALYTICS HOLDINGS, INC.** |
| By: | /s/ Sandeep Sahai |
|  | Name: Sandeep Sahai |
|  | Title: Chief Executive Officer |

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[*Signature Page to Fee Funding Agreement (Francisco Partners)*]

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**Schedule A** 

**Funding Parties** 

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| | | |
|:---|:---|:---|
| **Francisco Partners** | **Percentage of<br>Obligations** | **Cap** |
|  Francisco Partners VII, L.P. | 5.51% | $29421081 |
|  Francisco Partners VII-A, L.P. | 6.39% | $34106605 |
|  Francisco Partners VII-B, L.P. | 0.15% | $806812 |
|  Francisco Partners VII-C, L.P. | 0.65% | $3442733 |
|  **Total Francisco** | **12.70%** | $**67777231** |

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**Schedule B** 

**Other Investors** 

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| | | |
|:---|:---|:---|
| **Permira** | **Percentage<br>of<br>Obligations** | **Cap** |
|  Permira VIII - 1 SCSp | 26.97% | $143907967 |
|  Permira VIII - 2 SCSp | 6.56% | $34987578 |
|  Permira VIII CIS SCSp | 0.81% | $4299027 |
|  Permira VIII CIS 2 SCSp | 0.00% | $4503 |
|  PILI 1 Portfolio SCSp | 0.58% | $3096113 |
|  PILI 2 Portfolio SCSp | 0.09% | $464157 |
|  PILI 4 Portfolio SCSp | 0.11% | $562930 |
|  Permira Investment Capital LP | 0.02% | $125371 |
|  Permira Investment Capital II LP | 0.02% | $121985 |
|  Permira Investment Capital III LP | 0.03% | $171933 |
|  **Total Permira VIII** | **35.19%** | $**187741564** |
|  REDWOOD OPPORTUNITIES SCSP | 8.47% | $45184820 |
|  **Total Permira** | **43.66%** | $**232926385** |
|  **Warburg** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15, L.P. | 9.46% | $50504758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15-B, L.P. | 7.14% | $38127490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15 International, SCSp | 3.62% | $19302633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WP Global Growth 15 Partners, L.P. | 1.45% | $7726833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15 Partners, L.P. | 3.08% | $16457609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Financial Sector III, L.P. | 5.20% | $27755793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Financial Sector III-E, L.P. | 0.40% | $2129598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Financial Sector III Partners, L.P. | 0.59% | $3144440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Warburg** | **30.94%** | $**165149154** |
|  **Temasek** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robson Investments Pte. Ltd. | 12.70% | $67777231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Temasek** | **12.70%** | $**67777231** |

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## Ex-99.(B)(Viii)

**Exhibit (b)(viii)** 

*Execution Version* 

**FEE FUNDING AGREEMENT** 

This Fee Funding Agreement, dated as of December 20, 2025 (this "<u>Agreement</u>"), is by and among each of the undersigned Persons identified as a Funding Party on <u>Schedule A</u> hereto (each a "<u>Funding Party</u>" and, collectively, the "<u>Funding Parties</u>" and, for the avoidance of doubt, excluding each of the Persons identified as an Other Investor on <u>Schedule B</u> hereto, collectively, the "<u>Other Investors</u>"), GT Silver BidCo, Inc., a Delaware corporation ("<u>Parent</u>") and Clearwater Analytics Holdings, Inc., a Delaware corporation (the "<u>Company</u>"). Capitalized terms used but not defined herein have the meanings ascribed to them in the Merger Agreement (defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>FUNDING AGREEMENT</u>. To induce the Company to enter into the Agreement and Plan of Merger (as amended, restated, modified or supplemented from time to time, the "<u>Merger Agreement</u>"), dated as of the date hereof, by and among Parent, Merger Sub and the Company, pursuant to which, upon the terms and subject to the conditions in the Merger Agreement, Merger Sub will merge with and into the Company, with the Company surviving the merger as a wholly owned subsidiary of Parent, each Funding Party, intending to be legally bound, hereby irrevocably agrees to pay on a several and not joint basis (as opposed to a joint and several basis) to the Company, on behalf of Parent, on the terms and subject to the conditions set forth herein, its *pro rata* amount of the Obligations (defined below) (based on the percentage set forth opposite such Funding Party's name in the second column (*Percentage of Obligations*) on <u>Schedule A</u> attached hereto, such Funding Party's "<u>Funding Percentage</u>"), in satisfaction of Parent's obligation to pay (i) the Parent Termination Fee solely to the extent payable pursuant to Section 7.03(b) of the Merger Agreement if, as and when due and subject to the limitations set forth therein, (ii) the amount of any collection costs pursuant to Section 7.03(c) of the Merger Agreement if, as and when due and subject to the limitations set forth therein, in an aggregate amount not to exceed $7,500,000, (iii) the amount of any indemnification and expense reimbursement pursuant to Section 5.14(d) of the Merger Agreement if, as and when due and subject to the limitations set forth therein, in an aggregate amount not to exceed $5,000,000, and (iv) any damages payable by Parent to the Company pursuant to the Merger Agreement if, as and when due and subject to the limitations set forth therein, in respect of claims permitted thereunder, in each case solely to the extent recoverable by the Company under the Merger Agreement, subject to the limitations set forth therein and without duplication of amounts described in clause (i) (clauses (ii) and (iii), collectively, the "Costs" and, collectively with clauses (i) and (iv), the "<u>Obligations</u>"); <u>provided</u> that the maximum amount payable by each Funding Party hereunder shall not exceed the dollar amount set forth opposite such Funding Party's name in the third column (Cap) on <u>Schedule A</u> attached hereto, it being understood that the Company will not seek to enforce this Agreement against the relevant Funding Party for a dollar amount in excess of the amount set forth next to such Funding Party's name in the third column (*Cap*) on <u>Schedule A</u> attached hereto which shall equal each such Funding Party's *pro rata* percentage of the sum of (A) an aggregate amount equal to $521,130,000 plus (B) the Costs, which Costs shall in no event exceed $12,500,000 in the aggregate (clauses (A) and (B), collectively, the "<u>Aggregate Cap</u>", and such amount with respect to each Funding Party's *pro rata* percentage amount of the Aggregate Cap inclusive of all Other Investors, its "<u>Cap</u>"). This Agreement may only be enforced in accordance with its terms at the same time as those certain Fee Funding Agreements, dated as of the date hereof, between the Other Investors, Parent and the Company (the "<u>Other Funding Agreements</u>"), *pro rata* based on the Funding Percentage of each Funding Party and each Other Investor, and in

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the case of each Funding Party subject to its Cap hereunder and with respect to each Other Investor subject to its "Cap" thereunder; <u>provided</u>, <u>however</u>, that, for the avoidance of doubt, this provision governs enforcement only and shall not affect the effectiveness of this Agreement; <u>provided</u>, <u>further</u>, that if the Company is legally impeded due to a legal restraint, an automatic stay in bankruptcy, an injunction, a stay, impossibility, or insolvency from asserting or pursuing its rights and remedies against any Funding Party or Other Investor, the Company may proceed against the remaining Funding Parties and Other Investors, on a *pro rata* basis among such remaining Funding Parties and Other Investors, to recover amounts up to each such party's individual Cap, provided that if the Company settles a claim against the Funding Parties and other Investors with fewer than all Funding Parties and/or Other Investors, any settlement amounts shall be credited to preserve the agreed *pro rata* allocation (subject to each Cap) (e.g., if the Company settles with one Funding Party for 95% of its Cap, no Other Investor will be liable for greater than 95% of its Cap). All payments hereunder shall be made in lawful money of the United States, in immediately available funds. Neither any Funding Party nor any Other Investor shall be required to pay any amount under this Agreement or any Other Funding Agreements, as applicable, if (i) the Closing has occurred, resulting in the consummation of the transactions contemplated by the Merger Agreement, (ii) it has funded its total requisite Commitment (as defined in the Equity Commitment Letter) under its corresponding Equity Commitment Letter, dated as of the date hereof (each, an "<u>Equity Commitment Letter</u>") and the consummation of the transactions contemplated by the Merger Agreement has occurred or (iii) the Company has received a grant of specific performance resulting in the consummation of the transactions contemplated by the Merger Agreement. Under no circumstance shall the Company be permitted or entitled to receive both (a) specific performance of the Equity Commitment Letters resulting in the Closing and (b) payment of any Obligations under this Agreement or the Other Funding Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>NATURE OF FUNDING COMMITMENT</u>. Subject to the terms and conditions hereof, the obligations of each Funding Party set forth herein are absolute, unconditional and irrevocable. The Company shall not be obligated to file any claim relating to any Obligations in the event that Parent becomes subject to a bankruptcy, reorganization or similar proceeding, and the failure of the Company to so file shall not affect any Funding Party's obligations hereunder. In the event that any payment to the Company in respect of any Obligations is rescinded or must otherwise be returned to the Funding Parties (or any other person on a Funding Party's behalf) for any reason whatsoever, each Funding Party shall remain liable hereunder with respect to the Obligations (subject to the terms and conditions hereof, including, without limitation, each Funding Party's Funding Percentage of the Obligations and Cap) as if such payment had not been made (but only treating it as unmade to the extent of the amount so rescinded or otherwise returned to the Funding Parties). Notwithstanding any other provision of this Agreement, the Company hereby agrees that the Funding Parties may assert, as a defense to any payment or performance by the Funding Parties under this Agreement, any defense to such payment or performance that Parent may have under the terms of the Merger Agreement, other than defenses arising from bankruptcy or insolvency of Parent. For the avoidance of doubt, subject to the terms of this Agreement, if the Company is prevented from demanding or accelerating payment of the Obligations (or any portion thereof) from Parent by reason of any automatic stay or any limitation on creditor rights or remedies with a similar effect (other than as a result of the Company's or any of its Affiliates' breach of this Agreement, the Merger Agreement or any Equity Commitment Letter), the Company shall be entitled to pursue payment of the Obligations from the Funding Parties, in each case subject to the terms and conditions of this Agreement and the Merger Agreement and each Funding Party's Funding Percentage and Cap. This Agreement is an obligation of payment and not of collection.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>CHANGES IN OBLIGATIONS, CERTAIN WAIVERS</u>. Each Funding Party agrees that the Company may at any time and from time to time, without notice to or further consent of any Funding Party, extend the time of payment of any of the Obligations, and subject to the terms of the IIA (as defined below) may also make any agreement with Parent, or with any other Person interested in the transactions contemplated by the Merger Agreement (except the Other Investors), for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, or for any modification of the terms of any agreement between the Company and Parent, or any such other Person (except the Other Investors) without in any way impairing or affecting any Funding Party's obligations under this Agreement. Each Funding Party agrees that, except as set forth in this Agreement, its obligations hereunder shall to the fullest extent permitted by applicable Law, be absolute and unconditional irrespective of, and shall not be released or discharged, in whole or in part, or otherwise affected by: (a) the failure or delay of the Company to assert any claim or demand or to enforce any right or remedy against Parent, in each case, in accordance with the terms of the Merger Agreement, or any other Person interested in the transactions contemplated by the Merger Agreement (except the Other Investors as required by <u>Section</u> <u>1</u> of this Agreement); (b) any change in the time, place or manner of payment of any of the Obligations or any rescission, waiver, compromise, consolidation or other amendment or modification of any of the terms or provisions of the Merger Agreement or any escrow agreement or other agreement (other than the Other Funding Agreements) evidencing, securing or otherwise executed in connection with any of the Obligations so long as any such changes do not have the effect of increasing the Funding Percentage or the Cap of any Funding Party; (c) the addition, substitution or release of any Person now or hereafter liable with respect to any of the Obligations or otherwise interested in the transactions contemplated by the Merger Agreement (other than the release of any Other Investor); (d) any change in the corporate existence, structure or direct or indirect ownership of Parent, Funding Party, or any other Person interested in the transactions contemplated by the Merger Agreement so long as any such changes do not have the effect of increasing the Funding Percentage or the Cap of any Funding Party; (e) any insolvency, bankruptcy, reorganization or other similar proceeding affecting Parent or any other Person now or hereafter liable with respect to the Obligations or otherwise interested in the transactions contemplated by the Merger Agreement so long as any such proceeding does not have the effect of increasing the Funding Percentage or the Cap of any Funding Party; (f) the existence of any claim, set-off or other right which any Funding Party may have at any time against Parent or the Company or any of their respective Affiliates, whether in connection with the Obligations or otherwise (other than defenses to the payment of the Obligations that are available to Parent under the Merger Agreement, which are retained by the Funding Parties); (g) the adequacy of any other means the Company may have of obtaining payment of any of the Obligations or (h) the unenforceability of the Merger Agreement, this Agreement or any Equity Commitment Letter as a result of a breach of the representations, warranties or covenants therein by Parent, Merger Sub, or the Other Investors, as applicable. To the fullest extent permitted by applicable Law, with respect to any Funding Party's Funding Percentage of the Obligations, such Funding Party hereby irrevocably and expressly waives any and all rights or defenses arising by reason of any Law which would otherwise require any election of remedies by the Company. With respect to any Funding Party's Funding Percentage of the Obligations, such Funding Party hereby irrevocably and expressly waives promptness, diligence, notice of the acceptance of this Agreement and of the

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Obligations, presentment, demand for payment, notice of non-performance, default, dishonor and protest, notice of any Obligations incurred and all other notices of any kind (except for notices required to be provided to Parent or Merger Sub in accordance with the Merger Agreement), all defenses which may be available by virtue of any valuation, stay, moratorium Law or other similar Law now or hereafter in effect, any right to require the marshalling of assets of Parent, or any other Person interested in the transactions contemplated by the Merger Agreement, and all suretyship defenses (other than defenses to the payment of the Obligations that are available to Parent under the Merger Agreement, which are retained by the Funding Parties). Each Funding Party hereunder acknowledges and agrees that the Obligations shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Agreement, and all dealings between Parent, Merger Sub and each Funding Party hereunder, on the one hand, and the Company, on the other hand, shall likewise be conclusively presumed to have been had or consummated in reliance on this Agreement. Each Funding Party acknowledges that it will receive substantial direct and indirect benefits from the transactions contemplated by the Merger Agreement and this Agreement and that the waivers set forth in this Agreement are knowingly made in contemplation of such benefits.

The Company hereby covenants and agrees that it shall not institute, and shall cause its controlled Affiliates (as defined below) not to institute in the name of or on behalf of the Company or any other Person, any action, complaint, demand or proceeding of any nature or bring any other claim arising under, or in connection with, the Merger Agreement or any Equity Commitment Letter or the transactions contemplated by any of the foregoing, against any Funding Party, any Other Investor, Parent, any former, current or future equity holders, controlling Persons, directors, officers, employees, Affiliates (other than Parent, Merger Sub and any assignees of a Funding Party permitted in accordance with <u>Section</u> <u>6</u> hereof), members, managers or general or limited partners or representatives of any Funding Party, any Other Investor or Parent, or any former, current or future equity holder, controlling Person, director, officer, employee, contractors, portfolio companies, general or limited partner, member, manager or Affiliate (other than Parent, Merger Sub and any assignees permitted in accordance with <u>Section</u> <u>6</u> hereof) of any of the foregoing, except for claims (i) against the Funding Parties (or their respective successors or permitted assigns) under this Agreement to recover from each such Funding Party up to the amount of such Funding Party's Funding Percentage of the Obligations (subject to such Funding Party's Cap and the other limitations described herein), (ii) against the Parent or a Funding Party (or its respective permitted assigns) pursuant to, and subject to the terms and conditions of, each Funding Party's Equity Commitment Letter, solely with respect to claims for specific performance to cause the funding of its (or its respective permitted assign's) Commitment (as defined in such Equity Commitment Letter) for up to an amount of such Funding Party's (or its respective permitted assign's) Commitment, (iii) against Parent or Merger Sub under the Merger Agreement (including the obligation of specific performance), and (iv) under the Confidentiality Agreements against the party thereto (collectively, clauses (i) – (iv), the "<u>Retained Claims</u>"). For purposes of this Agreement, "<u>Affiliate</u>" means, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Person specified and, for purposes of this Agreement, includes the directors and officers of such Person when acting in their respective capacities as such; provided that, "<u>Affiliate</u>" with respect to each Funding Party means (a) Temasek Holdings (Private) Limited ("<u>Temasek</u> <u>Holdings</u>"); and (b) Temasek Holdings' direct and indirect wholly-owned subsidiaries whose boards of directors or equivalent governing bodies comprise employees or nominees of (i) Temasek Holdings, (ii) Temasek Pte. Ltd. (being a wholly- owned Subsidiary of Temasek

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Holdings), and/or (iii) wholly-owned subsidiaries of Temasek Pte. Ltd. "<u>Control</u>" (including, with correlative meanings, the terms "controlling", "controlled by" and "under common control with") means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. Notwithstanding anything to the contrary contained in this Agreement, the Company hereby agrees that to the extent Parent is relieved (other than by operation of any bankruptcy, insolvency or similar Law) of all or any portion of the Obligations under the Merger Agreement, each of the Funding Parties shall be similarly proportionately relieved, to such extent, of its obligations under this Agreement; <u>provided</u>, that any such relief shall be limited to a dollar- for-dollar reduction of the Obligations (subject to each Funding Party's Funding Percentage and Cap). If any amount shall be paid by any Funding Party to Parent at any time and from time to time pursuant to this Agreement, such amount shall be received and held in trust by Parent solely for the benefit of the Company, shall be segregated from other property and funds of Parent and shall forthwith be promptly paid or delivered to the Company in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to such Funding Party's Funding Percentage of the Obligations and Cap, whether matured or unmatured, or to be held as collateral for the Obligations or other amounts payable under this Agreement thereafter arising.

Each Funding Party hereby unconditionally and irrevocably agrees not to exercise any rights that it may now have or hereafter acquire against Parent that arise from the existence, payment, performance, or enforcement of such Funding Party's Funding Percentage of the Obligations, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Company against Parent, including, without limitation, the right to take or receive from Parent, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right, unless and until the Obligations shall have been paid in full in cash. If any amount shall be paid to any Funding Party in violation of the immediately preceding sentence at any time prior to the payment in full in cash of the Obligations, such amount shall be received and held in trust for the benefit of the Company, shall be segregated from other property and funds of such Funding Party and shall forthwith be paid or delivered to the Company in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to such Funding Party's Funding Percentage of the Obligations, whether matured or unmatured, or to be held as collateral for such Funding Party's Funding Percentage of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>NO WAIVER; CUMULATIVE RIGHTS</u>. No failure on the part of the Company to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by the Company of any right, remedy or power hereunder or under the Merger Agreement or otherwise preclude any other or future exercise of any right, remedy or power hereunder; <u>provided</u>, that, any waiver shall be effective only if in a writing signed by the Company and shall not be deemed a continuing waiver; <u>provided</u>, <u>further</u>, that notwithstanding anything to the contrary in this Agreement or otherwise, the Company may not pursue any rights or remedies against any Funding Party if the Company shall have obtained a grant of specific performance resulting in the consummation of the transactions contemplated by the Merger Agreement or the performance and full satisfaction of such Funding Party's obligations under its Equity Commitment Letter and, for the avoidance of doubt, solely to the extent of the Commitments (as defined in the Equity Commitment Letter) are

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actually received by Parent and thereafter applied to the consummation of the transactions contemplated by the Merger Agreement. Each and every right, remedy and power hereby granted to the Company or allowed it by Law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by the Company at any time or from time to time. Notwithstanding anything herein to the contrary, when pursuing its rights and remedies hereunder against any Funding Party, the Company must simultaneously assert and pursue its rights and remedies under (i) this Agreement against all of the Funding Parties collectively and (ii) the Other Funding Agreements against all of the Other Investors, collectively, and shall not assert or pursue any rights and remedies under this Agreement against an individual Funding Party without asserting or pursuing such rights against all Funding Parties and all Other Investors. Notwithstanding the foregoing, the Company's inability to join, commence or maintain an action against any Funding Party or Other Investor as a result of any stay, injunction, bankruptcy, moratorium, settlement or other impediment shall not limit, delay or excuse enforcement against any Funding Party and any net recoveries shall be credited to maintain the agreed *pro rata* allocation (subject to each Cap).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>REPRESENTATIONS AND WARRANTIES AND COVENANTS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Funding Party hereby represents, warrants, and covenants severally and not jointly (nor jointly and severally), to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly formed and validly existing under the laws of the jurisdiction of its formation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it has the requisite power and authority necessary to execute, deliver and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the execution, delivery and performance of this Agreement have been duly and validly authorized by all necessary action and do not contravene, conflict with or result in any violation of any provision of such Funding Party's charter, partnership agreement, operating agreement or similar organizational documents or any law, regulation, rule, decree, order, judgment or contractual restriction applicable to or binding on such Funding Party or its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Authority or other Person necessary for the due execution, delivery and performance of this Agreement by such Funding Party have been obtained or made and all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with, any Governmental Authority or other Person is required in connection with the execution, delivery or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) assuming the due authorization, execution and delivery of this Agreement by each of Parent and the Company, this Agreement constitutes a legal, valid and binding obligation of such Funding Party enforceable against such Funding Party in accordance with its terms, subject to (x) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws affecting creditors' rights generally, and (y) general equitable principles (whether considered in a proceeding in equity or at Law); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) such Funding Party is solvent and has the financial capacity to pay and perform its obligations under this Agreement, subject to the terms and conditions hereof, and that all funds necessary for such Funding Party to fulfill such Funding Party's Funding Percentage of the Obligations (subject to its Cap) under this Agreement shall be available to such Funding Party for so long as this Agreement shall remain in effect in accordance with <u>Section</u> <u>8</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) such Funding Party has not entered into any side letter or other similar agreement related to, or in respect of, this Agreement that would create additional conditionality regarding its obligation to fund such Funding Party's Funding Percentage of the Obligations (subject to its Cap) in full or that would reasonably be expected to affect the enforceability of this Agreement or prevent or substantially delay the availability and funding of its Funding Percentage of the Obligations (subject to its Cap).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Funding Party covenants and agrees that all funds necessary for such Funding Party to fulfill its obligation to pay its Funding Percentage of the Obligations (subject to its Cap) under this Agreement shall be available to such Funding Party for so long as this Agreement shall remain in effect in accordance with <u>Section</u> <u>8</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>NO ASSIGNMENT</u>. This Agreement shall be binding upon and shall inure to the benefit of the parties and their permitted successors and assigns. Other than as expressly provided herein, neither any Funding Party nor the Company may, directly or indirectly, assign all or any portion of its rights or obligations under this Agreement to any person without the prior written consent of the other parties hereto, the Company, the Funding Parties, Martel Lux TopCo SCSp and WP Silver Aggregator, L.P. (the "<u>Co-Lead Investors</u>"); <u>provided</u>, that each Funding Party may assign all or a portion of its rights and obligations hereunder to one or more of its Affiliates (other than, for the avoidance of doubt, any portfolio companies of such Funding Party, Parent or any subsidiary thereof) that is able to make the representations and warranties set forth in this Agreement and the Interim Investors Agreement, dated on or around the date hereof, by and among the Funding Parties and the other parties thereto (the "<u>IIA</u>"); <u>provided</u>, <u>further</u>, that such assignment would not reasonably be expected to result in any material delay in satisfying, or increase the risk of not satisfying, the conditions to the Closing set forth in the Merger Agreement and the assignee is capable of performing its obligations under this Agreement and the IIA, including having the financial capacity necessary to fund the Funding Percentage of the Obligations (subject to the applicable Cap) that are being assigned; <u>provided</u>, <u>further</u>, that no such assignment shall be permitted (i) in violation of applicable Law or (ii) that would (x) require any material licensing, regulatory consent or other regulatory proceeding to be obtained or participated in by any of the Funding Parties, any of the Other Investors, Parent, Merger Sub or the Company (the "<u>Transaction Parties</u>") or otherwise subject any Transaction Party or its Affiliates to any additional substantive regulation; or (y) cause any statement made or information provided to a regulatory authority prior to such assignment to become materially untrue or misleading (other than any statement made or information provided related solely to the identity of such Funding Party); <u>provided</u>, <u>further</u>, that any such assignment shall not relieve the assigning Funding Party of its obligations under this Agreement unless and until the assignee has actually funded the full amount of the Funding Party's Funding Percentage of the Obligations. Any assignment in derogation of the foregoing shall be null and void.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>NOTICES</u>. All notices and other written communications hereunder shall be in writing and shall be given (a) on the date of delivery if delivered personally, (b) on the first Business Day following the date of dispatch if delivered by a nationally recognized next-day courier service, (c) on the fifth Business Day following the date of mailing if delivered by registered or certified mail (postage prepaid, return receipt requested) or (d) if sent by electronic mail transmission, when transmitted (but only when receipt is confirmed in writing (including by reply e-mail correspondence)). All notices and other written communications to the Company or Parent hereunder shall be delivered in accordance with Section 8.10 of the Merger Agreement.

All notices and other written communications to the Funding Parties hereunder (or any assignee permitted in accordance with <u>Section</u> <u>6</u> hereunder) shall be delivered as set forth below:

To the Funding Parties:

Robson Investments Pte. Ltd.

Attention: Martin Fichtner; Tim Bolte

Email: [REDACTED]

with a copy (which shall not constitute notice) to:

Cleary Gottlieb Steen & Hamilton LLP

Attention: John Kupiec

Email: jkupiec@cgsh.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>CONTINUING OBLIGATION; TERMINATION</u>. Unless terminated pursuant to this <u>Section</u> <u>8</u>, this Agreement shall remain in full force and effect and shall be binding on the Funding Parties and their respective successors and permitted assigns until payment in full of its Funding Percentage of the Obligations payable hereunder (subject to the Cap). Notwithstanding the foregoing, the obligations of each Funding Party under this Agreement, (including the obligation of each Funding Party to fund its Funding Percentage of the Obligations pursuant to <u>Section</u> <u>1</u> (subject to the Cap)), shall terminate (other than this <u>Section</u> <u>8</u> (except the first sentence of this <u>Section</u> <u>8</u>) and <u>Sections 9</u> through <u>19</u>, all of which shall survive the termination of this Agreement) automatically and immediately upon the earliest to occur of (i) the Closing pursuant to the terms of the Merger Agreement and (ii) thirty (30) days following the termination of the Merger Agreement if the Company has not commenced litigation (which, for the avoidance of doubt, includes the filing of any complaint, petition, statement of claim, counterclaim or cross- claim in a court of competent jurisdiction or, as permitted, arbitration and no inadvertent defect in venue, service or caption shall constitute a failure to "commence" litigation if promptly cured) for payment of any Obligation to Company, in satisfaction of Parent's obligations hereunder, by such date; <u>provided</u>, that, if the Merger Agreement has been so terminated and such claim has been made, this Agreement shall continue in full force and effect until the earliest to occur of (w) the consummation of the Closing in accordance with the terms of the Merger Agreement, including payment of the Merger Consideration in accordance with the Merger Agreement, (x) a final, non- appealable order of a court of competent jurisdiction determining that the Funding Parties do not owe any amount under this Agreement, (y) a written agreement between the Funding Parties, the Other Investors and the Company terminating the obligations and liabilities of the Funding Parties pursuant to this Agreement and the obligations and liabilities of the Other Investors pursuant to their Other Funding Agreement, and (z) payment in full of the Funding Percentage of the

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Obligations payable hereunder (subject to the Cap). Notwithstanding the foregoing, in the event that the Company or any of its Affiliates (but excluding any Affiliates not controlled by, or acting at the direction of, the foregoing parties), or any of their respective officers, directors or representatives (in their capacities as such) to the extent acting on their behalf, and at their direction, asserts in any complaint, demand, lawsuit, litigation or other legal proceeding (whether in equity, tort, contract or otherwise) under, in respect of, or relating to, this Agreement, the Merger Agreement, any Equity Commitment Letter or any Other Funding Agreement, that the provisions of <u>Section</u> <u>1</u> hereof limiting the liability of each Funding Party pursuant to this Agreement to its Funding Percentage of the Obligations or the amount of its Cap or requiring simultaneous enforcement of the Other Funding Agreements (subject to the exceptions herein) or that any other provisions of this <u>Section</u> <u>8</u> or paragraph 2 of <u>Section</u> <u>3</u> or <u>Section</u> <u>9</u> are illegal, invalid or unenforceable in whole or in part, or, the Company asserts any theory of liability against a Funding Party, an Other Investor, or an Investor Party (as defined in the Equity Commitment Letters), the Equity Commitment Letters, this Agreement, the Other Funding Agreements, or the transactions contemplated by the Merger Agreement, other than asserting claims (A) against Parent under Section 8.08 of the Merger Agreement, (B) against the Funding Parties under their respective Equity Commitment Letters or this Agreement (as limited by the provisions hereof, including <u>Section</u> <u>1</u>, and thereof), (C) against an Other Investor under its Equity Commitment Letter or Other Funding Agreement in accordance with and subject to the respective terms thereof (as limited by the provisions thereof, including Section 1 thereof), or (D) pursuant to a Retained Claim; then (and, solely if, the Company does not withdraw or dismiss such claim within ten (10) Business Days thereafter) (a) the obligations of each Funding Party under this Agreement shall terminate *ab initio* and shall thereupon be null and void, (b) if any Funding Party has previously made any payments under this Agreement, it shall be entitled to have such payments refunded by the Company, and (c) no Funding Party shall have any liability (whether at Law or in equity, whether sounding in contract, tort, statute or otherwise) to the Company or any of its Affiliates under this Agreement or its Equity Commitment Letter, or the transactions contemplated hereby or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>NO RECOURSE</u>. Notwithstanding anything that may be expressed or implied in this Agreement, or any document or instrument delivered contemporaneously herewith, and notwithstanding the fact that a Funding Party (or any assignee permitted in accordance with <u>Section</u> <u>6</u> hereof) may be a limited partnership, limited liability company or other entity, by its acceptance of the benefits of this Agreement, the Company acknowledges and agrees on behalf of itself, its Affiliates, and any Person claiming by, through or on behalf of any of them, that, except with respect to its rights against the Funding Parties under this Agreement, the Company has no right of recovery under this Agreement against, and no personal liability under this Agreement shall attach to, and no recourse (whether under an equitable, contractual, tort, statutory or other claim or theory) under this Agreement shall be had against, the Funding Party, any former, current or future equity holders, controlling Persons, directors, officers, employees, Affiliates (other than Parent, Merger Sub and any assignees of a Funding Party permitted in accordance with <u>Section</u> <u>6</u> hereof), members, managers or general or limited partners or representatives of any Funding Party, or any former, current or future equity holder, controlling Person, director, officer, employee, contractors, portfolio companies, general or limited partner, member, manager or Affiliate (other than Parent, Merger Sub and any assignees permitted in accordance with <u>Section</u> <u>6</u> hereof) of any of the foregoing (collectively, but not including Parent, Merger Sub and any assignees of a Funding Party permitted in accordance with <u>Section</u> <u>6</u> hereof, the "<u>Released Persons</u>"), whether by or through attempted piercing of the corporate veil, by or through a claim by or on behalf of Parent,

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by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute, regulation or applicable Law, or otherwise, including in the event Parent breaches (whether willfully, intentionally, unintentionally or otherwise) its obligations under the Merger Agreement or any other document or instrument delivered in connection therewith, except for (a) its rights to recover from each Funding Party (but not Released Persons) such Funding Party's Funding Percentage of the Obligations (subject to its Cap and the other limitations described herein), and (b) its right to cause the Funding Parties' (but not the Released Persons') to comply with their obligations under their respective Equity Commitment Letter (pursuant to, in accordance with, and subject to the limitations described therein). Nothing set forth in this Agreement shall be construed to give to any Person (including any Representative of any Person) other than the Company any rights or remedies against any Person other than the Funding Parties as expressly set forth herein. For the avoidance of doubt, under no circumstances shall Parent and Merger Sub be considered a Released Person. Neither the Company nor any of its Affiliates has relied on any statement, representation or warranty or assurance made by, or any action taken by, any Person in connection with the subject matter hereof, other than those made by (i) the Funding Party in this Agreement and/or the Funding Party in its Equity Commitment Letter and (ii) Parent in the Merger Agreement. Notwithstanding the foregoing, nothing in this <u>Section</u> <u>9</u> shall, in any respect, limit claims against Parent, Merger Sub or the Funding Parties in accordance with and subject to the terms and conditions hereof or any Person's right to assert any Retained Claim solely against the Persons specifically identified in the definition thereof with respect to such Retained Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>GOVERNING LAW; SUBMISSION TO JURISDICTION</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement and all disputes, controversies or other Actions arising out of or relating to this Agreement or the Transactions, including matters of validity, construction, effect, performance and remedies, shall be governed by, and construed in accordance with, the Laws of the State of Delaware applicable to contracts executed in and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable conflict of Laws principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. All Actions arising out of or relating to this Agreement or the Transactions shall be heard and determined in the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court of competent jurisdiction within the State of Delaware). The parties hereto hereby irrevocably (i) submit to the exclusive jurisdiction and venue of such courts in any such Action, (ii) waive the defense of an inconvenient forum or lack of jurisdiction to the maintenance of any such Action, (iii) agree to not attempt to deny or defeat such jurisdiction by motion or otherwise request for leave from any such court and (iv) agree to not bring any Action arising out of or relating to this Agreement or the Transactions in any court other than the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court within the State of Delaware), except for Actions brought to enforce the judgment of any such court. The consents to jurisdiction and venue set forth in this <u>Section</u> <u>10(b)</u> shall not constitute general consents to service of process in the State of Delaware and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than the parties hereto. Each party hereto agrees that service of process upon such party in any Action arising out of or relating to this Agreement shall be effective if notice is given by overnight courier at the address

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set forth in Section 8.10 of the Merger Agreement. The parties hereto agree that a final judgment in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law; provided, however, that nothing in the foregoing shall restrict any party's rights to seek any post judgment relief regarding, or any appeal from, a final trial court judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>WAIVER OF JURY TRIAL</u>. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, INCLUDING THE DEBT COMMITMENT LETTER OR THE DEBT FINANCING. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS <u>SECTION 11</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>CONFIDENTIALITY</u>. This Agreement shall be treated by the Company as confidential and is being provided to the Company solely in connection with the transactions contemplated by the Merger Agreement. The existence and content of this Agreement may not be used, circulated, quoted or otherwise referred to in any document, except with the prior written consent of the Funding Parties and Parent; <u>provided</u>, <u>however</u>, that no such written consent shall be required (and each Funding Party and its Affiliates shall be free to release such information) for disclosures to each Funding Party's and its Affiliates' respective partners, members, directors, officers, employees, agents, legal, financial, accounting or other advisors, potential debt and equity financing sources, co-investors, related investment funds consultants and other representatives, so long as such persons are bound by obligations of confidentiality with respect to such information; <u>provided</u>, <u>further</u>, that no such written consent shall be required and the Funding Parties and Parent may disclose such information (including the existence of this Agreement) (i) to the extent required by Law or the applicable rules of any national securities exchange or in connection with any securities filings relating to the transactions contemplated by the Merger Agreement or in connection with any litigation relating to the transactions contemplated by the Merger Agreement as permitted by or provided in the Merger Agreement and/or (ii) in connection with any filings or other submissions with any court of competent jurisdiction in order to enforce the terms hereof. This Agreement may not be used, circulated, quoted or otherwise referred to by the Company or any of its Affiliates in any document, except with the prior written consent of the Funding Parties; <u>provided</u>, <u>however</u>, that no such written consent shall be required (and the Company and its Affiliates shall be free to release such information) for disclosures to employees or legal, financial, accounting or other advisors, in each case, on a need-to-know basis, so long as such persons agree to keep such information confidential; <u>provided</u>, <u>further</u>, that no such written consent shall be

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required and the Company may disclose such information (including the existence of this Agreement) (x) to the extent required by Law or the applicable rules of any national securities exchange or in connection with any securities filings relating to the transactions contemplated by the Merger Agreement or in connection with any litigation relating to the transactions contemplated by the Merger Agreement as permitted by or provided in the Merger Agreement and/or (y) in connection with any filings or other submissions with any court of competent jurisdiction in order to enforce the terms hereof, the Merger Agreement or any Equity Commitment Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>ENTIRE AGREEMENT</u>. This Agreement constitutes the entire agreement with respect to the subject matter hereof and supersedes any and all prior discussions, negotiations, proposals, undertakings and agreements, whether written or oral, between Parent and the Funding Parties or any of their Affiliates, on the one hand, and the Company and any of its Affiliates, on the other hand, except for the Merger Agreement and the other agreements related thereto, including the Other Funding Agreements, the Equity Commitment Letters and the Confidentiality Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>NO THIRD PARTY BENEFICIARIES</u>. Except for the rights of the Released Persons under <u>Section</u> <u>9</u> and of the Co-Lead Investors in respect of <u>Sections 6</u>, <u>12</u> and <u>15</u>, the parties hereby agree that their respective representations, warranties and covenants set forth herein are solely for the benefit of the other parties hereto and their respective successors and permitted assigns, in accordance with and subject to the terms of this Agreement, and this Agreement is not intended to, and does not, confer upon any Person other than the parties hereto any rights or remedies hereunder, including the right to rely upon the representations and warranties set forth herein. This Agreement shall be binding on each of the Funding Party's successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>AMENDMENT</u>. This Agreement can be amended, supplemented or changed, and any provision hereof can be waived, only by written instrument making specific reference to this Agreement signed by the Funding Parties, the Co-Lead Investors, Parent and the Company. No action taken pursuant to this Agreement, including any investigation by or on behalf of any party, shall be deemed to constitute a waiver by the party taking such action of compliance with any representation, warranty, covenant or agreement contained herein. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or any subsequent breach or as a waiver of any other term or condition of this Agreement. No failure on the part of any party to exercise, and no delay by any party in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The parties hereto shall not declare a breach of this Agreement by any other party hereto unless and until it delivers a written notice describing such breach to such party and provides such party with an opportunity to cure such breach for at least ten (10) Business Days after receipt thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>COUNTERPARTS</u>. This Agreement may be signed in any number of counterparts (including by means of telecopied signature pages or electronic transmission with attachment in pdf format or any electronic signature complying with the U.S. federal ESIGN Act of 2000 (e.g., www.docusign.com), which will be deemed to have the same effect as physical delivery of a paper document bearing the original signatures), each such counterpart being deemed to be an original instrument, with the same effect as if the signatures to each counterpart were upon a single instrument, and all such counterparts together shall be deemed an original of this Agreement. This Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by all of the other parties hereto. Until and unless each party has received a counterpart hereof signed by each other party hereto, this Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). The parties irrevocably and unreservedly agree that this Agreement may be executed by way of electronic signatures and the parties agree that this letter, or any part thereof, shall not be challenged or denied any legal effect, validity and/or enforceability solely on the ground that it is in the form of an electronic record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>INTERPRETATION</u>. All parties acknowledge that each party and its counsel have reviewed this Agreement and that any rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>RELATIONSHIP OF THE PARTIES</u>. Each party hereto acknowledges and agrees that (a) this Agreement is not intended to, and does not, create any agency, partnership, fiduciary or joint venture relationship between or among any of the parties hereto or the Other Investors and neither this Agreement nor any other document or agreement entered into by any party hereto or by any Other Investor relating to the subject matter hereof shall be construed to suggest otherwise, (b) the obligations of each of the Funding Parties under this Agreement are solely contractual in nature and (c) the determinations of the Funding Parties and Other Investors were independent of each other. Notwithstanding anything to the contrary contained in this Agreement, the liability of each Funding Party hereunder shall be several and not joint, not joint and several, and no Funding Party shall be liable for any amount hereunder in excess of its Cap or its Funding Percentage of the Obligations or such lesser amount as may be required to be paid by the Funding Parties and the Other Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>HEADINGS; INTERPRETATION AND CONSTRUCTION</u>. The headings contained in this Agreement are for convenience purposes only and will not in any way affect the meaning or interpretation hereof.

The following provisions shall apply, to the extent applicable and wherever appropriate, herein: (a) "herein," "hereby," "hereunder," "hereof" and other equivalent words shall refer to this letter agreement as an entirety and not solely to the particular portion of this letter agreement in which any such word is used; (b) all definitions set forth herein shall be deemed applicable whether the words defined are used herein in the singular or the plural; (c) wherever used herein, any pronoun or pronouns shall be deemed to include both the singular and plural and to cover all genders; and (d) the word "including" or any variation thereof shall mean including, without limitation.

[*Signatures on following page*]

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| | |
|:---|:---|
| ROBSON INVESTMENTS PTE. LTD. | ROBSON INVESTMENTS PTE. LTD. |
| By: | /s/ Song Hwee Chia |
| Name: Song Hwee Chia | Name: Song Hwee Chia |
| Title: Authorized Signatory | Title: Authorized Signatory |

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[*Signature Page to Fee Funding Agreement [Robson Investments Pte. Ltd]*]

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| | |
|:---|:---|
| **GT SILVER BIDCO, INC.** | **GT SILVER BIDCO, INC.** |
| By: | /s/ Peter Flynn |
| Name: Peter Flynn | Name: Peter Flynn |
| Title: Chief Executive Officer and President | Title: Chief Executive Officer and President |

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[*Signature Page to Fee Funding Agreement [GT Silver Bidco, Inc.]*]

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| | |
|:---|:---|
| Accepted and Agreed to: | Accepted and Agreed to: |
| **CLEARWATER ANALYTICS HOLDINGS, INC.** | **CLEARWATER ANALYTICS HOLDINGS, INC.** |
| By: | /s/ Sandeep Sahai |
| Name: Sandeep Sahai | Name: Sandeep Sahai |
| Title: Chief Executive Officer | Title: Chief Executive Officer |

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[*Signature Page to Fee Funding Agreement [Robson Investments Pte. Ltd]*]

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**Schedule A** 

**Funding Parties** 

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| | | |
|:---|:---|:---|
| **Temasek** | **Percentage<br>of Obligations** | **Cap** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robson Investments Pte. Ltd. | 12.70% | $67777231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Temasek** | **12.70%** | $**67777231** |

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**Schedule B** 

**Other Investors** 

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| | | |
|:---|:---|:---|
| **Permira** | **Percentage<br>of Obligations** | **Cap** |
|  Permira VIII - 1 SCSp | 26.97% | $143907967 |
|  Permira VIII - 2 SCSp | 6.56% | $34987578 |
|  Permira VIII CIS SCSp | 0.81% | $4299027 |
|  Permira VIII CIS 2 SCSp | 0.00% | $4503 |
|  PILI 1 Portfolio SCSp | 0.58% | $3096113 |
|  PILI 2 Portfolio SCSp | 0.09% | $464157 |
|  PILI 4 Portfolio SCSp | 0.11% | $562930 |
|  Permira Investment Capital LP | 0.02% | $125371 |
|  Permira Investment Capital II LP | 0.02% | $121985 |
|  Permira Investment Capital III LP | 0.03% | $171933 |
|  **Total Permira VIII** | **35.19%** | $**187741564** |
|  REDWOOD OPPORTUNITIES SCSP | 8.47% | $45184820 |
|  **Total Permira** | **43.66%** | $**232926385** |
|  **Warburg** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15, L.P. | 9.46% | $50504758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15-B, L.P. | 7.14% | $38127490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15 International, SCSp | 3.62% | $19302633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WP Global Growth 15 Partners, L.P. | 1.45% | $7726833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Global Growth 15 Partners, L.P. | 3.08% | $16457609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Financial Sector III, L.P. | 5.20% | $27755793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Financial Sector III-E, L.P. | 0.40% | $2129598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warburg Pincus Financial Sector III Partners, L.P. | 0.59% | $3144440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Warburg** | **30.94%** | $**165149154** |
|  **Francisco Partners** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII, L.P. | 5.51% | $29421081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII-A, L.P. | 6.39% | $34106605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII-B, L.P. | 0.15% | $806812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Francisco Partners VII-C, L.P. | 0.65% | $3442733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Francisco** | **12.70%** | $**67777231** |

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## Ex-99.(B)(Ix)

**Exhibit (b)(ix)** 

***Execution Version***

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| | | | |
|:---|:---|:---|:---|
| **GOLDMAN SACHS ASSET MANAGEMENT, L.P.**<br> 200 West Street<br> New York, NY 10282 | **ARES CAPITAL MANAGEMENT LLC**<br> 245 Park Avenue, 44th Floor<br> New York, NY 10167 | **BLUE OWL CREDIT ADVISORS LLC**<br> 399 Park Avenue, 37th Floor<br> New York, NY 10022 | **ANTARES CAPITAL LP**<br> 320 S. Canal Street<br> Suite 4200<br> Chicago, IL 60606<br> **ANTARES HOLDINGS LP**<br> 100 King St, Suite 2920<br> Toronto, ON M5X 1E3<br> Canada |
| **GOLUB CAPITAL LLC**<br> Two Hundred Park Avenue<br> New York, NY 10166 | **NB ALTERNATIVES ADVISERS LLC**<br> 1290 Avenue of the Americas New York, NY 10104 | **CPPIB CREDIT INVESTMENTS III INC.**<br> One Queen Street East, Suite 2500 Toronto, ON M5C 2W5<br> Canada | **KKR CREDIT ADVISORS (US) LLC**<br> 555 California Street, 50th Floor San Francisco, CA 94104<br> **KKR CAPITAL MARKETS LLC** 30 Hudson Yards<br> New York, NY 10001 |
| **APOLLO GLOBAL FUNDING, LLC**<br> **APOLLO CAPITAL MANAGEMENT, L.P**.<br> 9 West 57th Street, 41st Floor New York, New York 10019 | **HPS INVESTMENT PARTNERS, LLC**<br> 40 West 57th Street, Floor 33 New York, NY 10019 |  |  |
|  |  |  | **CONFIDENTIAL**<br>January 21, 2026 |
| GT SILVER BIDCO, INC.<br> c/o Warburg Pincus LLC<br> 450 Lexington Avenue, 34th Floor New York, NY 10017<br> Attn: Mr. Matthew Bashaw |  |  |  |
| c/o Permira Advisers LLC<br> 320 Park Ave., 23rd Floor<br> New York, NY 10022<br> Attn: Ms. Molly Breen |  |  |  |

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<u>Project GTSilver</u> 

<u>Amended and Restated Commitment Letter</u> 

Ladies and Gentlemen:

Reference is made to the Commitment Letter, dated as of December 20, 2025 (the "***Original Commitment Letter***"), by and among Goldman Sachs Asset Management, L.P. ("***GSAM***") (on behalf of certain of its funds and managed accounts (the "***GSAM Principal Investors***") and GLQ II Credit Investments LLC ("***GLQ***" and, together with the GSAM Principal Investors, the "***Initial GS Principal Investors***") and GT Silver BidCo, Inc., a Delaware corporation (the "***Borrower***" or "***you***"). The parties to the Original Commitment Letter hereby agree that this Commitment Letter amends, restates and supersedes the Original Commitment Letter in its entirety.

You have advised the GSAM (and, together with any Other GS Principal Investors (as defined below) to which any commitments in respect of the Senior Secured Facilities are reallocated, sold, assigned or otherwise transferred pursuant to, and in accordance with, this Commitment Letter, the "***GS Principal Investors***")), Ares Capital Management LLC (on behalf of, and in its capacity as manager to, certain funds and accounts, "***Ares***"), Blue Owl Credit Advisors LLC (on behalf of its affiliated advisers and its and their managed funds and accounts, "***Blue Ow***l"), Antares Capital LP ("***Antares Capital***"), Antares Holdings LP (for itself and on behalf of such of its affiliates, affiliated or managed funds and separately managed accounts that are managed by it as deemed appropriate, "***Antares Holding*s**" and together with Antares Capital, "***Antares***"), Golub Capital LLC (on behalf of itself, certain of its affiliates and its and their respective managed accounts and funds, "***Golub***"), NB Alternatives Advisers LLC ("***NB***"), CPPIB Credit Investments III Inc. (on behalf of its affiliated advisers and its and their managed funds and accounts, "***CPPIB***"), KKR Credit Advisors (US) LLC ("***KKR Credit***", and on behalf of itself, certain of its affiliates, and its or their managed or advised funds and accounts, "***KCA***"), Apollo Global Funding, LLC ("***AGF***"), Apollo Capital Management, L.P., (on behalf of one or more investment funds, separate accounts, and other entities owned (in whole or in part), controlled, managed, and/or advised by it or its affiliates (in such capacity, "***ACM***", and together with AGF, "***Apollo***") and HPS Investment Partners, LLC ("***HPS***", and together with GS Principal Investors, Blue Owl, Antares, Golub, NB, CPPIB, KCA and Apollo, and any Additional Agent appointed as described below, "***we***", "***us***" or the "***Commitment Parties***", and each individually a "***Commitment Party***"), that the Borrower formed at the direction of Warburg Pincus LLC and its affiliates (collectively, "***Warburg***") and Permira Advisers LLC and its affiliates (collectively, "***Permira***" and, together with Warburg, the "***Sponsor***"), intends to acquire (the "***Acquisition***"), directly or indirectly, the equity interests of an entity previously identified to us by you as "GTSilver" (the "***Target***"). You have further advised us that, in connection with the foregoing, you intend to consummate the other Transactions described in the Transaction Description attached hereto as Exhibit A (the "***Transaction Description***"). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Transaction Description or the Summary of Principal Terms and Conditions attached hereto as Exhibit B (the "***Term Sheet***"; this commitment letter, the Transaction Description, the Term Sheet and the Summary of Additional Conditions attached hereto as Exhibit C, collectively, the "***Commitment Letter***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Commitments</u>.

In connection with the Transactions, each of the Commitment Parties listed on Schedule I hereto (in such capacity, each, an "***Initial Lender***" and together with any other initial lender that becomes a party hereto after the date hereof, collectively, the "***Initial Lenders***") (a) is pleased to advise you of its, several but not joint, commitment to provide the aggregate principal amount of the Senior Secured Facilities set forth on Schedule I opposite its name and on the terms set forth herein and subject only to the satisfaction or waiver of the Limited Conditionality Provisions (as defined below) and (b) agrees that upon the satisfaction or waiver of the Limited Conditionality Provisions, each of the Senior Secured Facilities shall become available and the initial funding thereunder shall occur.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Titles and Roles</u>.

It is agreed that (a) Goldman Sachs Private Credit Corp., Ares, Blue Owl, Antares Capital, Golub, NB, CPPIB, KKR Capital Markets LLC ("***KCM***"), AGF and HPS each will act as a lead arranger and bookrunner for the Senior Secured Facilities (in such capacity, each, an "***Arranger***" and together with any other party that becomes an arranger after the date hereof, collectively, the "***Arrangers***") and (b) Goldman Sachs Private Credit Corp. will act as sole administrative agent and sole collateral agent for the Senior Secured Facilities (in such capacity, the "***Administrative Agent***"). It is further agreed that (x) Goldman Sachs Private Credit Corp. shall appear on the "left" of all marketing and other materials in connection with the Senior Secured Facilities and will have the rights and responsibilities customarily associated with such name placement and (y) the other Arrangers will be listed in the order determined by you in any marketing and other materials. It is understood that you shall have the right to appoint additional agents, co-agents, lead arrangers, bookrunners or managers (any such additional agent, co-agent, lead arranger, bookrunner or manager, an "***Additional Agent***") by means of reallocations of the commitments of any Initial Lender, subject to the prior written consent of such Initial Lender in its sole discretion (each, a "***Non-Ratable Reallocation***"); *provided* that (a) such Additional Agents (or their affiliates) shall assume a proportion of the commitments with respect to the Senior Secured Facilities that is equal to the proportion of the economics allocated to such Additional Agents (or their affiliates) and such commitments shall be pro rata across the Senior Secured Facilities and (b) to the extent you appoint Additional Agents and/or confer additional titles in respect of the Senior Secured Facilities on the Additional Agents, the commitment and economics of the applicable Initial Lender that has consented to such reallocation will be reduced, in each case, by the amount of the economics allocated to, and the commitment amount of, such Additional Agents (or their affiliate), in each case upon the execution and delivery by such Additional Agents and you of customary joinder documentation and, thereafter, each such Additional Agent shall constitute a "Commitment Party," "Initial Lender" and/or "Arranger," as applicable, under this Commitment Letter and under the Fee Letters (as defined below), it being agreed and understood that Excluded Affiliates (as defined below) of such Additional Agents shall be treated in the same manner as Excluded Affiliates of any Commitment Party hereunder.

Notwithstanding any other provision of this Commitment Letter or the Fee Letters to the contrary and notwithstanding any syndication, assignment or other transfer by any Initial Lender other than in connection with any assignment to an Additional Agent, and upon the joinder of such Additional Agent as an Initial Lender pursuant to the immediately preceding paragraph, in respect of the amount allocated to such Additional Agent, (x) no Initial Lender shall be relieved, released or novated from its obligations hereunder (including its obligation to fund its applicable percentage of the Senior Secured Facilities on the Closing Date) in connection with any syndication, assignment or other transfer until after the initial funding of the Senior Secured Facilities on the Closing Date, (y) no such syndication, assignment or other transfer shall become effective with respect to any portion of the Initial Lenders' commitments in respect of the Senior Secured Facilities until the initial funding of the Senior Secured Facilities on the Closing Date, and (z) unless the Borrower agrees in writing, each Initial Lender shall retain exclusive control over all rights and obligations with respect to its commitments in respect of the Senior Secured Facilities, including all rights with respect to consents, waivers, modifications, supplements and amendments, until the Closing Date has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Information</u>.

You hereby represent and warrant that (with respect to information provided by or relating to the Target, its subsidiaries or their respective operations or assets, to your knowledge) (a) all written factual information and written factual data, other than (i) the projections, estimates, budgets and other forward-looking information and (ii) information of a general economic or industry specific nature (such written information and data other than as described in the immediately preceding clauses (i) and (ii), the "***Information***"), that has been or will be made available to any Commitment Party, directly or indirectly, by you, the Target or by any of your or its representatives on your behalf at your direction in connection

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with the transactions contemplated hereby, when taken as a whole after giving effect to all supplements and updates provided thereto, is or will be, when furnished, supplemented or updated, correct in all material respects and does not or will not, when furnished, supplemented or updated, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements are made (after giving effect to all supplements and updates provided thereto through the date of the initial funding under the Senior Secured Facilities (the date of such funding, the "***Closing Date***")) and (b) the projections that have been or will be made available to the Commitment Parties by you or by any of your representatives on your behalf in connection with the transactions contemplated hereby, when taken as a whole, have been, or will be, prepared in good faith based upon assumptions that are believed by you to be reasonable at the time prepared and at the time the related projections are so furnished; it being understood that (i) the projections are merely a prediction as to future events and are not to be viewed as facts, (ii) the projections are subject to significant uncertainties and contingencies, many of which are beyond the control of you, the Sponsor and/or the Target, and (iii) no assurance can be given that any particular projections will be realized and that actual results during the period or periods covered by any such projections may differ significantly from the projected results and such differences may be material. You agree that, if at any time prior to the Closing Date, you become aware that any of the representations and warranties in the preceding sentence would be incorrect in any material respect if the Information and the projections were being furnished, and such representations and warranties were being made at such time, then you will (or, with respect to the Information and projections relating to the Target, its subsidiaries or their respective operations or assets, will use your commercially reasonable efforts to cause the Target to) promptly supplement the Information and the projections, as applicable, such that (with respect to the Information relating to the Target and its subsidiaries or their respective operations or assets, to your knowledge) such representations and warranties are correct in all material respects under those circumstances; *provided* that any such supplementation shall cure any breach of such representations and warranties. In connection herewith, each Commitment Party (i) will be entitled to use and rely on the Information and the projections without responsibility for independent verification thereof and (ii) does not assume responsibility for the accuracy or completeness of the Information or the projections. Notwithstanding anything to the contrary contained in this Commitment Letter or any Fee Letter, none of the making of any representation under this Section 3 or the provision of any supplement to any Information or the projections, nor the accuracy of any such representation or supplement, shall constitute a condition precedent to the availability or funding of any of the Senior Secured Facilities on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Fees and Closing Payments</u>.

As consideration for the commitments of the Commitment Parties hereunder and for the agreement of the Commitment Parties described herein, you agree to pay (or cause to be paid) the fees and closing payments set forth in the Term Sheet and in (i) the amended and restated fee and closing payment letter dated the date hereof by and among you and us (the "***Fee and Closing Payment Letter***") and (ii) the amended and restated agency process letter agreement dated the date hereof by and among you and us (the "***Agency Process Letter***" and, together with the Fee and Closing Payment Letter, the "***Fee Letters***"), if and to the extent payable in accordance with the terms hereof or thereof. Once paid, except as provided herein, in the Fee Letters or agreed in writing by the parties hereto, such fees and closing payments shall not be refundable under any circumstances. Notwithstanding anything to the contrary herein or otherwise, if the Closing Date does not occur, no fees, closing payments, costs or expenses (other than amounts payable pursuant to clause (a) in the first paragraph of Section 6 below, but not any fees, costs, expenses or disbursements of counsel pursuant to clause (b) of that paragraph), will be payable or reimbursable by you pursuant to this Commitment Letter, the Fee Letters or any other agreement entered into between you and any Arranger, Administrative Agent, Commitment Party and/or any of their respective affiliates with respect to the Senior Secured Facilities (other than the fee described in the first paragraph of the section "Additional Agreements" in the Fee and Closing Payment Letter, solely to the extent any such fee would be required to be paid pursuant to the terms of the Fee and Closing Payment Letter).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Conditions</u>.

The commitments of the Commitment Parties hereunder to fund the Senior Secured Facilities on the Closing Date and the agreements of the Commitment Parties described herein are subject solely to the conditions set forth in Exhibit C hereto (collectively, the "***Limited Conditionality Provisions***"); and, upon satisfaction (or waiver by the Commitment Parties) of such conditions, the initial funding of the Senior Secured Facilities shall occur; it being understood and agreed that there are no other conditions (implied or otherwise) to the commitments hereunder, including compliance with the terms of the Commitment Letter, the Fee Letters and the Facilities Documentation.

Notwithstanding anything in this Commitment Letter (including each of the exhibits attached hereto), the Fee Letters, the Facilities Documentation or any other agreement or other undertaking concerning the financing of the Transactions to the contrary, (i) the only representations and warranties the making and accuracy of which will be a condition to the availability and initial funding of the Senior Secured Facilities on the Closing Date shall be (A) such of the representations and warranties in the Acquisition Agreement made by the Target with respect to the Target and its subsidiaries as are material to the interests of the Initial Lenders (in their respective capacities as such), but only to the extent that you have (and/or your applicable affiliate has) the right (taking into account any applicable cure provisions) to terminate your (and/or its) obligations under the Acquisition Agreement pursuant to Section 7.01(c)(i) of the Acquisition Agreement or decline to consummate the Acquisition pursuant to Section 6.02(a) of the Acquisition Agreement, in each case, as a result of a breach of such representations in the Acquisition Agreement (to such extent, the "***Specified Acquisition Agreement Representations***") and (B) the Specified Representations (as defined below) and (ii) the terms of the Facilities Documentation and the Closing Deliverables shall be in a form such that they do not impair the availability or funding of the Senior Secured Facilities on the Closing Date if the Limited Conditionality Provisions are satisfied (or waived by the Commitment Parties) (it being understood that, to the extent that any security interest in any Collateral (as defined in Exhibit B) is not or cannot be provided and/or perfected on the Closing Date (other than, to the extent required under Exhibit B, (x) any security interest in any Collateral which may be perfected by the filing of a financing statement under the Uniform Commercial Code or (y) the delivery of stock certificates with respect to certificated securities (and related stock powers) of the Borrower and its material wholly-owned domestic restricted subsidiaries that are part of the Collateral that have been timely provided on or prior to the Closing Date, it being understood that the Borrower shall use its commercially reasonable efforts to cause such certificates to be delivered on the Closing Date (provided that such certificated equity securities will be required to be delivered on the Closing Date only to the extent available after use of such commercially reasonable efforts)) after your use of commercially reasonable efforts to do so without undue burden or expense, then the provision and/or perfection of a security interest in such Collateral shall not constitute a condition precedent to the availability of, and shall not affect the size of, the Senior Secured Facilities on the Closing Date, but instead shall be required to be delivered and/or perfected after the Closing Date pursuant to arrangements and timing to be mutually agreed by the Administrative Agent and the Borrower acting reasonably within ninety (90) days following the Closing Date (or such later date as may be reasonably agreed between the Administrative Agent and the Borrower)); <u>provided</u>, that, if the Investor Backstop Option (as defined below) is exercised, then the making (but not the accuracy) of the Investor Backstop Representation (as defined below) shall be a condition to the availability and initial funding of the Senior Secured Facilities on the Closing Date. For purposes hereof, (i) "***Specified Representations***" means the representations and warranties of the Borrower, Holdings and to the extent applicable, the other Guarantors set forth in the Facilities Documentation relating to corporate or other organizational existence of the Borrower, Holdings, and to the extent applicable, the Guarantors, organizational power and authority, due authorization of, execution and delivery by and enforceability against the Borrower, Holdings, and to

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the extent applicable, the other Guarantors, in each case, related to the entering into and performance of the applicable Facilities Documentation; no conflicts of the Facilities Documentation with charter documents of the Borrower, Holdings, and to the extent applicable, the Guarantors as it relates to the entering into and performance of the Facilities Documentation; solvency as of the Closing Date (after giving effect to the Transactions) of the Borrower and its subsidiaries on a consolidated basis (consistent with the solvency certificate attached as Annex I to Exhibit C hereto); use of proceeds of borrowings under the Senior Secured Facilities on the Closing Date not violating Federal Reserve margin regulations; the Investment Company Act; and, subject to the limitations above, validity and perfection of security interests granted by the Borrower, Holdings, and to the extent applicable, the other Guarantors in the Collateral (subject to permitted liens as set forth in the Facilities Documentation and the foregoing provisions of this Section 5) and (ii) the "***Investor Backstop Representation***" means the representation of Holdings and Borrower that, if the negative covenants set forth in the Facilities Documentation had been in effect during the period from and including the date of the consummation of the Acquisition to and including the Closing Date (such period, the "***Backstop Pending Period***"), no Event of Default would have occurred and would be continuing as of the Closing Date (other than as may have resulted from the Increased Equity Contribution or the Investor Loan). The provisions in this Section 5 shall be referred to as the "***Certain Funds Provisions***".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Indemnity; Expenses</u>.

To induce the Commitment Parties to enter into this Commitment Letter and the Fee Letters and to proceed with the documentation of the Senior Secured Facilities, you agree (a) to indemnify and hold harmless each Commitment Party, its affiliates (other than Excluded Affiliates to the extent acting in their capacities as such) and their respective officers, directors, employees, agents, controlling persons, advisors and other representatives and the successors and permitted assigns of each of the foregoing (each, an "***Indemnified Person***") from and against any and all losses, claims, damages and liabilities of any kind or nature and reasonable, documented and invoiced out-of-pocket fees and expenses, joint or several (limited, in the case of (i) legal fees and expenses, to the reasonable, documented and invoiced fees, disbursements and other charges of one counsel for all Indemnified Persons and, if necessary, one firm of local counsel in each relevant material jurisdiction (which may include a single special counsel acting in multiple jurisdictions) for all Indemnified Persons (and, in the case of an actual conflict of interest, one additional conflicts counsel for the affected Indemnified Persons) and (ii) the fees and expenses of any other advisor or consultant, to the reasonable, documented and invoiced fees, disbursements and other charges of such advisor or consultant, but solely to the extent you have consented to the retention of such person in writing (such consent not to be unreasonably withheld or delayed)), to which any such Indemnified Person may become subject to the extent arising out of, resulting from or in connection with, any claim, litigation, investigation or proceeding (including any inquiry or investigation) relating to this Commitment Letter (including the Term Sheet), the Original Commitment Letter, the Fee Letters, the Original Fee Letter (as defined in the Fee Letter), the Original Agency Process Letter (as defined in the Agency Process Letter), the Transactions or any related transaction contemplated hereby, the Senior Secured Facilities or any use of the proceeds thereof (any of the foregoing, a "***Proceeding***"), regardless of whether any such Indemnified Person is a party thereto, whether or not such Proceedings are brought by you, the Target, your or any of the Target's respective equity holders, affiliates, creditors or any other third person; *provided* that the foregoing indemnity will not, as to any Indemnified Person, apply to losses, claims, damages, liabilities, costs or expenses to the extent that they have resulted from (i) the willful misconduct, bad faith or gross negligence of such Indemnified Person or any of such Indemnified Person's affiliates or any of its or their respective officers, directors, employees, agents, controlling persons, advisors or other representatives (as determined by a court of competent jurisdiction in a final and non-appealable decision), (ii) a material breach of the obligations of such Indemnified Person or any of such Indemnified Person's affiliates under this Commitment Letter (including, the Term Sheet) or the Fee Letters (as determined by a court of competent jurisdiction in a final and non-appealable decision) or (iii) any Proceeding that does not involve an act or omission by you or any of your affiliates and that is brought by an Indemnified Person against any

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other Indemnified Person (other than an Arranger or an agent under a Senior Secured Facility acting in its capacity as such) and (b) to the extent that the Closing Date occurs, to reimburse each Commitment Party from time to time, upon presentation of a summary statement, for all reasonable, documented and invoiced out-of-pocket expenses (limited, in the case of (i) legal fees and expenses, to the reasonable, documented and invoiced fees, disbursements and other charges of one counsel for all Indemnified Persons and, if necessary, one firm of local counsel in each relevant material jurisdiction (which may include a single special counsel acting in multiple jurisdictions) for all Indemnified Persons (and, in the case of an actual conflict of interest, one additional conflicts counsel for the affected Indemnified Persons) and (ii) the fees and expenses of any other advisor or consultant, to the reasonable, documented and invoiced fees, disbursements and other charges of such advisor or consultant, but solely to the extent you have consented to the retention of such person in writing (such consent not to be unreasonably withheld or delayed)), in each case incurred in connection with the Senior Secured Facilities and the preparation, negotiation and enforcement of this Commitment Letter, the Original Commitment Letter, the Fee Letters, the Original Fee Letter, the Original Agency Process Letter, the Facilities Documentation and any security arrangements in connection therewith (collectively, the "***Expenses***"). The foregoing provisions in this paragraph shall be superseded in each case, to the extent covered thereby, by the applicable provisions contained in the Facilities Documentation upon execution thereof and thereafter shall have no further force and effect.

Notwithstanding any other provision of this Commitment Letter, (i) no party hereto shall be liable for any damages arising from the use by others of information or other materials obtained through internet, electronic, telecommunications or other information transmission systems, except to the extent that such damages have resulted from the willful misconduct, bad faith or gross negligence of such person or any of such person's affiliates or any of its or their respective officers, directors, employees, agents, advisors or other representatives (as determined by a court of competent jurisdiction in a final and non-appealable decision) and (ii) none of we, you, the Sponsor, the Investors, the Target or any affiliate of any of the foregoing, any officer, director, employee, agent, controlling person, advisor or other representative of the foregoing or any successor or permitted assign of any of the foregoing shall be liable for any indirect, special, punitive or consequential damages (including, without limitation, any loss of profits, business or anticipated savings) in connection with this Commitment Letter, the Original Commitment Letter, the Fee Letters, the Original Fee Letter, the Original Agency Process Letter, the Transactions (including the Senior Secured Facilities and the use of proceeds thereunder), or with respect to any activities related to the Senior Secured Facilities, including the preparation of this Commitment Letter, the Original Commitment Letter, the Fee Letters, the Original Fee Letter, the Original Agency Process Letter and the Facilities Documentation; *provided* that nothing contained in clause (ii) above shall limit your indemnity and reimbursement obligations to the extent set forth in the immediately preceding paragraph in respect of any third party claims alleging such indirect, special, punitive or consequential damages. Notwithstanding the foregoing, each Indemnified Person will be obligated to refund and return promptly any and all amounts paid by you under the immediately preceding paragraph to the extent it has been determined by a court of competent jurisdiction in a final and non-appealable decision that such Indemnified Person is not entitled to payment of such amounts in accordance with the terms hereof.

You shall not be liable for any settlement of any Proceeding effected without your written consent (which consent shall not be unreasonably withheld, conditioned or delayed), but if settled with your written consent or if there is a final and non-appealable judgment by a court of competent jurisdiction for the plaintiff in any such Proceeding, you agree to indemnify and hold harmless each Indemnified Person from and against any and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with the other provisions of this Section 6.

You shall not, without the prior written consent of any Indemnified Person (which consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement of any pending or threatened proceedings in respect of which indemnity could have been sought hereunder by such Indemnified Person

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unless such settlement (i) includes an unconditional release of such Indemnified Person in form and substance reasonably satisfactory to such Indemnified Person from all liability or claims that are the subject matter of such proceedings and (ii) does not include any statement as to or any admission of fault, culpability, wrong doing or a failure to act by or on behalf of any Indemnified Person.

In case any Proceeding is instituted involving any Indemnified Person for which indemnification is to be sought hereunder by such Indemnified Person, then such Indemnified Person will promptly notify you of the commencement of any such Proceeding; *provided*, *however*, that the failure to so notify you will not relieve you from any liability that you may have to such Indemnified Person pursuant to this Section 6 or from any liability that you may have to such Indemnified Person other than pursuant to this Section 6, except to the extent that you are materially prejudiced by such failure. In connection with any one Proceeding, you will not be responsible for the fees and expenses of more than one separate law firm for all Indemnified Persons plus additional conflicts and local counsel as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Sharing of Information, Absence of Fiduciary Relationships, Affiliate Activities</u>.

You acknowledge that the Commitment Parties and/or their respective affiliates may be providing debt financing, equity capital or other services (including, without limitation, investment banking and financial advisory services, securities trading, hedging, financing and brokerage activities) to other persons in respect of which you, the Target and your and its respective affiliates may have conflicting interests regarding the transactions described herein and otherwise. Neither the Commitment Parties nor any of their respective affiliates will use confidential information obtained from you by virtue of the transactions contemplated by this Commitment Letter or their other relationships with you in connection with the performance by them or their affiliates of services for other persons, and neither the Commitment Parties nor their respective affiliates will furnish any such information to other persons in contravention of Section 8 hereof. You also acknowledge that neither the Commitment Parties nor their respective affiliates have any obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish to you, confidential information obtained by them from other persons.

You acknowledge that the Commitment Parties may be engaged, either directly or through their respective affiliates, in various activities, including securities trading, commodities trading, investment management, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, each Commitment Party and its affiliates may actively engage in commodities trading or trade the debt and equity securities (or related derivative securities) and financial instruments (including bank loans and other obligations) of you, the Target and other companies that may be the subject of the arrangements contemplated by this Commitment Letter for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities. The Commitment Parties and their respective affiliates may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities issued by you, the Target or other companies that may be the subject of the arrangements contemplated by this Commitment Letter or engage in commodities trading with any thereof.

The Commitment Parties and their respective affiliates may have economic interests that conflict with those of the Target and you. You agree that each Commitment Party will act under this Commitment Letter as an independent contractor and that nothing in this Commitment Letter or the Fee Letters will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Commitment Party or any of its affiliates, on the one hand, and you, the Target, or your and its affiliates, on the other hand. You acknowledge and agree that (i) the transactions contemplated by this Commitment Letter and the Fee Letters are arm's-length commercial transactions between the Commitment Parties and their respective affiliates, on the one hand, and you and your affiliates, on the other, (ii) in connection

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therewith and with the process leading to such transaction the Commitment Parties and their respective applicable affiliates (as the case may be) are acting solely as principals and not as agents or fiduciaries of you, the Target, your and its management, equityholders, creditors, affiliates or any other person, (iii) each Commitment Party and its applicable affiliates (as the case may be) have not assumed an advisory or fiduciary responsibility or any other obligation in favor of you or your affiliates with respect to the transactions contemplated hereby or the process leading thereto (irrespective of whether the Commitment Parties or any of their respective affiliates has advised or is currently advising you or the Target on other matters) except the obligations expressly set forth in this Commitment Letter and the Fee Letters and (iv) you have consulted your own legal, accounting, regulatory, tax and financial advisors to the extent you deemed appropriate. You further acknowledge and agree that you are responsible for making your own independent judgment with respect to such transactions and the process leading thereto. You agree that you will not claim that the Commitment Parties or their respective applicable affiliates, as the case may be, have rendered advisory services of any nature or respect, or owe a fiduciary or similar duty to you or your affiliates, in connection with such transaction or the process leading thereto.

In addition, please note that Goldman Sachs & Co. LLC has been retained by the Sponsor as the financial advisor (in such capacity, the "***Financial Advisor***") in connection with the Acquisition. You agree to such retention, and further agree not to assert any claim you might allege based on any actual or potential conflicts of interest that might be asserted to arise or result from the engagement of the Financial Advisor, on the one hand, and our and our affiliates' relationships with you as described and referred to herein, on the other hand. Each of the Commitment Parties party hereto acknowledges (i) the retention of Goldman Sachs & Co. LLC as the Financial Advisor and (ii) that such relationship does not create any fiduciary duties or fiduciary responsibilities to such Commitment Party on the part of Goldman Sachs & Co. LLC or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Confidentiality</u>.

You agree that you will not disclose, directly or indirectly, the Fee Letters, the Original Fee Letter the Original Agency Process Letter or any of the contents thereof or, prior to your acceptance hereof, this Commitment Letter or the Original Commitment Letter or any of the contents hereof or thereof, or the activities of the Commitment Parties pursuant hereto or thereto, to any person or entity without our prior written approval (such approval not to be unreasonably withheld, conditioned or delayed), except (a) to the Sponsor and certain other investors arranged thereby (collectively, the "***Investors***"), potential Additional Agents and to your affiliates and your and their respective officers, directors, members, partners, agents, employees, attorneys, accountants, advisors, controlling persons or equity holders, and to any other actual or potential co-investors, who are directly involved in the consideration of this matter and have a need to know the information contained herein or therein, as applicable, are informed of the confidential nature of this Commitment Letter, the Original Commitment Letter, the Fee Letters, the Original Fee Letter, the Original Agency Process Letter and the contents hereof and thereof and who are or have been advised of their obligation to keep the same confidential, (b) if the Commitment Parties consent in writing to such proposed disclosure or (c) pursuant to the order of any court or administrative agency in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law, rule, regulation or compulsory legal process or to the extent requested or required by governmental and/or regulatory authorities (in which case you agree, to the extent practicable and not prohibited by applicable law, rule or regulation, to inform us promptly thereof prior to disclosure); *provided* that (i) you may disclose this Commitment Letter and its contents (but not the Fee Letters, except as provided in clause (v) below, or the Original Fee Letter and the Original Agency Process Letter) to the Target, its affiliates and its and their respective officers, directors, agents, employees, attorneys, accountants, advisors, members, controlling persons or equity holders, in each case who are informed of the confidential nature of this Commitment Letter, the Fee Letters and the contents hereof and thereof and who are or have been advised of their obligation to keep the same confidential, (ii) you may disclose the Commitment Letter and its contents (but

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not the Fee Letters or the Original Fee Letter and the Original Agency Process Letter) in connection with any public filing relating to the Transactions or in any other required filing with any regulatory agencies, (iii) you may disclose the Term Sheet and the other Exhibits and annexes to this Commitment Letter and the contents thereof, to potential Lenders and to ratings agencies in connection with obtaining, maintaining or updating (as applicable) ratings for the Borrower and/or the Senior Secured Credit Facilities, (iv) you may disclose the aggregate closing payment and fee amounts contained in the Fee Letters as part of projections, *pro forma* information or a generic disclosure of aggregate sources and uses related to closing payment and fee amounts related to the Transactions to the extent customary or required in offering and marketing materials for the Senior Secured Facilities or in any public filing relating to the Transactions, (v) to the extent portions thereof have been redacted in a manner to be reasonably satisfactory to us, you may disclose the Fee Letters and the contents thereof to the Target, its affiliates and its and their respective officers, directors, members, partners, agents, employees, attorneys, accountants, advisors, controlling persons or equity holders, on a confidential and need to know basis, (vi) you may disclose this Commitment Letter, the Fee Letters and the contents hereof and thereof to the extent this Commitment Letter, the Fee Letters or the contents hereof or thereof, as applicable, become publicly available other than by reason of disclosure by you in breach of this Commitment Letter, (vii) you may disclose this Commitment Letter, the Fee Letters and the contents hereof and thereof to the extent required by applicable law, rule or regulation, governmental or regulatory authority, subpoena or other compulsory legal process (in which case, you agree, to the extent practicable and not prohibited by law, to inform us promptly thereof prior to disclosure), (viii) you may disclose this Commitment Letter, the Fee Letters and the contents hereof and thereof to the extent necessary to enforce your rights and remedies hereunder or thereunder and (ix) you may disclose, on a confidential basis, the Fee Letters and the contents thereof after the Closing Date for customary accounting purposes, including for deferred financing costs (including to the auditors of Holdings, the Borrower or the Target).

The Commitment Parties and their respective affiliates will use all information provided to it or such affiliates by or on behalf of you hereunder or in connection with the Acquisition and the Transactions solely for the purpose of providing the financing that is the subject of this Commitment Letter and shall treat confidentially all such information and shall not publish, disclose or otherwise divulge, such information; *provided* that nothing herein shall prevent the Commitment Parties and their respective affiliates from disclosing any such information (a) pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law, rule, regulation or compulsory legal process based on the advice of counsel (in which case each Commitment Party agrees (except with respect to any audit or examination conducted by bank accountants or any governmental or regulatory authority exercising routine examination or regulatory authority), to the extent practicable and not prohibited by applicable law, rule or regulation, to inform you promptly thereof prior to disclosure), (b) upon the request or demand of any regulatory authority having jurisdiction over a Commitment Party or any of its affiliates (in which case such Commitment Party agrees (except with respect to any audit or examination conducted by bank accountants or any governmental or regulatory authority exercising routine examination or regulatory authority), to the extent practicable and not prohibited by applicable law, rule or regulation, to inform you promptly thereof prior to disclosure), (c) to the extent that such information becomes publicly available other than by reason of disclosure by a Commitment Party or any of its affiliates or any related parties thereto in violation of any confidentiality obligations owing to you, the Investors, the Target or any of your or their respective affiliates (including those set forth in this paragraph), (d) to the extent that such information is received by a Commitment Party from a third party that is not, to such Commitment Party's knowledge, subject to contractual or fiduciary confidentiality obligations owing to you, the Sponsor, the Target or any of your or their respective affiliates or related parties, (e) to the extent that such information is independently developed by a Commitment Party, (f) to a Commitment Party's affiliates (other than Excluded Affiliates) and to its and their respective employees, legal counsel, independent auditors, professionals and other experts or agents who need to know such information in connection with the Transactions and who are informed of the confidential nature of such

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information and are or have been advised of their obligation to keep such information confidential (with such Commitment Party responsible for such person's compliance with this paragraph); *provided* that no disclosure will be made by any Commitment Party, any of its affiliates or any of its or their respective employees, legal counsel, independent auditors, professionals or other experts or agents pursuant to this clause (f) to any affiliates that are engaged as principals primarily in private equity, mezzanine financing or venture capital (each a "***Private Equity Affiliate***") or to any employees engaged directly or indirectly in the sale of the Target as representatives of the Target (other than, in each case, such persons engaged by you or your affiliates as part of the Acquisition) (each a "***Sell Side Affiliate***" and together with the Private Equity Affiliates, the "***Excluded Affiliates***") other than a limited number of senior employees who are required, in accordance with industry regulations or such Commitment Party's internal policies and procedures to act in a supervisory capacity and such Commitment Party's internal legal, compliance, risk management, credit or investment committee members, (g) for purposes of establishing a "due diligence" defense or to the extent necessary to enforce your rights and remedies hereunder or under the Fee Letters, (h) with your prior written consent or (i) to a rating agency for purposes of obtaining non-public 'shadow' ratings; provided that (x) prior to any such disclosure, such rating agency shall have agreed in writing to maintain the confidentiality of such information and (y) it is agreed that in no event shall the Borrower be obligated to obtain any such rating, assist with obtaining such ratings or reimburse any cost or expense related to obtaining such ratings. The obligation of each Commitment Party and its affiliates, if any, under this paragraph shall terminate automatically and be superseded by the confidentiality provisions in the definitive documentation relating to the Senior Secured Facilities upon the initial funding thereunder; *provided* that if the Closing Date does not occur, this paragraph shall automatically terminate on the second anniversary of the date of the Original Commitment Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Miscellaneous</u>.

This Commitment Letter and the commitments hereunder shall not be assignable by any party hereto (other than by you to (i) the Target and/or (ii) any newly formed domestic shell entity formed for the purpose of consummating the Acquisition or other domestic entity to be acquired as part of the Acquisition, in each case, so long as such entity is, or substantially simultaneously with such assignment will be, controlled directly or indirectly by the Investors and, after giving effect to the Transactions shall (directly or through a wholly owned subsidiary) own the Target or the Borrower or be the successor to the Target or the Borrower (each such entity, a "***Permitted Borrower Entity***")) without the prior written consent of each other party hereto (such consent not to be unreasonably withheld, conditioned or delayed), and any attempted assignment without such consent shall be null and void; *provided* that notwithstanding anything to the contrary contained in this Commitment Letter or the Fee Letters, each Initial GS Principal Investor shall have the right (without the consent of any person or entity other than you) to reallocate, sell, assign or otherwise transfer its commitments in respect of the Senior Secured Facilities and any portion of any fee or closing payment in respect thereof, between and among (a) any other Initial GS Principal Investor, (b) any affiliated investment entity and/or other affiliate of Goldman Sachs Asset Management, L.P. and (c) any fund, investor, limited partnership, entity or account that is managed, sponsored or advised by Goldman Sachs Asset Management, L.P. and/or its affiliates (the persons described in clauses (b) and (c), collectively the "***Other GS Principal Investors***"); *provided*, *however*, that, such assignments shall not relieve any GS Principal Investor of its respective rights and obligations set forth herein unless such assignee has executed and delivered customary joinder documentation with respect to the Commitment Letter and the Fee Letters; *provided*, *further*, that each of the parties hereto agrees that any amendment to the Commitment Letter or the Fee Letters in connection with the joinder of any GS Principal Investor as a party hereto and thereto shall become effective if executed by you and the applicable GS Principal Investors and shall not require the consent of any other Commitment Party. This Commitment Letter and the commitments hereunder are intended to be solely for the benefit of the parties hereto (and Indemnified Persons to the extent expressly set forth herein) and are not intended to and do not confer any benefits upon, or create any rights in favor of, any person other than the parties hereto (and Indemnified Persons to the extent expressly set forth

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herein). Subject to the limitations set forth in the last paragraph of Section 2 above, each Commitment Party reserves the right to employ the services of its affiliates (other than Excluded Affiliates) in providing the financing contemplated hereby and to allocate, in whole or in part, to its affiliates certain fees and/or closing payments payable to such Commitment Party in such manner as such Commitment Party and its affiliates may agree in their sole discretion and, to the extent so employed, such affiliates shall be entitled to the benefits and protections afforded to, and subject to the provisions governing the conduct of such Commitment Party hereunder; *provided* that such Commitment Party will be liable for the actions or inactions of any such person whose services are so employed and no Commitment Party or Initial Lender shall be relieved of its obligations under this Commitment Letter (including its obligations to fund the Senior Secured Facilities on the Closing Date on the terms and conditions set forth in this Commitment Letter). This Commitment Letter may not be amended or any provision hereof waived or modified except by an instrument in writing signed by each Commitment Party and you. This Commitment Letter may be executed in any number of counterparts, each of which shall be deemed an original and all of which, when taken together, shall constitute one agreement. Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile transmission or other electronic transmission (e.g., a ".pdf" or ".tif" file) shall be effective as delivery of a manually executed counterpart hereof. For purposes hereof, the words "execution," "execute," "executed," "signed," "signature" and words of like import shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formulations on electronic platforms, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transaction Act. This Commitment Letter (including the Exhibits and annexes hereto), together with the Fee Letters, (i) are the only agreements that have been entered into among the parties hereto with respect to the Senior Secured Facilities and (ii) supersede all prior understandings, whether written or oral, among us with respect to the Senior Secured Facilities (including the Original Commitment Letter, the Original Fee Letter and the Original Agency Process Letter) and sets forth the entire understanding of the parties hereto with respect thereto. THIS COMMITMENT LETTER AND THE ORIGINAL COMMITMENT LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK; *provided*, *however*, that, notwithstanding the sentence to which this proviso applies and the governing law provisions of this Commitment Letter, the Original Commitment Letter, the Fee Letters, the Original Fee Letter and the Original Agency Process Letter, it is understood and agreed that (A) the interpretation of the definition of "Material Adverse Effect" (as defined in the Acquisition Agreement) (and whether or not a Material Adverse Effect (as defined in the Acquisition Agreement) has occurred), (B) the determination of the accuracy of any Specified Acquisition Agreement Representation and whether as a result of any inaccuracy thereof you have (and/or your applicable affiliate has) the right (taking into account any applicable cure provisions) to terminate your (and/or its) obligations under the Acquisition Agreement pursuant to Section 7.01(c)(i) of the Acquisition Agreement or decline to consummate the Acquisition pursuant to Section 6.02(a) of the Acquisition Agreement and (C) the determination of whether the Acquisition has been consummated in accordance with the terms of the Acquisition Agreement and, in any case, claims, disputes, controversies or actions arising out of any such interpretation or determination or any aspect thereof, in each case shall be governed by and construed in accordance with the Laws (as defined in the Acquisition Agreement) of the State of Delaware applicable to contracts executed in and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable conflict of Laws principles.

Each of the parties hereto agrees that this Commitment Letter is a binding and enforceable agreement with respect to the subject matter contained herein, it being acknowledged and agreed that the commitment provided hereunder is subject only to satisfaction or waiver of the Limited Conditionality Provisions; it being understood that nothing contained in this Commitment Letter obligates you or any of your affiliates to consummate any portion of the Transactions.

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EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY, OR ON BEHALF OF ANY PARTY RELATED TO, OR ARISING OUT OF, THIS COMMITMENT LETTER, THE ORIGINAL COMMITMENT LETTER, THE FEE LETTERS, THE ORIGINAL FEE LETTER, THE ORIGINAL AGENCY PROCESS LETTER OR THE PERFORMANCE OF SERVICES HEREUNDER OR THEREUNDER.

Each of the parties hereto hereby irrevocably and unconditionally (a) submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America, in each case, sitting in New York County, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Commitment Letter, the Original Commitment Letter, the Fee Letters, the Original Fee Letter, the Original Agency Process Letter or the transactions contemplated hereby or thereby, or for recognition or enforcement of any judgment, and agrees that all claims in respect of any such action or proceeding shall be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court, (b) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Commitment Letter, the Original Commitment Letter, the Fee Letters, the Original Fee Letter, the Original Agency Process Letter or the transactions contemplated hereby in any New York State or in any such Federal court, (c) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court and (d) agrees that a final judgment in any such suit, action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law; *provided* that with respect to any action or proceeding arising out of or relating to the Acquisition Agreement or the transactions contemplated thereby and which does not involve claims against us or the Lenders or any Indemnified Person, this sentence shall not override any jurisdiction provision set forth in the Acquisition Agreement. Each of the parties hereto agrees that service of process, summons, notice or document by registered mail addressed to you or us at the addresses set forth above shall be effective service of process for any suit, action or proceeding brought in any such court.

We hereby notify you that pursuant to the requirements of the USA PATRIOT Act of 2001, Pub. L. No. 107-56, 115 Stat. 272 (2001) (the "***PATRIOT Act***") and the requirements of 31 C.F.R. § 1010.230 (the "***Beneficial Ownership Regulation***"), we may be required to obtain, verify and record information that identifies the Borrower and the Guarantors, which information may include their names, addresses, tax identification numbers and other information that will allow us to identify the Borrower and the Guarantors in accordance with the PATRIOT Act or the Beneficial Ownership Regulation, as applicable. This notice is given in accordance with the requirements of the PATRIOT Act and is effective for us.

This paragraph and the indemnification, information, compensation (if applicable), reimbursement (if applicable), jurisdiction, governing law, venue, waiver of jury trial and confidentiality provisions contained herein and in the Fee Letters and the provisions of Section 7 of this Commitment Letter shall remain in full force and effect regardless of whether the Facilities Documentation is executed and delivered; *provided* that your obligations under this Commitment Letter (other than your obligations with respect to confidentiality of the Fee Letters, the Original Fee Letter and the Original Agency Process Letter and the contents thereof) shall automatically terminate and be superseded by the applicable provisions of the Facilities Documentation upon the initial funding thereunder, and you shall automatically be released from all liability in connection therewith at such time. You may terminate this Commitment Letter and/or, all or a portion of the Initial Lenders' commitments with respect to the Senior Secured Facilities (or any portion thereof) hereunder at any time subject to the provisions of the preceding sentence.

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Section headings used herein are for convenience of reference only and are not to affect the construction of, or to be taken into consideration in interpreting, this Commitment Letter.

If the foregoing correctly sets forth our agreement, please indicate your acceptance of the terms of this Commitment Letter and of the Fee Letters by returning to us executed counterparts of this Commitment Letter and of the Fee Letters not later than 11:59 p.m., New York City time, on the date that is ten (10) Business Days (as defined in the Acquisition Agreement) from the date hereof (the "***Acceptance Date***"). The Initial Lenders' commitments and the obligations of the Arrangers hereunder will expire at such time in the event that we have not received such executed counterparts in accordance with the immediately preceding sentence. If you do so execute and deliver to us this Commitment Letter and the Fee Letters, we agree to hold our commitments available for you until the earliest of (i) after execution of the Acquisition Agreement and prior to the consummation of the Transactions, the date that is five (5) Business Days after the termination of the Acquisition Agreement in accordance with its terms, (ii) the consummation of the Acquisition without the funding of any of the Senior Secured Facilities, the Increased Equity Contribution or the Investor Loan and (iii) 11:59 p.m., New York City time, on the date that is five (5) Business Days after the Outside Date (as defined in the Acquisition Agreement, including, for the avoidance of doubt, giving effect to the extension provisions set forth in Section 7.01(b)(i) of the Acquisition Agreement, in each case as in effect on the date of the Original Commitment Letter) (such earliest time, the "***Expiration Date***"). Upon the occurrence of any of the events referred to in the preceding sentence, this Commitment Letter and the commitments of the Commitment Parties hereunder and the agreement of the Commitment Parties described herein shall automatically terminate unless the Commitment Parties shall, in their discretion, agree to an extension in writing (including by email); *provided*, that the termination of any commitment pursuant to this sentence shall not prejudice your rights and remedies in respect of any breach of this Commitment Letter that occurred prior to any such termination.

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We are pleased to have been given the opportunity to assist you in connection with the financing for the Transactions.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **GOLDMAN SACHS ASSET MANAGEMENT, L.P.,** | **GOLDMAN SACHS ASSET MANAGEMENT, L.P.,** |
| On behalf of certain advised funds and managed accounts | On behalf of certain advised funds and managed accounts |
| By: | /s/ Greg Watts |
| Name: Greg Watts | Name: Greg Watts |
| Title: Managing Director | Title: Managing Director |

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| | |
|:---|:---|
| **ACKNOWLEDGED AND AGREED:** | **ACKNOWLEDGED AND AGREED:** |
| **GLQ II CREDIT INVESTMENTS LLC** | **GLQ II CREDIT INVESTMENTS LLC** |
| By: | /s/ Greg Watts |
| Name: Greg Watts | Name: Greg Watts |
| Title: Vice President | Title: Vice President |

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **ARES CAPITAL MANAGEMENT LLC**, on behalf of, and in its capacity as manager to, certain funds and accounts | **ARES CAPITAL MANAGEMENT LLC**, on behalf of, and in its capacity as manager to, certain funds and accounts |
| By: | /s/ Scott Lem |
| Name: Scott Lem | Name: Scott Lem |
| Title: Authorized Signatory | Title: Authorized Signatory |

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **BLUE OWL CREDIT ADVISORS LLC**, on behalf of its affiliated advisors and its and their managed funds and accounts | **BLUE OWL CREDIT ADVISORS LLC**, on behalf of its affiliated advisors and its and their managed funds and accounts |
| By: | /s/ Jon ten Oever |
| Name: Jon ten Oever | Name: Jon ten Oever |
| Title: Authorized Signatory | Title: Authorized Signatory |

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **ANTARES CAPITAL LP** | **ANTARES CAPITAL LP** |
| By: | /s/ James Rollings |
| Name: James Rollings | Name: James Rollings |
| Title: Authorized Signatory | Title: Authorized Signatory |

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| | |
|:---|:---|
| **ANTARES HOLDINGS LP** | **ANTARES HOLDINGS LP** |
| By: Antares Holdings GP Inc., its general partner | By: Antares Holdings GP Inc., its general partner |
| By: | /s/ Nick Lalani |
| Name: Nick Lalani | Name: Nick Lalani |
| Title: Authorized Signatory | Title: Authorized Signatory |

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|:---|:---|
| Very truly yours, | Very truly yours, |
| **GOLUB CAPITAL LLC** | **GOLUB CAPITAL LLC** |
| By: | /s/ Robert G. Tuchscherer |
| Name: Robert G. Tuchscherer | Name: Robert G. Tuchscherer |
| Title: Senior Managing Director | Title: Senior Managing Director |

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **NB ALTERNATIVES ADVISERS LLC** | **NB ALTERNATIVES ADVISERS LLC** |
| By: | /s/ Matthew Bird |
| Name: Matthew Bird | Name: Matthew Bird |
| Title: Authorized Signatory | Title: Authorized Signatory |

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|:---|:---|
| Very truly yours, | Very truly yours, |
| **CPPIB CREDIT INVESTMENTS III INC.** | **CPPIB CREDIT INVESTMENTS III INC.** |
| By: | /s/ David Colla |
| Name: David Colla | Name: David Colla |
| Title: Authorized Signatory | Title: Authorized Signatory |
| By: | /s/ Winston Guo |
| Name: Winston Guo | Name: Winston Guo |
| Title: Authorized Signatory | Title: Authorized Signatory |

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **KKR CAPITAL MARKETS LLC** | **KKR CAPITAL MARKETS LLC** |
| By: | /s/ John Knox |
| Name: John Knox | Name: John Knox |
| Title: CFO | Title: CFO |
| **KKR CREDIT ADVISORS (US) LLC** | **KKR CREDIT ADVISORS (US) LLC** |
| By: | /s/ Robert Campbell |
| Name: Robert Campbell | Name: Robert Campbell |
| Title: Authorized Signatory | Title: Authorized Signatory |

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **APOLLO GLOBAL FUNDING, LLC** | **APOLLO GLOBAL FUNDING, LLC** |
| By: | /s/ Daniel M. Duval |
| Name: Daniel M. Duval | Name: Daniel M. Duval |
| Title: Vice President | Title: Vice President |

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| | |
|:---|:---|
| **APOLLO CAPITAL MANAGEMENT, L.P**., on behalf of one or more investment funds, separate accounts and other entities owned (in whole or in part), controlled, managed and/or advised by it or its affiliates | **APOLLO CAPITAL MANAGEMENT, L.P**., on behalf of one or more investment funds, separate accounts and other entities owned (in whole or in part), controlled, managed and/or advised by it or its affiliates |
| By: Apollo Capital Management GP, LLC, its general partner | By: Apollo Capital Management GP, LLC, its general partner |
| By: | /s/ William Kuesel |
| Name: William Kuesel | Name: William Kuesel |
| Title: Vice President | Title: Vice President |

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **HPS INVESTMENT PARTNERS, LLC** | **HPS INVESTMENT PARTNERS, LLC** |
| By: | /s/ Robert Kostow |
| Name: Robert Kostow | Name: Robert Kostow |
| Title: Managing Director | Title: Managing Director |

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Accepted and agreed to as of

the date first above written:

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| | |
|:---|:---|
| GT SILVER BIDCO, INC. | GT SILVER BIDCO, INC. |
| By: | /s/ Peter Flynn |
| Name: Peter Flynn | Name: Peter Flynn |
| Title: President and Chief Executive Officer | Title: President and Chief Executive Officer |

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<u>SCHEDULE I</u> 

<u>Senior Secured Facilities</u> 

<u>Revolving Facility</u> 

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| | |
|:---|:---|
| **Initial Lender** | **Commitment Amount** |
|  GOLDMAN SACHS ASSET MANAGEMENT, L.P. | $113865248.23 |
|  ARES CAPITAL MANAGEMENT LLC | $46099290.78 |
|  BLUE OWL CREDIT ADVISORS LLC | $39184397.16 |
|  ANTARES HOLDINGS LP | $32269503.55 |
|  GOLUB CAPITAL LLC | $22588652.48 |
|  NB ALTERNATIVES ADVISERS LLC | $22588652.48 |
|  CPPIB CREDIT INVESTMENTS III INC. | $13829787.23 |
|  KKR CREDIT ADVISORS (US) LLC | $13829787.23 |
|  APOLLO CAPITAL MANAGEMENT, L.P. | $10372340.43 |
|  HPS INVESTMENT PARTNERS, LLC | $10372340.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $325000000.00 |

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<u>Initial Term Facility</u> 

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| | |
|:---|:---|
| **Initial Lender** | **Commitment Amount** |
|  GOLDMAN SACHS ASSET MANAGEMENT, L.P. | $945957446.82 |
|  ARES CAPITAL MANAGEMENT LLC | $382978723.40 |
|  BLUE OWL CREDIT ADVISORS LLC | $325531914.90 |
|  ANTARES HOLDINGS LP | $268085106.38 |
|  GOLUB CAPITAL LLC | $187659574.47 |
|  NB ALTERNATIVES ADVISERS LLC | $187659574.47 |
|  CPPIB CREDIT INVESTMENTS III INC. | $114893617.02 |
|  KKR CREDIT ADVISORS (US) LLC | $114893617.02 |
|  APOLLO CAPITAL MANAGEMENT, L.P. | $86170212.76 |
|  HPS INVESTMENT PARTNERS, LLC | $86170212.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $2700000000.00 |

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<u>Delayed Draw Term Facility</u> 

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| | |
|:---|:---|
| **Initial Lender** | **Commitment Amount** |
|  GOLDMAN SACHS ASSET MANAGEMENT, L.P. | $175177304.95 |
|  ARES CAPITAL MANAGEMENT LLC | $70921985.82 |
|  BLUE OWL CREDIT ADVISORS LLC | $60283687.94 |
|  ANTARES HOLDINGS LP | $49645390.07 |
|  GOLUB CAPITAL LLC | $34751773.05 |
|  NB ALTERNATIVES ADVISERS LLC | $34751773.05 |
|  CPPIB CREDIT INVESTMENTS III INC. | $21276595.75 |
|  KKR CREDIT ADVISORS (US) LLC | $21276595.75 |
|  APOLLO CAPITAL MANAGEMENT, L.P. | $15957446.81 |
|  HPS INVESTMENT PARTNERS, LLC | $15957446.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $500000000.00 |

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**EXHIBIT A** 

<u>Project GTSilver</u> 

<u>Transaction Description</u> 

Capitalized terms used but not defined in this Exhibit A shall have the meanings set forth in the other Exhibits to the Commitment Letter (the "***Commitment Letter***") to which this Exhibit A is attached or in the Commitment Letter. In the case of any such capitalized term that is subject to multiple and differing definitions, the appropriate meaning thereof in this Exhibit A shall be determined by reference to the context in which it is used.

Warburg Pincus LLC and its affiliates (collectively, "***Warburg***") and Permira Advisers LLC and its affiliates (collectively, "***Permira***" and, together with Warburg, the "***Sponsor***"), together with certain other investors arranged by and/or designated by the Sponsor (including, if applicable, members of the Target's management) (collectively with the Sponsor, the "***Investors***"), intend to acquire, directly or indirectly, all of the outstanding equity interests of an entity previously identified to us by you as "GTSilver" (the "***Target***") pursuant to the Acquisition Agreement (as defined below). The date on which the Acquisition is consummated is the "***Acquisition Date***". In connection with the foregoing, it is intended that:

a) (i) The Investors will, directly or indirectly, establish a newly formed entity
("  ***Holdings*** "), and (ii) Holdings will, directly or indirectly, establish a newly formed entity (the "  ***Buyer***") that will be a wholly owned direct subsidiary of Holdings.

b) The Investors will, directly or indirectly, make equity contributions (the "  ***Equity Contributions***") to the Buyer (with all contributions by Holdings to the Buyer to be in the form of common equity or "qualified preferred" equity reasonably acceptable to the Initial Lenders) in an aggregate amount equal to,
when combined with the fair market value of the equity of management and existing equity holders of the Target or its parent companies (or their respective affiliates) rolled over or invested (the "  ***Rollover Equity***") in
connection with the Transactions (as defined below), if any, at least 40% of the sum of the amount of (a) the Equity Contributions, (b) the Rollover Equity and (c) the Senior Secured Facilities funded on the Closing Date (other than
amounts funded to finance working capital on the Closing Date) (the "  ***Minimum Equity Contribution***") (the sum of clauses (a)-(c), collectively, the "  ***Capitalized Amount*** "); *provided* that, to the
extent any stockholder or other equity holder of the Target has exercised appraisal rights in connection with the Transactions, then on the Closing Date the Investors may elect to (i) issue one or more equity commitment letters or
(ii) arrange for the issuance of one or more letters of credit on behalf of the Investors, in each case, in an aggregate amount not less than the amount of consideration that would otherwise be paid under the Acquisition Agreement in respect of
the shares or other equity interests subject to such appraisal rights and, for purposes of this Commitment Letter, the aggregate amount of such equity commitment letters or letters of credit, as applicable, shall be included in the Equity
Contribution and percentage of the Capitalized Amount from and after the Closing Date as if such amount was funded in cash (with it being understood that, on or prior to the date that is fifteen (15) business days after the date of the final
resolution of all such appraisal rights, the lesser of (a) the amount necessary to satisfy such appraisal rights in full and (b) the full amount committed under such equity commitment letters or letters of credit, as applicable, shall be
drawn and funded in cash to the Borrower in the form of cash common equity or "qualified preferred" equity reasonably acceptable to the Initial Lenders (the "  ***Post-Closing Equity Contribution*** ")).

c) Pursuant to that certain Agreement and Plan of Merger dated as of December 20, 2025 (together with all
exhibits, schedules, annexes and disclosure letters and schedules thereto, collectively, as amended, restated, amended and restated, supplemented or otherwise modified (including by the granting of a consent) from time to time in a manner not
prohibited by paragraph 1 of Exhibit C to the Commitment Letter, the "  ***Acquisition Agreement*** "), by and among, *inter alios*, you and the Target, you will acquire, directly or indirectly, the Target.

A-1 [Commitment Letter]

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d) The Borrower (as set forth in Exhibit B) will obtain senior secured credit facilities comprised of (i) a
$2,700.0 million first-lien term loan facility (the "  ***Initial Term Facility*** "), (ii) a first-lien delayed draw term loan facility in an aggregate principal amount of up to $500.0 million (the "  ***Delayed Draw Term Facility***" and, together with the Initial Term Facility, the "  ***Term Facility***") and (iii) a $325.0 million first-lien revolving credit facility (the "  ***Revolving Facility***" and, together with the Term Facility, the "  ***Senior Secured Facilities*** ").

e) Notwithstanding anything to the contrary herein, at your sole option, the Buyer may consummate the Acquisition
prior to the Closing Date with the proceeds of: (i) an increase in the amount of the Equity Contributions in excess of the Minimum Equity Contribution up to the amount of the Senior Secured Facilities committed hereunder permitted to be funded
on the Closing Date (the amount by which the Equity Contribution is so increased, the "  ***Increased Equity Contribution Amount*** "), (ii) a bridge loan to Holdings or the Buyer from any of the Investors or their affiliates in an
amount up to the amount of the Senior Secured Facilities committed hereunder permitted to be funded on the Closing Date (the "  ***Investor Loan***") or (iii) a combination of the Increased Equity Contribution Amount and an
Investor Loan such that the aggregate combined amount of the Increased Equity Contribution Amount and the Investor Loan is up to the amount of the Senior Secured Facilities that is committed hereunder permitted to be funded on the Closing Date; <u>provided</u>, that, any Investor Loan shall (x) be prepayable or repayable in whole without premium or penalty at any time and (y) other than with respect to the maturity date, shall be on terms, taken as a whole, not materially more
favorable to the lenders thereof than the terms provided for the Senior Secured Facilities (as reasonably determined by you). The use of the proceeds of the Increased Equity Contribution Amount and/or the Investor Loan to consummate the Acquisition
prior to the Closing Date is hereinafter referred to as the "  ***Investor Backstop Option*** ".

f) All of the existing third party indebtedness for borrowed money of the Target and its subsidiaries (other than
contingent indemnification, cash management, hedging and other similar obligations) under the Credit Agreement, dated as of April 21, 2025 (as used herein, the "  ***Existing Credit Agreement*** "), by and among the Target,
certain subsidiaries of the Target party thereto, the lenders and the issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, will be repaid and all commitments thereunder will be terminated (or in
the case of letters of credit, replaced, backstopped or incorporated or "grandfathered" into the Revolving Facility) (collectively, the "  ***Refinancing*** ").

g) The proceeds of the Equity Contributions, the Senior Secured Facilities funded on the Closing Date and cash on
hand of the Target, if applicable, together with the value of the Rollover Equity, will be applied to pay (i) the consideration in connection with the Acquisition (the "  ***Acquisition Consideration***") and any other
payments, each as required under the Acquisition Agreement, (ii) the fees and expenses incurred in connection with the Transactions (such fees and expenses, the "  ***Transaction Costs***") and (iii) the Refinancing (the
amounts set forth in clauses (i) through (iii) above, collectively, the "  ***Acquisition Costs***") with any remainder to be credited to the Borrower's and/or the Target's account for general corporate purposes.

A-2 [Commitment Letter]

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h) If the Investor Backstop Option is exercised, the proceeds of borrowings under the Initial Term Facility and/or
the Revolving Facility on the Closing Date will be used to pay (i) any remaining Acquisition Costs and/or (ii) dividends, distributions or other payments to the applicable Investor or Investors (or their applicable affiliates) in an amount
up to the sum of (x) the Increased Equity Contribution Amount and (y) the Investor Loan, as applicable (such dividends, distributions or other payments, collectively, the "  ***Investor Repayment***") with any remainder
to be credited to the Borrower's and/or the Target's account for general corporate purposes.

The transactions described above (including the payment of Acquisition Costs) are collectively referred to herein as the "***Transactions***".

A-3 [Commitment Letter]

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**EXHIBIT B** 

<u>Project GTSilver</u> 

<u>Senior Secured Facilities</u> 

<u>Summary of Principal Terms and Conditions<sup>1</sup></u> 

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|:---|:---|
| <u>Borrowers</u>: | The Buyer as set forth in Exhibit A or, at your sole option, another Permitted Borrower Entity (the "***Borrower***"); *provided* that the Borrower may, in its sole discretion and subject to the terms and conditions set forth in the Precedent Credit Agreement (as defined below), designate one or more of Holdings' other direct or indirect wholly-owned subsidiaries organized in the United States, the United Kingdom, Luxembourg or any other jurisdiction to be mutually agreed with the Administrative Agent as additional co-borrowers. |
| <u>Holdings</u>: | The direct parent of the Borrower ("***Holdings***"). |
| <u>Transactions</u>: | As set forth in Exhibit A to the Commitment Letter. |
| <u>Administrative Agent</u> <u>and Collateral Agent</u>: | Goldman Sachs Private Credit Corp. will act as sole administrative agent and sole collateral agent (in such capacities, the "***Administrative Agent***") for a syndicate of banks, financial institutions and other entities reasonably acceptable to the Borrower and excluding any Disqualified Lenders (as defined in the Precedent Credit Agreement (as defined below) (together with the Initial Lender and any Additional Agent appointed pursuant to Section 2 of the Commitment Letter, the "***Lenders***"), and will perform the duties customarily associated with such roles. |
| <u>Lead Arrangers and</u> <u>Bookrunners</u>: | Goldman Sachs Private Credit Corp., Ares, Blue Owl, Antares Capital, Golub, NB, CPPIB, KCM, AGF and HPS will act as a lead arranger and a bookrunner for the Senior Secured Facilities and will perform the duties customarily associated with such role. |
| <u>Senior Secured</u> <u>Facilities</u>: | (A) A senior secured first-lien term loan facility (the "***Initial Term Facility***" and, together with the Delayed Draw Term Facility (as defined below), the "***Term Facility***") in US Dollars in an aggregate principal amount of $2,700.0 million. Lenders under the Term Facility are collectively referred to as "***Term Lenders***" and the loans thereunder are collectively referred to as "***Term Loans***". |
|  | (B) A senior secured first-lien revolving credit facility (the "***Revolving Facility***" and, together with the Initial Term Facility, the "***Initial Facilities***") in an aggregate principal amount of $325.0 million. Lenders with commitments under the Revolving Facility are collectively referred to as "***Revolving Lenders***" and the loans thereunder are collectively referred to as "***Revolving Loans***"; and together with the Term Loans, the "***Loans***". The Revolving Facility will be made available to the Borrower in US Dollars and other currencies to be mutually agreed by the Borrower and the Revolving Lenders. The entire Revolving Facility shall be available to be drawn in US Dollars on one (1) business day's notice for ABR Loans and three (3) business days' notice for Benchmark Loans with borrowings in other currencies to require five (5) business days' notice.<br>(C) A senior secured first-lien delayed draw term loan facility (the "***Delayed Draw Term Facility***" and, together with the Initial Facilities, the "***Senior Secured Facilities***") in US Dollars in an aggregate principal amount of up to $500.0 million on the terms set forth herein. |

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<sup>1</sup> All capitalized terms used but not defined herein shall have the meanings given to them in the Commitment Letter to which this term sheet is attached, including Exhibit A thereto.

B-1 [Commitment Letter]

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|:---|:---|
| <u>Delayed Draw Term</u> <u>Facility</u>: | The Delayed Draw Term Facility shall be available up to an aggregate principal amount equal to $500.0 million (the "***Maximum DDTL Amount***"). Loans under the Delayed Draw Term Facility ("***DDTL Loans***") will be made available to Borrower after the Closing Date and from time to time, on one or more occasions until the earlier to occur of the date on which the Maximum DDTL Amount has been drawn and the 30-month anniversary of the Closing Date (the "***Delayed Draw Termination Date***"), on terms and conditions the same as those set forth in the Precedent Credit Agreement; *provided* that:<br>(i) each draw under the Delayed Draw Term Facility shall be in an initial principal amount of not less than $1.0 million;<br>(ii) subject to Section 3.17(d) of the Precedent Credit Agreement, amounts repaid on the Delayed Draw Term Facility may not be reborrowed;<br>(iii) proceeds of the Delayed Draw Term Facility shall be used by the Borrower after the Closing Date for (x) acquisitions, other investments and capital expenditures (including the payment of fees, costs and expenses related to the foregoing), (y) other general corporate purposes, subject to a cap for this prong (y) of $250.0 million (which cap shall not apply to use made in respect of restricted stock units) and (z) refinancings of Indebtedness under the Revolving Facility and/or replenishing uses of balance sheet cash to finance any of the foregoing;<br>(iv) the applicable margin and maturity for the outstanding principal amount of the DDTL Loans shall be the same as for the Term Loans funded on the Closing Date, and the DDTL Loans shall constitute "Term Loans" under the Facilities Documentation;<br>(v) at any time and from time to time upon notice to the Administrative Agent, the Borrower may elect to reduce or terminate the Lenders' commitments under the Delayed Draw Term Facility without fees or penalties;<br>(vi) the making of each DDTL Loan after the Closing Date shall be conditioned upon (a) there being no event of default in existence at the time of, or after giving effect to the making of, such extension of credit (subject to the Limited Condition Transactions provisions in the case of a Limited Condition Transaction), (b) compliance with a Senior Secured First Lien Net Leverage Ratio (as defined in the Precedent Credit Agreement) of no greater than 8.00:1.00, on a *pro forma* basis after giving effect to the incurrence of such DDTL Loan, any acquisition or investment consummated in connection therewith and all other appropriate *pro forma* adjustments, (c) accuracy of the representations and warranties in the Facilities Documentation in all material respects (subject to the Limited Condition Transactions provisions in the case of a Limited Condition Transaction), (d) delivery of a customary borrowing notice, (e) total DDTL Loans outstanding not exceeding the Maximum DDTL Amount and (f) the Administrative Agent shall have received at least three (3) business days' prior written notice of the proposed date of funding of such DDTL Loan; and<br>(vii) the Facilities Documentation shall contain provisions under which the Lenders shall commit to provide the Delayed Draw Term Facility. |

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B-2 [Commitment Letter]

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|:---|:---|
| <u>Limited Condition</u> <u>Transactions</u>: | The provisions applicable to Limited Condition Transactions (as defined in the Precedent Credit Agreement) in the Facilities Documentation shall be the same as those set forth in the Precedent Credit Agreement, including, without limitation, Section 1.06 of the Precedent Credit Agreement. |
| <u>Incremental Facilities</u>: | The Senior Secured Facilities will permit the Borrower from time to time, on one or more occasions, to (a) add one or more incremental term loan facilities to the Senior Secured Facilities (each, an "***Incremental Term Facility***"), (b) increase commitments under the Term Facility or any Incremental Term Facility (each, an "***Incremental Term Increase***"), (c) add one or more delayed draw term loan commitments (each, a "***New Delayed Draw Facility***"), (d) add one or more incremental revolving credit facilities to the Senior Secured Facilities (each, an "***Incremental Revolving Facility***") and/or (e) increase commitments under the Revolving Facility (each such increase, an "***Incremental Revolving Increase***", and, together with any Incremental Term Facility, any Incremental Term Increase, any New Delayed Draw Facility and any Incremental Revolving Facility, the "***Incremental Facilities***") on terms and conditions the same as those set forth in the Precedent Credit Agreement; *provided* that:<br>(i) at the time of and after giving effect to the effectiveness of any proposed Incremental Facility the amount thereof (including any unused amount thereof, in the case of any proposed Incremental Revolving Facility or proposed Incremental Revolving Increase) shall not exceed the sum of (A) an aggregate principal amount equal to the maximum amount (if any) of Incremental Facilities that could be established or incurred such that as of the last day of the most recently ended period of four consecutive fiscal quarters for which financial statements are internally available (and have been shared with the Administrative Agent), on a *pro forma* basis giving effect to such Incremental Facility (and netting any cash proceeds from such incurrence not applied promptly for the specified transaction in connection with such incurrence upon receipt thereof in calculating the ratio) and any related acquisitions or investments consummated in connection therewith and all other appropriate pro forma adjustments, (I) if such debt is secured by the Collateral (as defined below) on a *pari passu* basis, the Senior Secured First Lien Net Leverage Ratio of the Borrower would be no greater than the greater of (x) 8.00:1.00 and (y) the Senior Secured First Lien Net Leverage Ratio immediately prior to such transaction, in each case, on a *pro forma* basis, (II) if such debt is secured by the Collateral on a junior basis, the Senior Secured Net Leverage Ratio (as defined in the Precedent Credit Agreement) of the Borrower would be no greater than the greater of 8.50:1.00 (or, if such debt is secured by the Collateral on a junior basis to a second-lien facility, 9.00:1.00) and (y) the Senior Secured Net Leverage Ratio immediately prior to such transaction, in each case, on a *pro forma* basis, and (III) if such debt is incurred on an unsecured basis, either (1) the Total Net Leverage Ratio (as defined in the Precedent Credit Agreement) of the Borrower would be no greater than the greater of (x) 9.00:1.00 and (y) the Total Net Leverage Ratio immediately prior to such transaction, in each case, on a *pro forma* basis, or (2) the Interest Coverage Ratio (as defined in the Precedent Credit Agreement) would be no less than the lesser of (x) 2.00:1.00 and (y) the Interest Coverage Ratio immediately prior to such transaction, in each case, on a *pro forma* basis, and (B) the Incremental Base Amount (the applicable amount under clause (A) or (B), the "***Available Incremental Amount***"). |

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B-3 [Commitment Letter]

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The "***Incremental Base Amount***" means, as of any date of determination, the sum of (1)(a) the greater of $350.0 million and an amount equal to Consolidated EBITDA (as defined below) on a *pro forma* basis after giving effect to the incurrence of such additional amount, any transactions consummated in connection therewith and all other appropriate pro forma adjustments (including use of proceeds) for the most recently ended period of four consecutive fiscal quarters for which financial statements are internally available (and have been shared with the Administrative Agent) prior to such date of determination plus (b) the General Debt Basket Reallocated Amount (as defined in the Precedent Credit Agreement), *<u>plus</u>* (2) all voluntary prepayments, debt buybacks (permitted pursuant to the Facilities Documentation and to the extent of the actual principal reduction in connection with such buyback), and payments utilizing the yank-a-bank provisions (to the extent such debt is retired rather than assigned), as applicable, of the Term Loans, the Revolving Loans, any Incremental Facility, Incremental Equivalent Debt (as defined in the Precedent Credit Agreement) and any other secured indebtedness as well as any indebtedness incurred pursuant to clause (1) of this definition (in the case of any revolving facility, to the extent accompanied by a permanent reduction of the relevant commitment), in each case made prior to the date of any such incurrence (other than prepayments, repurchases and voluntary commitment reductions with the proceeds of (i) Refinancing Facilities or Refinancing Debt, (ii) indebtedness the proceeds of which are used to refinance the Senior Secured Facilities and (iii) other long-term indebtedness (other than revolving indebtedness)) *<u>minus</u>* (3) the aggregate principal amount of all Incremental Facilities or Incremental Equivalent Debt then outstanding incurred in reliance of clauses (1) and (2) of this definition;<br>(ii) the interest rate margins, upfront fees, closing payments, original issue discount ("***OID***") and (subject to clause (iii)) amortization schedule applicable to any Incremental Term Facility or New Delayed Draw Facility shall be determined by the Borrower and the lenders thereunder; *provided* that, only with respect to any Incremental Term Facility or New Delayed Draw Facility that (1) consists of floating rate term loans that are *pari passu* in right of payment and security with the Term Loans incurred on the Closing Date and the Term Loans incurred under the Delayed Draw Term Facility (the "***Initial Term Loans***"), (2) is incurred prior to the date that is 18 months after the Closing Date, (3) is scheduled to mature prior to the date that is one year after the maturity date of the Initial Term Loans, (4) is not incurred in connection with a Permitted Acquisition or other investment, (5) is denominated in US Dollars and (6) is in an amount greater than the greater of $175.0 million and 50% of Consolidated EBITDA (as defined below) on a pro forma basis in the aggregate, if the Effective Yield (as defined in the Precedent Credit Agreement) of any such Incremental Term Facility or New Delayed Draw Facility, as applicable, exceeds the Effective Yield on the Initial Term Loans (which shall include the Facilities Payments (as defined in the Fee and Closing Payment Letter) with the Facilities Payments equated to interest margins based on an assumed four-year life to maturity) by more than 75 basis points, the applicable margins for the Initial Term Loans shall be increased to the extent necessary so that the Effective Yield on the Initial Term Loans is 75 basis points less than the Effective Yield on such Incremental Term Facility or New Delayed Draw Facility, as applicable (it being agreed that any increase in Effective Yield to the Initial Term Loans required due to the application of a benchmark floor on any Incremental Term Facility or New Delayed Draw Facility, as applicable, will be effected solely through an increase in such floor (or an implementation thereof), as applicable); and<br>

B-4 [Commitment Letter]

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|:---|
| (iii) (A) the maturity date of any such Incremental Revolving Facility shall be no earlier than the maturity date of the Revolving Facility and such Incremental Revolving Facility shall require no scheduled amortization or mandatory commitment reduction prior to the final maturity of the Revolving Facility; (B) any Incremental Revolving Increase shall be on the same terms and pursuant to the same documentation applicable to the Revolving Facility (excluding upfront fees and customary arranger fees); (C) the maturity date of any such Incremental Term Facility or New Delayed Draw Facility, as applicable, shall be no earlier than the maturity date of the Initial Term Loans and the weighted average life to maturity of any such Incremental Term Facility or New Delayed Draw Facility, as applicable, shall be no shorter than the weighted average life to maturity of the Initial Term Loans; and (D) any Incremental Term Increase shall be on the same terms and pursuant to the same documentation applicable to the Initial Term Facility (excluding upfront fees, closing payments and customary arranger fees). |
| In addition, the Borrower may, in lieu of adding Incremental Facilities, utilize any part of the Available Incremental Amount at any time by issuing or incurring Incremental Equivalent Debt, subject to the same terms and conditions as set forth in the Precedent Credit Agreement.<br>"***Consolidated EBITDA***" will be defined, including with regard to defined terms used in such definition, in a manner the same as the Precedent Credit Agreement, and modified, if necessary, to provide for the add-back of (a) cost savings, operating expense reductions, operating enhancements, other operating improvements, revenue enhancements and synergies that result or that are expected in good faith to result from (i) the Transactions and (ii) other actions taken, committed to be taken or planned to be taken within 30 months after the end of the relevant period (in the case of expected cost savings, operating expense reductions, operating enhancements, other operating improvements, revenue enhancements and synergies, in each case, reasonably expected by the Borrower to occur, and calculated on a "run rate" basis such that the full recurring benefit associated therewith is taken into account without double counting the amount of actual benefits realized in connection therewith); *provided* that amounts added back to Consolidated EBITDA pursuant to this subsection (a)(ii) with respect to items committed to be taken or planned to be taken (as opposed to items for which actions have been taken with respect thereto), shall not, in the aggregate, exceed 35% of Consolidated EBITDA for any four fiscal quarter period (determined after giving effect thereto), (b) adjustments consistent with Regulation S-X or of the type contained in a quality of earnings report in connection with an acquisition or investment made available to the Administrative Agent conducted by a financial advisor (which is either nationally recognized or reasonably acceptable to the Administrative Agent (it being understood and agreed that any of the "Big Four" accounting firms are acceptable)), (c) pro forma adjustments for new or amended customer contracts following entering into a New Contract (as defined in the Precedent Credit Agreement) whereby Consolidated EBITDA shall be increased by the amount of annualized Consolidated EBITDA expected to be received throughout the test period; *provided* that amounts added back to Consolidated EBITDA pursuant to this subsection (c) shall not, in the aggregate, exceed 15% of Consolidated EBITDA for any four fiscal quarter period (determined after giving |

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B-5 [Commitment Letter]

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|:---|:---|
|  | effect thereto); *provided further* that the foregoing cap for any period may be increased by up to 10% of Consolidated EBITDA (determined after giving effect thereto) to the extent there is a corresponding amount of unused capacity under the cap on clause (a)(ii) for such period and (d) other add-backs and adjustments of the type reflected in the post-signing model delivered to the Commitment Parties prior to the date hereof and/or the quality of earnings report delivered to the Commitment Parties prior to the date hereof (together with any updates or modifications thereto reasonably agreed between the Borrower and the Commitment Parties) (the "***Model***"). In addition, the Facilities Documentation shall modify the Precedent Credit Agreement to remove clauses (1)(x), (1)(y), (2)(h) and (2)(i) of the definition of "Consolidated EBITDA" and related references to "Producer Recruitments" and "Producer Stock Equity Programs" in the Precedent Credit Agreement. |
| <u>Refinancing Facilities</u>: | The Facilities Documentation will permit the Borrower to refinance and/or replace loans under the Term Facility and/or loans and commitments under the Revolving Facility on a dollar-for-dollar basis (including the payment of interest, premiums, fees and expenses in connection therewith) from time to time, in whole or in part, with (a) one or more new term facilities or one or more new revolving credit facilities (any such new term facilities or new revolving credit facilities, "***Refinancing Facilities***") and/or (b) one or more additional series of senior secured or unsecured notes or loans (any such notes or loans, "***Refinancing Debt***"), in each case, on terms and conditions the same as those set forth in the Precedent Credit Agreement. |
| <u>Purpose</u>: | The proceeds of borrowings under the Initial Term Facility will be used, directly or indirectly, together with any proceeds from borrowings under the Revolving Facility as set forth below, proceeds of the Equity Contributions and cash on hand, if any, at the Borrower and the Target, to fund Acquisition Costs and for other general corporate purposes (and, if the Investor Backstop Option is exercised, such proceeds will also be used to fund the Investor Repayment).<br>The letters of credit and proceeds of Revolving Loans may be used by the Borrower and its subsidiaries for working capital and other general corporate purposes, including for capital expenditures, acquisitions, restricted payments, refinancing of indebtedness and any other transaction not prohibited by the Facilities Documentation, and to finance a portion of the Acquisition Costs and, if the Investor Backstop Option is exercised, proceeds of Revolving Loans may be used to fund a portion of the Investor Repayment. |
| <u>Availability</u>: | The Initial Term Facility will be available in a single drawing on the Closing Date. Amounts borrowed under the Initial Term Facility that are repaid or prepaid may not be reborrowed.<br>The Revolving Facility will be made available on the Closing Date (i) to fund a portion of the Acquisition Consideration and/or if the Investor Backstop Option is exercised, to fund a portion of the Investor Repayment, (ii) to fund upfront fees, closing payments and original issue discount, (iii) to fund working capital (including to refinance any indebtedness incurred for working capital purposes and as a result of working capital adjustments in accordance with the terms of the Acquisition Agreement) and other purchase price adjustments in accordance with the terms of the Acquisition Agreement and (iv) to fund other general corporate purposes; *provided* that the amount available on the Closing Date for clauses (i) |

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B-6 [Commitment Letter]

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|:---|:---|
|  | and (iv) shall not exceed $81.25 million in the aggregate. Additionally, letters of credit may be issued on the Closing Date in order to, among other things, backstop or replace letters of credit outstanding on the Closing Date under facilities no longer available to the Borrower, the Target or their respective subsidiaries as of the Closing Date. Otherwise, letters of credit and Revolving Loans will be available after the Closing Date and at any time prior to the final maturity of the Revolving Facility, upon minimum advance notice periods as set forth herein and in minimum principal amounts the same as set forth in the Precedent Credit Agreement. Amounts repaid under the Revolving Facility may be reborrowed. |
| <u>Interest Rates and Fees</u>: | As set forth on Annex I to this Exhibit B. |
| <u>Facilities Fees</u>: | As set forth in the Fee and Closing Payment Letter. |
| <u>Default Rate</u>: | On the same terms as set forth in the Precedent Credit Agreement. |
| <u>Letters of Credit</u>: | A portion of the Revolving Facility in an amount to be agreed (but no less than $81.25 million) (such amount, the "***LC Sublimit***") will be available to the Borrower for the purpose of issuing letters of credit on terms and conditions the same as those set forth in the Precedent Credit Agreement. Letters of Credit will be issued by the Administrative Agent and the Lenders holding commitments under the Revolving Facility, in each case, unless otherwise agreed by the Borrower (the "***Issuing Banks***"); *provided* that an Issuing Bank may, in its discretion, arrange for one or more letters of credit to be issued by affiliates of such Issuing Bank or a bank or other legally authorized person reasonably acceptable to the Borrower and the Administrative Agent, in which case the term "Issuing Bank" shall include any such affiliate, bank or authorized person with respect to letters of credit issued by such affiliate, bank or authorized person *provided further* that, without the prior written consent of such entity, none of Antares, Ares, Apollo, CPPIB, Golub, HPS, KCA or NB (or their respective affiliates) shall be required to be an Issuing Bank. Each Revolving Lender shall be required to acquire its pro rata share of participations in each Letter of Credit (which shall be equal to such Revolving Lender's pro rata share of the commitments under the Revolving Facility) and to fund such participations in the event the Borrower does not reimburse an Issuing Bank for drawings within applicable specified time, unless otherwise agreed by the Issuing Banks in their sole discretion. No Issuing Bank shall be required to provide Letters of Credit in excess of such Issuing Bank's pro rata share of the LC Sublimit (which shall be equal to such Issuing Bank's pro rata share of the commitments under the Revolving Facility or such other amount as agreed with the Borrower (it being agreed that the share of the LC sublimit of (i) the GS Principal Investors shall be $40.0 million and (ii) Blue Owl shall be $7,655,567.69)) unless otherwise agreed by such Issuing Bank in its sole discretion. Notwithstanding the foregoing, no GS Principal Investor shall be required to issue Letters of Credit other than standby Letters of Credit.<br>In addition, notwithstanding anything to the contrary herein, the Facilities Documentation shall incorporate changes and modifications necessary to incorporate GSAM's institutionally required terms for serving as an Issuing Bank, in each case, that are reasonably acceptable to the Borrower, which shall include: (i) the creation of a GSAM LC tranche ("***Tranche B***") under the Revolving Facility in an amount equal to $40.0 million, under which the GS Principal Investors are the only lenders and letter of credit issuers with the remainder of the Revolving |

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B-7 [Commitment Letter]

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|:---|:---|
|  | Facility as a separate tranche ("***Tranche A***"), (ii) no lender other than the GS Principal Investors will participate in any Tranche B letters of credit, (iii) revolving commitments of each other lender and GSAM's revolving commitments in excess of $40.0 million shall be part of Tranche A, which may have other Issuing Banks besides GSAM on terms as set out herein, (iv) GSAM's obligation to issue letters of credit shall be limited to Tranche B, (v) Tranche B will remain available for Revolving Loans and may be used on a pro rata basis with Tranche A for Revolving Loans at the discretion of the Borrower, and (vi) Tranche B will vote as part of the same class as Tranche A generally (other than any changes that impact letter of credit provisions under Tranche B, which shall require the consent of the Issuing Banks under Tranche B to modify). |
| <u>Defaulting Lenders</u>: | Subject to the Documentation Principles, the same as the Precedent Credit Agreement. |
| <u>Final Maturity and</u> <u>Amortization</u>: | (A) Initial Term Facility |
|  | The Initial Term Facility will mature on the date that is seven (7) years after the Closing Date and will not be subject to interim amortization, with the balance payable on the seventh (7th) anniversary of the Closing Date; *provided* that the Facilities Documentation shall provide the right for individual Term Lenders to agree to extend the maturity date of the outstanding Term Loans held by such Term Lenders upon the request of the Borrower and without the consent of any other Lender (subject to terms and conditions the same as those set forth in the Precedent Credit Agreement, but in any event not to be subject to any "most favored nation" pricing or minimum extension condition). |
|  | (B) Revolving Facility |
|  | The Revolving Facility will mature, and lending commitments thereunder will terminate, on the date that is seven (7) years after the Closing Date; *provided* that the Facilities Documentation shall provide the right of individual Revolving Lenders to agree to extend the maturity of their Revolving Commitments upon the request of the Borrower and without the consent of any other Lender on terms and conditions the same as those set forth in the Precedent Credit Agreement. |
| <u>Guarantees</u>: | Subject to the Certain Funds Provisions, all obligations of the Borrower under the Senior Secured Facilities (the "***Borrower Obligations***") and, at the option of the Borrower, under any interest rate protection or other swap or hedging arrangements or cash management arrangements entered into with a Lender, the Arrangers, the Administrative Agent or any affiliate of a Lender, Arranger or the Administrative Agent or any other person designated by the Borrower ("***Hedging/Cash Management Arrangements***") will be unconditionally guaranteed jointly and severally on a senior secured first-lien basis (the "***Guarantees***") by Holdings and each existing and subsequently acquired or organized direct or indirect wholly-owned domestic restricted subsidiary of the Borrower (the "***Restricted Subsidiaries***") other than any Excluded Subsidiaries (as defined in the Precedent Credit Agreement) (collectively, the "***Guarantors***" and together with the Borrower, the "***Loan Parties***") on terms and conditions (and subject to exceptions, limitations and materiality thresholds) that are the same as those set forth in the Precedent Credit Agreement. |

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B-8 [Commitment Letter]

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|:---|:---|
| <u>Security</u>: | Subject to the Certain Funds Provisions, the Borrower Obligations, the Guarantees and the Hedging/Cash Management Arrangements will be secured by: (a) a perfected first-priority pledge of all of the equity securities of the Borrower and of each other direct, wholly owned Restricted Subsidiary of the Borrower and of each subsidiary Guarantor and (b) a perfected first-priority security interests in substantially all tangible and intangible personal property of the Borrower and each subsidiary Guarantor (the items described in clauses (a) and (b) above, but excluding the Excluded Assets (as defined in the Precedent Credit Agreement), the "***Collateral***") on terms and conditions (including exceptions, grace periods, limitations and materiality thresholds) the same as those set forth in the Precedent Credit Agreement and the Collateral Agreement (as defined in the Precedent Credit Agreement). |
| <u>Mandatory</u> <u>Prepayments</u>: | Subject to the Documentation Principles, Loans under the Term Facility shall be subject to mandatory prepayments on terms and conditions (including with respect to application of such prepayments and any exceptions, limitations and materiality thresholds applicable thereto) the same as those set forth in Section 2.10 of the Precedent Credit Agreement; *provided* that (a) with respect to any Excess Cash Flow (as defined in the Precedent Credit Agreement) payment amount, (i) such payments shall commence with the first full fiscal year to be completed after the Closing Date and shall be subject to step-downs to 25% and 0% if the Senior Secured First Lien Net Leverage Ratio is equal to or less than 7.75:1.00 and 7.50:1.00, respectively; and (ii) such prepayments shall only be required to be paid if the Excess Cash Flow available for such prepayment exceeds the greater of $105.0 million and 30% of Consolidated EBITDA, and then only to the extent of such excess; (b) with respect to prepayments made in connection with clause (a) of any Prepayment Event (as defined in the Precedent Credit Agreement), (i) the "Asset Sale Percentage" applicable thereto shall be subject to step-downs to 50% and 0% if the Senior Secured First Lien Net Leverage Ratio is equal to or less than 7.75:1.00 and 7.50:1.00, respectively; and (ii) the thresholds set forth in clause (a) shall be modified to be set at the greater of $52.5 million and 15% of Consolidated EBITDA in the case of any single transaction or series of related transactions and the greater of $105.0 million and 30% of Consolidated EBITDA for all such transactions during any fiscal year and so that prepayment shall only be required with respect to amounts in excess of such thresholds; and (c) Loans under the Term Facility shall be prepaid with 100% of the net cash proceeds of issuances of debt obligations of the Borrower and its Restricted Subsidiaries after the Closing Date (other than debt permitted under the Facilities Documentation, excluding Refinancing Facilities and Refinancing Debt). |
| <u>Voluntary Prepayments and Reductions in</u> <u>Commitments</u>: | Voluntary reductions of the unutilized portion of the Revolving Facility commitments and voluntary prepayments of borrowings under the Senior Secured Facilities will be permitted at any time, without premium (other than as provided below in the case of the Term Facility) or penalty on terms and conditions (including with respect to application of such prepayments) the same as those set forth in the Precedent Credit Agreement.<br>All voluntary prepayments of Term Loans and mandatory prepayments of Term Loans made pursuant to (c) under "Mandatory Prepayments" above will be accompanied by a premium (expressed as a percentage of the principal amount of such Term Loans to be prepaid) equal to (a) prior to the twelve-month anniversary of the Closing Date, 1.00% and (b) on the twelve-month anniversary of the Closing Date and thereafter, 0.00%; *provided* that (I) in connection with any transaction of |

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B-9 [Commitment Letter]

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|:---|:---|
|  | the type set forth in clause (1) of the proviso of "Prepayment Premium" in the Precedent Credit Agreement, the foregoing prepayment premiums shall not apply and such prepayments shall instead be made at par and (II) the Borrower may prepay Term Loans using internally generated cash of the Borrower and its Restricted Subsidiaries at par without such prepayment premiums (the "***Term Loan Call Protection***"). |
| <u>Documentation Principles:</u> | The definitive documentation for the Senior Secured Facilities (the "***Facilities Documentation***") will contain only those conditions to borrowing, representations, warranties, covenants and events of default expressly set forth in this Term Sheet (including by reference to the Precedent Credit Agreement), which will be the same as and no less favorable to the Borrower than that certain Credit Agreement, dated as of August 29, 2025, among, *inter alios*, Koala Investment Holdings, Inc., as initial borrower, Golub Capital Markets LLC, as administrative agent, and the other parties party thereto (the "***Precedent Credit Agreement***") (and related security, collateral and guarantee agreements executed and/or delivered in connection therewith, in each case, as in effect on the date of the Original Commitment Letter), with changes and modifications that (i) give due regard to the Model, (ii) adjust basket sizes commensurate with Consolidated EBITDA (assumed to be $350.0 million), (iii) contain administrative agency, operational and other ministerial administration provisions customary for the Administrative Agent and reasonably acceptable to the Borrower, (iv) ensure that such documentation is no less favorable to the Borrower than the documentation for the Existing Credit Agreement (and related security, collateral and guarantee agreements executed and/or delivered in connection therewith) and (v) reflect the terms of this Term Sheet (collectively, the "***Documentation Principles***"). The Facilities Documentation will be subject in all respects to the Certain Funds Provisions.<br>In addition, at the Borrower's option, the Facilities Documentation shall contain customary "AHYDO catch-up" payment provisions, providing that the Borrower will make payments on any applicable loans, before the close of any accrual period ending after the fifth anniversary of the issue date, in an amount sufficient to ensure that such loans issued thereunder will not be "applicable high yield discount obligations" within the meaning of Section 163(i)(1) of the Internal Revenue Code of 1986, as amended. |
| <u>Representations and Warranties:</u> | Subject in all respects to the Certain Funds Provisions and the Documentation Principles, the same as (including, for the avoidance of doubt, with respect to materiality qualifiers, exceptions and limitations) the representations and warranties set forth in Article III of the Precedent Credit Agreement. |
| <u>Conditions to Initial Borrowing:</u> | The availability of the initial borrowing under the Senior Secured Facilities on the Closing Date will be subject solely to the satisfaction (or waiver by the Commitment Parties) of the applicable conditions set forth in Exhibit C to the Commitment Letter. |
| <u>Post-Closing Conditions:</u> | The making of each extension of credit under the Senior Secured Facilities (other than under any Incremental Facility or DDTL Loan) after the Closing Date shall be conditioned solely upon (a) delivery of a customary borrowing notice, (b) subject to the Limited Condition Transactions provisions in the case of a Limited Condition Transaction, the accuracy of representations and warranties in all material respects and (c) subject to the Limited Condition Transactions provisions in the case of a Limited Condition Transaction, the absence of defaults or events of default at the time of, or after giving effect to the making of, such extension of credit. |

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B-10 [Commitment Letter]

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|:---|:---|
| <u>Affirmative Covenants:</u> | Subject in all respects to the Documentation Principles, the same as (including, for the avoidance of doubt, with respect to materiality qualifiers, exceptions and limitations) the affirmative covenants set forth in Article V of the Precedent Credit Agreement. |
| <u>Negative Covenants:</u> | Subject to the Documentation Principles, the same as the negative covenants contained in Article VI of the Precedent Credit Agreement; *provided* that unlimited ratio debt may be incurred subject to the same incurrence test levels as set forth under the heading "Incremental Facilities" above. |
|  | Subject to the Documentation Principles, the negative covenants will be subject to the same exceptions, qualifications and "baskets" as set forth in the Precedent Credit Agreement. The covenants will be subject to an available amount basket (the "***Available Amount Basket***") comprised of, among other components that are the same as the Precedent Credit Agreement, (i) a starter amount equal to the greater of $175.0 million and 50% of Consolidated EBITDA plus (ii) an amount equal to the greater of 50% of Consolidated Net Income (as defined in the Precedent Credit Agreement) and 100% of retained Excess Cash Flow and that may, in each case, be used for the same purposes on the same terms and conditions as set forth in the Precedent Credit Agreement; *provided* that usage of the Available Amount Basket shall not be subject to any incurrence tests or event of default blockers except that usage for Restricted Dividends or Restricted Debt Payments made from the amounts in clause (ii) of the definition of "Available Amount Basket" shall be subject to (a) a Senior Secured First Lien Net Leverage Ratio not to exceed 8.00:1.00 on a *pro forma* basis and (b) no payment or bankruptcy event of default having occurred and being continuing.<br>To the extent the Investor Backstop Option is exercised, (i) the Facilities Documentation shall include separate baskets and exceptions under the negative covenant relating to limitations on Restricted Dividends and Restricted Debt Payments that permit the Investor Repayment; provided that neither the exercise of the Investor Backstop Option nor the Investor Repayment shall otherwise increase any basket in the Facilities Documentation, and (ii) all incurrences or repayments of debt, incurrences of liens, issuances of equity, making of acquisitions, dispositions, investments and restricted payments, and the effecting of any other transactions subject to the negative covenants that occurred during the Backstop Pending Period (other than the Increased Equity Contribution or the Investor Loan) shall not be permitted under the Facilities Documentation by reference to any basket permitting debt, liens or investments existing on the Closing Date, but shall instead be deemed solely for the purposes of determining compliance with the covenants to have been incurred, issued, made or otherwise effected on the Closing Date. |
| <u>General Restricted Payment Incurrence Test:</u> | The Facilities Documentation shall permit the Borrower to make unlimited Restricted Dividends, Restricted Debt Payments and investments so long as at the time of making such Restricted Dividend, Restricted Debt Payment or investment (a) in the case of Restricted Dividends and Restricted Debt Payments, no payment or bankruptcy event of default shall have occurred and be continuing and (b) the Senior Secured First Lien Net Leverage Ratio of the Borrower on a *pro forma* basis shall be no greater than (x) with respect to investments, the greater of (i) 8.00:1.00 and (ii) the Senior Secured First Lien Net Leverage Ratio immediately prior to such transactions, (y) with respect to Restricted Debt Payments, 7.50:1.00 and (z) with respect to Restricted Dividends, 7.25:1.00. |

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B-11 [Commitment Letter]

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| | |
|:---|:---|
| <u>Financial Covenant:</u> | Term Facility: None.<br>Revolving Facility: A maximum Senior Secured First Lien Net Leverage Ratio covenant set at 15.00:1.00 (with no step-downs) (the "***Financial Covenant***") that shall only be tested on the last day of any Test Period (as defined in the Precedent Credit Agreement) on which the Financial Covenant Test Condition is then applicable, with measurement to commence, only if then applicable, on the last day of the second full fiscal quarter after the Closing Date and to be determined only as of the last day of each applicable fiscal quarter thereafter.<br>For purposes hereof, the "***Financial Covenant Test Condition***" means, as of any date of determination, that the sum of (a) outstanding Revolving Loans (excluding (x) solely during the first four applicable full fiscal quarters ended after the Closing Date, any Revolving Loans borrowed to finance the Transactions (including Transaction Costs) and (y) any Revolving Loans borrowed to fund any upfront fees or OID) plus (b) drawn letters of credit other than letters of credit which have been reimbursed, cash collateralized or backstopped within three (3) business days following the end of the applicable fiscal quarter <u>minus</u> (c) the amount of unrestricted cash and cash equivalents of the Borrower and its Restricted Subsidiaries as of such date, is greater than the greater of (i) $260.0 million and (ii) 80% of the then outstanding commitments in respect of the Revolving Facility on such date.<br>For purposes of determining compliance with the Financial Covenant, the Facilities Documentation shall provide for Cure Rights that are the same as those set forth in the Precedent Credit Agreement (including, without limitation, as set forth in Section 7.02 thereof). |
| <u>Unrestricted Subsidiaries:</u> | The Facilities Documentation will contain provisions pursuant to which the Borrower will be permitted to designate any existing or subsequently acquired or organized subsidiary as an "unrestricted subsidiary" and subsequently re-designate any such unrestricted subsidiary as a Restricted Subsidiary, in each case, on terms the same as those set forth in the Precedent Credit Agreement. |
| <u>Events of Default:</u> | Subject to the Documentation Principles, the same as the Events of Default (as defined in the Precedent Credit Agreement) set forth in Section 7.01 of the Precedent Credit Agreement (to be applicable to the Borrower and its restricted subsidiaries and, in limited circumstances consistent with the Precedent Credit Agreement, Holdings); *provided* that the Facilities Documentation shall include an event of default for the failure to timely make the Post-Closing Equity Contribution (subject to a five (5) business day grace period). |
| <u>Voting:</u> | Subject to the Documentation Principles, the same as the Precedent Credit Agreement (including, without limitation, as set forth in Section 9.02 of the Precedent Credit Agreement). |

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B-12 [Commitment Letter]

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|:---|:---|
| <u>Cost and Yield Protection:</u> | Subject to the Documentation Principles, the same as the Precedent Credit Agreement. |
| <u>Assignments and Participations:</u> | Subject to the Documentation Principles, the same as the Precedent Credit Agreement; *provided* that the Facilities Documentation shall modify the Precedent Credit Agreement to provide that:<br>(a) five (5) business days advanced written notice of any proposed assignment or participation must be provided to the Borrower and the Sponsor (regardless of whether or not such party's consent to such assignment or participation is required);<br>(b) no assignment of any Revolving Loans or revolving commitments shall be made without the prior written consent of the Borrower and the Sponsor (any such consent not to be unreasonably withheld, conditioned or delayed) (except no such consent shall be required (x) for assignments made by an existing Revolver Lender to another existing Revolving Lender or (y) if a payment or bankruptcy event of default has occurred and is continuing);<br>(c) no assignment of any Term Loans or term commitments shall be made without the prior written consent of the Borrower and the Sponsor (any such consent not to be unreasonably withheld, conditioned or delayed) (except no such consent shall be required (x) for assignments made by an existing Term Lender to another existing Term Lender or to an affiliate, debt fund affiliate or approved fund of an existing Term Lender or (y) if a payment or bankruptcy event of default has occurred and is continuing); *provided* that such consent shall be deemed to have been given if the Borrower or the Sponsor, as applicable, has not objected within ten (10) business days after written notice of such assignment;<br>(d) no assignment of any loans or commitments shall be made without the prior written consent of the Borrower and the Sponsor to any person that primarily invests in distressed debt, "special situations" or has a similar investment strategy (in the good faith determination of the Borrower, which determination shall be conclusive) (any such person, a "<u>Distressed Debt Lender</u>"); and<br>(e) no participation of any loans or commitments shall be made without the prior written consent of the Borrower and the Sponsor. |
| <u>Expenses and Indemnification:</u> | Subject to the Documentation Principles, the same as the expense reimbursement and indemnification provisions set forth in the Precedent Credit Agreement (including, without limitation, as set forth in Section 9.03 of the Precedent Credit Agreement). |
| <u>Governing Law and Forum:</u> | New York; and, with respect to certain provisions specified in the Commitment Letter, Delaware. |
| <u>Counsel to the Administrative Agent and the Commitment Parties:</u> | Milbank LLP. |

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B-13 [Commitment Letter]

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**ANNEX I to** 

**EXHIBIT B** 

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|:---|:---|
| <u>Interest Rates:</u> | The interest rates under the Senior Secured Facilities will be as follows: |
|  | At the option of the Borrower, the Benchmark plus the Applicable Margin or the applicable Base Rate plus the Applicable Margin; *provided* that with respect to the Term Loans, for any interest period selected prior to the two year anniversary of the Closing Date, with respect to any individual interest payment the Borrower may elect in its sole discretion to pay in kind up to 50% of the Applicable Margin owed on the Term Loans included in the borrowing subject to such election, subject to a ratable step-up of up to 0.25% (the "***PIK Step-Up Amount***") of additional interest payable on such borrowing for such interest payment (e.g. if electing to pay in kind 25% of the Applicable Margin, the step-up will be 0.125% and, if electing to pay in kind 50% of the Applicable Margin, the step-up will be 0.25%) with such step-up amount also paid in kind, in each case, by capitalizing such accrued and unpaid interest on the interest payment date applicable thereto and adding the same to the principal amount of the Term Loans then outstanding; provided further that the Borrower shall make such election at least three (3) business days prior to the payment date for the applicable interest payment. |
|  | The Borrower may elect interest periods of 1, 3 or 6 months (or, if available to the Administrative Agent and all relevant Lenders as determined by the Administrative Agent and such Lenders as to themselves in good faith based on prevailing market conditions, 2 months, 12 months or a shorter period) for Term SOFR borrowings. |
|  | Calculation of interest and fees shall be on the basis of the actual days elapsed in a year of 365 or 366 days, as the case may be, and interest shall be payable (i) in the case of loans bearing interest based upon the Term SOFR ("***SOFR Loans***"), at the end of each interest period and, in any event, at least every 3 months and on the applicable maturity date and (ii) in the case of loans bearing interest based upon the ABR, quarterly in arrears and on the applicable maturity date. |
|  | "***Applicable Margin***" means, with respect to the Senior Secured Facilities, initially for the first two full fiscal quarters after the Closing Date (x) 4.50% *per annum* in the case of Benchmark loans, and (y) 3.50% *per annum* in the case of Base Rate loans; *provided* that after the first two full fiscal quarters after the Closing Date, such rates shall be subject to (A) one step-down of 0.25% upon the Borrower achieving a Senior Secured First Lien Net Leverage Ratio of 7.50:1.00 and (B) an additional step-down of 0.25% upon the consummation of an initial public offering. |
|  | "***Base Rate***" means: (a) with respect to Loans denominated in US Dollars, the ABR (as defined in the Precedent Credit Agreement) and (b) with respect to Loans denominated in any other currency, the applicable base rate agreed by the Borrower and the Administrative Agent.<br>"***Benchmark***" means: (a) with respect to loans denominated in US Dollars, Term SOFR (as defined in the Precedent Credit Agreement) and (b) with respect to loans denominated in any other currency, the applicable benchmark rate agreed by the Borrower and the Administrative Agent; *provided* that each Benchmark will be subject to a floor of 0.50% per annum. |

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Annex I to Exhibit B-1 [Commitment Letter]

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|:---|:---|
| <u>Letter of Credit Fee:</u> | A per annum fee equal to the spread over the applicable Benchmark under the Revolving Facility will accrue on the aggregate face amount of outstanding letters of credit under the Revolving Facility, payable in arrears at the end of each quarter and upon the termination of the respective letter of credit, in each case for the actual number of days elapsed over a 365/366-day year. Such fees shall be distributed to the Revolving Lenders pro rata in accordance with the amount of each such Lender's Revolving Facility commitment, with exceptions for defaulting Lenders. In addition, the Borrower shall pay to each Issuing Bank, for its own account, (a) a fronting fee equal to a percentage per annum to be agreed upon not to exceed the applicable third party costs borne by the Issuing Bank with respect to the issuance of the applicable letter of credit per annum of the aggregate face amount of outstanding letters of credit, payable in arrears at the end of each quarter and upon the termination of the Revolving Facility, calculated based upon the actual number of days elapsed over a 365/366-day year, and (b) customary issuance and administration fees. |
| <u>Commitment <br>Fees:</u> | The Borrower shall pay a commitment fee of 0.50% per annum on the average daily unused portion of the Revolving Facility, payable quarterly in arrears and upon the termination of the Revolving Facility, commencing with the Closing Date, calculated based upon the actual number of days elapsed over a 365/366-day year; *provided* that such rates shall be subject to two step-downs of 0.125% upon the Borrower achieving a Senior Secured First Lien Net Leverage Ratio of 7.50:1.00 and 7.00:1.00, respectively. Such fee shall be distributed to the Revolving Lenders pro rata in accordance with the amount of each such Lender's Revolving Facility commitment, with exceptions for defaulting Revolving Lenders. |
| <u>Delayed Draw Term Facility Commitment Fee:</u> | (A) From the Closing Date through and including the date that is 90 days after the Closing Date, a fee of 0.00% per annum, (B) from the date that is 91 days after the Closing Date through and including the first anniversary of the Closing Date, a fee of 0.50% per annum and (C) from the day after the first anniversary of the Closing Date through the Delayed Draw Termination Date, a fee of 1.00% per annum, in each case based on the undrawn amount of the Delayed Draw Term Facility, which fees shall be payable to the Administrative Agent for the account of each of the Lenders with a Delayed Draw Term Facility commitment, and which fees shall be payable quarterly in arrears. |

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Annex I to Exhibit B-2 [Commitment Letter]

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**EXHIBIT C** 

<u>Project GTSilver</u> 

<u>Summary of Additional Conditions<sup>1</sup></u> 

The initial borrowing under the Senior Secured Facilities shall be subject solely to the satisfaction or waiver by the Commitment Parties of the following conditions (in each case, subject to the Certain Funds Provisions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Acquisition shall have been consummated, or substantially simultaneously with the initial borrowing under the Senior Secured Facilities, shall be consummated, in all material respects in accordance with the terms of the Acquisition Agreement, after giving effect to any modifications, amendments, consents or waivers not prohibited by this paragraph. The Acquisition Agreement shall not have been amended or waived or modified (or any consent given thereunder) to by you or any of your affiliates in a manner materially adverse to the Commitment Parties (in their respective capacities as such) without the consent of each Commitment Party (such consent not to be unreasonably withheld, delayed or conditioned and provided that the Commitment Parties shall be deemed to have consented to such modification, amendment, waiver or consent unless they shall object thereto within 48 hours after notice of such proposed modification, amendment, waiver or consent) (it being understood that (w) any substantive modification, amendment, consent or waiver to the definition of Material Adverse Effect (as defined in the Acquisition Agreement as in effect on the date of the Original Commitment Letter) that is adverse to you shall be deemed to be materially adverse to the Commitment Parties and the granting of any consent under the Acquisition Agreement that is not materially adverse to the Commitment Parties shall not otherwise constitute a modification, amendment or waiver, (x) any increase in the purchase price of the Acquisition will be deemed not to be materially adverse to the Commitment Parties so long as such increase is funded with amounts permitted to be drawn on the Closing Date under the Revolving Facility or by an increase in the Equity Contributions, (y) any reduction in the purchase price of the Acquisition shall not be deemed to be materially adverse to the Commitment Parties but shall be applied (i) first, to reduce the Equity Contributions such that the amount thereof, when combined with the Rollover Equity, is equal to 40% of the sum of the amount of (a) the Equity Contributions, (b) the Rollover Equity and (c) the Senior Secured Facilities funded on the Closing Date (other than amounts funded to finance working capital on the Closing Date) and (ii) thereafter to reduce the Term Loans (or, at the option of the Borrower, to reduce the Term Loans and the Equity Contributions on a pro rata basis) and (z) any modification, amendment, consent or waiver required to allow the Acquisition to be consummated through a tender offer and merger structure in accordance with DGCL 251(h) and Section 5.16 of the Acquisition Agreement as in effect on the date hereof shall be deemed to be not materially adverse to the Commitment Parties).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. (A) The Specified Acquisition Agreement Representations shall be true and correct in all material respects on, or as of, the Closing Date or, if the Investor Backstop Option is exercised, on, or as of, the Acquisition Date, to the extent required by the Certain Funds Provisions, (B) the Specified Representations shall be true and correct in all material respects on, or as of, the Closing Date (except in the case of any Specified Representation which expressly relates to a given date or period, such representation and warranty shall be true and correct in all material respects as of the respective date or for the respective period, as the case may be); *provided* that to the extent that any Specified Representation is qualified by or subject to a "material adverse effect", "material adverse change" or similar term or qualification, (a) the definition thereof shall be the definition of "Material Adverse Effect (as defined in the Acquisition Agreement) for purposes of the making or deemed making of such Specified Representation on, or as of, the Closing Date (or any date prior thereto) and (b) the same shall be true and correct in all respects and (C) in the event the Investor Backstop Option is exercised, the Investor Backstop Representations shall be made on, or as of, the Closing Date (but, for the avoidance of doubt, the Investor Backstop Representations do not need to be accurate on, or as of, the Closing Date).

<sup>1</sup> Capitalized terms used herein shall have the meanings set forth in the other Exhibits attached to the Commitment Letter to which this Exhibit C is attached (the "***Commitment Letter***"). In the case of any such capitalized term that is subject to multiple and differing definitions, the appropriate meaning thereof in this Exhibit C shall be determined by reference to the context in which it is used. 

C-1 [Commitment Letter]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. (A) The Equity Contributions shall have been consummated, or substantially concurrently with, or prior to, the initial borrowing under the Senior Secured Facilities shall be consummated, in at least the amount (subject to paragraph 1 above) set forth in Exhibit A to the Commitment Letter, (B) the Refinancing shall have been consummated, or substantially concurrently with the initial borrowing under the Senior Secured Facilities, shall be consummated and (C) in the event the Investor Backstop Option is exercised, any Investor Loan shall be repaid substantially concurrently with the initial borrowing under the Senior Secured Facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Since the date of the Acquisition Agreement, there shall not have occurred any Material Adverse Effect (as defined in the Acquisition Agreement as in effect on the date of the Original Commitment Letter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Administrative Agent and the Commitment Parties shall have received, at least three (3) Business Days prior to the Closing Date, all documentation and other information about the Borrower and the Guarantors that is (i)(x) required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act and regulations pertaining to beneficial ownership of legal entity customers (such rules and regulations, the "***KYC Rules***") and (y) set forth on the list of "know your customer" requirements delivered to you on or prior to the date of the Original Commitment Letter (in the case of the Commitment Parties party to the Original Commitment Letter) or the date hereof (in the case of the Commitment Parties not party to the Original Commitment Letter) (or, with respect to any Additional Agent, on or prior to the appointment date of such Additional Agent) and (ii) all other documentation and other information about the Borrower and the Guarantors that is (x) requested in writing at least ten (10) Business Days prior to the Closing Date by the Administrative Agent or the Commitment Parties and (y)(i) required by regulatory authorities under the KYC Rules as a result of a change to the KYC Rules occurring, in the case of the Commitment Parties party to the Original Commitment Letter, after the date of the Original Commitment Letter or, in the case of the Commitment Parties not party to the Original Commitment Letter, after the date hereof (or, with respect to any Additional Agent, on or prior to the appointment date of such Additional Agent), (ii) required as a result of the occurrence of any change in the Administrative Agent's or any Commitment Party's circumstances, which change results in additional information being required under the KYC Rules, or (iii) after the Administrative Agent's or Commitment Party's review of any information delivered pursuant to this paragraph, reasonably determined to be required under the KYC Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The execution and delivery of (i) the Facilities Documentation by the Borrower and by the Guarantors party thereto, as applicable, which shall, in each case, be consistent with the Commitment Letter and Term Sheet and subject in all respects to the Certain Funds Provisions, (ii) customary legal opinions, customary borrowing notices (which shall not contain any representations and warranties), customary evidence of authorization, customary officer's certificates, good standing certificates (to the extent applicable) in the respective jurisdictions of the Borrower and the Guarantors and a solvency certificate of the Borrower's chief financial officer or other financial officer (certifying that, after giving effect to the Transactions on the Closing Date, the Borrower and its subsidiaries on a consolidated basis are solvent) in substantially the form of Annex I to this Exhibit C (collectively, the "***Closing Deliverables***") and (iii) subject to the Certain Funds Provisions, all documents and instruments required to create and perfect the Administrative Agent's security interests in the Collateral shall have been executed and delivered (to the extent applicable) and, if applicable, be in proper form for filing.

C-2 [Commitment Letter]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. All fees required to be paid on the Closing Date pursuant to the Fee and Closing Payment Letter and, to the extent invoiced at least three (3) Business Days prior to the Closing Date, reasonable, documented and invoiced out-of-pocket expenses required to be paid on the Closing Date pursuant to the Commitment Letter shall, upon the initial borrowing under the Senior Secured Facilities, have been paid (which amounts may be offset against the proceeds of the Senior Secured Facilities).

C-3 [Commitment Letter]

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**EXHIBIT C** 

**Form of Solvency Certificate** 

[See Attached]

Annex I to Exhibit C-1 [Commitment Letter]

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**FORM OF SOLVENCY CERTIFICATE** 

[DATE]

SOLVENCY CERTIFICATE

[__], [__]

This Solvency Certificate (this "***Certificate***") is delivered pursuant to Section [ ] of the Credit Agreement, dated as of the date hereof among [______________], a [_____] (the "***Borrower***") and [_____________], a [_____] ("***Holdings***"), [_______], as the Administrative Agent and the other Lenders parties thereto. Unless otherwise defined herein, capitalized terms used in this Certificate shall have the meanings set forth in the Credit Agreement.

I, [_______], solely in my capacity as the Chief Financial Officer of the Borrower, do hereby certify on behalf of the Borrower that as of the date hereof, after giving effect to the consummation of the Transactions contemplated by the Credit Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The sum of the debt (including contingent liabilities) of the Borrower and the Subsidiaries, on a consolidated basis, does not exceed the present fair saleable value of the present assets of the Borrower and the Subsidiaries, on a consolidated basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The capital of the Borrower and the Subsidiaries, on a consolidated basis, is not unreasonably small in relation to their business as contemplated on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Borrower and the Subsidiaries, on a consolidated basis, have not incurred and do not intend to incur, or believe that they will incur, debts including current obligations, beyond their ability to pay such debts as they become due (whether at maturity or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Borrower and the Subsidiaries, on a consolidated basis, are "solvent" within the meaning given to that term and similar terms under applicable laws relating to fraudulent transfers and conveyances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. For purposes of this Certificate, the amount of any contingent liability has been computed as the amount that, in light of all of the facts and circumstances existing as of the date hereof, represents the amount that can reasonably be expected to become an actual or matured liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. In reaching the conclusions set forth in this Certificate, I have made such other investigations and inquiries as I have deemed appropriate, having taken into account the nature of the particular business anticipated to be conducted by the Borrower and the Subsidiaries after the consummation of the Transactions contemplated by the Credit Agreement.

[Remainder of this page intentionally left blank.]

Annex I to Exhibit C-2 [Commitment Letter]

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**IN WITNESS WHEREOF**, I HAVE EXECUTED THIS Certificate as of the date first written above.

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| | |
|:---|:---|
|  [ ] |  |
| By: |  |
|  Name: | [ <u>]</u> |
|  Title: | Chief Financial Officer |

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Annex I to Exhibit C-3 [Commitment Letter]

## Ex-99.(C)(Ii)

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Exhibit (c)(ii) December 20, 2025 Project Cascade SPECIAL COMMITTEE DISCUSSION MATERIALS CONFIDENTIAL

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> Investor consortium consisting of Warburg Pincus, Permira, Francisco Partners, and Temasek (the Transaction "Consortium") to acquire Cascade Transaction > Structured as a reverse triangular merger, with a newly formed Merger Sub indirectly owned by the Consortium Summary merging with and into Cascade, with Cascade surviving the merger as an indirect wholly owned subsidiary of the Structure & Consortium's acquisition vehicle Consideration > All-cash consideration of $24.55 per share > Represents 47.1% premium to Cascade's unaffected share price as of 11/10/2025 > Transaction implies equity value of $7.6bn and total enterprise value of $8.4bn Transaction (1) Value > Implies 9.0x TEV / '26E Revenue (Mgmt.) and 24.9x TEV / '26E EBITDA (Mgmt.) multiples > Equity: Affiliates of each of Warburg Pincus, Permira, Francisco Partners, and Temasek to fund equity Equity & Debt (1) > Debt: $2.7bn 1L term loan (8.0x 2026E EBITDA), $500mm DDTL, and $325mm revolver; Goldman Sachs Financing commitment > Subject to Cascade shareholder approval, expiration of the HSR waiting period, receipt of other specified Approvals competition and FDI approvals and other customary closing conditions & Timing > Cascade anticipates approvals to be obtained and closing to occur in Q2'26 > Cascade is under exclusivity with the Consortium until 11:59PM EST on December 22, 2025 > "Go-shop" period until 12:00AM EST on January 23, 2026; Cascade has the option to extend for a period not (2) to exceed 10 days with respect to one or more parties that are not Disallowed Parties Other > Termination fee of 3.25% of transaction equity value (reduced to 1.50% if in connection with transacting with a non-Disallowed Party during "go-shop" period) (1) Adjusted EBITDA (Pre-SBC). (2) "Disallowed Party" means any Person that, in the 6 months prior to signing the > Reverse termination fee of 7.0% of transaction equity value in the event of a financing failure Merger Agreement, received access to the Company's data room or was under NDA with Cascade, in connection with a potential acquisition in which such Person would act in a principal capacity; or any Person that receives equity or debt financing to fund such potential acquisition from any such aforementioned Person. CONFIDENTIAL 2

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10/23/2025 ($ in millions) 12/14/2025 12/15/2025 12/16/2025 12/16/2025 Summary Proposal (Withdrawn 12/8) Offer Details Progression (1) Market Data Date 10/22/2025 11/10/2025 11/10/2025 11/10/2025 11/10/2025 Form of Proposal Written Written Written Verbal Written Offer Price $24.50 $24.25 $24.35 $24.50 $24.55 (1) Premium to Market Data Date 28.9% 45.3% 45.9% 46.8% 47.1% (2) Implied Equity Value $7,623 $7,544 $7,576 $7,623 $7,638 (3) Implied Enterprise Value $8,417 $8,339 $8,370 $8,417 $8,433 Implied Premia (7) Premium / (Discount) to: As of 10/22 As of 11/10 (Unaffected) (4) Unaffected Share Price NA 45.3% 45.9% 46.8% 47.1% (4) 30-Day VWAP 37.2% 36.0% 36.5% 37.4% 37.7% (4) 90-Day VWAP 29.7% 29.9% 30.5% 31.3% 31.5% Source: Company filings, Capital IQ, Wall Street research, Cascade Management. Note: Market data as of 12/19/2025. VWAP reference period based on calendar days. Management forecast as of 12/6/2025. (4) 52-Week High (31.4%) (25.9%) (25.6%) (25.1%) (24.9%) (1) For the first column, represents one day prior to the 10/23/2025 letter; for remaining columns, represents the unaffected date of 11/10/2025. (2) FDSO per Cascade Management as of 12/15/2025. Dilution computed using (5) the treasury stock method. FDSO reflects 288.6mm Series A and 4.5mm Median Undiscounted Analyst Price Target (22.2%) (10.2%) (9.8%) (9.3%) (9.1%) Series B common shares, 8.5mm RSUs, 4.0mm PSUs, 7.6mm options outstanding with a weighted average strike price of $9.09, and committed (6) stock-based compensation of $16.7mm from the acquisition of Enfusion. Current Share Price 28.9% 9.0% 9.4% 10.1% 10.3% (3) Balance sheet per Cascade Management as of 9/30/2025. Includes total debt of $859.0mm, cash of $60.8mm, and short-term investments of $3.4mm; excludes non-controlling interests of $20.0mm due to inclusion of Class B Implied Valuation Multiples (Management) shares in FDSO. (4)Unaffected date of 11/10/2025, prior to media coverage of rumored takeover offer, except for 10/23/2025 column which is based on 10/22/2025 market TEV / 2026E Revenue 9.0x 8.9x 8.9x 9.0x 9.0x data. (5) Reflects analyst coverage with price targets published after Cascade's Q3 print, except for 10/23/2025 column which reflects analyst coverage with price TEV / 2026E Adj. EBITDA (Pre-SBC) 24.9x 24.6x 24.7x 24.9x 24.9x targets published between Cascade's Q2 print and 10/22/2025. (6)Reflects Cascade share price as of 12/19/2025, except for 10/23/2025 column which reflects Cascade share price as of 10/22/2025. (7) Based on market data as of 10/22/2025. CONFIDENTIAL 3

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(1) ($ in mm, except per share) Unaffected Agreed Deal Price Cascade Enterprise Share Price $16.69 $24.55 Value and Trading Premium / (Discount) to: Metric: Agreed Deal Price $24.55 (32.0%) – Multiples (1) Unaffected 16.69 – 47.1% (1) 30-Day VWAP 17.83 (6.4%) 37.7% (4) (1) Cascade Net Leverage : 90-Day VWAP 18.66 (10.6%) 31.5% (1) > Net Debt / 2025E Adj. EBITDA 52-Week High 32.71 (49.0%) (24.9%) (Pre-SBC): 3.2x (2) Median Undiscounted Analyst Price Target 27.00 (38.2%) (9.1%) > Net Debt / 2026E Adj. EBITDA (3) (x) FDSO 310.1 311.1 (Pre-SBC): 2.4x Implied Equity Value $5,176 $7,638 (5) Precedent Premia Paid to Unaffected : (4) (+) Net Debt and Other 795 795 th > 75 Percentile: 39.8% Implied Total Enterprise Value $5,971 $8,433 th > 25 Percentile: 23.0% Management TEV / Revenue Metric: Unaffected Current Source: Company filings, Capital IQ, Wall Street research, Cascade Management. Note: Market data as of 12/19/2025. VWAP reference period based on calendar days. Management forecast as of 12/6/2025. CY 2025E $730 8.2x 11.5x (1) Unaffected date of 11/10/2025, prior to media coverage of rumored takeover offer. (2) Reflects analyst coverage with price targets published after Cascade's Q3 CY 2026E 940 6.4x 9.0x print. (3) FDSO per Cascade Management as of 12/15/2025. Dilution computed using the treasury stock method. FDSO reflects 288.6mm Series A and 4.5mm TEV / Adj. EBITDA (Pre-SBC) Unaffected Current Series B common shares, 8.5mm RSUs, 4.0mm PSUs, 7.6mm options outstanding with a weighted average strike price of $9.09, and committed stock-based compensation of $16.7mm from the acquisition of Enfusion. CY 2025E $248 24.1x 34.0x (4) Balance sheet per Cascade Management as of 9/30/2025. Includes total debt of $859.0mm, cash of $60.8mm, and short-term investments of $3.4mm; excludes non-controlling interests of $20.0mm due to inclusion of Class B CY 2026E 338 17.6x 24.9x shares in FDSO. (5) Considers all-cash transactions for 100% or majority ownership of U.S. public companies in the Technology sector announced in the last five years with TEV of $3-$10bn. CONFIDENTIAL 4

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IMPLIED EQUITY VALUE PER SHARE Valuation Summary ($ per share, rounded to the nearest $0.25; TEV in $bn) (1) (1) Unaffected : 30D VWAP : Agreed Deal Price: Implied TEV ($bn) Key Assumptions $16.69 $17.83 $24.55 > 12/31/2025E valuation date; 5-year forecast (2) Perpetuity Growth $6.4 – $9.9 > WACC: 10.0% – 11.0%; PGR: 5.5% – 6.5% $19.25 $30.50 > Impl. Terminal Revenue Mult.: 5.0x – 7.9x TEV / 2026E > Multiple: 6.0x – 9.0x $5.6 – $8.5 $15.75 $24.75 Revenue > 2026E Revenue: $940mm TEV / 2026E > Multiple: 18.0x – 25.0x $6.1 – $8.5 $17.00 $24.75 > 2026E Adj. EBITDA (Pre-SBC): $338mm Adj. EBITDA (Pre-SBC) > Multiple: 6.5x – 8.5x TEV / NTM Revenue $6.1 – $8.0 $17.25 $23.25 > NTM (2026E) Revenue: $940mm > Offer Price implied by 22.0x – 30.0x TEV / LTM (2030E) Adj. EBITDA (Pre-SBC) Exit Multiple Illustrative LBO Analysis $7.7 – $9.7 $22.00 $28.75 > Assumes net leverage of 8.0x 2025E Adj. EBITDA (Pre- (3) SBC) and required IRR of 22.5% > Future share price (2027E) discounted to present value at Illustrative Present Value $7.9 – $10.9 11.5% Cost of Equity $23.00 $32.25 of Future Share Price > Multiple: 18.0x – 25.0x TEV / NTM Adj. EBITDA (Pre-SBC) Source: Cascade Management, Company filings, Capital IQ, Wall Street research. > Low: Loop (11/5) Note: Market data as of 12/19/2025. Management forecast as of 12/6/2025. Discounted Analyst Assumes valuation date of 12/31/2025E. FDSO per Cascade Management as of $7.8 – $10.9 > High: RBC (11/18), Oppenheimer (11/12) $22.50 $32.25 12/15/2025. Dilution computed using the treasury stock method. FDSO reflects Price Targets > Discounted one year at 11.5% Cost of Equity 288.6mm Series A and 4.5mm Series B common shares, 8.5mm RSUs, 4.0mm PSUs, 7.6mm options outstanding with a weighted average strike price of $9.09, and committed stock-based compensation of $16.7mm from the acquisition of Enfusion. Balance sheet per Cascade Management as of 9/30/2025. Includes total debt of $859.0mm, cash of $60.8mm, and short-term investments of $3.4mm; (1) 52-Week > 52-Week High from Unaffected date : $32.71 excludes non-controlling interests of $20.0mm due to inclusion of Class B shares $5.7 – $11.0 (1) $15.75 $32.75 > 52-Week Low from Unaffected date : $15.74 in FDSO. Trading Range (1) Unaffected date of 11/10/2025, prior to media coverage of rumored takeover offer. (2) Equity value includes DCF value of DTA: $439mm – $455mm. (3) Includes illustrative $10mm of public company cost savings. CONFIDENTIAL 5 Precedent FOR REFERENCE ONLY: Trading DCF Transactions

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FOR REFERENCE ONLY IMPLIED VALUE PER SHARE Illustrative ($ per share, rounded to the nearest $0.25) Discounted Cash 2027E - 2030E Revenue CAGR Flow Analysis P&L Sensitivity (1) Key Assumptions : 20.0% 18.0% 16.0% 14.0% Management > '26E-'27E P&L and cash flow items per Forecast Management forecast > '28E-'30E Growth: Held constant at illustrative CAGR 42.2% $25.25 $23.75 $22.25 $21.00 Management > '28E-'30E Adj. EBITDA (Pre-SBC) Forecast (2) Margin: Linear expansion from '27E-'30E (3) > Valuation: Midpoint WACC and PGR 40.0% $23.50 $22.25 $20.75 $19.50 Source: Cascade Management, Company filings, Capital IQ, Wall Street research. Note: Market data as of 12/19/2025. Management forecast as of 12/6/2025. Assumes valuation date of 12/31/2025E. Includes illustrative FCF from deferred tax assets, discounted at the midpoint of illustrative WACC range. FDSO per Cascade Management as of 12/15/2025. Dilution computed using the treasury stock method. FDSO reflects 288.6mm Series A and 4.5mm Series B common shares, 8.5mm RSUs, 4.0mm PSUs, 7.6mm options outstanding with a weighted average strike price of $9.09, and committed stock-based compensation of 38.0% $22.00 $20.75 $19.50 $18.25 $16.7mm from the acquisition of Enfusion. Balance sheet per Cascade Management as of 9/30/2025. Includes total debt of $859.0mm, cash of $60.8mm, and short-term investments of $3.4mm; excludes non-controlling interests of $20.0mm due to inclusion of Class B shares in FDSO. (1) SBC held constant at $127mm. Depreciation as % of CapEx held in line with Management forecast, and flat after 2030E. Assumes 25% Effective Tax Rate and $2mm of Other Taxes annually. Amortization of Contract Acquisition Costs as % of Capitalized Contract Acquisition Costs held in line with Management 36.0% $20.50 $19.25 $18.00 $17.00 forecast, and flat after 2030E. Assumes S&M grows in-line with revenue. CapEx as % of revenue held in line with Management forecast, and flat after 2030E. Change in NWC as % of revenue held in line with Management forecast, and flat after 2030E. Amortization of Intangibles and New Intangibles does not affect EBIT (Post-SBC). (2) With the exception of the first row, which is based on the Management forecast schedule for EBITDA margin. (3) PGR range: 5.5 – 6.5%; WACC range: 10.0 – 11.0%. Utilizes mid-year discounting convention. Terminal Year assumed equal to final forecast year, with Depreciation set equal to CapEx. CONFIDENTIAL 6 2030E Adj. EBITDA (Pre-SBC) Margin

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FOR REFERENCE ONLY IMPLIED ENTRY SHARE PRICE AT 22.5% REQUIRED IRR Illustrative LBO ($ per share, rounded to nearest $0.25) Management 2026E - 2030E Revenue CAGR Analysis Forecast Revenue CAGR and Exit 15.0% 16.0% 17.0% 17.7% 19.0% Multiple Sensitivity 30.0x $26.25 $27.25 $28.00 $28.75 $30.00 28.0x $24.75 $25.75 $26.50 $27.00 $28.25 (1) Key Assumptions : > '26E-'30E P&L and cash flow items per 26.0x $23.25 $24.00 $24.75 $25.50 $26.50 Management forecast 24.0x $21.75 $22.50 $23.25 $23.75 $24.75 > '26E-'30E Growth: Held constant at (2) illustrative CAGR 22.0x $20.25 $21.00 $21.50 $22.00 $23.00 > '26E-'30E Adj. EBITDA (Pre-SBC) Margin per Management forecast IMPLIED ENTRY SHARE PRICE AT 20.0% REQUIRED IRR Implied Adj. EBITDA (Pre-SBC) Multiple (3) ($ per share, rounded to nearest $0.25) LTM (2030E) NTM (2031E) 30.0x 25.6x Management 2026E - 2030E Revenue CAGR 28.0x 23.9x Forecast 26.0x 22.2x 15.0% 16.0% 17.0% 17.7% 19.0% 24.0x 20.5x 22.0x 18.8x 30.0x $28.75 $29.75 $30.75 $31.50 $32.75 Source: Cascade Management, Company filings, Capital IQ, Wall Street research. Note: Market data as of 12/19/2025. Management forecast as of 12/6/2025. Assumes valuation date of 12/31/2025E. FDSO per Cascade Management as of 28.0x $27.25 $28.00 $29.00 $29.75 $30.75 12/15/2025. Dilution computed using the treasury stock method. FDSO reflects 288.6mm Series A and 4.5mm Series B common shares, 8.5mm RSUs, 4.0mm PSUs, 7.6mm options outstanding with a weighted average strike price of $9.09, and committed stock-based compensation of $16.7mm from the acquisition of 26.0x $25.50 $26.25 $27.25 $27.75 $29.00 Enfusion. Balance sheet per Cascade Management as of 9/30/2025. Includes total debt of $859.0mm, cash of $60.8mm, and short-term investments of $3.4mm; excludes non-controlling interests of $20.0mm due to inclusion of Class B shares 24.0x $23.75 $24.50 $25.25 $26.00 $27.00 in FDSO. (1) SBC flatlined at $32mm (25% of management forecast); incremental management promote of 7.5% of sponsor net profits. Amortization of 22.0x $22.25 $22.75 $23.50 $24.00 $25.00 Intangibles and New Intangibles does not affect EBIT (Post-SBC). (2) With the exception of the fourth column, which is based on the Management forecast schedule for revenue growth. (3) Assumes 17.0% 2031E Adj. EBITDA (Pre-SBC) growth (2031E revenue growth of 16.0% and Adj. EBITDA (Pre-SBC) Margin of 42.6%). CONFIDENTIAL 7 LTM (2030E) Adj. LTM (2030E) Adj. EBITDA (Pre-SBC) EBITDA (Pre-SBC) Exit Multiple Exit Multiple

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FOR REFERENCE ONLY (1) Illustrative Implied Undiscounted Future Share Price Present Value of Future Share Price Future Share Price ($ per share, rounded to the nearest $0.25) ($ per share, rounded to the nearest $0.25) Analysis Management Forecast $40.25 Key Assumptions: > Cost of Equity: 11.5% > Share Repurchases: $100mm repurchased annually at average of Current Year End and Prior Year End $34.25 $32.25 future share price $31.50 > SBC: $127mm issued annually at average of Current Year End and Prior Year End $28.25 future share price; assumes SBC is $27.75 $28.50 outstanding within year of issuance $26.75 Agreed Deal Price: $24.75 $24.75 Agreed Deal Price: $24.55 $24.55 TEV / NTM Adj. EBITDA (Pre-SBC) Multiples: $24.00 25.0x $23.00 $20.75 $20.75 $22.00 21.5x $19.75 18.0x $16.69 $16.69 $17.00 $17.00 Source: Cascade Management, Company filings, Capital IQ, Wall Street research. Note: Market data as of 12/19/2025. Management forecast as of 12/6/2025. FDSO per Cascade Management as of 12/15/2025. Dilution computed using the treasury stock method. FDSO reflects 288.6mm Series A and 4.5mm Series B common shares, 8.5mm RSUs, 4.0mm PSUs, 7.6mm options outstanding with a weighted average strike price of $9.09, and committed stock-based compensation of $16.7mm from the acquisition of Enfusion. Balance sheet per Cascade Management as of 9/30/2025. Includes total debt of $859.0mm, cash of Current '25E '26E '27E Current '25E '26E '27E $60.8mm, and short-term investments of $3.4mm; excludes non-controlling (2) (2) (Unaffected) (Unaffected) interests of $20.0mm due to inclusion of Class B shares in FDSO. (1) Discounted at illustrative 11.5% Cascade cost of equity. (2) Unaffected date of 11/10/2025, prior to media coverage of rumored takeover offer. CONFIDENTIAL 8

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Appendix CONFIDENTIAL 9

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REVENUE ($ IN MM) Summary % Organic Growth (1) (2) Management 21.4% 22.6% 15.4% 15.3% 17.0% 18.0% 18.0% 18.0% Forecast (3) (2) 20.7% 16.1% 1 18 7. .7 0% % '23A-'25E CAGR '25E-'27E CAGR '27E-'30E CAGR Revenue $1,807 $1,531 $1,298 $1,100 Key Assumptions ('25E to '30E): $940 $730 $452 $368 > 2026E financials are based on detailed management budget 2023A 2024A 2025E 2026E 2027E 2028E 2029E 2030E > Revenue: 18% annual growth in '28E and thereafter TOTAL TO ORGANIC REVENUE GROWTH BRIDGE ($ in mm) 2025E 2026E 2027E 2028E 2029E 2030E A Total Revenue $730 $940 $1,100 $1,298 $1,531 $1,807 % Growth 61.7% 28.7% 17.0% 18.0% 18.0% 18.0% C Organic Revenue (Rebased '24A & '25E) Core Cascade $536 $622 $729 > Full-year Enfusion and Beacon contribution A % Growth 18.7% 16.0% 17.2% lifts '25E revenue ~$85mm to $816mm Enfusion 226 258 300 % Growth 12.1% 14.2% 16.3% B > Rebasing financials implies organic '25E- '27E CAGR of 16.1% vs. 22.7% total Beacon 53 60 71 % Growth – 12.8% 18.3% C > Near-term organic CAGR of 16.1% Source: Cascade Management. Total Organic Revenue A $816 $940 $1,100 Note: Management forecast as of 12/6/2025. compares with outer years CAGR of 18.0% (1) Represents pro forma organic growth, based on rebased 2024A revenue from % Growth 15.4% 15.3% 17.0% full-year contribution of Enfusion and Beacon per Cascade Management. (2) Represents pro forma organic growth, based on rebased 2025E revenue from B full-year contribution of Enfusion and Beacon per Cascade Management. (3) Represents core Cascade growth, based on Management projected revenue contribution of legacy Cascade in 2025E. CONFIDENTIAL 10

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ADJ. EBITDA (PRE-SBC) ($ IN MM) Summary % Gross Margin Management 76.5% 78.2% 78.2% 78.7% 79.2% 79.7% 80.2% 80.7% Forecast % EBITDA Margin Margin 28.7% 32.2% 33.9% 36.0% 38.0% 39.9% 41.4% 42.2% Key Assumptions ('25E to '30E): $763 $634 $518 $418 > Gross Profit: Margin expansion of $338 $248 ~250bps from 78.2% to 80.7% $146 $106 > R&D: (~240bps) decline as % of revenue 2023A 2024A 2025E 2026E 2027E 2028E 2029E 2030E > S&M: ~40bps increase as % of revenue (2) UNLEVERED FREE CASH FLOW ($ IN MM) > G&A: (~380bps) decline as % of revenue > Adj. EBITDA: Margin expands by ~830bps % Margin > SBC: Flatlined amount of $127mm 23.4% 31.5% 15.0% 18.4% 22.9% 26.4% 29.3% 31.3% (1) > CapEx: 1.5% of revenue >Δ in NWC: (2%) of revenue from '25E-'30E $566 $449 $343 $252 $173 $142 $109 $86 Source: Cascade Management. 2023A 2024A 2025E 2026E 2027E 2028E 2029E 2030E Note: Management forecast as of 12/6/2025. (1) With the exception of 2026E, in which CapEx is 2.2% of revenue. (2) Calculated as NOPAT—including the impact of tax attributes (illustrative FCF from deferred tax assets) plus D&A, plus amortization of contract costs, less capital expenditures, and less the change in net working capital. CONFIDENTIAL 11

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REVENUE ($ IN MM) ADJ. EBITDA (PRE-SBC) ($ IN MM) Summary Forecast Δ Wall Street Consensus vs. Cascade ManagementΔ Wall Street Consensus vs. Cascade Management Comparison +$0 +$7 +$18 ($1) ($5) ($9) Management vs. Wall +0.0% +0.8% +1.6% (0.2%) (1.5%) (2.1%) Street Consensus Organic Revenue Growth Adj. EBITDA (Pre-SBC) Margin (2) (2) (1) (1) 15.4% 15.4% 15.3% 16.1% 17.0% 18.0% 33.9% 33.8% 36.0% 35.2% 38.0% 36.6% $1,118 $1,100 Cascade Management $947 Wall Street Consensus $940 $730 $731 $418 $409 $333 $338 $248 $247 Source: Cascade Management, Company filings, Wall Street research. Note: Market data as of 12/19/2025. Management forecast as of 12/6/2025. (1) Represents pro forma organic growth, based on rebased 2024A and 2025E revenue from full-year contribution of Enfusion and Beacon per Cascade 2025E 2026E 2027E 2025E 2026E 2027E Management. (2) Represents pro forma organic growth, based on rebased 2025E revenue from full-year contribution of Enfusion and Beacon per Cascade Management. CONFIDENTIAL 12

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FOR REFERENCE ONLY ANALYST COVERAGE – POST CASCADE 3Q EARNINGS RELEASE (11/5/2025) PRICE TARGETS Selected Wall Undiscounted % Premium To Firm Name Recommendation Rating Date Valuation Methodology Target Price ($) Unaffected Street Analyst Buy 9-Dec $30.00 80% 14x EV / FY27 Adj. EBITDA Perspectives Buy 9-Dec $30.00 80% ~8x EV / FY27 Revenue Buy 24-Nov $27.00 62% ~22x EV / FY27 Adj. EBITDA Buy 19-Nov $27.00 62% ~30x EV / NTM Adj. EBITDA Buy 18-Nov $36.00 116% ~34x EV / CY26 Adj. EBITDA Buy 12-Nov $36.00 116% 33x EV / FY26 Adj. EBITDA 10-yr DCF \| ~11% WACC, 2% terminal Buy 6-Nov $26.00 56% growth rate Buy 6-Nov $27.00 62% ~11x EV / FY26 Gross Profit 10-yr DCF \| ~11% WACC, 4.5% terminal Buy 5-Nov $25.00 50% growth rate (Excluded) Buy 3-Sep $27.00 62% 35x EV / FCF 75th Percentile $30.00 80% Mean $29.33 76% Median $27.00 62% Source: Capital IQ, Wall Street research. Note: Market data as of 12/19/2025. Considers analyst coverage as per Cascade 25th Percentile $27.00 62% Investor Relations. Goldman Sachs is excluded due to price target being set prior to Cascade Q3'25 earnings. William Blair is excluded due to lack of published price target. Morningstar and Baptista Research are excluded from the analysis as per Cascade's designated analyst coverage list. CONFIDENTIAL 13

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FDSO MEMO Detailed Cascade Shares ($ in mm, except per share) Enterprise Value (1) Series A 288,632,333 Treasury Stock Method (1) (2) Build (+) Series B 4,506,422 Options Outstanding 7,590,682 (2) Common Shares Outstanding 293,138,755 (x) Strike Price $9.09 (2) (+) RSUs 8,547,355 Exercise Proceeds $69.0 (2) (3) (+) PSUs 3,984,521 (/) Share Price (Unaffected) $16.69 (+) Net Dilution from Options Exercise 3,456,512 TSM Shares Repurchased 4,134,170 Dilutive Securities 15,988,388 (2) (+) Committed Stock-Based Compensation 1,000,460 Options Outstanding 7,590,682 FDSO 310,127,602 (-) TSM Shares Repurchased (4,134,170) Net Dilution from Options Exercise 3,456,512 TEV ($ in mm, except per share) Committed Stock-Based Compensation (SBC) (3) Share Price (Unaffected) $16.69 Enfusion Acquisition $16.7 (x) FDSO 310,127,602 Total Committed SBC $16.7 (3) Implied Equity Value $5,176.0 (/) Share Price (Unaffected) $16.69 (4) (+) Debt 859.0 Implied Shares Issued from Committed SBC 1,000,460 (4) (-) Cash (60.8) (4) (-) Short-Term Investments (3.4) Source: Cascade Management. (1) As of 12/15/2025. Implied Total Enterprise Value $5,970.9 (2) As of 12/15/2025. (3) As of unaffected date of 11/10/2025, prior to media coverage of rumored takeover offer. (4)As of 9/30/2025. Excludes non-controlling interests of $20.0mm due to inclusion of Class B shares in FDSO. CONFIDENTIAL 14

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Cascade Management Projections Detailed Cascade ($ in mm) 2025E 2026E 2027E 2028E 2029E 2030E Revenue $730 $940 $1,100 $1,298 $1,531 $1,807 Management % Growth 61.7% 28.7% 17.0% 18.0% 18.0% 18.0% Gross Profit $571 $740 $871 $1,034 $1,228 $1,458 Forecast % Margin 78.2% 78.7% 79.2% 79.7% 80.2% 80.7% (-) Research and Development (160) (196) (224) (260) (299) (352) Received 12/6/2025 % of Revenue 21.9% 20.9% 20.4% 20.0% 19.5% 19.5% (-) Sales and Marketing (92) (122) (143) (169) (199) (235) % of Revenue 12.6% 13.0% 13.0% 13.0% 13.0% 13.0% (-) General and Administrative (72) (83) (86) (88) (96) (108) % of Revenue 9.8% 8.8% 7.8% 6.8% 6.3% 6.0% Adj. EBITDA (Pre-SBC) $248 $338 $418 $518 $634 $763 % Margin 33.9% 36.0% 38.0% 39.9% 41.4% 42.2% (-) Stock-Based Compensation (127) (127) (127) (127) (127) (127) % of Revenue 17.4% 13.5% 11.5% 9.8% 8.3% 7.0% Adj. EBITDA (Post-SBC) $121 $211 $291 $391 $507 $636 (-) Depreciation (P&E) (7) (13) (11) (14) (17) (21) % of CapEx 60.6% 64.4% 68.1% 71.8% 75.6% 79.3% Adj. EBIT (Post-SBC) $114 $198 $280 $377 $490 $614 % Margin 15.6% 21.1% 25.4% 29.0% 32.0% 34.0% (-) Income Taxes – (10) (14) (19) (24) (31) (-) Other Taxes (2) (2) (2) (2) (2) (2) NOPAT $112 $186 $264 $356 $463 $582 (+) Depreciation (P&E) 7 13 11 14 17 21 (+) Amortization of Contract Acquisition Costs 10 13 16 19 22 27 (-) CapEx (11) (21) (16) (19) (23) (27) % of Revenue 1.5% 2.2% 1.5% 1.5% 1.5% 1.5% (1) (-) Change in NWC (8) (19) (22) (26) (31) (36) % of Revenue (1.1%) (2.0%) (2.0%) (2.0%) (2.0%) (2.0%) Source: Cascade Management. Unlevered Free Cash Flow $109 $173 $252 $343 $449 $566 Note: Management forecast as of 12/6/2025. Analysis excludes amortization of goodwill and acquired intangibles, which are not tax deductible per Cascade Management. (1) NWC includes capitalized contract acquisition costs. CONFIDENTIAL 15

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Management Projections Wall Street Consensus Δ to Mgmt. Forecast Detailed Forecast ($ in mm) 2026E 2027E 2026E 2027E 2026E 2027E Revenue $940 $1,100 $947 $1,118 +$7 +$18 Comparison % Revenue Growth 28.7% 17.0% 29.7% 18.0% 1.0% 1.0% Management vs. Street Gross Profit $740 $871 $748 $887 +$8 +$16 (-) R&D ($196) ($224) ($206) ($241) ($9) ($17) (-) S&M ($122) ($143) ($117) ($136) +$5 +$7 (-) G&A ($83) ($86) ($91) ($101) ($9) ($15) Adj. EBITDA (Pre-SBC) $338 $418 $333 $409 ($5) ($9) % Margin 36.0% 38.0% 35.2% 36.6% (0.8%) (1.4%) (-) SBC ($127) ($127) ($137) ($138) ($10) ($11) Adj. EBITDA (Post-SBC) $211 $291 $197 $271 ($15) ($20) (-) Depreciation ($13) ($11) ($121) ($123) ($108) ($112) EBIT (Post-SBC) $198 $280 $76 $147 ($123) ($132) % Margin 21.1% 25.4% 8.0% 13.2% (13.1%) (12.3%) Net Taxes ($12) ($16) ($19) ($37) ($7) ($21) Effective Tax Rate (%) 6.0% 5.7% 25.0% 25.0% 19.0% 19.3% Brokers do not consider NOPAT $186 $264 $57 $110 ($130) ($153) the impact of DTA (+) Depreciation $13 $11 $121 $123 +$108 +$112 (+) Amortization of Contract Acq. Costs $13 $16 - - NA NA (-) Capex ($21) ($16) ($12) ($16) +$9 +$0 (-/+) Change in NWC ($19) ($22) ($8) ($3) +$11 +$19 Unlevered Free Cash Flow $173 $252 $158 $215 ($15) ($37) Source: Cascade Management, Wall Street research. Note: Market data as of 12/19/2025. Management forecast as of 12/6/2025. CONFIDENTIAL 16

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($ in mm) 2026E 2027E 2028E 2029E 2030E 2031E 2032E Tax Attributes Revenue $940 $1,100 $1,298 $1,531 $1,807 $2,096 $2,390 Analysis Management Forecast % Growth 28.7% 17.0% 18.0% 18.0% 18.0% 16.0% 14.0% Adj. EBITDA (Pre-SBC) $338 $418 $518 $634 $763 $892 $1,026 % Margin 36.0% 38.0% 39.9% 41.4% 42.2% 42.6% 42.9% (-) SBC (127) (127) (127) (127) (127) (127) (127) (-) Depreciation (13) (11) (14) (17) (21) (26) (31) Taxable Income $198 $280 $377 $490 $614 $739 $868 (x) DTA Yearly Limit 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% (x) Effective Tax Rate 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% Tax Payable $40 $56 $75 $98 $123 $148 $174 (1) Beginning Balance $672 $632 $576 $501 $403 $280 $132 (+) DTA Created - - - - - - - (-) DTA Used (40) (56) (75) (98) (123) (148) (132) DTA Balance $632 $576 $501 $403 $280 $132 - Source: Cascade Management. Note: Management forecast as of 12/6/2025. (1) Beginning DTA balance as of 9/30/2025. CONFIDENTIAL 17

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INDEXED SHARE PRICE PERFORMANCE (YTD) Change YTD NTM EBITDA (Pre-SBC) Mult Historical Relative TEV / 30.0% (2) Company Share Price NTM Revenue NTM EBITDA Share Price Cascade (39.4%) (52.9%) (55.0%) (1) Unaffected 20.0% S&P 500 16.2% – – Performance 16.2% Year to Date Financial Services Vertical Software 10.0% SS&C 15.9% 8.9% 7.7% Guidewire 19.1% 1.1% (9.7%) 1.8% (1) Cascade VWAP as of Unaffected Date – CCC (32.3%) (28.5%) (25.6%) Period VWAP (5.8%) Q2 (26.4%) (29.9%) (43.8%) 1 Day $16.69 (10.0%) 30 Day 17.83 Intapp (28.3%) (27.9%) NM 90 Day 18.66 (19.1%) nCino (23.9%) (17.3%) (32.7%) (20.0%) YTD 22.07 Alkami (38.2%) (40.7%) NM 3 Year 21.78 Since IPO 21.51 (30.0%) Median (26.4%) (27.9%) (25.6%) Selected Other Vertical Software (40.0%) Veeva Systems 5.5% (9.1%) (17.7%) (39.4%) Tyler Unaffected (20.2%) (26.4%) (29.0%) (1) Technologies Share Price (50.0%) Procore (1.0%) (2.5%) (29.5%) Source: Company filings, Capital IQ, Wall Street research. Jan-25 Apr-25 Aug-25 Dec-25 Note: Market data as of 12/19/2025. (1) Unaffected date of 11/10/2025, prior to media coverage of rumored takeover (4) Vertex (62.3%) (63.6%) NM offer. Reflects calendar day periods. Cascade Selected Other Vertical Software (2) EBITDA presented pre-SBC. Multiples ≥ 50x and ≤ 0x excluded from calculations. (3) Financial Services Vertical Software S&P 500 Median (10.6%) (17.8%) (29.0%) (3) Market capitalization weighted index of peers including SSNC, GWRE, CCC, QTWO, INTA, NCNO, and ALKT. (4)Market capitalization weighted index of peers including VEEV, TYL, PCOR, and VERX. CONFIDENTIAL 18

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TEV / NTM EBITDA (PRE-SBC) SINCE CASCADE IPO Illustrative Historical Trading Multiples Median TEV / NTM EBITDA (Pre-SBC) Multiples Over Time Median TEV / NTM Revenue Multiples Over Time 100.0x (1) (2) Post-Cascade IPO L3Y L1Y L6M Unaffected TEV / NTM EBITDA Cascade 40.1x 38.7x 25.2x 23.8x 18.9x 90.0x (3) Financial Services Vertical Software 27.0x 28.1x 29.4x 24.8x 22.6x (4) Selected Other Vertical Software 32.8x 33.1x 33.8x 29.4x 28.1x 80.0x Cascade announced Cascade announced 70.0x Enfusion transaction acquisitions of Beacon & on 1/13/2025 Bistro on 3/12/2025 60.0x Cascade closed acquisition 50.0x of Enfusion on 4/21/2025 40.0x 30.0x 24.4x 23.8x 22.8x 20.0x Cascade multiple 10.0x reached all-time low of 18.1x on 11/6/2025 – Oct-21 Aug-22 Jun-23 Apr-24 Feb-25 Dec-25 Source: Company filings, Capital IQ, Wall Street research. Note: Market data as of 12/19/2025. EBITDA presented pre-SBC. Multiples ≥ 70x and ≤ 0x excluded from calculations. (1) Represents data since robust Street consensus estimates starting on (3) (4) 10/19/2021, following the IPO on 9/24/2021. Cascade Financial Services Vertical Software Selected Other Vertical Software (2) Unaffected date of 11/10/2025, prior to media coverage of rumored takeover offer. (3) Peers include SSNC, GWRE, CCC, QTWO, INTA, NCNO, and ALKT. (4)Peers include VEEV, TYL, PCOR, and VERX. CONFIDENTIAL 19

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TEV / NTM REVENUE SINCE CASCADE IPO Illustrative Historical Trading Multiples Median TEV / NTM Revenue Multiples Over Time 25.0x (1) (2) Post-Cascade IPO L3Y L1Y L6M Unaffected TEV / NTM Revenue Cascade 11.5x 11.1x 8.2x 7.7x 6.5x (3) Financial Services Vertical Software 6.2x 6.3x 6.1x 5.6x 5.1x (4) Selected Other Vertical Software 8.7x 8.7x 8.9x 8.3x 8.0x 20.0x Cascade announced Cascade announced Enfusion transaction acquisitions of Beacon & on 1/13/2025 Bistro on 3/12/2025 15.0x Cascade closed acquisition of Enfusion on 4/21/2025 10.0x 8.5x 8.0x 5.0x 5.6x Cascade multiple reached all-time low of 6.3x on 11/6/2025 – Oct-21 Aug-22 Jun-23 Apr-24 Feb-25 Dec-25 Source: Company filings, Capital IQ, Wall Street research. Note: Market data as of 12/19/2025. Multiples ≥ 70x and ≤ 0x excluded from calculations. (1) Represents data since robust Street consensus estimates starting on (3) (4) 10/19/2021, following the IPO on 9/24/2021. Cascade Financial Services Vertical Software Selected Other Vertical Software (2) Unaffected date of 11/10/2025, prior to media coverage of rumored takeover offer. (3) Peers include SSNC, GWRE, CCC, QTWO, INTA, NCNO, and ALKT. (4)Peers include VEEV, TYL, PCOR, and VERX. CONFIDENTIAL 20

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FOR REFERENCE ONLY Selected Recent Key Themes Select Analyst Quotes Equity Research • Market Slowdown 1 "Organic revenue growth reacceleration may take longer than expected. While CWAN expects core Cascade to maintain its – Financial services software companies have Perspectives trajectory of 20%+ growth, the same does not yet apply to the overall underperformed broader software and market benchmarks, business. Acquired assets (Enfusion, Beacon, and Bistro) are likely to with slowing end-market demand considered a key driver remain dilutive to growth in the short to mid-term. Cascade expects it to take up to 2 years (~2027E) for Enfusion to reach 20%+ growth. • Deceleration in Growth 2 Beacon is also still in transition stage and are far from 20% organic – Core Cascade organic ARR YoY growth has slowed from growth levels. We have trimmed our revenue growth assumptions for Timeline of Recent M&A 23% in 1Q25 to a 10-quarter low of 17% in 3Q25, with the coming few years to reflect a complex integration process that ongoing commercial changes and product integration requires impeccable execution from the management team and > Jan-25: Announced the acquisition of challenges favorable external environment to achieve 115% NRR for the enlarged Enfusion, a provider of SaaS solutions business." for the investment management and – Revenue growth from recently acquired assets is likely —J.P. Morgan, 9/4/2025 hedge fund industry, for ~$1.5bn in cash lower in the medium term, further dilutive to overall growth (1) and stock . The transaction was 3• Risk Associated With M&A Strategy completed in Apr-25 "Regarding recent acquisitions, we remain positive on Cascade – Analysts remain in "wait-and-see" mode due to the scale of broadening its platform offerings, while acknowledging a heightened > Mar-25: Acquired Beacon, a cross- recent deals and the associated integration/execution risks, degree of digestion/execution risk given Enfusion, Beacon, and Bistro asset modeling and risk analytics as well as leverage and equity dilution are all larger and more strategic acquisitions in nature (Enfusion is platform for consideration of $520mm Cascade's largest acquisition ever)." – Enfusion acquisition has been under the most scrutiny, —RBC, 10/9/2025 given the sharp decline in near-term growth expectations to > Mar-25: Acquired Bistro, Blackstone's low teens as compared to 20%+ growth in 2021-2024 proprietary portfolio visualization software platform for consideration of 4 • AI Disruption and Competition Risks "The core business is sustaining 20%+ organic growth while the $125mm deployment of GenAI across the operations / services teams already – Concerns over potential price compression and services- producing tangible margin benefits (medium-term gross margin target to-software cannibalization, while recognizing opportunities raised to 82% from 80% and medium-term EBITDA margin benefit to monetize automation and drive operational efficiencies raised to 42% vs. 40%) primarily due to not having to backfill natural attrition. We continue to believe that AI is ultimately a tailwind for the – Entrenched incumbents and emerging challengers threaten business and disruption risk is minimal." growth momentum, particularly in end markets where Cascade has lower penetration (e.g., asset management) —Morgan Stanley, 11/13/2025 Source: Company filings, Wall Street research. (1) The cash portion of the Enfusion acquisition consideration was financed with $800mm of term loan debt. CONFIDENTIAL 21

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FOR REFERENCE ONLY Precedent Premia (1) (1) Premia Paid to Unaffected Share Price , Last 5 Years Premia Paid to Unaffected 90-Day VWAP , Last 5 Years Paid Analysis N = 27 N = 27 41% 40% 35% 34% 32% 30% Screening Criteria: 24% 23% > Technology industry only > TEV: $3-$10bn > Considers all-cash transactions for 100% or majority ownership > Announced in Last 5 Years 25th Median Mean 75th 25th Median Mean 75th > Public U.S. Target Percentile Percentile Percentile Percentile MEMO: LAST 5 YEARS PREMIA PAID TO UNAFFECTED BY BUYER TYPE Unaffected Share Price Unaffected 90-Day VWAP Strategic (N = 7) 34% 38% Financial (N = 20) 28% 30% Source: Company filings, Capital IQ, Deal Point Data. Note: Market data as of 12/19/2025. (1) Unaffected share price based on market data as of 11/10/2025. CONFIDENTIAL 22

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Selected Financial Services Vertical Software Selected Other Vertical Software (Primary Group) (Secondary Group) Comparable CY2025E – CY2027E REVENUE CAGR Companies (1) Global Median: 11.1% Cascade CY2026E Revenue ($mm) Operational Metrics $940 $947 $550 $1,499 $609 $873 $639 $1,148 $6,624 $3,519 $1,466 $826 $2,557 Company TEV ($bn) Cascade - Offer $8.4 19.4% Median: 10.5% Median: 11.6% (3) 16.1% 16.0% (2) Cascade - Unaffected 6.0 15.1% 13.7% 12.1% 12.0% 10.5% 11.1% 9.4% 9.7% Financial Services Vertical Software 8.6% $29.6 5.4% 16.9 6.3 Mgmt. Street 4.9 3.9 CY2026E EBITDA (PRE-SBC) MARGIN 3.3 2.8 Cascade Global Median: 25.8% Selected Other Vertical Software $30.7 Median: 25.8% Median: 26.7% 19.8 46.3% 41.1% 40.2% 36.0% 11.6 35.2% 34.7% 29.1% 25.8% 25.5% 20.4% 24.4% 22.4% 3.3 18.9% Source: Cascade Management, Company filings, Wall Street research. Note: Market data as of 12/19/2025. Management forecast as of 12/6/2025. (1) Represents pro forma organic growth, based on rebased 2025E revenue from full-year contribution of Enfusion and Beacon per Cascade Management. Mgmt. Street (2) Unaffected date of 11/10/2025, prior to media coverage of rumored takeover offer. (3) Represents pro forma organic growth, based on rebased 2025E revenue from full-year contribution of Enfusion and Beacon per Cascade Management. CONFIDENTIAL 23

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Selected Financial Services Vertical Software Selected Other Vertical Software (Primary Group) (Secondary Group) Comparable TEV / CY2026E REVENUE Companies Cascade Global Median: 5.6x Agreed Trading Multiples (1) Deal Price Unaffected 11.3x Median: 5.5x Median: 7.8x 9.0x 8.9x 8.7x 7.9x 7.7x 6.4x 6.3x 6.4x 5.6x 5.5x 5.2x 5.1x 4.5x 4.0x Mgmt. Street Mgmt. Street TEV / CY2026E EBITDA (PRE-SBC) Cascade Global Median: 21.8x Agreed (1) Median: 21.8x Median: 22.7x Deal Price Unaffected 32.5x 32.5x 31.2x 27.1x 26.6x 25.3x 24.9x 21.8x 18.9x 20.3x 17.9x 17.6x 18.0x 13.4x 11.1x Mgmt. Street Mgmt. Street Source: Cascade Management, Company filings, Wall Street research. Note: Market data as of 12/19/2025. Management forecast as of 12/6/2025. (1) Unaffected date of 11/10/2025, prior to media coverage of rumored takeover offer from. CONFIDENTIAL 24

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Target Financial Profile Announcement Implied TEV TEV / Selected Precedent Acquirer Target NTM Revenue NTM EBITDA Date ($bn) NTM Revenue Growth Margin (Pre-SBC) M&A Transactions Financial Services Vertical Software (1) 8/13/2025 $2.3 6.2% 17.9% 3.8x (2) 1/13/2025 1.4 12.0% 23.2% 6.2x 7/11/2024 4.5 10.7% 22.9% 3.2x (3) 4/27/2023 4.3 6.6% 24.0% 6.5x 5/4/2022 14.3 8.4% 49.7% 9.0x Mean $5.4 8.8% 27.5% 5.7x Median 4.3 8.4% 23.2% 6.2x Selected Other Vertical Software 8/21/2025 $12.1 10.8% 32.3% 5.9x (4) 7/25/2024 4.7 8.5% 40.9% 6.9x 6/7/2024 5.8 11.9% 34.5% 7.2x 3/14/2023 4.5 16.5% 19.0% 6.4x 12/12/2022 8.1 18.9% 21.1% 8.7x 8/19/2021 7.2 12.9% 35.7% 8.9x 12/21/2020 10.2 11.8% 28.0% 8.2x Mean $7.5 13.1% 30.2% 7.5x Median 7.2 11.9% 32.3% 7.2x Source: Cascade Management, Company filings, Wall Street research, Press. 75th Percentile $8.7 12.2% 34.8% 8.3x Note: Management forecast as of 12/6/2025. Enterprise Value ("TEV") is based on company capitalization as of the latest Schedule 14A filling where available and final offer price. Mean 6.6 11.3% 29.1% 6.7x (1) Represents YoY growth from 2024A to 2025E due to limited quarterly estimates. Median 5.3 11.3% 26.0% 6.7x (2) Based on selected broker projections; represents Enfusion standalone organic revenue CAGR. (3) Represents YoY growth from 2022A to 2023E due to limited quarterly 25th Percentile 4.4 8.5% 22.4% 6.1x estimates. (4)Represents YoY growth from 2024E to 2025E, pro forma for acquisition of Parchment. CONFIDENTIAL 25

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VALUATION SUMMARY DISCOUNTED CASH FLOW Discounted Cash Terminal Perpetuity Growth 2025E 2026E 2027E 2028E 2029E 2030E Year WACC 10.50% Revenue $730 $940 $1,100 $1,298 $1,531 $1,807 $1,807 Flow Analysis Terminal UFCF $445 Adj. EBITDA (Pre-SBC) $248 $338 $418 $518 $634 $763 $763 Management Forecast Perpetuity Growth Rate 6.0% (-) SBC (127) (127) (127) (127) (127) (127) Terminal Value $11,017 (-) Depreciation (13) (11) (14) (17) (21) (27) Impl. Terminal Revenue Mult. 6.1x Impl. Terminal Adj. EBITDA (Pre-SBC) Mult. 14.4x EBIT $198 $280 $377 $490 $614 $609 (5) PV of Unlevered Cash Flows $1,035 (-) Taxes & Other Taxes (52) (72) (96) (124) (156) (154) Key Assumptions: PV of Terminal Value $6,687 NOPAT (Excl. Tax Attributes) $147 $208 $281 $365 $459 $454 (1) Implied TEV $7,723 > CapEx: 1.5% of revenue (+) Depreciation 13 11 14 17 21 27 Implied TEV / '26E Revenue 8.2x >Δ in NWC: (2%) of revenue (+) Amortization of Contract Acquisition Costs 13 16 19 22 27 27 Implied TEV / '26E Adj. EBITDA (Pre-SBC) 22.8x (2) (-) CapEx (21) (16) (19) (23) (27) (27) > SBC: Flatlined amount of $127mm (-) Net Debt & Other (795) (3) (-) Change in NWC (19) (22) (26) (31) (36) (36) (+) PV of Tax Asset 447 > Terminal Year Depreciation: equal to Implied Equity Value incl. DTA $7,374 Unlevered Free Cash Flow $134 $196 $268 $351 $444 $445 CapEx (4) (/) FDSO 311.1 Discount Period 0.500 1.500 2.500 3.500 4.500 5.000 > Amortization of Intangibles and New Implied Equity Value per Share $23.75 Intangibles does not affect EBIT Discount Factor 0.951 0.861 0.779 0.705 0.638 0.607 Impl. Value per Share of DTA $1.50 PV of Unlevered Free Cash Flow $127 $169 $209 $248 $283 Impl. Value per Share excl. DTA $22.25 SENSITIVITY ANALYSIS Implied Equity Value per Share (incl. PV of DTA) Implied Terminal Revenue Multiple Implied Terminal Adj. EBITDA (Pre-SBC) Multiple Source: Cascade Management, Company filings, Capital IQ, Wall Street research. WACC WACC WACC Note: Market data as of 12/19/2025. Assumes valuation date of 12/31/2025E. Management forecast as of 12/6/2025. Share prices rounded to the nearest $0.25. (1) With the exception of 2026E, in which CapEx is 2.2% of revenue. 10.0% 10.5% 11.0% 10.0% 10.5% 11.0% 10.0% 10.5% 11.0% (2) As of 9/30/2025. Includes total debt of $859.0mm, cash of $60.8mm, and short-term investments of $3.4mm, and excludes non-controlling interests of 5.5% $24.00 $21.50 $19.25 5.5% 6.1x 5.5x 5.0x 5.5% 14.3x 12.9x 11.8x $20.0mm due to Class B shares accounting. (3) Based on midpoint of illustrative WACC range. 6.0% $27.00 $23.75 $21.00 6.0% 6.8x 6.1x 5.5x 6.0% 16.2x 14.4x 13.0x (4)FDSO per Cascade Management as of 12/15/2025. Dilution computed using the treasury stock method. FDSO reflects 288.6mm Series A and 4.5mm Series B common shares, 8.5mm RSUs, 4.0mm PSUs, 7.6mm options 6.5% $30.50 $26.50 $23.25 6.5% 7.9x 6.9x 6.1x 6.5% 18.6x 16.3x 14.5x outstanding with a weighted average strike price of $9.09, and committed stock-based compensation of $16.7mm from the acquisition of Enfusion. (5) Based on 25.0% tax rate and $2mm annual Other Taxes. CONFIDENTIAL 26 PGR PGR PGR

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Cascade Management DISCOUNTED CASH TAX BENEFITS Extrapolations Discounted Cash ($ in mm) 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E Flow Analysis Revenue $730 $940 $1,100 $1,298 $1,531 $1,807 $2,096 $2,390 % growth 61.7% 28.7% 17.0% 18.0% 18.0% 18.0% 16.0% 14.0% Deferred Tax Assets Adj. EBITDA (Pre-SBC) $248 $338 $418 $518 $634 $763 $892 $1,026 % margin 36.0% 38.0% 39.9% 41.4% 42.2% 42.6% 42.9% (-) SBC (127) (127) (127) (127) (127) (127) (127) (-) Depreciation (13) (11) (14) (17) (21) (26) (31) EBIT $198 $280 $377 $490 $614 $739 $868 (x) DTA Limit 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% (x) Tax Rate 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% Tax Savings $40 $56 $75 $98 $123 $148 $132 Deferred Tax Asset Schedule (1) Beginning DTA Balance $672 $632 $576 $501 $403 $280 $132 (+) DTA Created – – – – – – – (-) DTA Used ($40) ($56) ($75) ($98) ($123) ($148) ($132) Ending DTA Balance $632 $576 $501 $403 $280 $132 - Annual Cash Tax Savings $40 $56 $75 $98 $123 $148 $132 Memo: Discount Period 0.500 1.500 2.500 3.500 4.500 5.500 6.500 Discount Factor 0.951 0.861 0.779 0.705 0.638 0.577 0.523 PV of Annual Cash Tax Savings $38 $48 $59 $69 $78 $85 $69 SENSITIVITY SUMMARY Implied PV of Tax Assets WACC 10.0% 10.5% 11.0% Source: Cascade Management, Company filings, Capital IQ, Wall Street research. $455 $447 $439 Note: Market data as of 12/19/2025. Assumes valuation date of 12/31/2025E. Management forecast as of 12/6/2025. (1) Beginning DTA balance as of 9/30/2025. CONFIDENTIAL 27

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FOR REFERENCE ONLY VALUATION SUMMARY SOURCES & USES Illustrative Sponsor Entry ($ in mm) Sources Uses (1) Leveraged Buyout Unaffected Share Price $16.69 New Sponsor Equity $6,885 Purchase Price $7,916 (x) % Premium 52.4% New Debt 2,062 Repay Outstanding Debt 859 Analysis (5) Offer Share Price $25.44 Balance Sheet Cash 64 Transaction Fees & Expenses 136 Management Forecast (2) (x) FDSO 311.2 Minimum Balance Sheet Cash 100 Equity Value $7,916 Total Sources $9,011 Total Uses $9,011 (3) Key Assumptions: (+) Net Debt & Other 795 > Transaction close on 12/31/2025E and CUMULATIVE DEBT PAYDOWN Implied TEV $8,711 (6) sponsor exit on 12/31/2030E Gross Leverage Impl. TEV / '26E Revenue 9.3x 0.3x 5.5x 3.9x 2.5x 1.4x > Gross leverage of 8.0x '25E Adj. (4) (4) Impl. TEV / '26E Adj. EBITDA (Pre-SBC) 25.0x 88% EBITDA (Pre-SBC) 58% > First Lien cost of debt of SOFR + 350; 35% Sponsor Exit 18% Second Lien cost of debt of SOFR + 550 7% (4) LTM (2030E) Adj. EBITDA (Pre-SBC) $773 > SBC flatlined at $32mm (25% of 2026E 2027E 2028E 2029E 2030E management forecast); incremental (x) Adj. EBITDA (Pre-SBC) Exit Mult. 26.0x management promote of 7.5% of RETURNS SENSITIVITY Implied Exit TEV $20,091 sponsor net profits IRR / MOIC (-) 2030E Net Debt (144) Gross Leverage Implied Exit Equity Value $19,947 Source: Cascade Management, Company filings, Capital IQ, Wall Street research. Note: Market data as of 12/19/2025. Management forecast as of 12/6/2025. 7.0x 8.0x 9.0x Assumes illustrative transaction date of 12/31/2025E. (-) Management Promote (980) (1) Unaffected date of 11/10/2025, prior to media coverage of rumored takeover offer. 22.0x 18.2% / 2.31x 18.5% / 2.34x 18.9% / 2.38x Implied Equity Value to Sponsor $18,967 (2) FDSO per Cascade Management as of 12/15/2025. Dilution computed using the treasury stock method. FDSO reflects 288.6mm Series A and 4.5mm Series B common shares, 8.5mm RSUs, 4.0mm PSUs, 7.6mm options outstanding with a weighted average strike price of $9.09, and committed 26.0x 22.0% / 2.71x 22.5% / 2.75x 22.9% / 2.81x stock-based compensation of $16.7mm from the acquisition of Enfusion. (3) Balance sheet per Cascade Management as of 9/30/2025. Includes total debt IRR 22.5% of $859.0mm, cash of $60.8mm, and short-term investments of $3.4mm; excludes non-controlling interests of $20.0mm due to inclusion of Class B 30.0x 25.4% / 3.11x 25.9% / 3.17x 26.5% / 3.24x shares in FDSO. MOIC 2.75x (4)Includes illustrative $10mm of public company cost savings. (5) Includes $100mm of transaction fees and expenses and $39mm of financing fees and original issue discount. (6)Gross Debt / Adj. EBITDA (Pre-SBC) including public company cost savings. CONFIDENTIAL 28 '30E Adj. EBITDA (Pre-SBC) Exit Multiple

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FOR REFERENCE ONLY CASH FLOW & CREDIT SUMMARY Illustrative Transaction Close Calendar Year Ending December 31, ($ in mm) 12/31/2025E 2026E 2027E 2028E 2029E 2030E Adj. EBITDA (Pre-SBC) $248 $338 $418 $518 $634 $763 Leveraged Buyout % margin 33.9% 36.0% 38.0% 39.9% 41.4% 42.2% Analysis (+) Public Company Cost Savings 10 10 10 10 10 10 Adj. EBITDA (Pre-SBC) incl. Cost Savings $258 $348 $428 $528 $644 $773 Debt Paydown (-) SBC (32) (32) (32) (32) (32) (-) Depreciation (13) (11) (14) (17) (21) EBIT $303 $385 $482 $595 $719 (-) Net Interest Expense (143) (133) (116) (89) (48) EBT $160 $252 $367 $506 $671 (-) Statuatory Taxes (40) (63) (92) (126) (168) (+) DTA Cash Tax Savings 32 50 73 101 134 Net Income $152 $240 $348 $481 $638 (+) Amortization of Financing Fees 5 5 5 5 5 (+) Depreciation 13 11 14 17 21 (+) Amortization of Contract Acquisition Costs 13 16 19 22 27 (-) CapEx (21) (16) (19) (23) (27) (-/+) Change in NWC (19) (22) (26) (31) (36) Free Cash Flow Before Debt Repayment $145 $233 $341 $472 $628 Leverage Summary Gross Debt 2,062 1,917 1,684 1,343 872 244 (-) Cash & Equivalents (100) (100) (100) (100) (100) (100) Net Debt $1,962 $1,817 $1,584 $1,243 $772 $144 Gross Debt / Adj. EBITDA (Pre-SBC) 8.0x 5.5x 3.9x 2.5x 1.4x 0.3x Net Debt / Adj. EBITDA (Pre-SBC) 7.6x 5.2x 3.7x 2.4x 1.2x 0.2x Credit Summary Cumulative New Debt Paydown – 7.0% 18.3% 34.8% 57.7% 88.2% Interest Coverage Ratio 1.7x 2.4x 3.2x 4.6x 7.2x 16.0x Source: Cascade Management, Company filings, Capital IQ, Wall Street research. Note: Market data as of 12/19/2025. Assumes valuation date of 12/31/2025E. Management forecast as of 12/6/2025. CONFIDENTIAL 29

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FOR REFERENCE ONLY ($ in mm) 2025E 2026E 2027E Illustrative Implied NTM Adj. EBITDA (Pre-SBC) $338 $418 $518 (x) TEV / NTM Adj. EBITDA (Pre-SBC) 25.0x 25.0x 25.0x Future Share Price Total Enterprise Value $8,462 $10,451 $12,948 25.0x A (-) Net Debt (795) (635) (387) TEV / NTM Analysis Equity Value $7,667 $9,816 $12,561 Adj. EBITDA B (Pre-SBC) (/) FDSO 311.1 312.1 312.9 Management Forecast Share Price $24.64 $31.45 $40.15 (x) Discount Factor 1.00 0.90 0.80 (1) Key Assumptions ('25E to '29E): PV of Future Share Price at 25'YE $24.64 $28.21 $32.30 > A Management forecast assumptions, plus ($ in mm) 2025E 2026E 2027E incremental annual $100mm in repurchases, with excess free cash flow accumulating to NTM Adj. EBITDA (Pre-SBC) $338 $418 $518 balance sheet (x) TEV / NTM Adj. EBITDA (Pre-SBC) 21.5x 21.5x 21.5x (2) – Balance Sheet : Assumes gross debt Total Enterprise Value $7,278 $8,988 $11,136 21.5x remains constant through period at A (-) Net Debt (795) (635) (387) TEV / NTM illustrative 6.0% cost of debt and cash Equity Value $6,483 $8,353 $10,749 Adj. EBITDA accrues 4.0% interest income B (Pre-SBC) (/) FDSO 310.8 311.9 312.8 > Based on Cascade Management provided B (3); Share Price $20.86 $26.78 $34.37 FDSO roll forward includes projected future issuance from SBC and future repurchases (x) Discount Factor 1.00 0.90 0.80 (1) PV of Future Share Price at 25'YE $20.86 $24.02 $27.64 – Share Repurchases: Repurchased annually at average of Current Year End and Prior Year End future share price ($ in mm) 2025E 2026E 2027E – SBC: $127mm issued annually at average of NTM Adj. EBITDA (Pre-SBC) $338 $418 $518 Current Year End and Prior Year End future (x) TEV / NTM Adj. EBITDA (Pre-SBC) 18.0x 18.0x 18.0x share price; assumes SBC is outstanding Total Enterprise Value $6,093 $7,525 $9,323 18.0x within year of issuance A (-) Net Debt (795) (635) (387) TEV / NTM Source: Cascade Management, Company filings, Capital IQ, Wall Street research. Equity Value $5,298 $6,889 $8,936 Adj. EBITDA Note: Market data as of 12/19/2025. Management forecast as of 12/6/2025. (1) Discounted at illustrative 11.5% Cascade cost of equity. B (Pre-SBC) (/) FDSO 310.2 311.6 312.6 (2) Balance sheet per Cascade Management as of 9/30/2025. Includes total debt of $859.0mm, cash of $60.8mm, and short-term investments of $3.4mm; Share Price $17.08 $22.11 $28.58 excludes non-controlling interests of $20.0mm due to inclusion of Class B shares in FDSO. (x) Discount Factor 1.00 0.90 0.80 (3) FDSO per Cascade Management as of 12/15/2025. Dilution computed using (1) the treasury stock method. FDSO reflects 288.6mm Series A and 4.5mm PV of Future Share Price at 25'YE $17.08 $19.83 $22.99 Series B common shares, 8.5mm RSUs, 4.0mm PSUs, 7.6mm options outstanding with a weighted average strike price of $9.09, and committed stock-based compensation of $16.7mm from the acquisition of Enfusion. CONFIDENTIAL 30

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Unlevered Beta Calculation WACC Analysis Current (12/19/25) Peer Betas 2 Year Weekly Company Debt / Equity Levered Beta Unlevered Beta (1) Cascade 16.6% 0.929 0.826 Reference Only Financial Services Vertical Software SS&C 34.0% 0.826 0.658 Guidewire 3.9% 0.887 0.862 CCC 19.4% 0.958 0.836 Q2 9.9% 1.257 1.169 Intapp – 1.469 1.469 nCino 8.3% 1.249 1.177 Alkami 14.5% 1.174 1.059 Average 15.0% 1.117 1.033 Median 12.2% 1.174 1.059 Selected Other Vertical Software Veeva – 1.018 1.018 Tyler Technologies 3.0% 0.714 0.698 Vertex 10.5% 1.468 1.361 Procore 0.2% 1.015 1.013 Average 4.6% 1.054 1.023 Median 3.0% 1.016 1.015 Peer Group Average 11.5% 1.094 1.029 Source: Capital IQ. Peer Group Median 9.9% 1.018 1.018 Note: Market data as of 12/19/2025. (1) As of unaffected date on 11/10/2025, prior to media coverage of rumored takeover offer. CONFIDENTIAL 31

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Levered Beta Calculation Cost of Equity Sensitivity WACC Analysis (1) Unlevered Debt / Equity 0.826 Unlevered Beta 2Y Weekly Beta (Cascade) Beta 6.6% 16.6% 26.6% (2) 16.6% Debt / Equity 0.626 9.62% 9.92% 10.21% 0.726 10.28% 10.62% 10.96% Key Assumptions: Levered Beta 0.929 0.826 10.94% 11.32% 11.71% > Levered beta based on Cascade 2-year weekly levered beta as of 11/10/2025 0.926 11.59% 12.03% 12.46% Cost of Equity Calculation 1.026 12.25% 12.73% 13.21% > Debt / Equity based on Cascade balance (3) 4.77% Risk Free Rate sheet as of 9/30/2025 and latest FDSO per Management WACC Sensitivity (4) 6.26% Equity Risk Premium Unlevered Debt / Equity WACC Comparison Beta 6.6% 16.6% 26.6% Levered Beta 0.929 0.626 9.30% 9.14% 9.00% 2Y Weekly Beta-Adj. Premium 5.81% 0.726 9.92% 9.74% 9.59% Cascade 10.35% 0.826 10.53% 10.35% 10.19% (5) 0.74% Size Premium 0.926 11.15% 10.95% 10.78% (6) Peers Median 11.51% 11.32% Cost of Equity 1.026 11.77% 11.55% 11.37% WACC Sensitivity WACC Calculation Sources: Company filings, Capital IQ, U.S. Department of the Treasury, Duff & Phelps 2024 Valuation Handbook. Cost of Equity Pre-Tax Note: Market data as of 12/19/2025. Cost of Equity 11.32% (1) Based on Cascade historical 2-year weekly beta as of unaffected date of Cost of Debt 11/10/2025, prior to media coverage of rumored takeover offer. Unlevered using 10.3% 11.3% 12.3% 25% tax rate. (7) (2) Based on Cascade-derived debt / equity as of unaffected date of 11/10/2025. 5.0% 9.38% 10.24% 11.10% 4.46% After-Tax Cost of Debt (3) 20-year U.S. Treasury as of 12/19/2025. (4)Historical supply-side equity risk premium (historical equity risk premium minus 6.0% 9.49% 10.35% 11.20% price-to-earnings ratio calculated using three-year average earnings). (5) CRSP 5th decile size premium; Cascade equity value as of unaffected date of WACC 10.35% 11/10/2025. 7.0% 9.60% 10.45% 11.31% (6)Calculated as risk free rate + beta-adjusted equity risk premium + size premium. (7) Assumes tax rate of 25%. Cost of debt based on Cascade's $800mm 2025 Term Loan – SOFR + 225. CONFIDENTIAL 32

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Levered Beta Calculation Cost of Equity Sensitivity WACC Analysis (1) Unlevered Debt / Equity 1.018 Unlevered Beta 2Y Weekly Beta (Peers) Beta 6.6% 16.6% 26.6% (2) 16.6% Debt / Equity 0.818 10.88% 11.27% 11.65% 0.918 11.54% 11.97% 12.40% Key Assumptions: Levered Beta 1.145 1.018 12.20% 12.68% 13.15% > Levered beta based on peer median 2-year weekly levered beta as of 1.118 12.85% 13.38% 13.90% Cost of Equity Calculation 12/19/2025 1.218 13.51% 14.08% 14.66% (3) 4.77% Risk Free Rate > Debt / Equity based on Cascade balance sheet as of 9/30/2025 and latest FDSO WACC Sensitivity (4) per Management 6.26% Equity Risk Premium Unlevered Debt / Equity WACC Comparison Beta 6.6% 16.6% 26.6% Levered Beta 1.145 0.818 10.49% 10.30% 10.14% 2Y Weekly Beta-Adj. Premium 7.17% 0.918 11.10% 10.90% 10.73% Cascade 10.35% 1.018 11.72% 11.51% 11.33% (5) 0.74% Size Premium 1.118 12.34% 12.11% 11.92% (6) Peers Median 11.51% 12.68% Cost of Equity 1.218 12.95% 12.71% 12.51% WACC Sensitivity WACC Calculation Sources: Company filings, Capital IQ, U.S. Department of the Treasury, Duff & Cost of Equity Pre-Tax Phelps 2024 Valuation Handbook. Cost of Equity 12.68% Note: Market data as of 12/19/2025. Cost of Debt (1) Based on peer-derived historical 2-year weekly beta. Unlevered using 25% tax 11.7% 12.7% 13.7% rate. (7) (2) Based on Cascade-derived debt / equity as of unaffected date of 11/10/2025. 5.0% 10.54% 11.40% 12.26% 4.46% After-Tax Cost of Debt (3) 20-year U.S. Treasury as of 12/19/2025. (4)Historical supply-side equity risk premium (historical equity risk premium minus 6.0% 10.65% 11.51% 12.36% price-to-earnings ratio calculated using three-year average earnings). (5) CRSP 5th decile size premium; Cascade equity value as of unaffected date of WACC 11.51% 11/10/2025. 7.0% 10.76% 11.61% 12.47% (6)Calculated as risk free rate + beta-adjusted equity risk premium + size premium. (7) Assumes tax rate of 25%. Cost of debt based on Cascade's $800mm 2025 Term Loan – SOFR + 225. CONFIDENTIAL 33

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These materials were prepared by PJT Partners LP ("PJT Partners", "we" or "us") solely security, nor do they constitute an offer or commitment to lend, syndicate or arrange a for the information and assistance of the Special Committee ("Special Committee") of the financing, underwrite or purchase any securities or act as an agent or advisor or in any Disclaimer Board of Directors (the "Board") of Cascade (the "Company") in order to assist the other capacity with respect to any transaction, or commit capital to, or participate in, any Special Committee in connection with its consideration of the matters referred to herein. trading strategies. This document is not a research report and should not be considered as These materials are incomplete without reference to, and should be viewed solely in such. conjunction with, any oral information provided by PJT Partners in connection with these PJT Partners is an SEC registered broker-dealer and is a member of FINRA and SIPC. materials. PJT Partners is represented in the United Kingdom by PJT Partners (UK) Limited. PJT These materials and any oral information provided by PJT Partners in connection with Partners (UK) Limited is authorised and regulated by the Financial Conduct Authority these materials (collectively, the "Confidential Information"), as well as any information (Ref No. 678983) and is a company registered in England and Wales (No. 9424559). PJT derived from the Confidential Information, may not be communicated, reproduced, Partners is represented in the European Economic Area by PJT Partners Park Hill (Spain) disclosed (in whole or in part) to, or relied upon by, any other person, referred to, or used A.V., S.A.U., a firm authorized and regulated by the Comision Nacional del Mercado de for any purpose, other than with PJT Partners' prior written consent. Valores ("CNMV"). PJT Partners is represented in Hong Kong by PJT Partners (HK) Limited, authorised and regulated by the Securities and Futures Commission, and in The Confidential Information is based on information publicly available, provided by or on Australia, by PJT Partners (HK) Limited, by relying on a passport license approved by the behalf of the Company or obtained from other sources. We assume no responsibility for Australia Securities and Investment Commission. PJT Partners is represented in Japan by independent verification of any such information, and we have assumed and relied upon PJT Partners Japan K.K., a registered Type II Financial Instruments Business Operator the accuracy and completeness of such information for purposes of preparing the (Registration Number: Director of Kanto Local Finance Bureau Kin-sho No. 3409), Confidential Information. 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In connection with our capital raising responsibility to update or revise any of the Confidential Information. Any valuation, services in Canada, PJT Partners relies on the international dealer exemption pursuant to appraisal or conclusion of a financial nature contained in these materials results from the subsection 8.18(2) of National Instrument 31-103 Registration Requirements. Please see application by PJT Partners of techniques and principles generally adopted in the context https://pjtpartners.com/regulatory-disclosure for more information. of the preparation of financial presentations of this nature, and PJT Partners cannot and does not warrant that the use of different techniques and principles would not lead to a different result. Copyright© 2025, PJT Partners LP (and its affiliates, as applicable). Our analyses do not purport to be an appraisal of any assets or liabilities of the Company or any other party, nor have we evaluated the solvency of the Company or any other party under any laws relating to bankruptcy, insolvency or similar matters. We are not legal, regulatory, accounting or tax advisors and these materials do not constitute legal, regulatory, accounting, tax or other specialist advice. These materials do not constitute and should not be considered any form of financial opinion, advice or recommendation by us or any of our affiliates to any party, with respect to any proposed transaction or otherwise. You should not rely upon or use these materials to form the definitive basis for any decision or action whatsoever, with respect to any proposed transaction or otherwise. Each of the Special Committee and the Company must make its own independent assessment and such investigation as it deems necessary to determine its interest in participating in any transaction. These materials do not constitute an offer to sell or the solicitation of an offer to buy any CONFIDENTIAL 34

## Ex-99.(C)(Iii)

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Exhibit (c)(iii) December 15, 2025 Project Cascade DISCUSSION MATERIALS FOR THE SPECIAL COMMITTEE OF THE BOARD OF DIRECTORS CONFIDENTIAL 1

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Discussion Topics > 1 Valuation in Context > 2 Overview of Management Projections > 3 Preliminary Selected Operational and Valuation Benchmarking > 4 Illustrative Valuation Summary > 5 Appendices CONFIDENTIAL 2

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I. Valuation in Context CONFIDENTIAL 3

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(1) ($ in mm, except per share) Unaffected Current Illustrative Cascade Share Price $16.69 $21.81 Premium / (Discount) to: Metric: Enterprise Value and Current $21.81 (23.5%) – (1) Unaffected 16.69 – 30.7% Trading Multiples (1) 30-Day VWAP 17.83 (6.4%) 22.3% (1) 90-Day VWAP 18.66 (10.6%) 16.9% (1) 1-Year VWAP 23.04 (27.6%) (5.3%) (2) Median Analyst Price Target 27.00 (38.2%) (19.2%) (3) (x) FDSO 310.0 310.6 (4) Cascade Net Leverage : Implied Equity Value $5,173 $6,775 (4) (+) Net Debt and Other 795 795 > Net Debt / 2025E Adj. EBITDA Implied Total Enterprise Value $5,968 $7,570 (Pre-SBC): 3.2x Management > Net Debt / 2026E Adj. EBITDA TEV / Revenue Metric: Unaffected Current (Pre-SBC): 2.4x CY 2025E $730 8.2x 10.4x CY 2026E 940 6.3x 8.1x TEV / Adj. EBITDA (Pre-SBC) Unaffected Current CY 2025E $248 24.1x 30.6x CY 2026E 338 17.6x 22.4x Source: Company filings, Capital IQ, Wall Street research, Cascade Management. Note: Market data as of 12/12/2025. VWAP reference period based on calendar days. Management forecast as of 12/6/2025. Street (1) Unaffected date of 11/10/2025, prior to media coverage of rumored takeover offer. TEV / Revenue Metric: Unaffected Current (2) Reflects analyst coverage with price targets published after Cascade's Q3 print. CY 2025E $731 8.2x 10.4x (3) FDSO per Cascade Management as of 12/5/2025. Dilution computed using the treasury stock method. FDSO reflects 288.6mm Series A and 4.5mm Series B common shares, 8.5mm RSUs, 3.6mm PSUs, 7.6mm options outstanding with a CY 2026E 947 6.3x 8.0x weighted average strike price of $9.09, and committed stock-based compensation of $16.7mm from the acquisition of Enfusion and $4.1mm of TEV / Adj. EBITDA (Pre-SBC) Unaffected Current near-term new hires (including Head of Investor Relations and new hires with Q4 2025 start dates). CY 2025E $247 24.2x 30.6x (4)Balance sheet per Cascade Management as of 9/30/2025. Includes total debt of $859.0mm, cash of $60.8mm, and short-term investments of $3.4mm; CY 2026E 333 17.9x 22.7x excludes non-controlling interests of $20.0mm due to inclusion of Class B shares in FDSO. CONFIDENTIAL 4

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INDEXED SHARE PRICE PERFORMANCE (YTD) Change YTD NTM EBITDA (Pre-SBC) Mult Illustrative Historical TEV / 30.0% (2) Company Share Price NTM Revenue NTM EBITDA Relative Share Price Cascade (20.7%) (40.0%) (42.6%) Cascade (39.4%) (52.9%) (55.0%) 20.0% (1) Performance Unaffected 16.1% S&P 500 16.1% – – Year to Date Financial Services Vertical Software 10.0% SS&C 14.8% 8.1% 7.0% 2.2% Guidewire 21.7% 3.8% (7.3%) (1) Cascade VWAP as of Unaffected Date – Period VWAP CCC (34.5%) (30.3%) (27.4%) (5.5%) 1 Day $16.69 (10.0%) Q2 (25.2%) (28.8%) (42.9%) 30 Day 17.83 Intapp (32.9%) (32.9%) NM 90 Day 18.66 (20.0%) (20.7%) nCino (24.2%) (17.9%) (33.2%) YTD 22.07 3 Year 21.78 Alkami (39.2%) (41.7%) NM Since IPO 21.51 (30.0%) Median (25.2%) (28.8%) (27.4%) Selected Other Vertical Software (40.0%) Veeva Systems 6.2% (8.4%) (17.0%) (39.4%) Tyler Unaffected (21.0%) (26.8%) (29.5%) (1) Technologies Share Price Source: Company filings, Capital IQ, Wall Street research. (50.0%) Note: Market data as of 12/12/2025. Procore (0.6%) (2.1%) (29.2%) (1) Unaffected date of 11/10/2025, prior to media coverage of rumored takeover Jan-25 Apr-25 Aug-25 Dec-25 offer. Reflects calendar day periods. (2) EBITDA presented pre-SBC. Multiples ≥ 50x and ≤ 0x excluded from Vertex (62.7%) (63.8%) NM (4) calculations. Cascade Selected Other Vertical Software (3) Market capitalization weighted index of peers including SSNC, GWRE, CCC, QTWO, INTA, NCNO, and ALKT. (3) Median (10.8%) (17.6%) (29.2%) Financial Services Vertical Software S&P 500 (4)Market capitalization weighted index of peers including VEEV, TYL, PCOR, and VERX. CONFIDENTIAL 5

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Selected Recent Key Themes Select Analyst Quotes Equity Research • Market Slowdown 1 "Organic revenue growth reacceleration may take longer than expected. While CWAN expects core Cascade to maintain its – Financial services software companies have Perspectives trajectory of 20%+ growth, the same does not yet apply to the overall underperformed broader software and market benchmarks, business. Acquired assets (Enfusion, Beacon, and Bistro) are likely to with slowing end-market demand considered a key driver remain dilutive to growth in the short to mid-term. Cascade expects it to take up to 2 years (~2027E) for Enfusion to reach 20%+ growth. • Deceleration in Growth 2 Beacon is also still in transition stage and are far from 20% organic – Core Cascade organic ARR YoY growth has slowed from growth levels. We have trimmed our revenue growth assumptions for Timeline of Recent M&A 23% in 1Q25 to a 10-quarter low of 17% in 3Q25, with the coming few years to reflect a complex integration process that ongoing commercial changes and product integration requires impeccable execution from the management team and > Jan-25: Announced the acquisition of challenges favorable external environment to achieve 115% NRR for the enlarged Enfusion, a provider of SaaS solutions for business." the investment management and hedge – Revenue growth from recently acquired assets is likely —J.P. Morgan, 9/4/2025 fund industry, for ~$1.5bn in cash and lower in the medium term, further dilutive to overall growth (1) stock . The transaction was completed in 3• Risk Associated With M&A Strategy Apr-25 "Regarding recent acquisitions, we remain positive on Cascade – Analysts remain in "wait-and-see" mode due to the scale of > Mar-25: Acquired Beacon, a cross-asset broadening its platform offerings, while acknowledging a heightened recent deals and the associated integration/execution risks, modeling and risk analytics platform for degree of digestion/execution risk given Enfusion, Beacon, and Bistro as well as leverage and equity dilution are all larger and more strategic acquisitions in nature (Enfusion is consideration of $520mm Cascade's largest acquisition ever)." – Enfusion acquisition has been under the most scrutiny, —RBC, 10/9/2025 > Mar-25: Acquired Bistro, Blackstone's given the sharp decline in near-term growth expectations to low teens as compared to 20%+ growth in 2021-2024 proprietary portfolio visualization software platform for consideration of $125mm 4 • AI Disruption and Competition Risks "The core business is sustaining 20%+ organic growth while the deployment of GenAI across the operations / services teams already – Concerns over potential price compression and services- producing tangible margin benefits (medium-term gross margin target to-software cannibalization, while recognizing opportunities raised to 82% from 80% and medium-term EBITDA margin benefit to monetize automation and drive operational efficiencies raised to 42% vs. 40%) primarily due to not having to backfill natural attrition. We continue to believe that AI is ultimately a tailwind for the – Entrenched incumbents and emerging challengers threaten business and disruption risk is minimal." growth momentum, particularly in end markets where Source: Company filings, Wall Street research. Cascade has lower penetration (e.g., asset management) —Morgan Stanley, 11/13/2025 (1) The cash portion of the Enfusion acquisition consideration was financed with $800mm of term loan debt. CONFIDENTIAL 6

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TEV / NTM EBITDA (PRE-SBC) SINCE CASCADE IPO Illustrative Historical Trading Multiples Median TEV / NTM EBITDA (Pre-SBC) Multiples Over Time Median TEV / NTM Revenue Multiples Over Time 100.0x (1) (2) Post-Cascade IPO L3Y L1Y L6M Unaffected Current TEV / NTM EBITDA Cascade 40.0x 38.8x 25.2x 23.9x 18.9x 24.0x 90.0x (3) Financial Services Vertical Software 27.2x 28.1x 29.6x 25.3x 22.6x 23.2x (4) Selected Other Vertical Software 32.8x 33.1x 34.0x 29.5x 28.1x 23.8x 80.0x Cascade announced Cascade announced 70.0x Enfusion transaction acquisitions of Beacon & on 1/13/2025 Bistro on 3/12/2025 60.0x Cascade closed acquisition 50.0x of Enfusion on 4/21/2025 40.0x 30.0x 24.0x 23.8x 23.2x 20.0x Cascade multiple 10.0x reached all-time low of 18.1x on 11/6/2025 – Source: Company filings, Capital IQ, Wall Street research. Oct-21 Aug-22 Jun-23 Apr-24 Feb-25 Dec-25 Note: Market data as of 12/12/2025. EBITDA presented pre-SBC. Multiples ≥ 70x and ≤ 0x excluded from calculations. (1) Represents data since robust Street consensus estimates starting on 10/19/2021, following the IPO on 9/24/2021. (2) Unaffected date of 11/10/2025, prior to media coverage of rumored takeover (3) (4) offer. Cascade Financial Services Vertical Software Selected Other Vertical Software (3) Peers include SSNC, GWRE, CCC, QTWO, INTA, NCNO, and ALKT. (4)Peers include VEEV, TYL, PCOR, and VERX. CONFIDENTIAL 7

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II. Overview of Management Projections CONFIDENTIAL 8

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REVENUE ($ IN MM) Summary % Organic Growth (1) (2) Management 21.4% 22.6% 15.4% 15.3% 17.0% 18.0% 18.0% 18.0% Forecast (3) (2) 20.7% 16.1% 1 18 7. .7 0% % '23A-'25E CAGR '25E-'27E CAGR '27E-'30E CAGR Revenue $1,807 $1,531 $1,298 $1,100 Key Assumptions ('25E to '30E): $940 $730 $452 $368 > 2026E financials are based on detailed management budget 2023A 2024A 2025E 2026E 2027E 2028E 2029E 2030E > Revenue: 18% annual growth in '28E and thereafter TOTAL TO ORGANIC REVENUE GROWTH BRIDGE ($ in mm) 2025E 2026E 2027E 2028E 2029E 2030E A Total Revenue $730 $940 $1,100 $1,298 $1,531 $1,807 % Growth 61.7% 28.7% 17.0% 18.0% 18.0% 18.0% C Organic Revenue (Rebased '24A & '25E) Core Cascade $536 $622 $729 > Full-year Enfusion and Beacon contribution A % Growth 18.7% 16.0% 17.2% lifts '25E revenue ~$85mm to $816mm Enfusion 226 258 300 % Growth 12.1% 14.2% 16.3% B > Rebasing financials implies organic '25E- '27E CAGR of 16.1% vs. 22.7% total Beacon 53 60 71 Source: Cascade Management. % Growth – 12.8% 18.3% Note: Management forecast as of 12/6/2025. C > Near-term organic CAGR of 16.1% (1) Represents pro forma organic growth, based on rebased 2024A revenue from Total Organic Revenue A $816 $940 $1,100 full-year contribution of Enfusion and Beacon per Cascade Management. compares with outer years CAGR of 18.0% (2) Represents pro forma organic growth, based on rebased 2025E revenue from % Growth 15.4% 15.3% 17.0% full-year contribution of Enfusion and Beacon per Cascade Management. (3) Represents core Cascade growth, based on Management projected revenue B contribution of legacy Cascade in 2025E. CONFIDENTIAL 9

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ADJ. EBITDA (PRE-SBC) ($ IN MM) Summary % Gross Margin Management 76.5% 78.2% 78.2% 78.7% 79.2% 79.7% 80.2% 80.7% Forecast % EBITDA Margin Margin 28.7% 32.2% 33.9% 36.0% 38.0% 39.9% 41.4% 42.2% Key Assumptions ('25E to '30E): $763 $634 $518 $418 > Gross Profit: Margin expansion of $338 $248 ~250bps from 78.2% to 80.7% $146 $106 > R&D: (~240bps) decline as % of revenue 2023A 2024A 2025E 2026E 2027E 2028E 2029E 2030E > S&M: ~40bps increase as % of revenue (2) UNLEVERED FREE CASH FLOW ($ IN MM) > G&A: (~380bps) decline as % of revenue > Adj. EBITDA: Margin expands by ~830bps % Margin > SBC: Flatlined amount of $127mm 23.4% 31.5% 15.0% 18.4% 22.9% 26.4% 29.3% 31.3% (1) > CapEx: 1.5% of revenue >Δ in NWC: (2%) of revenue from '25E-'30E $566 $449 $343 $252 $173 $142 $109 $86 Source: Cascade Management. Note: Management forecast as of 12/6/2025. (1) With the exception of 2026E, in which CapEx is 2.2% of revenue. 2023A 2024A 2025E 2026E 2027E 2028E 2029E 2030E (2) Calculated as NOPAT—including the impact of tax attributes (illustrative FCF from deferred tax assets) plus D&A, plus amortization of contract costs, less capital expenditures, and less the change in net working capital. CONFIDENTIAL 10

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REVENUE ($ IN MM) ADJ. EBITDA (PRE-SBC) ($ IN MM) Preliminary Forecast Δ Wall Street Consensus vs. Cascade ManagementΔ Wall Street Consensus vs. Cascade Management Comparison +$0 +$7 +$18 ($1) ($5) ($9) Management vs. Wall +0.0% +0.0% +1.6% (0.2%) (1.5%) (2.1%) Street Consensus Organic Revenue Growth Adj. EBITDA (Pre-SBC) Margin (2) (2) (1) (1) 15.4% 15.4% 15.3% 16.1% 17.0% 18.0% 33.9% 33.8% 36.0% 35.2% 38.0% 36.6% $1,118 $1,100 Cascade Management $947 Wall Street Consensus $940 $730 $731 $418 $409 $333 $338 $248 $247 Source: Cascade Management, Company filings, Wall Street research. Note: Market data as of 12/12/2025. Management forecast as of 12/6/2025. (1) Represents pro forma organic growth, based on rebased 2024A and 2025E revenue from full-year contribution of Enfusion and Beacon per Cascade Management. (2) Represents pro forma organic growth, based on rebased 2025E revenue from 2025E 2026E 2027E 2025E 2026E 2027E full-year contribution of Enfusion and Beacon per Cascade Management. CONFIDENTIAL 11

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III. Preliminary Selected Operational and Valuation Benchmarking CONFIDENTIAL 12

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Preliminary Selected Financial Services Vertical Software Selected Other Vertical Software (Primary Group) (Secondary Group) Comparable CY2025E – CY2027E REVENUE CAGR Companies (1) Global Median: 11.1% Cascade CY2026E Revenue ($mm) Operational Metrics $940 $947 $550 $1,501 $609 $873 $640 $1,144 $6,618 $3,519 $1,466 $826 $2,560 Company TEV ($bn) Cascade - Current $7.6 19.4% Median: 10.6% Median: 11.6% (3) (2) 16.1% 16.0% 15.4% Cascade - Unaffected 6.0 13.7% 12.1% 12.0% 10.6% 10.3% 11.1% 9.8% Financial Services Vertical Software 8.1% $29.3 5.4% 17.3 6.2 Mgmt. Street 5.0 3.6 CY2026E EBITDA (PRE-SBC) MARGIN 3.3 2.8 Cascade Global Median: 25.9% Selected Other Vertical Software $30.9 Median: 25.9% Median: 26.8% 19.7 46.3% 41.8% 40.1% 36.0% 11.7 35.2% 35.1% 29.1% 25.9% 24.9% 22.4% 24.5% 3.3 20.4% 18.9% Source: Cascade Management, Company filings, Wall Street research. Note: Market data as of 12/12/2025. Management forecast as of 12/6/2025. (1) Represents pro forma organic growth, based on rebased 2025E revenue from full-year contribution of Enfusion and Beacon per Cascade Management. (2) Unaffected date of 11/10/2025, prior to media coverage of rumored takeover Mgmt. Street offer. (3) Represents pro forma organic growth, based on rebased 2025E revenue from full-year contribution of Enfusion and Beacon per Cascade Management. CONFIDENTIAL 13

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Preliminary Selected Financial Services Vertical Software Selected Other Vertical Software (Primary Group) (Secondary Group) Comparable TEV / CY2026E REVENUE Companies Global Median: 5.7x Cascade Trading Multiples (1) 11.5x Current Unaffected Median: 5.4x Median: 7.8x 8.8x 8.1x 8.0x 8.0x 7.7x 6.3x 6.3x 5.9x 5.7x 5.4x 5.1x 5.0x 4.4x 4.0x Mgmt. Street Mgmt. Street TEV / CY2026E EBITDA (PRE-SBC) Global Median: 22.0x Cascade Median: 22.0x Median: 22.7x 32.9x 32.5x (1) Current Unaffected 29.0x 26.7x 26.5x 22.7x 22.0x 20.6x 22.4x 17.6x 17.9x 19.0x 17.9x 12.9x 11.1x Source: Cascade Management, Company filings, Wall Street research. Mgmt. Street Mgmt. Street Note: Market data as of 12/12/2025. Management forecast as of 12/6/2025. (1) Unaffected date of 11/10/2025, prior to media coverage of rumored takeover offer from. CONFIDENTIAL 14

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Target Financial Profile Announcement Implied TEV TEV / Preliminary Selected Acquirer Target 2Y Forward NTM EBITDA Date ($bn) NTM Revenue Revenue CAGR Margin (Pre-SBC) Precedent M&A Financial Services Vertical Software 8/13/2025 $2.3 7.4% 17.9% 3.8x Transactions (2) 1/13/2025 1.4 13.3% 23.5% 6.2x 7/11/2024 4.5 8.0% 22.9% 3.2x 4/27/2023 4.3 8.4% 24.0% 6.5x 5/4/2022 14.3 8.1% 49.7% 9.0x Mean $5.4 9.0% 27.6% 5.7x Cascade Management Forecast: Median 4.3 8.1% 23.5% 6.2x (1) > 2Y Forward Revenue CAGR : 16.1% Selected Other Vertical Software 8/21/2025 $12.1 11.7% 30.2% 5.9x > NTM (2026E) EBITDA Margin: 36.0% 7/25/2024 4.7 8.8% 40.6% 6.9x 6/7/2024 5.8 11.1% 33.7% 7.2x 3/14/2023 4.5 16.9% 18.0% 6.4x 12/12/2022 8.1 17.0% 27.6% 8.7x 8/19/2021 7.2 10.9% 34.7% 8.9x 12/21/2020 10.2 11.4% 28.1% 8.2x Mean $7.5 12.5% 30.4% 7.5x Median 7.2 11.4% 30.2% 7.2x 75th Percentile $8.7 12.1% 34.0% 8.3x Source: Cascade Management, Company filings, Wall Street research, Press. Note: Management forecast as of 12/6/2025. Enterprise Value ("TEV") is based on Mean 6.6 11.1% 29.2% 6.7x company capitalization as of the latest Schedule 14A filling where available and final offer price. Median 5.3 11.0% 27.9% 6.7x (1) Per Cascade Management forecast as of 12/6/2025. 2Y forward revenue CAGR reflects 2025E to 2027E. (2) Based on selected broker projections; represents Enfusion standalone organic 25th Percentile 4.4 8.3% 23.3% 6.1x revenue CAGR. CONFIDENTIAL 15

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IV. Illustrative Valuation Summary CONFIDENTIAL 16

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DELETE P/W BAR FOR SC PACK IMPLIED EQUITY VALUE PER SHARE Illustrative Valuation ($ per share, rounded to the nearest $0.25; TEV in $bn) (1) (1) Unaffected : 30D VWAP : Implied TEV ($bn) Key Assumptions $16.69 $17.83 Summary > 12/31/2025E valuation date; 5-year forecast (2) Perpetuity Growth $6.4 – $9.9 > WACC: 10.0% – 11.0%; PGR: 5.5% – 6.5% $19.25 $30.50 > Impl. Terminal Revenue Mult.: 5.0x – 7.9x TEV / 2026E > Multiple: 6.0x – 9.0x $5.6 – $8.5 $15.75 $24.75 Revenue > 2026E Revenue: $940mm TEV / 2026E > Multiple: 18.0x – 25.0x $6.1 – $8.5 $17.00 $24.75 > 2026E Adj. EBITDA (Pre-SBC): $338mm Adj. EBITDA (Pre-SBC) > Multiple: 6.5x – 8.5x TEV / NTM Revenue $6.6 – $8.5 $17.25 $23.25 > NTM (2026E) Revenue: $940mm > Offer Price implied by 22.0x – 30.0x TEV / LTM (2030E) Illustrative LBO Analysis $7.7 – $9.7 Adj. EBITDA (Pre-SBC) Exit Multiple $22.00 $28.75 > Assumes required IRR of 22.5% > Future share price (2027E) discounted to present value at Illustrative Present Value $8.0 – $10.9 illustrative 11.5% Cost of Equity $23.25 $32.50 of Future Share Price > Multiple: 18.0x – 25.0x TEV / NTM Adj. EBITDA (Pre-SBC) Source: Cascade Management, Company filings, Capital IQ, Wall Street research. Note: Market data as of 12/12/2025. Management forecast as of 12/6/2025. Assumes valuation date of 12/31/2025E. FDSO per Cascade Management as of > Low: Loop (11/5) 12/5/2025. Dilution computed using the treasury stock method. FDSO reflects Discounted Analyst 288.6mm Series A and 4.5mm Series B common shares, 8.5mm RSUs, 3.6mm $7.8 – $10.8 > High: RBC (11/18), Oppenheimer (11/12) $22.50 $32.25 PSUs, 7.6mm options outstanding with a weighted average strike price of $9.09, Price Targets > Discounted one year at illustrative 11.5% Cost of Equity and committed stock-based compensation of $16.7mm from the acquisition of Enfusion and $4.1mm of near-term new hires (including Head of Investor Relations and new hires with Q4 2025 start dates). Balance sheet per Cascade Management as of 9/30/2025. Includes total debt of $859.0mm, cash of $60.8mm, and short- term investments of $3.4mm; excludes non-controlling interests of $20.0mm due (1) 52-Week > 52-Week High from Unaffected date : $32.71 to inclusion of Class B shares in FDSO. $5.7 – $11.0 (1) $15.75 $32.75 > 52-Week Low from Unaffected date : $15.74 (1) Unaffected date of 11/10/2025, prior to media coverage of rumored takeover Trading Range offer. (2) Equity value includes DCF value of DTA: $439mm – $455mm. CONFIDENTIAL 17 Precedent FOR REFERENCE ONLY: Trading DCF Transactions

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FOR REFERENCE ONLY IMPLIED VALUE PER SHARE Illustrative ($ per share, rounded to the nearest $0.25) Discounted Cash 2027E - 2030E Revenue CAGR Flow Analysis P&L Sensitivity 42.2% margin in 2030E represents (1) Key Assumptions : 20.0% 18.0% 16.0% 14.0% Management forecast Management > '26E-'27E P&L and cash flow items per Forecast Management forecast > '28E-'30E Growth: Held constant at illustrative CAGR 42.2% $25.25 $23.75 $22.25 $21.00 > '28E-'30E Adj. EBITDA (Pre-SBC) (2) Margin: Linear expansion from '27E-'30E (3) > Valuation: Midpoint WACC and PGR 40.0% $23.50 $22.25 $20.75 $19.50 Source: Cascade Management, Company filings, Capital IQ, Wall Street research. Note: Market data as of 12/12/2025. Management forecast as of 12/6/2025. Assumes valuation date of 12/31/2025E. Includes illustrative FCF from deferred tax assets, discounted at the midpoint of illustrative WACC range. FDSO per Cascade Management as of 12/5/2025. Dilution computed using the treasury stock method. FDSO reflects 288.6mm Series A and 4.5mm Series B common shares, 8.5mm RSUs, 3.6mm PSUs, 7.6mm options outstanding with a weighted average strike price of $9.09, and committed stock-based compensation of $16.7mm from the acquisition of Enfusion and $4.1mm of near-term new hires 38.0% $22.00 $20.75 $19.50 $18.25 (including Head of Investor Relations and new hires with Q4 2025 start dates). Balance sheet per Cascade Management as of 9/30/2025. Includes total debt of $859.0mm, cash of $60.8mm, and short-term investments of $3.4mm; excludes non-controlling interests of $20.0mm due to inclusion of Class B shares in FDSO. (1) SBC held constant at $127mm. Depreciation as % of CapEx held in line with Management forecast, and flat after 2030E. Assumes 25% Effective Tax Rate and $2mm of Other Taxes annually. Amortization of Contract Acquisition Costs as % of Capitalized Contract Acquisition Costs held in line with Management 36.0% $20.50 $19.25 $18.00 $17.00 forecast, and flat after 2030E. Assumes S&M grows in-line with revenue. CapEx as % of revenue held in line with Management forecast, and flat after 2030E. Change in NWC as % of revenue held in line with Management forecast, and flat after 2030E. Amortization of Intangibles and New Intangibles does not affect EBIT (Post-SBC). (2) With the exception of the first row, which is based on the Management forecast schedule for EBITDA margin. (3) PGR range: 5.5 – 6.5%; WACC range: 10.0 – 11.0%. Utilizes mid-year discounting convention. Terminal Year assumed equal to final forecast year, with Depreciation set equal to CapEx. CONFIDENTIAL 18 2030E Adj. EBITDA (Pre-SBC) Margin

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FOR REFERENCE ONLY IMPLIED ENTRY SHARE PRICE AT 22.5% REQUIRED IRR Illustrative LBO ($ per share, rounded to nearest $0.25) Management 2026E - 2030E Revenue CAGR Analysis Forecast Revenue CAGR and Exit 15.0% 16.0% 17.0% 17.7% 19.0% Multiple Sensitivity 30.0x $26.25 $27.25 $28.00 $28.75 $30.00 (1) Key Assumptions : 28.0x $24.75 $25.75 $26.50 $27.00 $28.25 > '26E-'30E P&L and cash flow items per 26.0x $23.25 $24.00 $24.75 $25.50 $26.50 Management forecast > '26E-'30E Growth: Held constant at illustrative 24.0x $21.75 $22.50 $23.25 $23.75 $24.75 (2) CAGR > '26E-'30E Adj. EBITDA (Pre-SBC) Margin per 22.0x $20.25 $21.00 $21.50 $22.00 $23.00 Management forecast Implied Adj. EBITDA (Pre-SBC) Multiple (3) IMPLIED ENTRY SHARE PRICE AT 20.0% REQUIRED IRR LTM (2030E) NTM (2031E) ($ per share, rounded to nearest $0.25) 30.0x 25.6x 28.0x 23.9x Management 2026E - 2030E Revenue CAGR 26.0x 22.2x Forecast 24.0x 20.5x 15.0% 16.0% 17.0% 17.7% 19.0% 22.0x 18.8x Source: Cascade Management, Company filings, Capital IQ, Wall Street research. 30.0x $28.75 $29.75 $30.75 $31.50 $32.75 Note: Market data as of 12/12/2025. Management forecast as of 12/6/2025. Assumes valuation date of 12/31/2025E. FDSO per Cascade Management as of 12/5/2025. Dilution computed using the treasury stock method. FDSO reflects 28.0x $27.25 $28.00 $29.00 $29.75 $30.75 288.6mm Series A and 4.5mm Series B common shares, 8.5mm RSUs, 3.6mm PSUs, 7.6mm options outstanding with a weighted average strike price of $9.09, and committed stock-based compensation of $16.7mm from the acquisition of Enfusion and $4.1mm of near-term new hires (including Head of Investor Relations 26.0x $25.50 $26.25 $27.25 $27.75 $29.00 and new hires with Q4 2025 start dates). Balance sheet per Cascade Management as of 9/30/2025. Includes total debt of $859.0mm, cash of $60.8mm, and short- term investments of $3.4mm; excludes non-controlling interests of $20.0mm due 24.0x $23.75 $24.50 $25.25 $26.00 $27.00 to inclusion of Class B shares in FDSO. (1) SBC flatlined at $32mm (25% of management forecast); incremental management promote of 7.5% of sponsor net profits. Amortization of Intangibles and New Intangibles does not affect EBIT (Post-SBC). 22.0x $22.25 $22.75 $23.50 $24.00 $25.00 (2) With the exception of the fourth column, which is based on the Management forecast schedule for revenue growth. (3)Assumes 17.0% 2031E Adj. EBITDA (Pre-SBC) growth (2031E revenue growth of 16.0% and Adj. EBITDA (Pre-SBC) Margin of 42.6%). CONFIDENTIAL 19 LTM (2030E) Adj. LTM (2030E) Adj. EBITDA (Pre-SBC) EBITDA (Pre-SBC) Exit Multiple Exit Multiple

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FOR REFERENCE ONLY (1) Illustrative Implied Undiscounted Future Share Price Present Value of Future Share Price Future Share Price ($ per share, rounded to the nearest $0.25) ($ per share, rounded to the nearest $0.25) Analysis Management Forecast Key Assumptions: $40.50 > Cost of Equity: 11.5% > Share Repurchases: $100mm repurchased annually at average of Current Year End and Prior Year End future share price $34.50 $32.50 $31.50 > SBC: $127mm issued annually at average of Current Year End and Prior Year End future $28.25 share price; assumes SBC is outstanding within year of issuance $27.75 $28.75 $27.00 $24.75 $24.75 TEV / NTM Adj. EBITDA (Pre-SBC) Multiples: $24.25 25.0x $23.25 21.5x $21.00 $21.00 $22.25 18.0x $20.00 Source: Cascade Management, Company filings, Capital IQ, Wall Street research. $16.69 $16.69 Note: Market data as of 12/12/2025. Management forecast as of 12/6/2025. FDSO $17.00 $17.00 per Cascade Management as of 12/5/2025. Dilution computed using the treasury stock method. FDSO reflects 288.6mm Series A and 4.5mm Series B common shares, 8.5mm RSUs, 3.6mm PSUs, 7.6mm options outstanding with a weighted average strike price of $9.09, and committed stock-based compensation of $16.7mm from the acquisition of Enfusion and $4.1mm of near-term new hires (including Head of Investor Relations and new hires with Q4 2025 start dates). Balance sheet per Cascade Management as of 9/30/2025. Includes total debt of $859.0mm, cash of $60.8mm, and short-term investments of $3.4mm; excludes non-controlling interests of $20.0mm due to inclusion of Class B shares in FDSO. Current '25E '26E '27E Current '25E '26E '27E (1) Discounted at illustrative 11.5% Cascade cost of equity. (2) (2) (Unaffected) (Unaffected) (2) Unaffected date of 11/10/2025, prior to media coverage of rumored takeover offer. CONFIDENTIAL 20

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V. Appendix CONFIDENTIAL 21

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Cascade Management Projections Detailed Cascade ($ in mm) 2025E 2026E 2027E 2028E 2029E 2030E Revenue $730 $940 $1,100 $1,298 $1,531 $1,807 Management % Growth 61.7% 28.7% 17.0% 18.0% 18.0% 18.0% Gross Profit $571 $740 $871 $1,034 $1,228 $1,458 Forecast % Margin 78.2% 78.7% 79.2% 79.7% 80.2% 80.7% (-) Research and Development (160) (196) (224) (260) (299) (352) Received 12/6/2025 % of Revenue 21.9% 20.9% 20.4% 20.0% 19.5% 19.5% (-) Sales and Marketing (92) (122) (143) (169) (199) (235) % of Revenue 12.6% 13.0% 13.0% 13.0% 13.0% 13.0% (-) General and Administrative (72) (83) (86) (88) (96) (108) % of Revenue 9.8% 8.8% 7.8% 6.8% 6.3% 6.0% Adj. EBITDA (Pre-SBC) $248 $338 $418 $518 $634 $763 % Margin 33.9% 36.0% 38.0% 39.9% 41.4% 42.2% (-) Stock-Based Compensation (127) (127) (127) (127) (127) (127) % of Revenue 17.4% 13.5% 11.5% 9.8% 8.3% 7.0% Adj. EBITDA (Post-SBC) $121 $211 $291 $391 $507 $636 (-) Depreciation (P&E) (7) (13) (11) (14) (17) (21) % of CapEx 60.6% 64.4% 68.1% 71.8% 75.6% 79.3% Adj. EBIT (Post-SBC) $114 $198 $280 $377 $490 $614 % Margin 15.6% 21.1% 25.4% 29.0% 32.0% 34.0% (-) Income Taxes – (10) (14) (19) (24) (31) (-) Other Taxes (2) (2) (2) (2) (2) (2) NOPAT $112 $186 $264 $356 $463 $582 (+) Depreciation (P&E) 7 13 11 14 17 21 (+) Amortization of Contract Acquisition Costs 10 13 16 19 22 27 (-) CapEx (11) (21) (16) (19) (23) (27) % of Revenue 1.5% 2.2% 1.5% 1.5% 1.5% 1.5% (1) (-) Change in NWC (8) (19) (22) (26) (31) (36) Source: Cascade Management. % of Revenue (1.1%) (2.0%) (2.0%) (2.0%) (2.0%) (2.0%) Note: Management forecast as of 12/6/2025. Analysis excludes amortization of goodwill and acquired intangibles, which are not tax deductible per Cascade Unlevered Free Cash Flow $109 $173 $252 $343 $449 $566 Management. (1) NWC includes capitalized contract acquisition costs. CONFIDENTIAL 22

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Management Projections Wall Street Consensus Δ to Mgmt. Forecast Preliminary Forecast ($ in mm) 2026E 2027E 2026E 2027E 2026E 2027E Revenue $940 $1,100 $947 $1,118 +$7 +$18 Comparison % Revenue Growth 28.7% 17.0% 29.7% 18.0% 1.0% 1.0% Management vs. Street Gross Profit $740 $871 $748 $887 +$8 +$16 (-) R&D ($196) ($224) ($206) ($241) ($9) ($17) (-) S&M ($122) ($143) ($117) ($136) +$5 +$7 (-) G&A ($83) ($86) ($91) ($101) ($9) ($15) Adj. EBITDA (Pre-SBC) $338 $418 $333 $409 ($5) ($9) % Margin 36.0% 38.0% 35.2% 36.6% (0.8%) (1.4%) (-) SBC ($127) ($127) ($137) ($138) ($10) ($11) Adj. EBITDA (Post-SBC) $211 $291 $197 $271 ($15) ($20) (-) Depreciation ($13) ($11) ($121) ($123) ($108) ($112) EBIT (Post-SBC) $198 $280 $76 $147 ($123) ($132) % Margin 21.1% 25.4% 8.0% 13.2% (13.1%) (12.3%) Net Taxes ($12) ($16) ($19) ($37) ($7) ($21) Effective Tax Rate (%) 6.0% 5.7% 25.0% 25.0% 19.0% 19.3% Brokers do not consider NOPAT $186 $264 $57 $110 ($130) ($153) the impact of DTA (+) Depreciation $13 $11 $121 $123 +$108 +$112 (+) Amortization of Contract Acq. Costs $13 $16 - - NA NA (-) Capex ($21) ($16) ($12) ($16) +$9 +$0 (-/+) Change in NWC ($19) ($22) ($8) ($3) +$11 +$19 Unlevered Free Cash Flow $173 $252 $158 $215 ($15) ($37) Source: Cascade Management, Wall Street research. Note: Market data as of 12/12/2025. Management forecast as of 12/6/2025. CONFIDENTIAL 23

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($ in mm) 2026E 2027E 2028E 2029E 2030E 2031E 2032E Illustrative Tax Revenue $940 $1,100 $1,298 $1,531 $1,807 $2,096 $2,390 Attributes Analysis % Growth 28.7% 17.0% 18.0% 18.0% 18.0% 16.0% 14.0% Adj. EBITDA (Pre-SBC) $338 $418 $518 $634 $763 $892 $1,026 % Margin 36.0% 38.0% 39.9% 41.4% 42.2% 42.6% 42.9% (-) SBC (127) (127) (127) (127) (127) (127) (127) (-) Depreciation (13) (11) (14) (17) (21) (26) (31) Taxable Income $198 $280 $377 $490 $614 $739 $868 (x) DTA Yearly Limit 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% (x) Effective Tax Rate 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% Tax Payable $40 $56 $75 $98 $123 $148 $174 (1) Beginning Balance $672 $632 $576 $501 $403 $280 $132 (+) DTA Created - - - - - - - (-) DTA Used (40) (56) (75) (98) (123) (148) (132) Source: Cascade Management. DTA Balance $632 $576 $501 $403 $280 $132 - Note: Management forecast as of 12/6/2025. (1) Beginning DTA balance as of 9/30/2025. CONFIDENTIAL 24

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![](g95008ex99_c3p25g1.jpg)

TEV / NTM REVENUE SINCE CASCADE IPO Illustrative Historical Trading Multiples Median TEV / NTM Revenue Multiples Over Time 25.0x (2) (1) Post-Cascade IPO L3Y L1Y L6M Unaffected Current TEV / NTM Revenue Cascade 11.5x 11.1x 8.2x 7.7x 6.5x 8.3x (3) Financial Services Vertical Software 6.2x 6.3x 6.1x 5.6x 5.1x 5.5x (4) Selected Other Vertical Software 8.7x 8.7x 8.9x 8.3x 8.0x 8.0x 20.0x Cascade announced Cascade announced Enfusion transaction acquisitions of Beacon & on 1/13/2025 Bistro on 3/12/2025 15.0x Cascade closed acquisition of Enfusion on 4/21/2025 10.0x 8.3x 8.0x 5.0x 5.5x Cascade multiple reached all-time low of 6.3x on 11/6/2025 – Source: Company filings, Capital IQ, Wall Street research. Oct-21 Aug-22 Jun-23 Apr-24 Feb-25 Dec-25 Note: Market data as of 12/12/2025. Multiples ≥ 70x and ≤ 0x excluded from calculations. (1) Represents data since robust Street consensus estimates starting on 10/19/2021, following the IPO on 9/24/2021. (2) Unaffected date of 11/10/2025, prior to media coverage of rumored takeover (3) (4) offer. Cascade Financial Services Vertical Software Selected Other Vertical Software (3) Peers include SSNC, GWRE, CCC, QTWO, INTA, NCNO, and ALKT. (4)Peers include VEEV, TYL, PCOR, and VERX. CONFIDENTIAL 25

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![](g95008ex99_c3p26g1.jpg)

VALUATION SUMMARY DISCOUNTED CASH FLOW Illustrative Terminal Perpetuity Growth 2025E 2026E 2027E 2028E 2029E 2030E Year WACC 10.50% Revenue $730 $940 $1,100 $1,298 $1,531 $1,807 $1,807 Discounted Cash Terminal UFCF $445 Adj. EBITDA (Pre-SBC) $248 $338 $418 $518 $634 $763 $763 Perpetuity Growth Rate 6.0% Flow Analysis (-) SBC (127) (127) (127) (127) (127) (127) Terminal Value $11,017 (-) Depreciation (13) (11) (14) (17) (21) (27) Management Forecast Impl. Terminal Revenue Mult. 6.1x Impl. Terminal Adj. EBITDA (Pre-SBC) Mult. 14.4x EBIT $198 $280 $377 $490 $614 $609 (5) PV of Unlevered Cash Flows $1,035 Key Assumptions: (-) Taxes & Other Taxes (52) (72) (96) (124) (156) (154) (1) PV of Terminal Value $6,687 > CapEx: 1.5% of revenue NOPAT (Excl. Tax Attributes) $147 $208 $281 $365 $459 $454 Implied TEV $7,723 >Δ in NWC: (2%) of revenue (+) Depreciation 13 11 14 17 21 27 Implied TEV / '26E Revenue 8.2x > SBC: Flatlined amount of $127mm (+) Amortization of Contract Acquisition Costs 13 16 19 22 27 27 Implied TEV / '26E Adj. EBITDA (Pre-SBC) 22.8x > Terminal Year Depreciation: equal to (2) (-) CapEx (21) (16) (19) (23) (27) (27) (-) Net Debt & Other (795) CapEx (3) (-) Change in NWC (19) (22) (26) (31) (36) (36) (+) PV of Tax Asset 447 > Amortization of Intangibles and New Implied Equity Value incl. DTA $7,374 Unlevered Free Cash Flow $134 $196 $268 $351 $444 $445 Intangibles does not affect EBIT (4) (/) FDSO 310.8 Discount Period 0.500 1.500 2.500 3.500 4.500 5.000 Implied Equity Value per Share $23.75 Discount Factor 0.951 0.861 0.779 0.705 0.638 0.607 Impl. Value per Share of DTA $1.50 PV of Unlevered Free Cash Flow $127 $169 $209 $248 $283 Impl. Value per Share excl. DTA $22.25 SENSITIVITY ANALYSIS Source: Cascade Management, Company filings, Capital IQ, Wall Street research. Note: Market data as of 12/12/2025. Assumes valuation date of 12/31/2025E. Implied Equity Value per Share (incl. PV of DTA) Implied Terminal Revenue Multiple Implied Terminal Adj. EBITDA (Pre-SBC) Multiple Management forecast as of 12/6/2025. Share prices rounded to the nearest $0.25. (1) With the exception of 2026E, in which CapEx is 2.2% of revenue. (2) As of 9/30/2025. Includes total debt of $859.0mm, cash of $60.8mm, and WACC WACC WACC short-term investments of $3.4mm, and excludes non-controlling interests of $20.0mm due to Class B shares accounting. (3) Based on midpoint of illustrative WACC range. 10.0% 10.5% 11.0% 10.0% 10.5% 11.0% 10.0% 10.5% 11.0% (4)FDSO per Cascade Management as of 12/5/2025. Dilution computed using the treasury stock method. FDSO reflects 288.6mm Series A and 4.5mm Series B 5.5% $24.25 $21.50 $19.25 5.5% 6.1x 5.5x 5.0x 5.5% 14.3x 12.9x 11.8x common shares, 8.5mm RSUs, 3.6mm PSUs, 7.6mm options outstanding with a weighted average strike price of $9.09, and committed stock-based 6.0% $27.00 $23.75 $21.25 6.0% 6.8x 6.1x 5.5x 6.0% 16.2x 14.4x 13.0x compensation of $16.7mm from the acquisition of Enfusion and $4.1mm of near-term new hires (including Head of Investor Relations and new hires with Q4 2025 start dates). 6.5% $30.50 $26.50 $23.25 6.5% 7.9x 6.9x 6.1x 6.5% 18.6x 16.3x 14.5x (5) Based on 25.0% tax rate and $2mm annual Other Taxes. CONFIDENTIAL 26 PGR PGR PGR

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Cascade Management DISCOUNTED CASH TAX BENEFITS Extrapolations Illustrative ($ in mm) 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E Discounted Cash Revenue $730 $940 $1,100 $1,298 $1,531 $1,807 $2,096 $2,390 % growth 61.7% 28.7% 17.0% 18.0% 18.0% 18.0% 16.0% 14.0% Flow Analysis Adj. EBITDA (Pre-SBC) $248 $338 $418 $518 $634 $763 $892 $1,026 % margin 36.0% 38.0% 39.9% 41.4% 42.2% 42.6% 42.9% Deferred Tax Assets (-) SBC (127) (127) (127) (127) (127) (127) (127) (-) Depreciation (13) (11) (14) (17) (21) (26) (31) EBIT $198 $280 $377 $490 $614 $739 $868 (x) DTA Limit 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% (x) Tax Rate 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% Tax Savings $40 $56 $75 $98 $123 $148 $132 Deferred Tax Asset Schedule (1) Beginning DTA Balance $672 $632 $576 $501 $403 $280 $132 (+) DTA Created – – – – – – – (-) DTA Used ($40) ($56) ($75) ($98) ($123) ($148) ($132) Ending DTA Balance $632 $576 $501 $403 $280 $132 - Annual Cash Tax Savings $40 $56 $75 $98 $123 $148 $132 Memo: Discount Period 0.500 1.500 2.500 3.500 4.500 5.500 6.500 Discount Factor 0.951 0.861 0.779 0.705 0.638 0.577 0.523 PV of Annual Cash Tax Savings $38 $48 $59 $69 $78 $85 $69 SENSITIVITY SUMMARY Implied PV of Tax Assets WACC 10.0% 10.5% 11.0% Source: Cascade Management, Company filings, Capital IQ, Wall Street research. Note: Market data as of 12/12/2025. Assumes valuation date of 12/31/2025E. Management forecast as of 12/6/2025. $455 $447 $439 (1) Beginning DTA balance as of 9/30/2025. CONFIDENTIAL 27

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FDSO MEMO Preliminary Detailed Shares ($ in mm, except per share) Cascade Enterprise (1) Series A 288,620,705 Treasury Stock Method (1) (2) Value Build (+) Series B 4,508,422 Options Outstanding 7,619,721 (2) Common Shares Outstanding 293,129,127 (x) Strike Price $9.09 (2) (+) RSUs 8,485,742 Exercise Proceeds $69.2 (2) (3) (+) PSUs 3,620,954 (/) Share Price $16.69 (+) Net Dilution from Options Exercise 3,470,585 TSM Shares Repurchased 4,149,136 Dilutive Securities 15,577,281 (2) (+) Committed Stock-Based Compensation 1,247,703 Options Outstanding 7,619,721 FDSO 309,954,111 (-) TSM Shares Repurchased (4,149,136) Net Dilution from Options Exercise 3,470,585 TEV ($ in mm, except per share) Committed Stock-Based Compensation (SBC) (3) Share Price $16.69 Enfusion Acquisition $16.7 (5) (x) FDSO 309,954,111 (+) Future Hires $4.1 Implied Equity Value $5,173.1 Total Committed SBC $20.8 (4) (3) (+) Debt 859.0 (/) Share Price $16.69 (4) (-) Cash (60.8) Implied Shares Issued from Committed SBC 1,247,703 Source: Cascade Management, Company filings. Note: Management forecast as of 12/6/2025. (4) (1) As of 12/3/2025. (-) Short Term Investments (3.4) (2) As of 12/4/2025. (3) As of unaffected date of 11/10/2025, prior to media coverage of rumored takeover offer. Implied Total Enterprise Value $5,968.0 (4)As of 9/30/2025. Excludes non-controlling interests of $20.0mm due to inclusion of Class B shares in FDSO. (5) Includes Head of Investor Relations and hires with Q4 2025 start dates. CONFIDENTIAL 28

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Levered Beta Calculation Cost of Equity Sensitivity Preliminary WACC (2) Unlevered Debt / Equity 0.826 Unlevered Beta Analysis Beta 6.6% 16.6% 26.6% (3) 16.6% Debt / Equity 2Y Weekly Beta (Cascade) 0.626 9.67% 9.97% 10.26% 0.726 10.33% 10.67% 11.01% Levered Beta 0.929 Key Assumptions: 0.826 10.99% 11.37% 11.76% > Levered beta based on Cascade 2-year (1) 0.926 11.64% 12.08% 12.51% weekly levered beta as of 11/10/2025 Cost of Equity Calculation 1.026 12.30% 12.78% 13.26% > Debt / Equity based on Cascade balance (4) Risk Free Rate 4.82% sheet as of 9/30/2025 and latest FDSO WACC Sensitivity per Management (5) 6.26% Equity Risk Premium Unlevered Debt / Equity WACC Comparison Beta 6.6% 16.6% 26.6% Levered Beta 0.929 0.626 9.36% 9.21% 9.08% 2Y 5Y Weekly Monthly Beta-Adj. Premium 5.81% 0.726 9.98% 9.81% 9.67% (1) 0.826 10.59% 10.42% 10.27% (6) Cascade 10.42% 10.01% 0.74% Size Premium 0.926 11.21% 11.02% 10.86% Peers (7) 11.37% Cost of Equity 11.59% 10.67% 1.026 11.83% 11.62% 11.45% Median Sources: Company filings, Capital IQ, U.S. Department of the Treasury, Duff & Phelps 2024 Valuation Handbook. WACC Sensitivity WACC Calculation Note: Market data as of 12/12/2025. (1) Cascade; based on ~4.2 year monthly due to Cascade's IPO on 9/24/2021. (2) Based on Cascade historical 2-year weekly beta as of unaffected date of Cost of Equity Pre-Tax 11/10/2025, prior to media coverage of rumored takeover offer. Unlevered using Cost of Equity 11.37% 25% tax rate. Cost of Debt 10.4% 11.4% 12.4% (3) Based on Cascade-derived debt / equity as of unaffected date of 11/10/2025. (4)20-year U.S. Treasury as of 12/12/2025. (8) (5) Historical supply-side equity risk premium (historical equity risk premium minus 5.2% 9.45% 10.31% 11.17% 4.65% After-Tax Cost of Debt price-to-earnings ratio calculated using three-year average earnings). (6)CRSP 5th decile size premium; Cascade equity value as of unaffected date of 6.2% 9.56% 10.42% 11.27% 11/10/2025. (7) Calculated as risk free rate + beta-adjusted equity risk premium + size premium. WACC 10.42% (8)Assumes tax rate of 25%. Cost of debt based on Cascade's $800mm 2025 7.2% 9.66% 10.52% 11.38% Term Loan – SOFR + 225. CONFIDENTIAL 29

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Levered Beta Calculation Cost of Equity Sensitivity Preliminary WACC (2) Unlevered Debt / Equity 1.021 Unlevered Beta Analysis Beta 6.6% 16.6% 26.6% (3) 16.6% Debt / Equity 2Y Weekly Beta (Peers) 0.821 10.95% 11.34% 11.72% 0.921 11.61% 12.04% 12.47% Key Assumptions: Levered Beta 1.148 1.021 12.27% 12.74% 13.22% > Levered beta based on peer median 2-year weekly levered beta as of 1.121 12.92% 13.45% 13.97% Cost of Equity Calculation 12/12/2025 1.221 13.58% 14.15% 14.73% (4) Risk Free Rate 4.82% > Debt / Equity based on Cascade balance sheet as of 9/30/2025 and latest FDSO WACC Sensitivity (5) 6.26% per Management Equity Risk Premium Unlevered Debt / Equity WACC Comparison Beta 6.6% 16.6% 26.6% Levered Beta 1.148 0.821 10.56% 10.38% 10.24% 2Y 5Y Weekly Monthly Beta-Adj. Premium 7.18% 0.921 11.18% 10.99% 10.83% (1) 1.021 11.79% 11.59% 11.42% (6) Cascade 10.42% 10.01% 0.74% Size Premium 1.121 12.41% 12.20% 12.02% Peers (7) 12.74% Cost of Equity 11.59% 10.67% 1.221 13.03% 12.80% 12.61% Median Sources: Company filings, Capital IQ, U.S. Department of the Treasury, Duff & WACC Sensitivity WACC Calculation Phelps 2024 Valuation Handbook. Note: Market data as of 12/12/2025. (1) Cascade; based on ~4.2 year monthly due to Cascade's IPO on 9/24/2021. Cost of Equity Pre-Tax (2) Based on peer-derived historical 2-year weekly beta. Unlevered using 25% tax Cost of Equity 12.74% rate. Cost of Debt 11.7% 12.7% 13.7% (3) Based on Cascade-derived debt / equity as of unaffected date of 11/10/2025. (4)20-year U.S. Treasury as of 12/12/2025. (8) (5) Historical supply-side equity risk premium (historical equity risk premium minus 5.2% 10.63% 11.49% 12.34% 4.65% After-Tax Cost of Debt price-to-earnings ratio calculated using three-year average earnings). (6)CRSP 5th decile size premium; Cascade equity value as of unaffected date of 6.2% 10.73% 11.59% 12.45% 11/10/2025. (7) Calculated as risk free rate + beta-adjusted equity risk premium + size premium. WACC 11.59% (8)Assumes tax rate of 25%. Cost of debt based on Cascade's $800mm 2025 7.2% 10.84% 11.70% 12.56% Term Loan – SOFR + 225. CONFIDENTIAL 30

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Unlevered Beta Calculation Preliminary WACC Current (12/12/25) Analysis 1 Year Weekly 2 Year Weekly 5 Year Monthly Peer Betas Company Debt / Equity Levered Beta Unlevered Beta Levered Beta Unlevered Beta Levered Beta Unlevered Beta (1) (2) (2) Cascade 16.6% 0.820 0.729 0.929 0.826 0.853 0.759 Reference Only Financial Services Vertical Software SS&C 34.3% 0.821 0.653 0.826 0.657 1.132 0.900 Guidewire 3.8% 0.936 0.910 0.890 0.865 1.051 1.022 CCC 20.0% 0.900 0.783 0.960 0.835 0.776 0.675 Q2 9.8% 1.089 1.014 1.257 1.171 1.239 1.155 Intapp – 1.156 1.156 1.471 1.471 0.791 0.791 nCino 8.3% 1.257 1.183 1.253 1.180 0.704 0.663 Alkami 14.8% 1.221 1.099 1.177 1.059 0.693 0.623 Average 15.2% 1.054 0.971 1.119 1.034 0.912 0.833 Median 12.3% 1.089 1.014 1.177 1.059 0.791 0.791 Selected Other Vertical Software Veeva – 0.874 0.874 1.021 1.021 1.044 1.044 Tyler Technologies 3.0% 0.653 0.638 0.715 0.699 0.942 0.921 Vertex 10.5% 1.432 1.327 1.469 1.362 0.936 0.867 Procore 0.2% 0.633 0.632 1.015 1.013 0.730 0.728 Average 4.6% 0.898 0.868 1.055 1.024 0.913 0.890 Median 3.0% 0.764 0.756 1.018 1.017 0.939 0.894 Source: Capital IQ. Note: Market data as of 12/12/2025. Peer Group Average 11.6% 0.997 0.934 1.096 1.030 0.913 0.854 (1) As of unaffected date on 11/10/2025, prior to media coverage of rumored takeover offer. Peer Group Median 9.8% 0.936 0.910 1.021 1.021 0.936 0.867 (2) Cascade; based on ~4.2 year monthly due to Cascade's IPO on 9/24/2021. CONFIDENTIAL 31

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FOR REFERENCE ONLY VI. Appendix - For Reference Only CONFIDENTIAL 32

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FOR REFERENCE ONLY VALUATION SUMMARY SOURCES & USES Illustrative Sponsor Entry ($ in mm) Sources Uses (1) Leveraged Buyout Unaffected Share Price $16.69 New Sponsor Equity $6,879 Purchase Price $7,909 (x) % Premium 52.4% New Debt 2,062 Repay Outstanding Debt 859 Analysis (5) Offer Share Price $25.44 Balance Sheet Cash 64 Transaction Fees & Expenses 136 Management Forecast (2) (x) FDSO 311.0 Minimum Balance Sheet Cash 100 Illustrative Assumptions: Equity Value $7,909 Total Sources $9,004 Total Uses $9,004 (3) > Transaction close on 12/31/2025E and (+) Net Debt & Other 795 sponsor exit on 12/31/2030E CUMULATIVE DEBT PAYDOWN Implied TEV $8,704 > Gross leverage of 8.0x '25E Adj. (6) Gross Leverage (4) Impl. TEV / '26E Revenue 9.3x EBITDA (Pre-SBC) 0.3x 5.5x 3.9x 2.5x 1.4x (4) 88% Impl. TEV / '26E Adj. EBITDA (Pre-SBC) 25.0x > First Lien cost of debt of SOFR + 350; 58% Second Lien cost of debt of SOFR + 550 35% Sponsor Exit > SBC flatlined at $32mm (25% of 18% 7% (4) management forecast); incremental LTM (2030E) Adj. EBITDA (Pre-SBC) $773 management promote of 7.5% of 2026E 2027E 2028E 2029E 2030E (x) Adj. EBITDA (Pre-SBC) Exit Mult. 26.0x sponsor net profits RETURNS SENSITIVITY Implied Exit TEV $20,091 IRR / MOIC (-) 2030E Net Debt (142) Source: Cascade Management, Company filings, Capital IQ, Wall Street research. Note: Market data as of 12/12/2025. Management forecast as of 12/6/2025. Gross Leverage Implied Exit Equity Value $19,949 Assumes illustrative transaction date of 12/31/2025E. (1) Unaffected date of 11/10/2025, prior to media coverage of rumored takeover 7.0x 8.0x 9.0x offer. (-) Management Promote (980) (2) FDSO per Cascade Management as of 12/5/2025. Dilution computed using the treasury stock method. FDSO reflects 288.6mm Series A and 4.5mm Series B 22.0x 18.2% / 2.31x 18.5% / 2.34x 18.9% / 2.38x Implied Equity Value to Sponsor $18,969 common shares, 8.5mm RSUs, 3.6mm PSUs, 7.6mm options outstanding with a weighted average strike price of $9.09, and committed stock-based compensation of $16.7mm from the acquisition of Enfusion and $4.1mm of near-term new hires (including Head of Investor Relations and new hires with 26.0x 22.0% / 2.71x 22.5% / 2.76x 22.9% / 2.81x Q4 2025 start dates). (3) Balance sheet per Cascade Management as of 9/30/2025. Includes total debt IRR 22.5% of $859.0mm, cash of $60.8mm, and short-term investments of $3.4mm; excludes non-controlling interests of $20.0mm due to inclusion of Class B 30.0x 25.5% / 3.11x 26.0% / 3.17x 26.5% / 3.24x shares in FDSO. MOIC 2.76x (4)Includes illustrative $10mm of public company cost savings. (5) Includes $100mm of transaction fees and expenses and $39mm of financing fees and original issue discount. (6)Gross Debt / Adj. EBITDA (Pre-SBC) including public company cost savings. CONFIDENTIAL 33 '30E Adj. EBITDA (Pre-SBC) Exit Multiple

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FOR REFERENCE ONLY CASH FLOW & CREDIT SUMMARY Illustrative Transaction Close Calendar Year Ending December 31, ($ in mm) 12/31/2025E 2026E 2027E 2028E 2029E 2030E Adj. EBITDA (Pre-SBC) $248 $338 $418 $518 $634 $763 Leveraged Buyout % margin 33.9% 36.0% 38.0% 39.9% 41.4% 42.2% Analysis (+) Public Company Cost Savings 10 10 10 10 10 10 Adj. EBITDA (Pre-SBC) incl. Cost Savings $258 $348 $428 $528 $644 $773 Debt Paydown (-) SBC (32) (32) (32) (32) (32) (-) Depreciation (13) (11) (14) (17) (21) EBIT $303 $385 $482 $595 $719 (-) Net Interest Expense (143) (132) (115) (88) (48) EBT $161 $253 $367 $507 $672 (-) Statuatory Taxes (40) (63) (92) (127) (168) (+) DTA Cash Tax Savings 32 51 73 101 134 Net Income $153 $240 $349 $481 $638 (+) Amortization of Financing Fees 5 5 5 5 5 (+) Depreciation 13 11 14 17 21 (+) Amortization of Contract Acquisition Costs 13 16 19 22 27 (-) CapEx (21) (16) (19) (23) (27) (-/+) Change in NWC (19) (22) (26) (31) (36) Free Cash Flow Before Debt Repayment $145 $234 $341 $472 $628 Leverage Summary Gross Debt 2,062 1,917 1,683 1,342 870 242 (-) Cash & Equivalents (100) (100) (100) (100) (100) (100) Net Debt $1,962 $1,817 $1,583 $1,242 $770 $142 Gross Debt / Adj. EBITDA (Pre-SBC) 8.0x 5.5x 3.9x 2.5x 1.4x 0.3x Net Debt / Adj. EBITDA (Pre-SBC) 7.6x 5.2x 3.7x 2.4x 1.2x 0.2x Credit Summary Cumulative New Debt Paydown – 7.0% 18.3% 34.9% 57.8% 88.3% Source: Cascade Management, Company filings, Capital IQ, Wall Street research. Note: Market data as of 12/12/2025. Assumes valuation date of 12/31/2025E. Interest Coverage Ratio 1.7x 2.4x 3.2x 4.6x 7.3x 16.1x Management forecast as of 12/6/2025. CONFIDENTIAL 34

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FOR REFERENCE ONLY Preliminary (1) (1) Premia Paid to Unaffected Share Price , Last 5 Years Premia Paid to Unaffected 90-Day VWAP , Last 5 Years Precedent Premia N = 28 N = 28 Paid Analysis 41% 40% 34% 33% 32% 31% 23% 23% Screening Criteria: > Technology industry only > TEV: $3-$10bn > Considers all-cash transactions for 100% or majority ownership 25th Median Mean 75th 25th Median Mean 75th > Announced in Last 5 Years Percentile Percentile Percentile Percentile > Public U.S. Target MEMO: LAST 5 YEARS PREMIA PAID TO UNAFFECTED BY BUYER TYPE Unaffected Share Price Unaffected 90-Day VWAP Strategic (N = 7) 34% 38% Source: Company filings, Capital IQ, Deal Point Data. Financial (N = 21) 29% 29% Note: Market data as of 12/12/2025. (1) Unaffected share price based on market data as of 11/10/2025. CONFIDENTIAL 35

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FOR REFERENCE ONLY ANALYST COVERAGE – POST CASCADE 3Q PRINT PRICE TARGETS Selected Wall Target % Premium To Firm Name Recommendation Rating Date Valuation Methodology Price ($) Current Street Analyst Buy 9-Dec $30.00 38% 14x EV / FY27 Adj. EBITDA Perspectives Buy 9-Dec $30.00 38% ~8x EV / FY27 Revenue Buy 24-Nov $27.00 24% ~22x EV / FY27 Adj. EBITDA Buy 19-Nov $27.00 24% ~30x EV / NTM Adj. EBITDA Buy 18-Nov $36.00 65% ~34x EV / CY26 Adj. EBITDA Buy 12-Nov $36.00 65% 33x EV / FY26 Adj. EBITDA 10-yr DCF \| ~11% WACC, 2% terminal Buy 6-Nov $26.00 19% growth rate Buy 6-Nov $27.00 24% ~11x EV / FY26 Gross Profit 10-yr DCF \| ~11% WACC, 4.5% terminal Buy 5-Nov $25.00 15% growth rate (Excluded) Buy 3-Sep $27.00 24% 35x EV / FCF 75th Percentile $29.25 34% Mean $28.88 32% Source: Capital IQ, Wall Street research. Median $27.00 24% Note: Market data as of 12/12/2025. Considers analyst coverage as per Cascade Investor Relations. Goldman Sachs is excluded due to price target being set prior to Cascade Q3'25 earnings. William Blair is excluded due to lack of published price 25th Percentile $26.75 23% target. Morningstar and Baptista Research are excluded from the analysis as per Cascade's designated analyst coverage list. CONFIDENTIAL 36

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FOR REFERENCE ONLY ($ in mm) 2025E 2026E 2027E Illustrative Implied NTM Adj. EBITDA (Pre-SBC) $338 $418 $518 (x) TEV / NTM Adj. EBITDA (Pre-SBC) 25.0x 25.0x 25.0x Future Share Price Total Enterprise Value $8,462 $10,451 $12,948 25.0x A (-) Net Debt (795) (595) (316) TEV / NTM Analysis Equity Value $7,667 $9,856 $12,633 Adj. EBITDA B (Pre-SBC) (/) FDSO 310.9 311.9 312.6 Management Forecast Share Price $24.66 $31.61 $40.41 (x) Discount Factor 1.00 0.90 0.80 (1) Key Assumptions ('25E to '29E): PV of Future Share Price at 25'YE $24.66 $28.35 $32.51 > A Management forecast assumptions, plus ($ in mm) 2025E 2026E 2027E incremental annual $100mm in repurchases, with excess free cash flow accumulating to NTM Adj. EBITDA (Pre-SBC) $338 $418 $518 balance sheet (x) TEV / NTM Adj. EBITDA (Pre-SBC) 21.5x 21.5x 21.5x (2) – Balance Sheet : Assumes gross debt Total Enterprise Value $7,278 $8,988 $11,136 21.5x remains constant through period A (-) Net Debt (795) (595) (316) TEV / NTM > Based on Cascade Management provided B Equity Value $6,483 $8,393 $10,820 Adj. EBITDA (3); FDSO roll forward includes projected future B (Pre-SBC) (/) FDSO 310.5 311.7 312.5 issuance from SBC and future repurchases Share Price $20.88 $26.93 $34.62 – Share Repurchases: Repurchased annually (x) Discount Factor 1.00 0.90 0.80 at average of Current Year End and Prior (1) PV of Future Share Price at 25'YE $20.88 $24.15 $27.85 Year End future share price – SBC: $127mm issued annually at average of ($ in mm) 2025E 2026E 2027E Current Year End and Prior Year End future share price; assumes SBC is outstanding NTM Adj. EBITDA (Pre-SBC) $338 $418 $518 within year of issuance (x) TEV / NTM Adj. EBITDA (Pre-SBC) 18.0x 18.0x 18.0x Total Enterprise Value $6,093 $7,525 $9,323 18.0x Source: Cascade Management, Company filings, Capital IQ, Wall Street research. A (-) Net Debt (795) (595) (316) TEV / NTM Note: Market data as of 12/12/2025. Management forecast as of 12/6/2025. (1) Discounted at illustrative 11.5% Cascade cost of equity. Equity Value $5,298 $6,930 $9,007 Adj. EBITDA (2) Balance sheet per Cascade Management as of 9/30/2025. Includes total debt B of $859.0mm, cash of $60.8mm, and short-term investments of $3.4mm; (Pre-SBC) (/) FDSO 310.0 311.4 312.5 excludes non-controlling interests of $20.0mm due to inclusion of Class B shares in FDSO. Share Price $17.09 $22.25 $28.83 (3) FDSO per Cascade Management as of 12/5/2025. Dilution computed using the treasury stock method. FDSO reflects 288.6mm Series A and 4.5mm Series B (x) Discount Factor 1.00 0.90 0.80 common shares, 8.5mm RSUs, 3.6mm PSUs, 7.6mm options outstanding with a (1) PV of Future Share Price at 25'YE $17.09 $19.96 $23.19 weighted average strike price of $9.09, and committed stock-based compensation of $16.7mm from the acquisition of Enfusion and $4.1mm of near-term new hires (including Head of Investor Relations and new hires with CONFIDENTIAL Q4 2025 start dates). 37

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These materials were prepared by PJT Partners LP ("PJT Partners", "we" or "us") solely security, nor do they constitute an offer or commitment to lend, syndicate or arrange a for the information and assistance of the Special Committee ("Special Committee") of the financing, underwrite or purchase any securities or act as an agent or advisor or in any Disclaimer Board of Directors (the "Board") of Cascade (the "Company") in order to assist the other capacity with respect to any transaction, or commit capital to, or participate in, any Special Committee in connection with its consideration of the matters referred to herein. trading strategies. This document is not a research report and should not be considered as These materials are incomplete without reference to, and should be viewed solely in such. conjunction with, any oral information provided by PJT Partners in connection with these PJT Partners is an SEC registered broker-dealer and is a member of FINRA and SIPC. materials. PJT Partners is represented in the United Kingdom by PJT Partners (UK) Limited. PJT These materials and any oral information provided by PJT Partners in connection with Partners (UK) Limited is authorised and regulated by the Financial Conduct Authority these materials (collectively, the "Confidential Information"), as well as any information (Ref No. 678983) and is a company registered in England and Wales (No. 9424559). PJT derived from the Confidential Information, may not be communicated, reproduced, Partners is represented in the European Economic Area by PJT Partners Park Hill (Spain) disclosed (in whole or in part) to, or relied upon by, any other person, referred to, or used A.V., S.A.U., a firm authorized and regulated by the Comision Nacional del Mercado de for any purpose, other than with PJT Partners' prior written consent. Valores ("CNMV"). PJT Partners is represented in Hong Kong by PJT Partners (HK) Limited, authorised and regulated by the Securities and Futures Commission, and in The Confidential Information is based on information publicly available, provided by or on Australia, by PJT Partners (HK) Limited, by relying on a passport license approved by the behalf of the Company or obtained from other sources. We assume no responsibility for Australia Securities and Investment Commission. PJT Partners is represented in Japan by independent verification of any such information, and we have assumed and relied upon PJT Partners Japan K.K., a registered Type II Financial Instruments Business Operator the accuracy and completeness of such information for purposes of preparing the (Registration Number: Director of Kanto Local Finance Bureau Kin-sho No. 3409), Confidential Information. 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In connection with our capital raising responsibility to update or revise any of the Confidential Information. Any valuation, services in Canada, PJT Partners relies on the international dealer exemption pursuant to appraisal or conclusion of a financial nature contained in these materials results from the subsection 8.18(2) of National Instrument 31-103 Registration Requirements. Please see application by PJT Partners of techniques and principles generally adopted in the context https://pjtpartners.com/regulatory-disclosure for more information. of the preparation of financial presentations of this nature, and PJT Partners cannot and does not warrant that the use of different techniques and principles would not lead to a different result. Copyright© 2025, PJT Partners LP (and its affiliates, as applicable). Our analyses do not purport to be an appraisal of any assets or liabilities of the Company or any other party, nor have we evaluated the solvency of the Company or any other party under any laws relating to bankruptcy, insolvency or similar matters. We are not legal, regulatory, accounting or tax advisors and these materials do not constitute legal, regulatory, accounting, tax or other specialist advice. These materials do not constitute and should not be considered any form of financial opinion, advice or recommendation by us or any of our affiliates to any party, with respect to any proposed transaction or otherwise. You should not rely upon or use these materials to form the definitive basis for any decision or action whatsoever, with respect to any proposed transaction or otherwise. Each of the Special Committee and the Company must make its own independent assessment and such investigation as it deems necessary to determine its interest in participating in any transaction. These materials do not constitute an offer to sell or the solicitation of an offer to buy any CONFIDENTIAL 38

## Ex-99.(C)(Iv)

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Review of IOIs received December 15, 2025 Project Cascade [\*\*\*] indicates information has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. Exhibit (c)(iv)

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Non-Binding Indications of Interest Received to Date Purchase Price $24.25 per share $20.00 - $22.00 per share Equity Commitment Warburg Pincus, Permira, Francisco Partners, Temasek [\*\*\*] Debt Financing $2.7bn debt, 8x 2026E EBITDA, S+450bps $500mm DDTL $325mm revolver Goldman Sachs commitment Expect to have fully committed financing at time of signing from preferred lending partners Due Diligence Complete, no outstanding diligence items Confirmatory business (one all-day meeting) 3rd party QoE Tax Technology (one all-day meeting) Legal and IP (data requests and 2.5 hour call) Approvals All internal approvals complete HSR and merger control filings in Australia, China, EU, Switzerland, and Turkey, FDI approvals list outstanding Expect approvals to be obtained within 3 months Initial Management Committee approval HSR and other applicable regulatory approvals Merger Agreement Term Sheet Removed go-shop Modified 3.5% termination fee Modified 5% reverse termination fee Qualified "hell or high water" standard with reasonable best efforts Removed go-shop Modified 3.5% termination fee Modified 5% reverse termination fee Replaced "hell or high water" standard with reasonable best efforts Timeline Can be in a position to sign by December 15th with immediate engagement 7 days of remaining due diligence (given appropriate access) Advisors Legal: Latham & Watkins Financial: Goldman Sachs Debt / Legal: Paul Weiss [\*\*\*] Other Submitted draft merger agreement Submitted equity commitment letter, debt commitment letter and limited guarantee Requesting exclusivity by December 15th at 2pm EDT Prepared to deliver a draft equity commitment letter and debt commitment letters at signing / Note: As of 12/14/2025. [\*\*\*] continued to conduct diligence as potential limited partner support for other lead bidder. Initial Outreach Bids Received Passed on Opportunity (1) Process Review [\*\*\*] indicates information has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*]

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Preliminary Offer Implied Valuation Source: Cascade Management, Company filings, Capital IQ, Wall Street research, Deal Point Data. Note: Market data as of 12/12/2025. VWAP reference period based on calendar days. Management forecast as of 12/6/2025. Unaffected date of 11/10/2025, prior to media coverage of rumored takeover offer. Reflects analyst coverage with price targets published after Cascade's Q3 print. FDSO per Cascade Management as of 12/5/2025. Dilution computed using the treasury stock method. FDSO reflects 288.6mm Series A and 4.5mm Series B common shares, 8.5mm RSUs, 3.6mm PSUs, 7.6mm options outstanding with a weighted average strike price of $9.09, and committed stock-based compensation of $16.7mm from the acquisition of Enfusion and $4.1mm of near-term new hires (including Head of Investor Relations and new hires with Q4 2025 start dates). Considers lower end of FDSO range of 310,837,675 shares (including common stock, stock options, RSUs and PSUs). Assumes treasury method accounting for outstanding stock options and 110% attainment for all PSUs. Considers upper end of FDSO range of 311,051,100 shares (including common stock, stock options, RSUs and PSUs). Assumes treasury method accounting for outstanding stock options and 110% attainment for all PSUs. FDSO as provided in VDR; in line with FDSO per Cascade Management, with the exception of $4.8mm of future hires equity commitment. Balance sheet per Cascade Management as of 9/30/2025. Includes total debt of $859.0mm, cash of $60.8mm, and short-term investments of $3.4mm; excludes non-controlling interests of $20.0mm due to inclusion of Class B shares in FDSO. Assumes balance sheet immediately prior to close with no more than $859.0mm of debt obligations, no-off balance sheet liabilities, and no contingent liabilities. Minimum of $64.1mm cash, cash equivalents, short-term investments. Considers transactions with criteria: U.S. public target, technology sector, offer TEV $3-10bn, all-cash transactions, announced in the last 5 years. (1) Precedent Transaction Premia Paid (25th – 75th Percentile)(9): To Unaffected: 23.0% - 40.5% To 30-Day VWAP: 27.0% - 40.4% To 90-Day VWAP: 23.2% - 41.0% (3) (6) (1) (1) (1) (1) (2) (3) (4) (7) (5) (8) (8) (7) (7) [\*\*\*] indicates information has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. [\*\*\*] [\*\*\*] [\*\*\*]

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Source: Company filings, Capital IQ, Wall Street research. Note: Market data as of 12/12/2025. Unaffected date of 11/10/2025, prior to media coverage of rumored takeover offer. Reflects calendar day periods. EBITDA presented pre-SBC. Multiples ≥ 50x and ≤ 0x excluded from calculations. Market capitalization weighted index of peers including SSNC, GWRE, CCC, QTWO, INTA, NCNO, and ALKT. Market capitalization weighted index of peers including VEEV, TYL, PCOR, and VERX. Indexed Share Price Performance (3) (4) Unaffected Share Price(1) (1) (12.2%) (2) Illustrative Recent Relative Share Price Performance Since 10/22/25, Day Prior to P/W 10/23/25 IOI

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Implied Valuation at Various Offer Prices Source: Cascade Management, Company filings, Capital IQ, Wall Street research. Note: Market data as of 12/12/2025. VWAP reference period based on calendar days. Management forecast as of 12/6/2025. Unaffected date of 11/10/2025, prior to media coverage of rumored takeover offer. Reflects analyst coverage with price targets published after Cascade's Q3 print. FDSO per Cascade Management as of 12/5/2025. Dilution computed using the treasury stock method. FDSO reflects 288.6mm Series A and 4.5mm Series B common shares, 8.5mm RSUs, 3.6mm PSUs, 7.6mm options outstanding with a weighted average strike price of $9.09, and committed stock-based compensation of $16.7mm from the acquisition of Enfusion and $4.1mm of near-term new hires (including Head of Investor Relations and new hires with Q4 2025 start dates). Balance sheet per Cascade Management as of 9/30/2025. Includes total debt of $859.0mm, cash of $60.8mm, and short-term investments of $3.4mm; excludes non-controlling interests of $20.0mm due to inclusion of Class B shares in FDSO. (1) (1) (1) (1) (2) (4) (3) [\*\*\*] Permira / Warburg Pincus – 12/14/25 [\*\*\*] indicates information has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission.

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## Ex-99.(C)(Vi)

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Exhibit (c)(vi) J.R Morgan Project Cascade Presentation to the Board of Directors December 20, 2025 S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L

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C O N F I D E N T I A L Projections summary – Cascade Management vs. Street Consensus Cascade Management Broker Consensus (for reference only) Revenue ($mm) Gross profit ($mm) '25E – '27E CAGR: '25E – '30E CAGR: '25E – '27E CAGR: '25E – '30E CAGR: Cascade: 23% Cascade: 20% Cascade: 23% Cascade: 21% Consensus: 24% Consensus: 25% $1,807 $1,531 $1,458 $1,298 $1,228 $1,100 $1,034 $940 $871 $1,121 $740 $730 $949 $571 $891 $748 $730 $572 2025E 2026E 2027E 2028E 2029E 2030E 2025E 2026E 2027E 2028E 2029E 2030E % growth % gross margin 62% 29% 17% 78% 79% 79% 18% 18% 18% 80% 80% 81% 62% 30% 18% 78% 79% 80% 15% 15% 17% Organic growth 1 2 Adjusted EBITDA (pre-SBC) ($mm) Unlevered free cash flow (pre-SBC) ($mm) '25E – '27E CAGR: '25E – '30E CAGR: '25E – '27E CAGR: '25E – '30E CAGR: Cascade: 30% Cascade: 25% Cascade: 35% Cascade: 27% $763 Consensus: 28% Consensus: 34% $693 $634 $576 $518 $470 $418 $406 $379 $350 $338 $333 $300 $248 $247 $248 $208 $195 2025E 2026E 2027E 2028E 2029E 2030E 2025E 2026E 2027E 2028E 2029E 2030E % Adjusted EBITDA margin % Unlevered free cash flow margin 34% 36% 38% 28% 32% 34% 40% 41% 42% 36% 38% 38% 34% 35% 36% 27% 26% 31% Source: Cascade projections per Cascade management ("Cascade Management Projections"); Company filings; FactSet as of 12/19/2025 1 Note: FYE 12/31; Adjusted EBITDA is defined as net income / loss plus (i) interest income, net, (ii) depreciation and amortization expense, (iii) SBC expense and related payroll taxes, (iv) tax receivable 1 agreement expense, (v) transaction expenses, (vi) amortization of prepaid management fees and reimbursable expenses, (vii) provision for (benefit from) income taxes, (viii) other income, net, and (ix) Up- 2 C structure expenses; Broker consensus projections defined as cash flow from operations + interest expense \* (1 - marginal tax rate) - capex

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C O N F I D E N T I A L Cascade valuation summary Cascade Management Projections; $mm except for equity value per share; per share values rounded to nearest $0.25 except for 52-week trading range; DCF analysis includes value of existing tax attributes Implied FV / 2026E Adj. EBITDA (pre- Illustrative Cascade equity value per share Commentary SBC) multiple ◼ 2026E Revenue: $940mm FV / 2026E $15.75 $26.25 16.7x – 26.4x Revenue ◼ Multiple range: 6.0x – 9.5x Trading 1 multiples ◼ 2026E uFCF (pre-SBC): 1 $16.75 $31.25 $300mm FV / 2026E uFCF 17.7x – 31.0x ◼ Multiple range: 20.0x – 35.0x ◼ NTM Revenue: $940mm $15.75 $23.25 FV / NTM Revenue 16.7x – 23.6x ◼ Multiple range: 6.0x – 8.5x Transaction 2 multiples ◼ NTM uFCF (pre-SBC): $300mm 1 $18.75 $34.00 19.5x – 33.7x FV / NTM uFCF ◼ Multiple range: 22.0x – 38.0x ◼ Includes value of existing tax Cascade attributes, ~$1.50 per share Management Discounted cash $20.25 $31.25 3 Projections; Tax 20.9x – 31.1x flow analysis ◼ Discount rate: 9.25% - 10.25% Attributes Projections ◼ TGR: 4.50% - 5.50% ◼ 52-week low date: 11/06/2025 52-week trading $15.74 $32.00 16.8x – 31.8x range ◼ 52-week high date: 02/20/2025 For reference 4 2 only $27.00 Analyst price 4 2 2 $25.00 $36.00 ◼ # of brokers: 11 25.3x – 35.5x targets Low Median High 4 Unaffected Current Price Consortium Offer Price 3 Price (11/10) (12/19) $24.55 $16.69 $22.25 Source: Cascade Management Projections; Tax attributes projections per Cascade management ("Tax Attributes Projections"); FactSet as of 12/19/25; Bloomberg; Public company filings; Draft agreement, dated 12/19/25 (the "Agreement") Note: FYE 12/31; Assumes 12/31/25 valuation date; Per Cascade management, assumes $859mm debt and $64mm cash & equivalents; Per Cascade management, assumes 293.1mm basic shares outstanding, 7.6mm options 1 2 outstanding with a weighted average strike price of $9.09, 8.5mm RSUs, 4.0mm PSUs, and $16.7mm Enfusion equity commitment; Unlevered free cash flow (uFCF) defined as EBIT (pre-SBC) - taxes + depreciation + amortization of 2 3 4 contract acquisition costs - capex - change in NWC; As of 12/19/25; Day before news broke that Cascade was considering a sale amid takeover interest; Consortium comprised of Permira Advisers LLC, Warburg Pincus LLC, Francisco Partners Management LP, and Temasek Holdings Private Limited

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C O N F I D E N T I A L Trading multiples and operating benchmarks 1 Firm value Revenue growth EBITDA margin Rule of X uFCF margin FV / Revenue FV / EBITDA FV / uFCF 2026E 2026E 2026E 2026E 2026E 2026E 2026E 2 Cascade (Offer, street) $8,433 18% 35% 53% 26% 8.9x 25.3x 33.9x 2 Cascade (Offer, management) 8,433 17% 36% 53% 32% 9.0x 24.9x 28.1x 2 Cascade (Current, street) 7,713 18% 35% 53% 26% 8.1x 23.1x 31.0x 2 Cascade (Current, management) 7,713 17% 36% 53% 32% 8.2x 22.8x 25.7x 3 2 Cascade (Unaffected, street) 5,971 18% 35% 53% 26% 6.3x 17.9x 24.0x 3 2 Cascade (Unaffected, management) 5,971 17% 36% 53% 32% 6.4x 17.6x 19.9x Vertical software + Cascade financial profile Veeva Systems $30,889 12% 46% 58% 44% 8.8x 19.3x 20.0x Guidewire Software 16,989 17% 33% 49% 24% 11.3x 34.7x 47.3x Bentley Systems 13,304 11% 36% 46% 32% 8.1x 22.3x 25.0x Nemetschek 12,963 13% 32% 46% 24% 8.2x 25.4x 34.6x Procore Technologies 11,588 12% 24% 36% 22% 7.9x 32.3x 35.9x AppFolio 8,391 18% 28% 46% 24% 7.5x 26.9x 31.2x Cellebrite 4,370 17% 27% 44% 33% 7.9x 29.0x 24.3x Median 13% 32% 46% 24% 8.1x 26.9x 31.2x Other software + Cascade financial profile Autodesk $67,420 11% 40% 51% 33% 8.6x 21.4x 26.0x Atlassian 44,420 20% 27% 47% 26% 6.4x 24.1x 24.6x Descartes Systems 7,615 11% 46% 57% 39% 9.6x 20.7x 24.3x Median 11% 40% 51% 33% 8.6x 21.4x 24.6x Financial services software (for reference only) Q2 $4,823 10% 26% 36% 26% 5.5x 21.4x 21.0x nCino 3,253 8% 25% 33% 20% 5.1x 20.5x 25.7x Alkami Technology 2,836 24% 19% 43% 15% 5.1x 27.3x 34.3x Median 10% 25% 36% 20% 5.1x 21.4x 25.7x Source: Cascade Management Projections; Public company filings; FactSet as of 12/19/2025 Note: NM represents negative metric or >100x multiple; Per Cascade management, assumes 293.1mm basic shares outstanding, 7.6mm options outstanding with a weighted average strike price of $9.09, 8.5mm RSUs, 3 1 4.0mm PSUs, and $16.7mm Enfusion equity commitment; Unlevered FCF (uFCF) calculated as cash flow from operations – capex + cash interest paid \* (1 – tax rate); Calculated as 2026E revenue growth + 2026E 2 3 EBITDA margin; Represents 2027E revenue growth as 2026E organic growth not projected by brokers; Unaffected share price as of 11/10/2025;

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C O N F I D E N T I A L Select M&A transactions FV / NTM Revenue multiples 8.5x 8.4x 8.0x 8.0x 7.1x 6.9x Median 6.2x 7.0x 6.2x 6.1x 5.8x Target Acquirer Date Aug-25 Jan-25 Sep-24 Jun-24 May-23 Mar-23 Dec-22 Aug-21 Apr-21 Dec-20 Txn Value ($bn) $12.1 $1.5 $7.6 $5.8 $4.2 $11.7 $8.1 $7.2 $10.2 $10.1 FV / NTM uFCF 28.0x 43.3x 26.7x 21.5x NM NM 43.3x 37.6x 43.0x 35.0x NTM Rev. Growth 11% 18% 15% 12% 8% 14% 18% 15% 16% 11% (%) NTM EBITDA 33% 23% 19% 35% 24% 15% 22% 35% 17% 28% Margin (%) Rule of X (%) 44% 41% 34% 47% 32% 30% 40% 50% 33% 39% NTM uFCF Margin 21% 14% 23% 33% 12% 8% 19% 23% 19% 23% (%) Source: Public company filings; Press releases; FactSet 4 Note: NM represents multiples <0x or >50x; Unlevered FCF (uFCF) calculated as cash flow from operations – capex + cash interest paid \* (1 – tax rate)

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C O N F I D E N T I A L Cascade discounted cash flow analysis Cascade Management Projections; 12/31/2025 valuation date; 9.25% - 10.25% discount rate; 4.5% - 5.5% terminal growth rate; utilizes mid-year discounting; includes NPV of tax attributes UNLEVERED FREE CASH FLOW SUMMARY Cascade Management Projections FYE - 12/31 ($mm) 2025E 2026E 2027E 2028E 2029E 2030E Terminal Revenue $730 $940 $1,100 $1,298 $1,531 $1,807 $1,897 % growth 61.7% 28.7% 17.0% 18.0% 18.0% 18.0% 5.0% Adjusted EBITDA (pre-SBC) $248 $338 $418 $518 $634 $763 $835 % margin 33.9% 36.0% 38.0% 39.9% 41.4% 42.2% 44.0% Less: stock-based compensation (SBC) (127) (127) (127) (127) (127) (127) (127) % of revenue 17.4% 13.5% 11.5% 9.8% 8.3% 7.0% 6.7% Less: depreciation (P&E) (7) (13) (11) (14) (17) (21) (28) % of capex 60.6% 64.4% 68.1% 71.8% 75.6% 79.3% 98.0% Adjusted EBIT (post-SBC) $114 $198 $280 $377 $490 $614 $680 % margin 21.1% 25.4% 29.0% 32.0% 34.0% 35.8% Less: income taxes (50) (70) (94) (122) (154) (170) 1 % effective tax rate 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% Less: other taxes (2) (2) (2) (2) (2) (2) NOPAT $147 $208 $281 $365 $459 $508 Plus: depreciation 13 11 14 17 21 28 Plus: amortization of contract acquisition costs 13 16 19 22 27 30 Less: capex (21) (16) (19) (23) (27) (28) % revenue 2.2% 1.5% 1.5% 1.5% 1.5% 1.5% 2 Less: Δ in NWC (19) (22) (26) (31) (36) (38) % of revenue (2.0%) (2.0%) (2.0%) (2.0%) (2.0%) (2.0%) Unlevered free cash flow $134 $196 $268 $351 $444 $499 Memo: capitalized contract acquisition costs 15 18 21 25 29 30 % of revenue 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% PV of FCF PV of tax attributes PV of terminal value Firm value FV / 2026E revenue Terminal growth rate Terminal growth rate Terminal growth rate 4.5% 5.0% 5.5% 4.5% 5.0% 5.5% 4.5% 5.0% 5.5% 9.25% $1,070 $467 $7,019 $7,889 $8,992 $8,556 $9,426 $10,529 9.1x 10.0x 11.2x Discount rate 9.75% 1,056 + 459 + 6,221 6,915 7,773 = 7,736 8,430 9,287 8.2x 9.0x 9.9x 10.25% 1,042 450 5,565 6,130 6,814 7,058 7,623 8,306 7.5x 8.1x 8.8x Less: net debt and FV adjustments Equity value Implied price per share Terminal value / terminal revenue Terminal value / terminal uFCF (pre-SBC) Terminal growth rate Terminal growth rate Terminal growth rate Terminal growth rate 4.5% 5.0% 5.5% 4.5% 5.0% 5.5% 4.5% 5.0% 5.5% 4.5% 5.0% 5.5% 9.25% $795 $7,761 $8,631 $9,734 $24.94 $27.72 $31.24 5.8x 6.5x 7.4x 17.4x 19.6x 22.3x Discount rate 9.75% 795 = 6,941 7,635 8,493 22.32 24.54 27.28 5.2x 5.8x 6.5x 15.8x 17.6x 19.8x 10.25% 795 6,263 6,828 7,512 20.16 21.96 24.15 4.8x 5.3x 5.8x 14.5x 15.9x 17.7x Source: Cascade Management Projections; Tax Attributes Projections Note: Balance sheet data as of 09/30/2025; Analysis excludes amortization of goodwill and acquired intangibles, which are not tax deductible per Cascade management; Per Cascade management, 5 assumes $859mm debt and $64mm cash & equivalents; Per Cascade management, assumes 293.1mm basic shares outstanding, 7.6mm options outstanding with a weighted average strike price of 1 2 $9.09, 8.5mm RSUs, 4.0mm PSUs, and $16.7mm Enfusion equity commitment; Per Cascade management; NWC includes capitalized contract acquisition costs

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C O N F I D E N T I A L Implied transaction metrics at various offer prices – for reference only Unaffected Consortium 1 Current (11/10) Offer Price $16.69 $22.25 $23.00 $23.50 $24.00 $24.50 $24.55 $25.00 $25.50 $26.00 $26.50 $27.00 $27.50 Implied prem. / (discount) to: Metric Unaffected share price $16.69 - 33% 38% 41% 44% 47% 47% 50% 53% 56% 59% 62% 65% Current share price $22.25 (25%) - 3% 6% 8% 10% 10% 12% 15% 17% 19% 21% 24% 1 Consortium proposal $24.55 (32%) (9%) (6%) (4%) (2%) (0%) - 2% 4% 6% 8% 10% 12% 2 30-day VWAP $17.83 (6%) 25% 29% 32% 35% 37% 38% 40% 43% 46% 49% 51% 54% 2 60-day VWAP $18.64 (10%) 19% 23% 26% 29% 31% 32% 34% 37% 40% 42% 45% 48% Median broker price target $27.00 (38%) (18%) (15%) (13%) (11%) (9%) (9%) (7%) (6%) (4%) (2%) - 2% 52-week high $32.00 (48%) (30%) (28%) (27%) (25%) (23%) (23%) (22%) (20%) (19%) (17%) (16%) (14%) IPO price $18.00 (7%) 24% 28% 31% 33% 36% 36% 39% 42% 44% 47% 50% 53% Diluted shares outstanding 310.1 310.9 311.0 311.0 311.1 311.1 311.1 311.2 311.2 311.2 311.3 311.3 311.4 Implied equity value $5,176 $6,918 $7,153 $7,309 $7,466 $7,623 $7,638 $7,779 $7,936 $8,092 $8,249 $8,406 $8,562 3 Add: net debt 795 795 795 795 795 795 795 795 795 795 795 795 795 Implied firm value $5,971 $7,713 $7,948 $8,104 $8,261 $8,417 $8,433 $8,574 $8,731 $8,887 $9,044 $9,201 $9,357 4 Trading multiples Metric FV / 2026E Revenue $949 6.3x 8.1x 8.4x 8.5x 8.7x 8.9x 8.9x 9.0x 9.2x 9.4x 9.5x 9.7x 9.9x FV / 2027E Revenue $1,121 5.3x 6.9x 7.1x 7.2x 7.4x 7.5x 7.5x 7.6x 7.8x 7.9x 8.1x 8.2x 8.3x FV / 2026E Adj. EBITDA (pre-SBC) $333 17.9x 23.1x 23.8x 24.3x 24.8x 25.2x 25.3x 25.7x 26.2x 26.7x 27.1x 27.6x 28.1x FV / 2027E Adj. EBITDA (pre-SBC) $406 14.7x 19.0x 19.6x 20.0x 20.4x 20.8x 20.8x 21.1x 21.5x 21.9x 22.3x 22.7x 23.1x 5 FV / 2026E uFCF $248 24.0x 31.0x 32.0x 32.6x 33.2x 33.9x 33.9x 34.5x 35.1x 35.8x 36.4x 37.0x 37.7x 5 FV / 2027E uFCF $350 17.1x 22.0x 22.7x 23.2x 23.6x 24.1x 24.1x 24.5x 24.9x 25.4x 25.8x 26.3x 26.7x Source: Public company filings; FactSet as of 12/19/2025; Bloomberg; the Agreement Note: Per Cascade management, assumes 293.1mm basic shares outstanding, 7.6mm options outstanding with a weighted average strike price of $9.09, 8.5mm RSUs, 4.0mm PSUs, and $16.7mm Enfusion equity 6 1 2 3 commitment; Consortium comprised of Permira Advisers LLC, Warburg Pincus LLC, Francisco Partners Management LP, and Temasek Holdings Private Limited; VWAPs as of unaffected date (11/10/2025); Per 4 5 Cascade management, assumes $859mm debt and $64mm cash & equivalents; Street estimates; Unlevered free cash flow is not burdened by stock-based compensation

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C O N F I D E N T I A L Agenda Page 1 Appendix 7 J.P Morgan

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C O N F I D E N T I A L Key assumptions and inputs for Cascade valuation analysis Cascade Management Projections ⚫ Cascade Management Projections provided through 2030E Basis of Projections ⚫ Terminal year assumptions provided by Cascade management 2026E revenue outlook: ~29% YoY growth driven by realized bookings in Q4 2025, conversion of book-not-billed and proof of concept pipeline, ⚫ and Apr-25 acquisition Revenue ⚫ Revenue grows from $730mm in 2025E to $1,807mm in 2030E, representing a 20% 5-year CAGR ⚫ Terminal growth rate range of 4.5% - 5.5% ⚫ 2026E EBITDA outlook: 210 bps of margin accretion driven by 50 bps of gross margin accretion and 160 bps of operating leverage from R&D and G&A (S&M forecast to grow in-line with or slightly above revenue to support growth initiatives) ⚫ Gross margin expansion: 250 bps from 78.2% in 2025E to 80.7% in 2030E (approaching 82% long-term target) driven by scale and AI efficiency, especially with new customers from Apr-25 acquisition Profitability ⚫ Operating expenses drive 580 basis points of margin accretion from 2025E to 2030E ⚫ Adjusted EBITDA margin expands 830 basis points from 2025E (33.9%) to 2030E (42.2%) ⚫ Terminal adjusted EBITDA (pre-SBC) margin of 44.0% 1 Unlevered free cash flow (uFCF) grows from $208mm (28.5% margin) in 2025E to $693mm (38.4% margin) in 2030E ⚫ ⚫ Stock-based compensation (SBC) expense projected to remain constant at $127mm from 2025E to 2030E given the Company's stock is distributed only to a select group of management (not a widely used form of compensation) ⚫ Capex, the majority of which is capitalized software development work, is projected at 1.5% of revenue every year from 2025E to 2030E except 2026E (elevated at 2.2% of revenue due to ongoing office renovation) Cash Flow 2 NWC forecast at 2.0% of revenue over the full 5-year projection period ⚫ ⚫ Depreciation as a % of capex gradually increases from 61% in 2025E to 79% in 2030E and 98% in the terminal year ⚫ Amortization of contract acquisition costs as a % of capitalized contract acquisition costs increases from 86% in 2025E to 92% in 2030E and 98% in the terminal year Cash flow from deferred tax attributes ($672mm balance as of 09/30/2025) valued separately from unlevered free cash flows ⚫ Cash Taxes⚫ Deferred tax asset usage is limited to 80% of annual taxable income ⚫ Assumes long-term effective cash tax rate of 25% per Cascade management Source: Cascade Management Projections; Tax Attributes Projections; Cascade management; Public company filings 1 2 7 Note: FYE 12/31; Unlevered free cash flow (uFCF) defined as EBIT (pre-SBC) - taxes + depreciation + amortization of deferred contract acquisition costs - capex - change in NWC; NWC includes capitalized contract acquisition costs

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C O N F I D E N T I A L Illustrative tax attributes discounted cash flow analysis 12/31/2025 valuation date; 9.25% - 10.25% discount rate; utilizes mid-year discounting FREE CASH FLOW FROM TAX ATTRIBUTES Cascade Tax Attributes Projections FYE - 12/31 ($mm) 2026E 2027E 2028E 2029E 2030E 2031E 2032E Revenue $940 $1,100 $1,298 $1,531 $1,807 $2,096 $2,390 % growth 28.7% 17.0% 18.0% 18.0% 18.0% 16.0% 14.0% Adjusted EBITDA (pre-SBC) $338 $418 $518 $634 $763 $892 $1,026 % margin 36.0% 38.0% 39.9% 41.4% 42.2% 42.6% 42.9% (127) (127) (127) (127) (127) (127) (127) Less: stock-based compensation (SBC) Less: depreciation (P&E) (13) (11) (14) (17) (21) (26) (31) $198 $280 $377 $490 $614 $739 $868 Adjusted EBIT (post-SBC) (\*) DTA limit 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% (\*) effective tax rate 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% Tax payable $40 $56 $75 $98 $123 $148 $174 Deferred Tax Asset (DTA) schedule Beginning DTA balance $672 $632 $576 $501 $403 $280 $132 - - - - - - - Plus: DTA created Less: DTA used (40) (56) (75) (98) (123) (148) (132) Ending DTA balance $632 $576 $501 $403 $280 $132 - Free cash flow for discounting $40 $56 $75 $98 $123 $148 $132 PV of tax attributes Total Per share 9.25% $467 $1.50 Discount rate 9.75% 459 1.47 10.25% 450 1.45 Source: Cascade Management Projections; Tax Attributes Projections 8 Note: Balance sheet data as of 09/30/2025; Per Cascade management, assumes $859mm debt and $64mm cash & equivalents; Per Cascade management, assumes 293.1mm basic shares outstanding, 7.6mm options outstanding with a weighted average strike price of $9.09, 8.5mm RSUs, 4.0mm PSUs, and $16.7mm Enfusion equity commitment

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C O N F I D E N T I A L Summary of broker perspectives – for reference only BULL CASE EQUITY ANALYST RATINGS Price at Broker Date Rating Valuation methodology Price Target 1⚫ Strong management execution of core business continues to report date deliver organic growth and retention statistics 10-year multistage DCF (2% Broker 1 11/5/2025 Overweight terminal growth rate and 11% $26.00 $17.31 ⚫ Acquisitions create end to end platform, improving cross-sell and WACC) incremental growth, as well as more competitive solution set in Broker 2 11/12/2025 Outperform 33x EV/2026E EBITDA $36.00 $19.79 asset manager market ⚫ AI and automation driving operational efficiency, cost savings, and Broker 3 11/6/2025 Buy ~11x EV/26E Gross Profit $27.00 $15.89 product innovation across the platform ⚫ Large, underpenetrated TAM ($10B+), with international and Broker 4 11/24/2025 Overweight ~21.5x EV/CY27E EBITDA $27.00 $21.70 insurance verticals as key growth drivers ~12x EV/CY26E Revenue and Broker 5 11/18/2025 Outperform $36.00 $20.83 ~34x EV/CY26E EBITDA Broker 6 12/9/2025 Buy ~8x EV/27E Revenue $30.00 $20.90 BEAR CASE Broker 7 11/6/2025 Outperform - - $15.89 ⚫ Integration risk remains elevated following multiple large acquisitions Broker 8 11/5/2025 Buy 32x EV/STM FCF $27.00 $17.31 ⚫ Valuation risk if LT growth (20%+) or EBITDA margin (42%+) targets fail to materialize or underwhelm Broker 9 11/19/2025 Overweight ~30x EV/NTM EBITDA $27.00 $20.69 ⚫ Limited room to continue driving NRR due to lower cross-sell execution Broker 10 12/9/2025 Buy - $30.00 $20.90 10-year multistage DCF (4.5% ⚫ Recent acquisitions may remain growth dilutive until 2027, slowing Broker 11 11/5/2025 Buy terminal growth rate and 10.9% $25.00 $17.31 consolidated growth rates WACC) Median price target $27.00⚫ Competition from large incumbents (SS&C, BlackRock Aladdin) and new SaaS entrants remains a threat % Premium / (Discount) to current 21% Source: FactSet as of 12/19/2025; Equity research 9 Note: Represents current price as of date of report

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C O N F I D E N T I A L This presentation was prepared exclusively for the benefit and internal use of the J.P. Morgan client to whom it is directly addressed and delivered (including such client's subsidiaries, the "Company") in order to assist the Company in evaluating, on a preliminary basis, the feasibility of a possible transaction or transactions and does not carry any right of publication or disclosure, in whole or in part, to any other party. This presentation is for discussion purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by J.P. Morgan. Neither this presentation nor any of its contents may be disclosed or used for any other purpose without the prior written consent of J.P. Morgan. Additionally, this presentation may contain content initially generated by AI or other automated technologies. The information in this presentation is based upon any management forecasts supplied to us and reflects prevailing conditions and our views as of this date, all of which are accordingly subject to change. J.P. Morgan's opinions and estimates constitute J.P. Morgan's judgment and should be regarded as indicative, preliminary and for illustrative purposes only. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us by or on behalf of the Company or which was otherwise reviewed by us. In addition, our analyses are not and do not purport to be appraisals of the assets, stock, or business of the Company or any other entity. J.P. Morgan makes no representations as to the actual value which may be received in connection with a transaction nor the legal, tax or accounting effects of consummating a transaction. Unless expressly contemplated hereby, the information in this presentation does not take into account the effects of a possible transaction or transactions involving an actual or potential change of control, which may have significant valuation and other effects. Notwithstanding anything herein to the contrary, the Company and each of its employees, representatives or other agents may disclose to any and all persons, without limitation of any kind, the U.S. federal and state income tax treatment and the U.S. federal and state income tax structure of the transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are provided to the Company relating to such tax treatment and tax structure insofar as such treatment and/or structure relates to a U.S. federal or state income tax strategy provided to the Company by J.P. Morgan. J.P. Morgan's policies on data privacy can be found at http://www.jpmorgan.com/pages/privacy. J.P. 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Changes to Interbank Offered Rates (IBORs) and other benchmark rates: Certain interest rate benchmarks are, or may in the future become, subject to ongoing international, national and other regulatory guidance, reform and proposals for reform. For more information, please consult: https://www.jpmorgan.com/global/disclosures/interbank_offered_rates JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters included herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone not affiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. J.P. Morgan is a marketing name for investment businesses of JPMorgan Chase & Co. and its subsidiaries and affiliates worldwide. 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## Ex-99.(C)(Vii)

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Exhibit (c)(vii) J.R Morgan Project Cascade Presentation to the Special Committee December 15, 2025 S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L

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C O N F I D E N T I A L Financial summary – Cascade Management vs. Street Consensus projections Cascade Management Broker Consensus (for reference only) Revenue ($mm) Gross profit ($mm) '25E – '27E CAGR: '25E – '30E CAGR: '25E – '27E CAGR: '25E – '30E CAGR: Cascade: 23% Cascade: 20% Cascade: 23% Cascade: 21% Consensus: 24% Consensus: 25% $1,807 $1,531 $1,458 $1,298 $1,228 $1,100 $1,034 $940 $871 $1,121 $730 $740 $949 $571 $891 $730 $748 $572 2025E 2026E 2027E 2028E 2029E 2030E 2025E 2026E 2027E 2028E 2029E 2030E % growth % gross margin 62% 29% 17% 78% 79% 79% 18% 18% 18% 80% 80% 81% 62% 30% 18% 78% 79% 80% 15% 15% 17% Organic growth 1 2 Adjusted EBITDA (pre-SBC) ($mm) Unlevered free cash flow (pre-SBC) ($mm) '25E – '27E CAGR: '25E – '30E CAGR: '25E – '27E CAGR: '25E – '30E CAGR: Cascade: 30% Cascade: 25% Cascade: 35% Cascade: 27% $763 Consensus: 28% Consensus: 34% $693 $634 $576 $518 $470 $418 $406 $379 $350 $338 $333 $300 $248 $247 $248 $208 $195 2025E 2026E 2027E 2028E 2029E 2030E 2025E 2026E 2027E 2028E 2029E 2030E % Adjusted EBITDA margin % Unlevered free cash flow margin 34% 36% 38% 28% 32% 34% 40% 41% 42% 36% 38% 38% 34% 35% 36% 27% 26% 31% Source: Cascade Management Projections; Company filings; FactSet as of 12/12/2025 1 Note: FYE 12/31; Adjusted EBITDA is defined as net income / loss plus (i) interest income, net, (ii) depreciation and amortization expense, (iii) SBC expense and related payroll taxes, (iv) tax receivable 1 agreement expense, (v) transaction expenses, (vi) amortization of prepaid management fees and reimbursable expenses, (vii) provision for (benefit from) income taxes, (viii) other income, net, and (ix) Up- 2 C structure expenses; Broker consensus projections defined as cash flow from operations + interest expense \* (1 - marginal tax rate) - capex

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C O N F I D E N T I A L Cascade valuation summary Cascade Management Projections; $mm except for equity value per share; per share values rounded to nearest $0.25 except for 52-week trading range; DCF analysis includes value of existing tax attributes Implied FV / 2026E Adj. EBITDA (pre- Illustrative Cascade equity value per share Commentary SBC) multiple ◼ 2026E Revenue: $940mm FV / 2026E $15.75 $26.25 16.7x – 26.4x Revenue ◼ Multiple range: 6.0x – 9.5x Trading 1 multiples ◼ 2026E uFCF (pre-SBC): 1 $16.75 $31.25 $300mm FV / 2026E uFCF 17.7x – 31.0x ◼ Multiple range: 20.0x – 35.0x ◼ NTM Revenue: $940mm $15.75 $23.25 FV / NTM Revenue 16.7x – 23.6x ◼ Multiple range: 6.0x – 8.5x Transaction 2 multiples ◼ NTM uFCF (pre-SBC): $300mm 1 $18.75 $34.00 19.5x – 33.7x FV / NTM uFCF ◼ Multiple range: 22.0x – 38.0x ◼ Includes value of existing tax Cascade attributes, ~$1.50 per share Management Discounted cash $20.25 $31.25 3 Projections; Tax 20.9x – 31.1x flow analysis ◼ Discount rate: 9.25% - 10.25% Attributes Projections ◼ TGR: 4.50% - 5.50% ◼ 52-week low date: 11/06/2025 52-week trading $15.74 $32.00 16.7x – 31.8x range ◼ 52-week high date: 02/20/2025 For reference 4 2 only $27.00 Analyst price 4 2 2 $25.00 $36.00 ◼ # of brokers: 11 25.3x – 35.5x targets Low Median High Unaffected Current Price 3 Price (11/10) (12/12) $16.69 $21.81 Source: Cascade Management Projections; Tax Attributes Projections; FactSet as of 12/12/2025; Bloomberg; Public company filings Note: FYE 12/3; Assumes 12/31/2025 valuation date; Per Q3 filings, assumes $859mm debt and $64mm cash & equivalents; Per Cascade management, assumes 293.1mm basic shares outstanding, 7.6mm options 2 1 outstanding with a weighted average strike price of $9.09, 8.5mm RSUs, 3.6mm PSUs, $16.7mm Enfusion equity commitment, and $4.1mm future hires equity commitment; Unlevered free cash flow (uFCF) defined as 2 3 EBIT (pre-SBC) - taxes + depreciation + amortization of contract acquisition costs - capex - change in NWC; As of 12/12/2025; Day before news broke that Cascade was considering a sale amid takeover interest

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C O N F I D E N T I A L Trading multiples and operating benchmarks 1 Firm value Revenue growth EBITDA margin Rule of X uFCF margin FV / Revenue FV / EBITDA FV / uFCF 2026E 2026E 2026E 2026E 2026E 2026E 2026E 2 Cascade (Current, street) $7,570 18% 35% 53% 26% 8.0x 22.7x 30.5x 2 Cascade (Current, management) 7,570 17% 36% 53% 32% 8.1x 22.4x 25.2x 3 2 Cascade (Unaffected, street) 5,968 18% 35% 53% 26% 6.3x 17.9x 24.0x 3 2 Cascade (Unaffected, management) 5,968 17% 36% 53% 32% 6.3x 17.6x 19.9x Vertical software + Cascade financial profile Veeva Systems $31,142 12% 46% 58% 44% 8.9x 19.4x 20.1x Guidewire Software 17,441 17% 32% 49% 24% 11.6x 35.7x 48.7x Bentley Systems 13,559 11% 36% 46% 32% 8.2x 22.7x 25.4x Nemetschek 12,912 13% 32% 46% 24% 8.2x 25.3x 34.5x Procore Technologies 11,642 12% 24% 36% 22% 7.9x 32.4x 36.0x AppFolio 8,308 18% 28% 46% 24% 7.4x 26.7x 30.9x Cellebrite 4,270 17% 27% 44% 33% 7.7x 28.3x 23.7x Median 13% 32% 46% 24% 8.2x 26.7x 30.9x Other software + Cascade financial profile Autodesk $66,875 12% 40% 51% 33% 8.5x 21.2x 25.8x Atlassian 44,698 20% 27% 47% 26% 6.5x 24.2x 24.8x Descartes Systems 7,721 11% 46% 57% 39% 9.7x 21.0x 24.6x Median 12% 40% 51% 33% 8.5x 21.2x 24.8x Financial services software (for reference only) Q2 $4,901 10% 26% 36% 26% 5.6x 21.7x 21.3x nCino 3,228 8% 25% 33% 20% 5.1x 20.3x 25.5x Alkami Technology 2,786 24% 19% 43% 15% 5.1x 26.8x 33.7x Median 10% 25% 36% 20% 5.1x 21.7x 25.5x Source: Cascade Management Projections; Public company filings; FactSet as of 12/12/2025 Note: NM represents negative metric or >100x multiple; Per Cascade management, assumes 293.1mm basic shares outstanding, 7.6mm options outstanding with a weighted average strike price of $9.09, 8.5mm RSUs, 3 1 3.6mm PSUs, $16.7mm Enfusion equity commitment, and $4.1mm future hires equity commitment; Unlevered FCF (uFCF) calculated as cash flow from operations – capex + cash interest paid \* (1 – tax rate); 2 3 Calculated as 2026E revenue growth + 2026E EBITDA margin; Represents 2027E revenue growth as 2026E organic growth not projected by brokers; Unaffected share price as of 11/10/2025;

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C O N F I D E N T I A L Select M&A transactions FV / NTM Revenue multiples 8.5x 8.4x 8.0x 8.0x 7.1x 6.9x Median 6.2x 7.0x 6.2x 6.1x 5.8x Target Acquirer Date Aug-25 Jan-25 Sep-24 Jun-24 May-23 Mar-23 Dec-22 Aug-21 Apr-21 Dec-20 Txn Value ($bn) $12.1 $1.5 $7.6 $5.8 $4.2 $11.7 $8.1 $7.2 $10.2 $10.1 FV / NTM uFCF 28.0x 43.3x 26.7x 21.5x NM NM 43.3x 37.6x 43.0x 35.0x NTM Rev. Growth 11% 18% 15% 12% 8% 14% 18% 15% 16% 11% (%) NTM EBITDA 33% 23% 19% 35% 24% 15% 22% 35% 17% 28% Margin (%) Rule of X (%) 44% 41% 34% 47% 32% 30% 40% 50% 33% 39% NTM uFCF Margin 21% 14% 23% 33% 12% 8% 19% 23% 19% 23% (%) Source: Public company filings; Press releases; FactSet 4 Note: NM represents multiples <0x or >50x; Unlevered FCF (uFCF) calculated as cash flow from operations – capex + cash interest paid \* (1 – tax rate)

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C O N F I D E N T I A L Cascade discounted cash flow analysis Cascade Management Projections; 12/31/2025 valuation date; 9.25% - 10.25% discount rate; 4.5% - 5.5% terminal growth rate; utilizes mid-year discounting; includes NPV of tax attributes UNLEVERED FREE CASH FLOW SUMMARY Cascade Management Projections FYE - 12/31 ($mm) 2025E 2026E 2027E 2028E 2029E 2030E Terminal Revenue $730 $940 $1,100 $1,298 $1,531 $1,807 $1,897 % growth 61.7% 28.7% 17.0% 18.0% 18.0% 18.0% 5.0% Adjusted EBITDA (pre-SBC) $248 $338 $418 $518 $634 $763 $835 % margin 33.9% 36.0% 38.0% 39.9% 41.4% 42.2% 44.0% Less: stock-based compensation (SBC) (127) (127) (127) (127) (127) (127) (127) % of revenue 17.4% 13.5% 11.5% 9.8% 8.3% 7.0% 6.7% Less: depreciation (P&E) (7) (13) (11) (14) (17) (21) (28) % of capex 60.6% 64.4% 68.1% 71.8% 75.6% 79.3% 98.0% Adjusted EBIT (post-SBC) $114 $198 $280 $377 $490 $614 $680 % margin 21.1% 25.4% 29.0% 32.0% 34.0% 35.8% Less: income taxes (50) (70) (94) (122) (154) (170) 1 % effective tax rate 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% Less: other taxes (2) (2) (2) (2) (2) (2) NOPAT $147 $208 $281 $365 $459 $508 Plus: depreciation 13 11 14 17 21 28 Plus: amortization of contract acquisition costs 13 16 19 22 27 30 Less: capex (21) (16) (19) (23) (27) (28) % revenue 2.2% 1.5% 1.5% 1.5% 1.5% 1.5% 2 Less: Δ in NWC (19) (22) (26) (31) (36) (38) % of revenue (2.0%) (2.0%) (2.0%) (2.0%) (2.0%) (2.0%) Unlevered free cash flow $134 $196 $268 $351 $444 $499 Memo: capitalized contract acquisition costs 15 18 21 25 29 30 % of revenue 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% PV of FCF PV of tax attributes PV of terminal value Firm value FV / 2026E revenue Terminal growth rate Terminal growth rate Terminal growth rate 4.5% 5.0% 5.5% 4.5% 5.0% 5.5% 4.5% 5.0% 5.5% 9.25% $1,070 $467 $7,019 $7,889 $8,992 $8,556 $9,426 $10,529 9.1x 10.0x 11.2x Discount rate 9.75% 1,056 + 459 + 6,221 6,915 7,773 = 7,736 8,430 9,287 8.2x 9.0x 9.9x 10.25% 1,042 450 5,565 6,130 6,814 7,058 7,623 8,306 7.5x 8.1x 8.8x Less: net debt and FV adjustments Equity value Implied price per share Terminal value / terminal revenue Terminal value / terminal uFCF (pre-SBC) Terminal growth rate Terminal growth rate Terminal growth rate Terminal growth rate 4.5% 5.0% 5.5% 4.5% 5.0% 5.5% 4.5% 5.0% 5.5% 4.5% 5.0% 5.5% 9.25% $795 $7,761 $8,631 $9,734 $24.96 $27.74 $31.27 5.8x 6.5x 7.4x 17.4x 19.6x 22.3x Discount rate 9.75% 795 = 6,941 7,635 8,493 22.34 24.56 27.30 5.2x 5.8x 6.5x 15.8x 17.6x 19.8x 10.25% 795 6,263 6,828 7,512 20.17 21.98 24.16 4.8x 5.3x 5.8x 14.5x 15.9x 17.7x Source: Cascade Management Projections; Tax Attributes Projections Note: Balance sheet data as of 09/30/2025; Analysis excludes amortization of goodwill and acquired intangibles, which are not tax deductible per Cascade management; Per Q3 filings, assumes 5 $859mm debt and $64mm cash & cash equivalents; Per Cascade management, assumes 293.1mm basic shares outstanding, 7.6mm options outstanding with a weighted average strike price of $9.09, 1 2 8.5mm RSUs, 3.6mm PSUs, $16.7mm Enfusion equity commitment, and $4.1mm future hires equity commitment; Per Cascade management; NWC includes capitalized contract acquisition costs

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C O N F I D E N T I A L Implied transaction metrics at various offer prices – for reference only Unaffected Current (11/10) Offer price $16.69 $21.81 $23.00 $23.50 $24.00 $24.50 $25.00 $25.50 $26.00 $26.50 $27.00 $27.50 Implied prem. / (discount) to: Metric Unaffected share price $16.69 - 31% 38% 41% 44% 47% 50% 53% 56% 59% 62% 65% Current share price $21.81 (23%) - 5% 8% 10% 12% 15% 17% 19% 22% 24% 26% Warburg / Permira initial proposal $24.50 (32%) (11%) (6%) (4%) (2%) - 2% 4% 6% 8% 10% 12% 1 30-day VWAP $17.83 (6%) 22% 29% 32% 35% 37% 40% 43% 46% 49% 51% 54% 1 60-day VWAP $18.64 (10%) 17% 23% 26% 29% 31% 34% 37% 40% 42% 45% 48% Median broker price target $27.00 (38%) (19%) (15%) (13%) (11%) (9%) (7%) (6%) (4%) (2%) - 2% 52-week high $32.00 (48%) (32%) (28%) (27%) (25%) (23%) (22%) (20%) (19%) (17%) (16%) (14%) IPO price $18.00 (7%) 21% 28% 31% 33% 36% 39% 42% 44% 47% 50% 53% Diluted shares outstanding 310.0 310.6 310.8 310.8 310.8 310.9 310.9 311.0 311.0 311.0 311.1 311.1 Implied equity value $5,173 $6,775 $7,147 $7,304 $7,460 $7,617 $7,773 $7,929 $8,086 $8,242 $8,399 $8,555 2 Add: net debt 795 795 795 795 795 795 795 795 795 795 795 795 Implied firm value $5,968 $7,570 $7,942 $8,099 $8,255 $8,411 $8,568 $8,724 $8,881 $9,037 $9,194 $9,350 3 Trading multiples Metric FV / 2026E Revenue $949 6.3x 8.0x 8.4x 8.5x 8.7x 8.9x 9.0x 9.2x 9.4x 9.5x 9.7x 9.9x FV / 2027E Revenue $1,121 5.3x 6.8x 7.1x 7.2x 7.4x 7.5x 7.6x 7.8x 7.9x 8.1x 8.2x 8.3x FV / 2026E Adj. EBITDA (pre-SBC) $333 17.9x 22.7x 23.8x 24.3x 24.8x 25.2x 25.7x 26.2x 26.6x 27.1x 27.6x 28.0x FV / 2027E Adj. EBITDA (pre-SBC) $406 14.7x 18.7x 19.6x 20.0x 20.4x 20.7x 21.1x 21.5x 21.9x 22.3x 22.7x 23.1x 4 FV / 2026E uFCF $248 24.0x 30.5x 32.0x 32.6x 33.2x 33.9x 34.5x 35.1x 35.7x 36.4x 37.0x 37.6x 4 FV / 2027E uFCF $350 17.1x 21.6x 22.7x 23.1x 23.6x 24.0x 24.5x 24.9x 25.4x 25.8x 26.3x 26.7x Source: Public company filings; FactSet as of 12/12/2025; Bloomberg Note: Per Cascade management, assumes 293.1mm basic shares outstanding, 7.6mm options outstanding with a weighted average strike price of $9.09, 8.5mm RSUs, 3.6mm PSUs, $16.7mm Enfusion 6 1 2 3 equity commitment, and $4.1mm future hires equity commitment; VWAPs as of unaffected date (11/10/2025); Per Q3 filings, assumes $859mm debt and $64mm cash & equivalents; Street 4 estimates; Unlevered free cash flow is not burdened by stock-based compensation

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C O N F I D E N T I A L Agenda Page 1 Appendix 7 J.P Morgan

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C O N F I D E N T I A L Key assumptions and inputs for Cascade valuation analysis Cascade Management Projections ⚫ Cascade Management Projections provided through 2030E Basis of Projections ⚫ Terminal year assumptions provided by Cascade management 2026E revenue outlook: ~29% YoY growth driven by realized bookings in Q4 2025, conversion of book-not-billed and proof of concept pipeline, ⚫ and Apr-25 acquisition Revenue ⚫ Revenue grows from $730mm in 2025E to $1,807mm in 2030E, representing a 20% 5-year CAGR ⚫ Terminal growth rate range of 4.5% - 5.5% ⚫ 2026E EBITDA outlook: 210 bps of margin accretion driven by 50 bps of gross margin accretion and 160 bps of operating leverage from R&D and G&A (S&M forecast to grow in-line with or slightly above revenue to support growth initiatives) ⚫ Gross margin expansion: 250 bps from 78.2% in 2025E to 80.7% in 2030E (approaching 82% long-term target) driven by scale and AI efficiency, especially with new customers from Apr-25 acquisition Profitability ⚫ Operating expenses drive 580 basis points of margin accretion from 2025E to 2030E ⚫ Adjusted EBITDA margin expands 830 basis points from 2025E (33.9%) to 2030E (42.2%) ⚫ Terminal adjusted EBITDA (pre-SBC) margin of 44.0% 1 Unlevered free cash flow (uFCF) grows from $208mm (28.5% margin) in 2025E to $693mm (38.4% margin) in 2030E ⚫ ⚫ Stock-based compensation (SBC) expense projected to remain constant at $127mm from 2025E to 2030E given the Company's stock is distributed only to a select group of management (not a widely used form of compensation) ⚫ Capex, the majority of which is capitalized software development work, is projected at 1.5% of revenue every year from 2025E to 2030E except 2026E (elevated at 2.2% of revenue due to ongoing office renovation) Cash Flow 2 NWC forecast at 2.0% of revenue over the full 5-year projection period ⚫ ⚫ Depreciation as a % of capex gradually increases from 61% in 2025E to 79% in 2030E and 98% in the terminal year ⚫ Amortization of contract acquisition costs as a % of capitalized contract acquisition costs increases from 86% in 2025E to 92% in 2030E and 98% in the terminal year Cash flow from deferred tax attributes ($672mm balance as of 09/30/2025) valued separately from unlevered free cash flows ⚫ Cash Taxes⚫ Deferred tax asset usage is limited to 80% of annual taxable income ⚫ Assumes long-term effective cash tax rate of 25% per Cascade management Source: Cascade Management Projections; Tax Attributes Projections; Cascade management; Public company filings 1 2 7 Note: FYE 12/31; Unlevered free cash flow (uFCF) defined as EBIT (pre-SBC) - taxes + depreciation + amortization of deferred contract acquisition costs - capex - change in NWC; NWC includes capitalized contract acquisition costs

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C O N F I D E N T I A L Illustrative tax attributes discounted cash flow analysis 12/31/2025 valuation date; 9.25% - 10.25% discount rate; utilizes mid-year discounting FREE CASH FLOW FROM TAX ATTRIBUTES Cascade Tax Attributes Projections FYE - 12/31 ($mm) 2026E 2027E 2028E 2029E 2030E 2031E 2032E Revenue $940 $1,100 $1,298 $1,531 $1,807 $2,096 $2,390 % growth 28.7% 17.0% 18.0% 18.0% 18.0% 16.0% 14.0% Adjusted EBITDA (pre-SBC) $338 $418 $518 $634 $763 $892 $1,026 % margin 36.0% 38.0% 39.9% 41.4% 42.2% 42.6% 42.9% (127) (127) (127) (127) (127) (127) (127) Less: stock-based compensation (SBC) Less: depreciation (P&E) (13) (11) (14) (17) (21) (26) (31) $198 $280 $377 $490 $614 $739 $868 Adjusted EBIT (post-SBC) (\*) DTA limit 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% (\*) effective tax rate 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% Tax payable $40 $56 $75 $98 $123 $148 $174 Deferred Tax Asset (DTA) schedule Beginning DTA balance $672 $632 $576 $501 $403 $280 $132 - - - - - - - Plus: DTA created Less: DTA used (40) (56) (75) (98) (123) (148) (132) Ending DTA balance $632 $576 $501 $403 $280 $132 - Free cash flow for discounting $40 $56 $75 $98 $123 $148 $132 PV of tax attributes Total Per share 9.25% $467 $1.50 Discount rate 9.75% 459 1.48 10.25% 450 1.45 Source: Cascade Management Projections; Tax Attributes Projections 8 Note: Balance sheet data as of 09/30/2025; Per Q3 filings, assumes $859mm debt and $64mm cash & cash equivalents; Per Cascade management, assumes 293.1mm basic shares outstanding, 7.6mm options outstanding with a weighted average strike price of $9.09, 8.5mm RSUs, 3.6mm PSUs, $16.7mm Enfusion equity commitment, and $4.1mm future hires equity commitment

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C O N F I D E N T I A L Preliminary illustrative discount rate analysis DISCOUNT RATE SUMMARY CAPITAL STRUCTURE BENCHMARKS Market Debt/ Levered beta Re-levered 1 Risk free rate 4.1% 2 Company cap total cap Barra Historical historical Vertical software + Cascade financial profile Equity risk premium 3.50%― 4.50% Veeva Systems $37,546 0.0% 0.768 1.590 1.801 Guidewire Software 17,901 3.7% 1.005 1.281 1.410 Levered beta 1.20― 1.90 Bentley Systems 12,472 9.1% 0.906 1.523 1.596 Procore Technology 12,326 0.0% 1.519 1.982 2.245 Nemetschek SE 12,704 4.0% 1.153 1.485 1.629 Cost of equity 8.3% 12.7% Appfolio 8,508 0.0% 0.940 1.066 1.207 Cellebrite Di 4,796 0.0% 1.251 1.128 1.277 Other software + Cascade financial profile Pre-tax cost of debt 6.50% Autodesk $66,378 3.6% 0.930 1.757 1.931 Atlassian 46,477 2.1% 1.550 2.007 2.237 Post-tax cost of debt 4.9% Descartes Systems Group 7,962 0.0% 1.103 1.105 1.251 Debt/total cap target 15.0% Mean $22,707 2.3% 1.113 1.492 1.658 Median 12,588 1.1% 1.054 1.504 1.612 Calculated discount rate 7.82% 11.52% Cascade (current) $6,775 11.3% 1.145 1.155 1.194 Selected discount rate 9.25% 10.25% 3 Cascade (unaffected) $5,173 14.2% 1.196 1.197 1.206 4 5 COST OF EQUITY VS. DEBT/TOTAL CAP TARGET COST OF EQUITY VS. PRE-TAX COST OF DEBT Cost of equity Cost of equity 8.3% 9.4% 10.5% 11.6% 12.7% 8.3% 9.4% 10.5% 11.6% 12.7% 5.0% 8.2% 9.2% 10.2% 11.3% 12.3% 5.50% 7.7% 8.6% 9.6% 10.5% 11.4% 10.0% 8.0% 9.0% 10.0% 10.9% 11.9% 6.00% 7.8% 8.7% 9.6% 10.5% 11.5% 15.0% 7.8% 8.7% 9.7% 10.6% 11.5% 6.50% 7.8% 8.7% 9.7% 10.6% 11.5% 20.0% 7.6% 8.5% 9.4% 10.3% 11.1% 7.00% 7.9% 8.8% 9.7% 10.6% 11.6% 25.0% 7.5% 8.3% 9.1% 9.9% 10.7% 7.50% 7.9% 8.9% 9.8% 10.7% 11.6% Source: FactSet, MSCI Barra Note: Market data as of 12/12/2025; ¹ U.S. 10-year treasury bond yield as of 11/14/2025; ² Relevered historical beta is implied based on unlevering historical levered beta for each respective company based on their 9 3 4 current capital structure and 5-year historical weighted average tax rate then subsequently relevering based on debt/total cap target of 15.0% and target marginal tax rate of 25.0%; Unaffected as of 11/10/2025; 5 Assumes pre-tax cost of debt of 6.50% and tax rate of 25.0% per Cascade management; Assumes debt/total cap target of 15.0% and tax rate of 25.0% per Cascade management Debt/total cap Pre-tax cost of debt

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C O N F I D E N T I A L Cascade future share price analysis – for reference only Cascade Management Projections; illustrative 10.5% discount rate; $mm except share price PRESENT VALUE OF FUTURE SHARE PRICE – NTM REVENUE PRESENT VALUE OF FUTURE SHARE PRICE – NTM EBITDA YE 2025 YE 2026 YE 2027 YE 2025 YE 2026 YE 2027 NTM Revenue $940 $1,100 $1,298 NTM EBITDA $338 $418 $518 % growth 29% 17% 18% % margin 36% 38% 40% NTM Revenue NTM EBITDA YE 2025 YE 2026 YE 2027 YE 2025 YE 2026 YE 2027 Multiple Multiple 5.5x $14.33 / (14%) $17.70 / 6% $21.98 / 32% 17.5x $16.74 / 0% $21.75 / 30% $28.14 / 69% 6.5x (unaffected) $17.34 / 4% $21.21 / 27% $26.13 / 57% 18.6x (unaffected) $17.90 / 7% $23.18 / 39% $29.91 / 79% Future share price Future share price / premium to / premium to unaffected unaffected 7.5x $20.34 / 22% $24.73 / 48% $30.28 / 81% 20.0x $19.45 / 17% $25.09 / 50% $32.28 / 93% 8.5x $23.35 / 40% $28.24 / 69% $34.43 / 106% 22.5x $22.15 / 33% $28.43 / 70% $36.42 / 118% NTM Revenue NTM EBITDA YE 2025 YE 2026 YE 2027 YE 2025 YE 2026 YE 2027 Multiple Multiple 5.5x $14.33 / (14%) $16.02 / (4%) $18.00 / 8% 17.5x $16.74 / 0% $19.68 / 18% $23.05 / 38% Present value of Present value of 6.5x (unaffected) $17.34 / 4% $19.20 / 15% $21.40 / 28% 18.6x (unaffected) $17.90 / 7% $20.97 / 26% $24.50 / 47% future share future share price / premium to price / premium to 7.5x $20.34 / 22% $22.38 / 34% $24.80 / 49% 20.0x $19.45 / 17% $22.70 / 36% $26.44 / 58% 1 1 unaffected unaffected 8.5x $23.35 / 40% $25.56 / 53% $28.20 / 69% 22.5x $22.15 / 33% $25.73 / 54% $29.82 / 79% Source: Cascade Management Projections; Public company filings; FactSet as of 11/10/25 (unaffected date) Note: Unaffected multiple based on street consensus; Financial data as of latest available; Analysis is merely illustrative of the impact of hypothetical trading at assumed multiples and should not be interpreted as a stock price prediction by J.P. Morgan; No opinion is expressed as to the price at which the common stock of Cascade will trade at any future time; Per Cascade management, assumes 293.1mm basic shares outstanding, 7.6mm options outstanding with a weighted average strike price of $9.09, 8.5mm RSUs, 3.6mm PSUs, $16.7mm Enfusion equity commitment, and $4.1mm future hires equity commitment; Cascade Management Projections of free cash flow are 1 burdened by stock-based compensation for purposes of net debt projections; Present value of future share price discounted to 12/31/25 valuation date at 10.5% illustrative discount rate 10

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C O N F I D E N T I A L Analysis of sponsor ability to pay – for reference only 7.5x FY25 Adjusted EBITDA leverage, 17.4% 5YR (2026E-31E) revenue CAGR, 42.6% 2031E Adjusted EBITDA margin, $10mm per year public company cost savings, and 7.5% management promote; $mm except per share figures 1 S&U @ illustrative $24.50 offer price (47% premium) Sponsor ability to pay: Revenue CAGR vs. Exit EBITDA Multiple Implied offer price / Offer premium to unaffected (11/10/25) Illustrative Sources ⚫ Assumes 20.0% required 5-year return Transaction Debt $1,858 2 Revenue CAGR (FY2026-31E) Existing Cash on Balance Sheet 64 15.0% 17.4% 20.0% $18.28 / 10% $20.01 / 20% $22.04 / 32% 15.0x 6,809 Equity Investment 17.5x $20.78 / 24% $22.77 / 36% $25.12 / 51% Total Sources $8,731 $21.59 / 29% $23.67 / 42% $26.13 / 57% 18.3x (unaffected) 20.0x $23.27 / 39% $25.53 / 53% $28.20 / 69% Illustrative Uses 22.5x $25.77 / 54% $28.30 / 70% $31.28 / 87% Purchase Equity Value $7,617 Refinance Net Debt 859 Sponsor ability to pay: Required IRR vs. Exit EBITDA Multiple 100 Cash to Balance Sheet Implied offer price / Offer premium to unaffected (11/10/25) 155 Illustrative Transaction Expenses⚫ Assumes 17.4% revenue CAGR (FY2026-31E) Required IRR Total Uses $8,731 17.5% 20.0% 22.5% 15.0x $21.99 / 32% $20.01 / 20% $18.27 / 9% Pro forma capitalization @ illustrative $24.50 offer $25.07 / 50% $22.77 / 36% $20.75 / 24% 17.5x 1 price (47% premium) 18.3x (unaffected) $26.08 / 56% $23.67 / 42% $21.56 / 29% $28.15 / 69% $25.53 / 53% $23.24 / 39% 20.0x % of x LTM 22.5x $31.23 / 87% $28.30 / 70% $25.72 / 54% Amount Total Cap EBITDA Pricing Sponsor ability to pay: Entry vs. Exit EBITDA Multiple Cash $100 Implied IRR / MoM Term Loan A $1,362 16% 5.5x S + 300 ⚫ Assumes 17.4% revenue CAGR (FY2026-31E) Offer price / implied entry (2025E) NTM EBITDA multiple Term Loan B 495 6% 2.0x S + 500 24.4x / $23.00 25.8x / $24.50 27.2x / $26.00 19.7% / 2.5x 18.1% / 2.3x 16.6% / 2.2x 17.5x Total Debt $1,858 21% 7.5x 18.3x (unaffected) 20.8% / 2.6x 19.1% / 2.4x 17.6% / 2.2x Sponsor Equity 6,809 79% 20.0x 22.8% / 2.8x 21.1% / 2.6x 19.5% / 2.4x 25.5% / 3.1x 23.8% / 2.9x 22.2% / 2.7x 22.5x Total Capitalization $8,66 100% 25.0x 28.1% / 3.4x 26.3% / 3.2x 24.7% / 3.0x Source: Public company filings; FactSet Note: Cascade Management Projections; Unaffected multiple based on management case; Market data as of 11/10/2025; Balance sheet data as of 09/30/2025; FYE 12/31; Assumes $24.50 illustrative offer price, 12/31/2025 entry, and 11 12/31/2030 exit; Leverage based off $248mm 2025E Adjusted EBITDA; Assumes 5.5x first lien loan, 2.0x second lien loan, illustrative financing rates, discretionary debt repayment, and $100mm minimum cash; Per Cascade management, assumes 293.1mm basic shares outstanding, 7.6mm options outstanding with a weighted average strike price of $9.09, 8.5mm RSUs, 3.6mm PSUs, $16.7mm Enfusion equity commitment, and $4.1mm future hires equity 1 2 commitment; Triangulated to 7.5% promote based on expected standalone SBC burden through projection period; Premium to unaffected price (11/10/2025 market close); Assumes constant revenue growth rate from 2026E-31E Exit NTM Exit NTM Exit NTM (2031E) EBITDA (2031E) EBITDA (2031E) EBITDA Multiple – Upside Multiple Multiple

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C O N F I D E N T I A L Summary of broker perspectives – for reference only BULL CASE EQUITY ANALYST RATINGS Price at Broker Date Rating Valuation methodology Price Target 1⚫ Strong management execution of core business continues to report date deliver organic growth and retention statistics 10-year multistage DCF (2% Broker 1 11/5/2025 Overweight terminal growth rate and 11% $26.00 $17.31 ⚫ Acquisitions create end to end platform, improving cross-sell and WACC) incremental growth, as well as more competitive solution set in Broker 2 11/12/2025 Outperform 33x EV/2026E EBITDA $36.00 $19.79 asset manager market ⚫ AI and automation driving operational efficiency, cost savings, and Broker 3 11/6/2025 Buy ~11x EV/26E Gross Profit $27.00 $15.89 product innovation across the platform ⚫ Large, underpenetrated TAM ($10B+), with international and Broker 4 11/24/2025 Overweight ~21.5x EV/CY27E EBITDA $27.00 $21.70 insurance verticals as key growth drivers ~12x EV/CY26E Revenue and Broker 5 11/18/2025 Outperform $36.00 $20.83 ~34x EV/CY26E EBITDA Broker 6 12/9/2025 Buy ~8x EV/27E Revenue $30.00 $20.90 BEAR CASE Broker 7 11/6/2025 Outperform - - $15.89 ⚫ Integration risk remains elevated following multiple large acquisitions Broker 8 11/5/2025 Buy 32x EV/STM FCF $27.00 $17.31 ⚫ Valuation risk if LT growth (20%+) or EBITDA margin (42%+) targets fail to materialize or underwhelm Broker 9 11/19/2025 Overweight ~30x EV/NTM EBITDA $27.00 $20.69 ⚫ Limited room to continue driving NRR due to lower cross-sell execution Broker 10 12/9/2025 Buy 18x EV / CY27E adj. EBITDA $30.00 $20.90 10-year multistage DCF (4.5% ⚫ Recent acquisitions may remain growth dilutive until 2027, slowing Broker 11 11/5/2025 Buy terminal growth rate and 10.9% $25.00 $17.31 consolidated growth rates WACC) Median price target $27.00⚫ Competition from large incumbents (SS&C, BlackRock Aladdin) and new SaaS entrants remains a threat % Premium / (Discount) to current 24% Source: FactSet as of 12/12/2025; Equity research 12 Note: Represents current price as of date of report

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C O N F I D E N T I A L This presentation was prepared exclusively for the benefit and internal use of the J.P. Morgan client to whom it is directly addressed and delivered (including such client's subsidiaries, the "Company") in order to assist the Company in evaluating, on a preliminary basis, the feasibility of a possible transaction or transactions and does not carry any right of publication or disclosure, in whole or in part, to any other party. This presentation is for discussion purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by J.P. Morgan. Neither this presentation nor any of its contents may be disclosed or used for any other purpose without the prior written consent of J.P. Morgan. Additionally, this presentation may contain content initially generated by AI or other automated technologies. The information in this presentation is based upon any management forecasts supplied to us and reflects prevailing conditions and our views as of this date, all of which are accordingly subject to change. J.P. Morgan's opinions and estimates constitute J.P. Morgan's judgment and should be regarded as indicative, preliminary and for illustrative purposes only. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us by or on behalf of the Company or which was otherwise reviewed by us. In addition, our analyses are not and do not purport to be appraisals of the assets, stock, or business of the Company or any other entity. J.P. Morgan makes no representations as to the actual value which may be received in connection with a transaction nor the legal, tax or accounting effects of consummating a transaction. Unless expressly contemplated hereby, the information in this presentation does not take into account the effects of a possible transaction or transactions involving an actual or potential change of control, which may have significant valuation and other effects. Notwithstanding anything herein to the contrary, the Company and each of its employees, representatives or other agents may disclose to any and all persons, without limitation of any kind, the U.S. federal and state income tax treatment and the U.S. federal and state income tax structure of the transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are provided to the Company relating to such tax treatment and tax structure insofar as such treatment and/or structure relates to a U.S. federal or state income tax strategy provided to the Company by J.P. Morgan. J.P. Morgan's policies on data privacy can be found at http://www.jpmorgan.com/pages/privacy. J.P. Morgan is a party to the SEC Research Settlement and as such, is generally not permitted to utilize the firm's research capabilities in pitching for investment banking business. All views contained in this presentation are the views of J.P. Morgan's Investment Bank, not the Research Department. J.P. Morgan's policies prohibit employees from offering, directly or indirectly, a favorable research rating or specific price target, or offering to change a rating or price target, to a subject company as consideration or inducement for the receipt of business or for compensation. J.P. Morgan also prohibits its research analysts from being compensated for involvement in investment banking transactions except to the extent that such participation is intended to benefit investors. Changes to Interbank Offered Rates (IBORs) and other benchmark rates: Certain interest rate benchmarks are, or may in the future become, subject to ongoing international, national and other regulatory guidance, reform and proposals for reform. For more information, please consult: https://www.jpmorgan.com/global/disclosures/interbank_offered_rates JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters included herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone not affiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. J.P. Morgan is a marketing name for investment businesses of JPMorgan Chase & Co. and its subsidiaries and affiliates worldwide. Securities, syndicated loan arranging, financial advisory, lending, derivatives and other investment banking and commercial banking activities are performed by a combination of J.P. Morgan Securities LLC, J.P. Morgan Securities plc, J.P. Morgan SE, JPMorgan Chase Bank, N.A. and the appropriately licensed subsidiaries and affiliates of JPMorgan Chase & Co. worldwide. J.P. Morgan deal team members may be employees of any of the foregoing entities. J.P. Morgan Securities plc is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. J.P. Morgan SE is authorised as a credit institution by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB). For information on any J.P. Morgan German legal entity see: https://www.jpmorgan.com/country/US/en/disclosures/legal-entity-information#germany. For information on any other J.P. Morgan legal entity see: https://www.jpmorgan.com/country/GB/EN/disclosures/investment-bank-legal-entity-disclosures. JPMS LLC intermediates securities transactions effected by its non-U.S. affiliates for or with its U.S. clients when appropriate and in accordance with Rule 15a-6 under the Securities Exchange Act of 1934. Please consult: www.jpmorgan.com/securities-transactions This presentation does not constitute a commitment by any J.P. Morgan entity to underwrite, subscribe for or place any securities or to extend or arrange credit or to provide any other services. Copyright 2025 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A., organized under the laws of U.S.A. with limited liability.

## Ex-99.(C)(Viii)

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DVSJUJFT&YDIBOHF DUPGDPOGJEFOUJBMUSFBUNFOUSFRVFTUQVSTVBOUUP3VMFCPGUIF4F< >JOEJDBUFTJOGPSNBUJPOIBTCFFOPNJUUFEPOUIFCBTJTPGBUIUIF4FDVSJUJFTBOE&YDIBOHF$PNNJTTJPO BTBNFOEFE5IJTJOGPSNBUJPOIBTCFFOGJMFETFQBSBUFMZXJ Exhibit (c)(viii)

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## Ex-99.(C)(Ix)

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Exhibit (c)(ix) [\*\*\*] indicates information has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission.

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[\*\*\*] indicates information has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. [\*\*\*] indicates information has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission.

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CONFIDENTIAL Landscape of potential buyers - strategics TIER 1 TIER2 OTHER [\*\*\*] indicates information has been [\*\*\*] indicates information has been [\*\*\*] indicates information has been omitted on the basis of a confidential omitted on the basis of a confidential omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of treatment request pursuant to Rule 24b-2 of treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as the Securities Exchange Act of 1934, as the Securities Exchange Act of 1934, as amended. This information has been filed amended. This information has been filed amended. This information has been filed separately with the Securities and Exchange separately with the Securities and Exchange separately with the Securities and Exchange Commission. Commission. Commission. CASCADE 12 JPMorgan

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CONFIDEN TIAL Tier 1 strategic buyer overviews Market cap ($mm) NTM P/E Cash ($mm) Debt ($mm) Debt capacity ($mm) Gross I net leverage Moody's / S&P ratings Focus on M&A Integration experience M&A priorities/ benchmarks and related commentary [\*\*\*] indicates information has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. Source: Company filings; Earn ings presentations; Call transcripts; FactSet Note: Market Clata as of 10/1712025; Financial Clata as latest available; Debt capacity assumes 3.0x max Clebt / EBITDA on a pro-form a L TM EBITDA basis; Assumes close on 12/3112025; Leverage shown on an L TM basis using 1 LTM EBITDA; Debt capacity anel leverage calculateel using EBITDA bureleneel by stock-based compensation anel Cleal -relateel amortization for both Cascade and buyer; Assumes 2.5x max Clebt / EBITDA CASCADE 13 JP.Morgan

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I._ CONFIDEN TIAL Tier 2 strategic buyer overviews Market cap ($mm) NTM P/E Cash ($mm) Debt ($mm) Debt capacity ($mm) Gross I net leverage Moody's / S&P ratings Focus on M&A Integration experience M&A priorities/ benchmarks and related commentary [\*\*\*] indicates information has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. Source: Company filings; Earn ings presentations; Call transcripts; Factset Note: Market Clata as of 10/1712025; Financial Clata as latest available; Debt capacity assumes 3.0x max Clebt / EBITDA on a pro-form a L TM EBITDA basis; Assumes close on 12/3112025; Leverage shown on an L TM basis using LTM EBITDA; Debt capacity anel leverage calculateel using EBITDA bureleneel by stock-based compensation anel Cleal -relateel amortization for both Cascade and buyer CASCADE 14 JP.Morgan

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[\*\*\*] indicates information has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission.

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CONFIDENTIAL Tier 1 financial sponsor overviews [\*\*\*] indicates information has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. Source: Company website; Company filings; News articles; Press releases Note: Financial data as of latest available CASCADE 21 JP.Morgan

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CONFIDENTIAL Tier 1 financial sponsor overviews (cont'd) Company Description Key decision makers Notable investments AUM ($bn) Last fund raised [\*\*\*] indicates information has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. Source: Company website; Company filings; News articles; Press releases Note: Financial data as of latest available CASCADE 22 JP.Morgan

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[\*\*\*] indicates information has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission.

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CONFIDENTIAL Tier 1 financial sponsor overviews (cont'd) Company Description Key decision makers Notable investments AUM ($bn) Last fund raised [\*\*\*] indicates information has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. Source: Company website; Company filings; News articles; Press releases Note: Financial data as of latest available CASCADE 24 JP.Morgan

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## Ex-99.(D)(Ii)

**Exhibit (d)(ii)** 

***Execution Version***

***CONFIDENTIAL***

<u>INTERIM INVESTORS AGREEMENT</u> 

This Interim Investors Agreement (this "<u>Agreement</u>") is made as of December 20, 2025 by and among Martel Lux Topco SCSp, a Luxembourg special limited partnership (the "<u>Permira Investor</u>"), WP Silver Aggregator, L.P., a Delaware limited partnership (the "<u>Warburg Investor</u>" and together with the Permira Investor, the "<u>Lead Investors</u>"), Francisco Partners VII, L.P., a Cayman Islands exempted limited partnership, Francisco Partners VII-A, L.P., a Cayman Islands exempted limited partnership, Francisco Partners VII-B, L.P., a Delaware limited partnership and Francisco Partners VII-C, L.P., a Delaware limited partnership (collectively, the "<u>Francisco Investor</u>") and Robson Investments Pte. Ltd., a private limited company organized in Singapore (the "<u>Temasek Investor</u>" and, together with the Francisco Investor, each a "<u>Major Co-Investor</u>" and collectively the "<u>Major Co-Investors</u>" and the Major Co-Investors, together with the Lead Investors, but excluding any Released Investor from and after such release in accordance with the terms of <u>Section</u> <u>2.1(b)</u>, the "<u>Investors</u>").

RECITALS

1. On December 20, 2025, GT Silver Bidco, Inc., a Delaware corporation (" <u>Buyer</u> "), GT
Silver Merger Sub, Inc., a Delaware corporation and a wholly owned by Buyer (" <u>Merger Sub</u> ") and Clearwater Analytics Holdings, Inc., a Delaware corporation (the " <u>Company</u> "), entered into an Agreement and Plan of
Merger (as amended, restated, supplemented or otherwise modified from time to time, the " <u>Merger Agreement</u> ") pursuant to which Merger Sub will merge with and into the Company, upon which the separate corporate existence of Merger
Sub will thereupon cease, and the Company shall be the surviving corporation and wholly owned subsidiary of Buyer, upon the terms and subject to the conditions set forth therein (the " <u>Transaction</u> ").

2. The Francisco Investor, the Temasek Investor and certain Affiliates of each Lead Investor have each entered
into Fee Funding Agreements in favor of Buyer (as may be amended from time to time, the " <u>Funding Agreements</u> "), pursuant to which the Francisco Investor, the Temasek Investor and each such Affiliate of each Lead Investor has
agreed, subject to the terms and conditions set forth therein, to pay to Buyer its Funding Percentage (as defined in the applicable Funding Agreement) of certain obligations of Buyer under the Merger Agreement subject to a Cap (as defined in the
applicable Funding Agreement) under the circumstances set forth therein. The Funding Percentage and Cap of the Francisco Investor, the Temasek Investor and each Affiliate of each Lead Investor that has entered into a Funding Agreement is set forth
in their respective Funding Agreements.

3. The Francisco Investor, the Temasek Investor and certain Affiliates of each Lead Investor have each entered
into an Equity Commitment Letter (each, an " <u>Equity Commitment Letter</u> " and collectively the " <u>Equity Commitment Letters</u> ") in favor of Buyer, pursuant to which the Francisco Investor, the Temasek Investor and the
applicable Affiliate of each Lead Investor has agreed, subject to the terms and conditions set forth therein, to make an equity investment directly or indirectly in Buyer (its " <u>Equity Commitment</u> ") at the closing of the Transaction
(the " <u>Closing</u> ").

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4. The Investors wish to agree to certain terms and conditions that will govern the actions of Buyer and the
relationship among the Investors with respect to the Merger Agreement, the Equity Commitment Letters, the Funding Agreements, the LPA (as defined below), the LLCA (as defined below), the Equityholders Agreement (as defined below), the Management
Arrangements (as defined below) or any agreement reasonably required in connection with the Debt Financing or the Transaction (collectively, the " <u>Transaction Documents</u> ").

**AGREEMENT** 

Therefore, the parties hereto hereby agree as follows:

**1.** **EFFECTIVENESS; DEFINITIONS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Effectiveness</u>. This Agreement shall become effective on the date hereof and shall terminate (except with respect to this <u>Section</u> <u>1.1</u>, <u>Section</u> <u>1.2</u>, <u>Section</u> <u>2.3</u> (solely in the case of a termination pursuant to clause (a) below), <u>Section</u> <u>2.5</u>, <u>Section</u> <u>2.6</u>, <u>Section</u> <u>2.9</u> and <u>Section</u> <u>3</u> (including, without limitation, any liability for Fees and Expenses under <u>Section</u> <u>2.6</u> or Damages under <u>Section</u> <u>2.9</u>) which shall survive the termination of this Agreement) upon the earlier of (a) the Closing and (b) the termination of the Merger Agreement in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Definitions; Construction</u>. Certain terms are used in this Agreement as specifically defined herein. Capitalized terms used, but not defined, herein shall have the meanings given to them in the Merger Agreement. As used in this Agreement, the words "include" and "including," and variations thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be followed by the words "without limitation." The word "person" means an individual, corporation, partnership, limited liability company, joint venture, association, trust, Governmental Authority, unincorporated organization or other entity. The section headings of this Agreement are included for reference purposes only and shall not affect the construction or interpretation of any of the provisions of this Agreement. Unless otherwise specified, all references to currency, monetary values or dollars set forth herein shall mean United States (U.S.) dollars. For all purposes of this Agreement, execution of definitive documentation or similar binding actions, inactions or decisions of a Lead Investor shall require approval of each of the Lead Investors. In the event an ambiguity or question of intent arises, this Agreement shall be construed as if drafted jointly by the Investors, and no presumption or burden of proof shall arise, or rule of strict construction applied, favoring or disfavoring any Investor by virtue of the authorship of any of the provisions of this Agreement. For all purposes of this Agreement, to the extent a controlled Affiliate of any Investor is a party to any agreement or arrangement contemplated by this Agreement, any reference to such Investor in this Agreement shall be deemed to also refer to any such controlled Affiliate as the context requires and each Investor hereby agrees to cause any such controlled Affiliate to take any action required hereunder in such context. Except as otherwise indicated herein, when this Agreement contemplates that the Lead Investors shall or may take a particular action hereunder, such action shall be taken jointly by the Lead Investors based upon the mutual agreement of the two of them. For all purposes of this Agreement, "Affiliate" of the Temasek Investor means: (a) Temasek Holdings (Private) Limited ("<u>Temasek Holdings</u>"); and (b) Temasek Holdings' direct and indirect wholly-owned subsidiaries whose boards of directors or equivalent governing bodies comprise employees or nominees of (i) Temasek Holdings, (ii) Temasek Pte. Ltd. (being a wholly-owned Subsidiary of Temasek Holdings), and/or (iii) wholly-owned subsidiaries of Temasek Pte. Ltd.

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**2.** **AGREEMENTS AMONG THE INVESTORS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Actions of Buyer and Parent.</u><u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to using commercially reasonable efforts to consult with the Major Co-Investors in good faith and subject to <u>Section</u> <u>2.1(b)</u>, the Investors hereby agree that the Lead Investors shall have the sole authority on behalf of Buyer, its subsidiaries and any newly formed direct or indirect parent entity of Buyer, including GT Silver Parent, a Delaware limited partnership ("<u>Parent</u>" and, together with Buyer and Merger Sub, the "<u>Buyer Parties</u>") to take any action or refrain from taking any action (or cause any other Buyer Party to take any action or refrain from taking any action) in connection with the Transaction, the Merger Agreement and the transactions contemplated thereby, including without limitation (i) amending or waiving any term of the Merger Agreement, (ii) determining whether or not the conditions to closing specified in the Merger Agreement have been satisfied, (iii) terminating the Merger Agreement, (iv) instituting, controlling, directing and settling any suit, claim or proceeding arising in connection with the Transaction, the Merger Agreement or any proxy or disclosures relating thereto, whether pursuant to the rights set forth in the Merger Agreement or otherwise (except that the Lead Investors shall not compromise, waive or settle any suit, claim or proceeding that either (A) expressly names any Investor or Affiliate thereof as a party thereto or (B) the effect of which would be disproportionately detrimental to such Investor's interests or reputation relative to any Lead Investor in any non-*de minimis* respect (or, if such Investor is a Lead Investor, relative to the other Lead Investor), in each case, in their capacities as such), in each case unless (1) such settlement includes the unconditional release of such Investor and its relevant Affiliates from all liability arising from such claim and does not include an admission of wrongdoing or additional obligations of such Investor or (2) such Investor consents in writing to such settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, in no event shall any Buyer Party (nor shall any Lead Investor acting through any Buyer Party) (i) increase the Merger Consideration without such change being approved in writing by each of the Investors, (ii) increase the amount payable by an Investor pursuant to its Funding Agreement (including as a result of increasing the amount of the Parent Termination Fee), Equity Commitment Letter or the "Cap" set forth therein, or otherwise modify the obligations of such Investor thereunder, in each case, without any such amendment being approved in writing by such Investor, (iii) make any other change to the Merger Agreement, any Transaction Document, or the terms of the Transaction that (A) is, on its face, adverse to an Investor compared to the other Investors (individually or collectively) without such affected Investor's consent, (B) changes the circumstances under which the Parent Termination Fee is payable, in any material respect, (C) extends the Outside Date, including, for the avoidance of doubt, by amending the reference to "three (3) months" in the second proviso to Section 7.01(b)(i) of the Merger Agreement, <u>provided</u>, that, if the Closing occurs after the Outside Date but on or prior to the Specified Date, such extension shall not be deemed to breach this clause (C) and no approval of such extension shall be required hereunder, or (D) alters Section 8.06 or Section 8.08 of the Merger Agreement, in each case of clauses (B) through (D), without any such change being approved in writing by each of the Investors, (iv) prior to Closing, without the approval in writing by each of the Investors, (A) solely with respect to a Buyer Party, conduct any business or

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activities unrelated to consummating the Transaction or (B) transfer any equity interests in any Buyer Party to any person or issue any equity interests in any Buyer Party to any person, in each case, other than in accordance with this Agreement or (v) (1) make any change in the investment structure in a manner that would result in the Investors investing in a different legal entity (the "<u>Investment Entity</u>") than the Lead Investors or cause the Investment Entity to take any form other than a partnership for U.S. federal tax purposes or (2) take any action that would reasonably be expected to cause an Investor, solely as a result of its investment in the Company, to recognize unrelated business taxable income within the meaning of Section 512 of the Internal Revenue Code (the "<u>Code</u>"), income that is effectively connected with the conduct of a U.S. trade or business within the meaning of Section 864 of the Code, or income that is derived from the conduct of a commercial activity within the meaning of Section 892 of the Code, without, in the case of this clause (v), any such change or action being approved in writing by each Investor that would be adversely affected thereby; <u>provided</u>, that notwithstanding the foregoing, if any Investor does not promptly (and in any event within twenty-four (24) hours) after receiving written notice requesting such Investor approve an amendment, modification or waiver pursuant to clause (i), (ii), (iii), (iv) or (v) above or take any action requested by the Lead Investors to resolve any objections asserted by any Governmental Authority under any Antitrust Laws or Foreign Direct Investment Laws with respect to the Transaction where such objections relate to such Investor or any of its Affiliates (other than the Lead Investors and their Affiliates) (a "<u>Non-Consenting Investor</u>") (provided, that the Lead Investors will use commercially reasonable efforts to provide at least forty-eight (48) hours' notice of any such request), then prior to making such modification, amendment or waiver, or, if applicable, resolving a Governmental Authority's objections, the Lead Investors shall fully release such Non-Consenting Investor (a "<u>Released Investor</u>") in writing (whether by one or more of (x) the Lead Investors or another Person electing to execute an Equity Commitment Letter and/or Funding Agreement, as applicable, to replace those previously executed by the Non-Consenting Investor; provided, that any assignee of the Non-Consenting Investor's participation rights pursuant to this clause (x) shall assume the Non-Consenting Investor's obligations under its Funding Agreement, Equity Commitment Letter and (except as provided in this sentence) this Agreement or (y) the Lead Investors acknowledging in writing to the Non-Consenting Investor that the Equity Commitment Letter(s) and/or Funding Agreement(s) previously executed by the other Investors (other than the Non-Consenting Investor) are sufficient to cover such Non-Consenting Investor's Equity Commitment, Funding Percentage or Funding Amount, as applicable), effective immediately, from each of its rights, liabilities and obligations under (1) this Agreement (other than its liabilities and obligations with respect to breaches of this Agreement prior to the time of such release) without any further action by any party hereto, (2) its Equity Commitment Letter without any further action by any party hereto and (3) its Funding Agreement without any further action by any party hereto, and in such case, such Non-Consenting Investor's approval for such amendment, modification or waiver, or, if applicable, resolving a Governmental Authority's objections, shall not be required; <u>provided</u>, <u>further</u>, that notwithstanding anything to the contrary herein or in the Equity Commitment Letters or Funding Agreements, if any obligations under this Agreement, a Non-Consenting Investor's Equity Commitment Letter or Funding Agreement are terminated in accordance with this <u>Section</u> <u>2.1(b)</u>, each other Investor shall be deemed to have consented to such termination and each Investor's obligations under this Agreement, its Equity Commitment Letter and its Funding Agreement, as applicable, shall remain in place in accordance with the terms thereof (other than, for the avoidance of doubt, the Equity Commitment Letter or Funding Agreement, as applicable, of the Non-Consenting Investor). For the avoidance of doubt, except as set forth in this <u>Section</u> <u>2.1(b)</u>, all other Investors shall remain bound by this Agreement in the event of such termination.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Lead Investors shall not agree to any material change or material amendment to Section 6.01(b) of the Company Disclosure Letter (as defined in the Merger Agreement) without the prior written consent of the Major Co-Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Lead Investors shall provide the other Investors reasonable updates related to the Closing, including keeping the other Investors reasonably apprised of the anticipated date of the Closing and providing each Investor at least five (5) Business Days prior written notice of the date of Closing and funding, and promptly respond to other reasonable requests for information (including reasonable requests for wiring information, related account details and callback information each in support of funding pre-Closing). Further, subject to <u>Section</u> <u>2.3</u>, by no later than 11:59 p.m., New York City time, one (1) Business Day prior to the Closing Date, the Lead Investors must deliver to the Investors all documentation to which any Investor, on the one hand, and each Lead Investor or the other Investors or their respective Affiliates, on the other hand, are party, duly executed by an authorized signatory of each of the Lead Investors or the applicable Investors or such Affiliates, as applicable, and each other party thereto, to be held in escrow until the Closing, subject to the express and concurrent release from escrow by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to <u>Section</u> <u>2.1(a)</u> and <u>Section</u> <u>2.1(b)</u>, the Lead Investors shall promptly (i) provide the other Investors with prior written notice of any waiver by Buyer (or Merger Sub) of any agreement in the Merger Agreement or any amendment to the Merger Agreement and (ii) notify the other Investors in writing in the event it becomes aware of any material development in connection with Sections 6.01, 6.02(a), (b) or (c) and 6.03(a) or (b) of the Merger Agreement or any claim, dispute or litigation involving a Lead Investor, Buyer, Merger Sub or the Company in connection with, or related to the Merger Agreement or the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Debt Financing; Management Arrangements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to using commercially reasonable efforts to consult with the Major Co-Investors in good faith and subject to <u>Section</u> <u>2.1(b)</u>, the Lead Investors shall have the ability to cause Parent and/or its subsidiaries to negotiate, enter into and borrow under definitive agreements relating to any third party debt financing to be provided at the Closing to Parent and/or its subsidiaries (the "<u>Debt Financing</u>") on the terms outlined in the Debt Commitment Letter attached to the Merger Agreement and such other terms as mutually agreed by the Lead Investors and such third party lenders; <u>provided</u>, that, for the avoidance of doubt, any such Debt Financing shall be non-recourse to the Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to using commercially reasonable efforts to consult with the Major Co-Investors in good faith and subject to <u>Section</u> <u>2.1(b)</u>, the Lead Investors may cause Parent and/or any of its subsidiaries to take any action or refrain from taking any action with respect to negotiating and entering into definitive agreements with members of management of the Company and its subsidiaries with respect to the terms of such management member's employment, compensation, rollover or reinvestment equity and equity incentives at the Closing and following the Closing (collectively, the "<u>Management Arrangements</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Equity Agreements</u>. Each Investor agrees to negotiate in good faith with each other Investor to enter into, prior to or substantially concurrently with the Closing (a) a definitive limited partnership agreement (the "<u>LPA</u>") of Parent, (b) a definitive operating agreement (the "<u>LLCA</u>") for the general partner of Parent and (c) a definitive equityholders agreement (the "<u>Equityholders Agreement</u>") among the equityholders of Parent, collectively containing the rights and obligations set forth in the LPA Term Sheet attached hereto as <u>Exhibit A</u> (the "<u>LPA Term Sheet</u>") and such other provisions not addressed in the LPA Term Sheet as are customary for transactions of this type or as otherwise mutually agreed among the Investors. If for any reason the Investors have not entered into the LPA, LLCA or Equityholders Agreement at or prior to the Closing, the Investors will continue to negotiate in good faith with each other to enter into such documents as soon as reasonably practicable thereafter and the Investors agree that the operation of Parent, the general partner of Parent, Buyer and their subsidiaries (including the Company) shall be in accordance with the LPA Term Sheet until such time as the LPA, LLCA and Equityholders Agreement shall be in effect. Upon the execution and delivery by Parent, each Investor and each other party thereto of the LPA, LLCA and Equityholders Agreement to which it is (or is intended to be) a party, this <u>Section</u> <u>2.3</u> shall cease to have any force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Equity Commitment</u>.<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Investor hereby affirms and agrees that it (or, as applicable, one or more of its Affiliate(s)) is bound by its Equity Commitment and the provisions set forth in its or such Affiliate's Equity Commitment Letter in accordance with the terms hereof and thereof and that the Lead Investors shall be entitled to enforce or cause Buyer (or the applicable indirect investment entity) to enforce the provisions of such Equity Commitment Letter ratably among the Investors in accordance with the Merger Agreement, this Agreement and the terms of such Equity Commitment Letter. The amount and pro rata percentage Equity Commitment, as applicable, of each Investor is set forth on <u>Schedule 2</u> attached hereto (with each Investor's Equity Commitment amount being referred to herein as its "<u>Commitment Amount</u>" and each Investor's Equity Commitment percentage being referred to herein as its "<u>Commitment Percentage</u>"). Upon funding of its (or, in the case of the Lead Investors, its applicable Affiliates') Equity Commitment pursuant to the terms of the applicable Equity Commitment Letters at the Closing, each Investor will be issued equity interests of Parent pursuant to a subscription agreement reasonably acceptable to each such Investor. The equity interests of Parent issued to the Investors (and/or their permitted assignees and Syndication Vehicles) pursuant to the terms of the Equity Commitment Letters will be of the same class and series as each other with the same seniority and issued at the same price per equity interest of Parent with the same rights, preferences and privileges, in each case, except as expressly contemplated by the LPA Term Sheet and related provisions. The Investors hereby acknowledge that they (or, as applicable, one or more of their Affiliates) are not purchasing or committing to purchase any equity interests of any person other than Parent in connection with the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Lead Investors will have the right to reduce the Commitment Amount of any Investor (or, if the Commitment Amount was previously reduced in accordance with the terms of this Agreement, (x) further reduce the Commitment Amount or (y) increase the Commitment Amount up to the original Commitment Amount as set forth opposite such Investor's name on <u>Schedule 2</u> attached hereto (the "<u>Original Commitment Amount</u>")): (i) as determined by the Lead Investors in their sole discretion; <u>provided</u>, that any reduction made pursuant to this clause

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(i) may either, at the Lead Investors' discretion, (A) be made ratably among the Investors and may not reduce such Investor's Commitment Amount to an amount below the "Minimum Commitment Amount" as set forth opposite such Investor's name on <u>Schedule 2</u> attached hereto (the "<u>Minimum Commitment Amount</u>") or (B) be made solely as against the Commitment Amount(s) of one or both of the Lead Investors; <u>provided</u>, that notwithstanding the foregoing but in all events subject to <u>Schedule 2</u> hereof, the portion of any such ratable reduction which would otherwise reduce such Investor's amount below its Minimum Commitment Amount shall instead reduce one or more Lead Investor's Commitment Amount(s) (and, for the avoidance of doubt, no other Investor which is not a Lead Investor) in a manner as shall be determined by the Lead Investors in their sole discretion; or (ii) by decreasing such Commitment Amount to such amount as the Lead Investors determine in their sole discretion (including to zero) solely if such Investor fails to fund or contribute, when required hereunder and under its Equity Commitment Letter, any portion of its Equity Commitment in accordance with the terms of its Equity Commitment Letter (and such breach continues uncured for twenty-four (24) hours following notice thereof by the Lead Investors to such Investor) (<u>provided</u>, that, any reduction pursuant to this <u>Section</u> <u>2.4(b)</u> shall not affect any of the other rights that any other party to this Agreement or the applicable Equity Commitment Letter (or its permitted assignee and Syndication Vehicles) may have against such Investor pursuant to this Agreement or the applicable Equity Commitment Letter or otherwise in respect of such failure). No reduction to the Commitment Amount of any Major Co-Investor pursuant to clause (i) of the preceding sentence shall alter such Major Co-Investor's status as a "Major Co-Investor," and any such Major Co-Investor shall continue to qualify as a Major Co-Investor for all purposes of this Agreement, the LPA, the LLCA and the Equityholders Agreement, as applicable. The Lead Investors shall determine and promptly notify the applicable Investor of any reduction in such Investor's Commitment Amount pursuant to this <u>Section</u> <u>2.4(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the actions permitted or restricted by this Agreement, including, for the avoidance of doubt, pursuant to <u>Section</u> <u>2.1</u>, the Lead Investors shall cause Parent not to permit any waiver, amendment or restatement of any Equity Commitment Letter or Funding Agreement (or any rights or obligations thereunder) to be effected unless the same waiver, amendment or restatement is made to all of the Equity Commitment Letters or Funding Agreements, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that any Investor funds its Equity Commitment as contemplated by this <u>Section</u> <u>2.4</u> and such Investor's Equity Commitment Letter and (i) the Closing does not occur following such funding because the Merger Agreement is terminated, Parent and Buyer shall, and the Lead Investors shall cause Parent and Buyer to, promptly (but in any event within three (3) Business Days after such termination) return all amounts so funded in respect of such Investor's Equity Commitment to such Investor (along with any interest accrued thereon), (ii) the Closing has not occurred within five (5) Business Days following the date of such funding then the Lead Investors shall cause Parent and Buyer to, promptly (but in any event within one (1) Business Day after the expiration of such period) return all amounts so funded in respect of such Investor's Equity Commitment to such Investor (along with any interest accrued thereon), or (iii) any amounts funded by the Lead Investors are at any time returned to a Lead Investor, then the Lead Investors shall and shall cause Parent and Buyer to, at the same time as any of the funded Equity Commitment of such Lead Investor is returned to a Lead Investor, return all amounts so funded in respect of such Investor's Equity Commitment to such Investor; <u>provided</u>, <u>however</u>, that a return of the funded Equity Commitment pursuant to (ii) or (iii) shall not relieve such Investor

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of its obligation to fund its Equity Commitment pursuant to the terms of this Agreement and such Investor's Equity Commitment Letter and if, following the return of such funded Equity Commitment, the Lead Investors, in their reasonable discretion, determine that the Closing will occur, the Lead Investors may require such Investor to fund its Equity Commitment again pursuant to the terms of this Agreement and such Investor's Equity Commitment Letter, as applicable, with the foregoing provisions of this <u>Section</u> <u>2.4(d)</u> applying *mutatis mutandis* to such further funding, until such time as the Transaction is consummated or the Merger Agreement is terminated in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Investor acknowledges and agrees that each Lead Investor and, with coordination by the Lead Investors, the Francisco Investor, will be entitled to assign a portion of its Commitment Percentage and Commitment Amount and/or Funding Percentage to limited partners of affiliated or managed or advised funds of the Lead Investors or the Francisco Investor, as applicable (in the case of the Francisco Investor, which such assignment is coordinated by the Lead Investors), or such other Persons approved by the Lead Investors ("<u>Syndicated Investors</u>") for up to one (1) year following the Closing; <u>provided</u>, that, without the consent of the other Investors, no Lead Investor or the Francisco Investor shall assign an amount such that, after giving effect to such syndication, such Lead Investor or the Francisco Investor has a Commitment Amount that is lower than the Minimum Syndication Commitment Amount for such Investor set forth on <u>Schedule 1</u>; <u>provided</u>, <u>further</u>, that no Lead Investor or the Francisco Investor shall assign any portion of its Commitment Percentage, Commitment Amount and/or Funding Percentage to a Syndicated Investor with the intent of reducing of another Investor's Commitment Percentage, Commitment Amount and/or Funding Percentage, in each case, without such Investor's prior written consent. Each of the Lead Investors and the Francisco Investor agrees to consult and coordinate with the other in advance of reaching out to any third party for syndication purposes in order to avoid duplication and achieve an orderly syndication process. In no event shall such assignment relieve such Lead Investor or the Francisco Investor from its obligations under its Equity Commitment Letter and/or Funding Agreement if such obligations are not performed by such assignee. For the avoidance of doubt, a Syndicated Investor may not be an Investor or a competitor of the Company or its subsidiaries (as reasonably determined by the Lead Investors). Each Syndicated Investor shall make its investment(s) through one or more co-investment vehicles controlled by one or more affiliates of such Lead Investor or the Francisco Investor, as applicable (each, a "<u>Syndication Vehicle</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Company Payments</u>. (a) Any amounts paid to, or to the designees of, Parent or Buyer under or with respect to the Merger Agreement or any of the Transaction Documents (including any termination fee, damages award, reimbursement of expenses, indemnity payments, or other similar payments) and/or (b) any amounts paid by a proposed provider of Debt Financing to, or to the designees of, Parent or Buyer as damages relating to a failure to provide the Debt Financing or otherwise (such payments referenced in clauses (a) and (b), collectively, the "<u>Company Payments</u>"), in each case, shall be promptly paid by Parent or Buyer, as applicable, (A) first, together with amounts funded pursuant to <u>Section</u> <u>2.6(a)</u>, to the applicable parties until the entire amount of the Fees and Expenses (defined below) has been paid in full, and (B) second, to each of the Investors in accordance with their applicable Funding Percentage, if any, or such Investor's respective designees (<u>provided</u>, that if any Investor is in material breach of its obligations under this Agreement or its Funding Agreement and such breach is not cured within twenty-four (24) hours following notice thereof by Parent to such Investor (a "<u>Failing Investor</u>"),

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then 100% of such amounts payable to such breaching Investor shall be paid to the non-breaching Investors in accordance with their applicable Funding Percentage). For the avoidance of doubt, an Investor is not a "Failing Investor" (and shall be eligible to receive its respective share of any Company Payments pursuant to this <u>Section</u> <u>2.5</u>) if such Investor is ready, willing and able to consummate its Equity Commitment at the Closing (which shall be confirmed in writing by such Investor if requested by the Lead Investors) but has not actually consummated its Equity Commitment solely because (i) another Investor that is a Failing Investor has not consummated such Failing Investor's Equity Commitment or (ii) the Debt Financing has not funded or will not fund at the Closing substantially concurrently with the consummation of the Equity Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject in all events to <u>Section</u> <u>2.9</u>, in addition to and not in lieu of any obligations an Investor may have under its Equity Commitment Letter or Funding Agreement, each Investor shall be responsible for its Commitment Percentage of the payment of (and to the extent applicable, shall reimburse the other Investors, or fund Parent or its subsidiaries to the extent responsible for) the reasonable and documented out-of-pocket fees and expenses incurred on behalf of all Investors, the Lead Investors and/or Parent or Buyer or their subsidiaries in developing, conducting due diligence investigations into, negotiating (including this Agreement, the LPA Term Sheet, the LPA and LLCA), bidding on, structuring and arranging financing and transactions for the Company in connection with the Transaction as described herein ("<u>Fees and Expenses</u>"), including, without limitation, (i) any legal, tax, financial, accounting, advisory, valuation, consulting and other expenses incurred by the Lead Investors on behalf of the consortium of Investors in connection therewith, (ii) all fees (including commitment fees), costs and expenses of lenders, investment banks and other third-party financing sources in connection with arranging financing for the Transaction, in each case, solely to the extent not reimbursed or funded (without recourse) by the Company or its subsidiaries, and (iii) any Joint Advisor Indemnifiable Losses (as defined below); <u>provided</u>, that the reasonable, documented, out-of-pocket fees and expenses of the Major Co-Investors incurred in connection with such Major Co-Investor pursuing the Transaction as part of the consortium shall be reimbursed pursuant to this <u>Section</u> <u>2.6(a)</u> up to a total amount not exceed $1,500,000.00 for each such Major Co-Investor; <u>provided</u>, <u>further</u>, that the fees and expenses of any Failing Investor shall not be subject to reimbursement and such Failing Investor (and no other Investor) shall bear all such fees and expenses; <u>provided</u>, <u>further</u>, that, if any Company Payments are simultaneously paid or used to offset any Fees and Expenses, Parent shall, or shall cause Buyer to, in accordance with and pursuant to <u>Section</u> <u>2.5</u>, credit each Investor their Funding Percentage of such Company Payments against all such Fees and Expenses owed by such Investor pursuant to this <u>Section</u> <u>2.6(a)</u> (<u>provided</u>, <u>further</u>, Parent, Buyer or the Company shall pay, or cause to be paid, or reimburse the Lead Investors for all such Fees and Expenses previously paid by the Lead Investors in connection with the Transaction). If an Investor directs that any invoice for an expense reimbursement be satisfied by payment to one of its controlled Affiliates, Parent, Buyer and each other Investor shall exercise commercially reasonable efforts to comply with such direction. If the Transaction is consummated, the Fees and Expenses incurred in connection with the Transaction (other than those of a Failing Investor) will be capitalized and paid and reimbursed by the Company and shared pro rata by the Investors based on their funded Commitment Amounts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Parent shall indemnify and hold harmless each Investor (or Affiliate of any Investor) that is party to any advisor engagement letter in respect of the Transactions from and against all expenses, losses and damages and amounts payable under such engagement letter, including those that arise or result from any Investor's or Parent's actions with respect to or breach of such engagement letter, other than such expenses, losses and damages and amounts payable as a result of or arising out of the willful misconduct, bad faith or gross negligence of such Investor (the "<u>Joint Advisor Indemnifiable Losses</u>"). Any Investor (or Affiliate of any Investor) that is party to any such advisor engagement letter may assign such advisor engagement letter to the Company or any of its subsidiaries following the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Investor hereby severally (and not jointly) represents and warrants that it will have all funds necessary for such Investor to fulfill its obligations under this <u>Section</u> <u>2.6</u>, at any time such Investor is required to pay or perform its obligations under this <u>Section</u> <u>2.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to the provisions of <u>Section</u> <u>2.9</u>, in no event will any Investor be responsible for more than its Commitment Percentage of Fees and Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Investor hereby severally (and not jointly) represents and warrants to the other Investors on the date hereof and as of the Closing that (i) none of the information in respect of such Investor supplied in writing by such Investor specifically for inclusion or incorporation by reference in any filings contemplated by the Merger Agreement contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, (ii) subject to the receipt of all authorizations, consents, approvals and waivers contemplated under the Merger Agreement and satisfaction of the conditions set forth in Section 6.01 of the Merger Agreement, such Investor has obtained, or prior to the Closing shall obtain, all authorizations, consents, approvals and waivers (including, but not limited to, waivers of any actual or potential conflicts of interest) that are known as of the date hereof to be required to be obtained from any third party, Governmental Authority or Affiliate in connection with such Investor's participation in the Transaction in accordance with its organizational and governing documents and applicable Law, (iii) it has not entered into any agreement, arrangement or understanding with any other potential investor, acquiror or group of potential investors or acquirors of the Company with respect to the subject matter of this Agreement and the Merger Agreement (other than, in the case of the Lead Investors or the Francisco Investor, Syndicated Investors), (iv) such Investor is validly existing and in good standing under the laws of the jurisdiction of its formation and has the requisite power and authority to execute and deliver this Agreement and, to the extent they are a party thereto, the Transaction Documents, to perform its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby, and (v) this Agreement and the Transaction Documents to which such Investor is a party have been duly and validly executed and delivered by such Investor and, assuming due authorization, execution and delivery by the other parties thereto, constitute legal, valid and binding obligations of such Investor, enforceable against such Investor in accordance with their terms, subject to (x) applicable bankruptcy, insolvency, reorganization, moratorium and similar Laws affecting creditors' rights and remedies generally, and (y) as to enforceability, to general principles of equity (regardless of whether enforcement is sought in an action at law or in equity).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Investor hereby severally (and not jointly) further represents and warrants to the other Investors that, except as set forth in <u>Schedule 2.7(b)</u> hereto, as of the date hereof, neither such Investor nor any of its Affiliates owns beneficially or of record any capital shares of the Company. Until the termination of this Agreement in accordance with <u>Section</u> <u>1</u> hereof, except as expressly contemplated by this Agreement or in such Investor's capacity or their Affiliates' capacity as passive investors in funds or vehicles managed by a third party that is not an Affiliate of such Investor (excluding any managed account or circumstance in which such Investor or any of its Affiliates exercise any discretion, whether directly or indirectly, with respect to investment decisions), each Investor agrees that it will not, and will cause its Affiliates not to, and will not direct its portfolio companies to, acquire or sell beneficially or of record any (or any additional) capital shares of the Company. For purposes of this <u>Section</u> <u>2.7(b)</u>, "beneficial owner" shall mean any Person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares voting power (which includes the power to vote, or to direct the voting of) with respect to capital shares of the Company and/or investment power (which includes the power to dispose, or to direct the disposition of) with respect to capital shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Approvals; Regulatory Matters</u><u>; AML Information Sharing</u>.<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms of this <u>Section</u> <u>2.8</u>, each Investor will (i) use its reasonable best efforts to take promptly, or cause to be taken, all actions necessary, and to do promptly, or cause to be done, and to reasonably assist and cooperate with, the Lead Investors, Parent and Merger Sub so that Parent and Merger Sub are able to satisfy their obligations pursuant to Section 5.03 of the Merger Agreement, including, without limitation and consistent with the time frames set forth in Section 5.03 of the Merger Agreement, providing responses and information as reasonably required to any Governmental Authority requesting such information in connection with filings or notifications required under, or relating to, applicable Antitrust Laws or Foreign Direct Investment Laws that are required or advisable as a result of, or pursuant to, the Merger Agreement and the related financings and transactions, (ii) refrain from causing Parent and Merger Sub to take any actions prohibited by Section 5.03 of the Merger Agreement, (iii) use its reasonable best efforts consistent with the time frames set forth in Section 5.03 of the Merger Agreement, to provide any information required by applicable law to obtain regulatory approvals of any Governmental Authority in connection with the transactions contemplated by the Merger Agreement, the Equity Commitment Letters and/or this Agreement and (iv) agrees not to cause Parent or Merger Sub to take any actions prohibited by Section 5.03 of the Merger Agreement, <u>provided</u>, that this clause (iv) shall not apply to (and the following actions shall not be restricted by the foregoing clause (ii)) (A) any funding of capital commitments or funding obligations into private equity, venture capital, hedge or other similar investment funds that are not controlled by such Investor or its Affiliates, or (B) any investment or acquisition made by a Person in which such Investor holds only a limited partnership or other passive non-voting investment, but for the avoidance of doubt, clauses (A) and (B) shall not include any discretionary co-investments by such Investor or accounts primarily managed on behalf of such Investor or its Affiliates. Notwithstanding anything to the contrary herein, (1) each Investor may, as it deems advisable and necessary, designate any materials provided to a Governmental Authority that contain sensitive or

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confidential information in respect of such Investor or any of its Affiliates as confidential to such Investor, and the portion of such materials, communication or filings that contain such commercially sensitive or confidential information shall not be disclosed to any of the other parties hereto without such Investor's prior written consent (and such Investor may provide that any such commercially sensitive or confidential information may only be provided on an outside counsel-only basis or directly to the applicable Governmental Authority requesting such information), (2) no Investor on behalf of itself shall be required to commence a Legal Proceeding with any Governmental Authority, and (3) all information made available or submitted by or on behalf of any Investor before any Governmental Authority shall, to the extent specifically relating to such Investor or such Investor's or its Affiliates' businesses or assets, as applicable, be supplied by such Investor (this sentence shall be referred as the "<u>Direct Information Provision Condition</u>"). The Lead Investors shall, to the extent reasonably practicable and permitted by applicable law, give each other Investor a reasonable opportunity to review in advance any documents, written communications and filings that name or contain identifying information with respect to such Investor or its Affiliates before transmitting to any Governmental Authority, and shall consider in good faith any reasonable comments or suggestions proposed by such Investor. Unless required as a matter of law (and subject to the Direct Information Provision Condition), no Investor (other than the Lead Investors) shall initiate any communication with any regulatory body regarding the Transaction without the prior written approval of the Lead Investors; <u>provided</u>, that each Investor may, subject to the following sentence and the Direct Information Provision Condition, communicate with a Governmental Authority regarding the Transaction in coordination with the Lead Investors' counsel if such Governmental Authority initiated direct communication with such Investor. Each Investor shall also, to the extent permitted by law, promptly (i) notify the Lead Investors' counsel of any regulatory-related communication or request for information received by it from any Governmental Authority with respect to the transactions contemplated by the Merger Agreement, (ii) permit the Lead Investors' counsel to review the original communication and will consider in good faith any reasonable comments or suggestions proposed by the Lead Investors' counsel in connection with the response to any of the foregoing communications, and (iii) coordinate and consult with the Lead Investors' counsel before participating in any meeting, communication or discussion with any Governmental Authority with respect to the Transaction. Nothing in this <u>Section</u> <u>2.8(a)</u> shall limit or apply to communications, meetings, appearances, submissions, presentations, briefs, proposals or other matters to or with any Governmental Authority unrelated to the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At least ten (10) Business Days' prior to Closing, each Investor (for purposes of this <u>Section</u> <u>2.8(b)</u>, a "<u>Providing Investor</u>") shall use reasonable best efforts to, and shall use reasonable best efforts to procure that its Affiliates and other related persons shall, provide to the Lead Investors upon written request (e-mail being sufficient), on or before Closing, such materials, and information with respect to that Providing Investor (and, to the extent applicable, its directors, shareholders, Affiliates and other relevant parties) as reasonably requested by the Lead Investors upon at least five (5) Business Days' prior notice to satisfy its and its Affiliates' obligations under the UK Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and the Joint Money Laundering Steering Group Guidance Notes (or analogous equivalent) or similar laws to which any Lead Investor is subject.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything in this Agreement or the Merger Agreement to the contrary, nothing in <u>Section</u> <u>2.8(a)</u> or any other provision of this Agreement or the Merger Agreement shall require an Investor or any of its Affiliates to agree to or otherwise take any action with respect to any such Investor or any of such Investor's affiliates (including any investment funds or investment vehicles affiliated with, or managed or advised by, such Investor or any portfolio company (as such term is commonly understood in the private equity industry) or investment of such Investor or of any such investment fund or investment vehicle), or any interest therein, in each case other than with respect to Parent, the Company and its subsidiaries, it being understood that an Investor's Affiliates may be required to provide information or documents, or to engage in communications requested by a Governmental Authority, in each case in support of filings reasonably required or advisable in connection with the Transaction (including but not limited to filings to be made pursuant to Antitrust Laws and Foreign Direct Investment Laws).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Indemnification</u>. To the extent (i) any Parent Termination Fee and/or other losses, damages or payments, including, without limitation, any reasonable and documented out-of-pocket costs and expenses (collectively, "<u>Damages</u>"), become payable by Buyer or Merger Sub under the Merger Agreement, any Transaction Document or otherwise in connection with the Transaction and (ii) there are one or more Failing Investors and the actions taken (or failed to be taken) by the applicable Failing Investors with respect to a breach of such Investor's obligations under this Agreement, its Funding Agreement, its Equity Commitment Letter or any other Transaction Document to which it is a party (and such breach continues uncured for twenty-four (24) hours following notice thereof by Parent or any other Investor to such Investor) (such Failing Investor, an "<u>Indemnifying Investor</u>"), is, individually or in the aggregate, the primary reason for the Damages becoming payable, then such Indemnifying Investor (subject to the last sentence of this <u>Section</u> <u>2.9</u>) shall reimburse, indemnify and hold harmless the other non-Failing Investors (i.e., those Investors who stood ready and able to fulfill their obligations under the Equity Commitment Letter or Funding Agreement, as applicable, if the other Investors also fulfilled their obligations (such non-Failing Investors, the "<u>Indemnified Investors</u>") and their respective Affiliates, and any direct or indirect equityholder, director, officer, employee, Affiliate, member, manager, general or limited partner, agent, attorney or other representatives of the foregoing, from and against all Damages, together with any reasonable and documented out-of-pocket expenses incurred by Buyer, Merger Sub or any other Indemnified Investor in connection with defending any claim in connection with such breach); provided, that Damages shall not include lost profits, benefit of the bargain, diminution in value or any consequential, special or punitive damages, except to the extent recovered by the Company or any other third party. If there is more than one Indemnifying Investor, the obligations of the Indemnifying Investors shall be several and not joint, with each such Indemnifying Investor responsible for its pro rata share of the Damages (unless such Indemnifying Investor's participation rights had previously been assigned in accordance with this Agreement) based on the respective Commitment Percentage of each Indemnifying Investor as compared to the Commitment Percentage of all Indemnifying Investors. Notwithstanding the foregoing, in no event will the aggregate liability of any Investor under this Agreement exceed an amount equal to (a) $533,630,000.00 *plus* (b) all Fees and Expenses. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Management Fee</u>. No Investor nor any of its Affiliates shall charge, or be paid, any transaction, advisory, monitoring or similar fees by Parent or any of its subsidiaries or in connection with the transactions contemplated by the Merger Agreement, this Agreement or the other Transaction Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Exclusivity</u>. Each Investor agrees that, for so long as this Agreement shall remain in effect, it shall not knowingly become affiliated with, enter into discussions with, or make an equity investment with, any other Person making a Takeover Proposal under the Merger Agreement; <u>provided</u>, that this <u>Section</u> <u>2.11</u> shall not apply to (and the following actions shall not be restricted by this <u>Section</u> <u>2.11</u>): (a) any funding of capital commitments or funding obligations into private equity, venture capital, hedge or other similar investment funds that are not controlled by such Investor or its Affiliate, or (b) any investment or acquisition made by a Person in which such Investor holds only a limited partnership or other passive non-voting investment, but for the avoidance of doubt, clauses (a) and (b) shall not include any discretionary co-investments by such Investor or accounts primarily managed on behalf of such Investor or its Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>Side Agreements</u>. Without the prior written consent of each Investor, none of the Investors or any of their respective Affiliates shall enter into any side agreements amongst a subset of the Investors relating to the Transaction; provided that, this restriction shall not apply to (a) any agreements among affiliated Investors or (b) any agreements expressly contemplated by this Agreement, including any Equity Commitment Letter, Funding Agreement and any confidentiality agreement.<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 <u>Proxy Statement; Schedule 13e-3 and Schedules 13D and 13G.</u><u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Investor shall use reasonable best efforts to promptly provide information reasonably requested by the Company or the Lead Investors in connection with the preparation of the Proxy Statement or Schedule 13e-3; provided, that no Investor shall be required to provide any information that such Investor is prohibited from providing under applicable Law. The information supplied by each Investor for inclusion or incorporation by reference in the Proxy Statement or the Schedule 13e-3 will not, at the time that such information is provided, contain any untrue statement or alleged untrue statement of a material fact or omission or alleged omission to state a material fact required to be stated therein or necessary in order to make the statements therein (including any amendments or supplements thereto), in light of the circumstances under which they are made, not misleading. Promptly after the execution and delivery of this Agreement, each Investor shall cooperate with each other to prepare and file with the SEC any required disclosure statements on Schedule 13D or Schedule 13G or any amendments or supplements thereto, as applicable (such disclosure statements, including any amendments or supplements thereto, the "<u>Schedule 13D/G Filings</u>") relating to the Merger Agreement and the transactions contemplated hereby and thereby (including the Merger). The Lead Investors shall (i) provide each Investor and its counsel a reasonable opportunity to review drafts of the Schedule 13e-3 (and any amendment or supplement thereto) prior to filing the Schedule 13e-3 (and any amendment or supplement thereto) with the SEC and (ii) consider in good faith all comments thereto reasonably proposed by such Investor or its counsel. The Lead Investors and each Investor shall (A) provide each other and their respective counsels a reasonable opportunity to review drafts of all Schedule 13D/G Filings prior to filing any Schedule 13D/G Filing with respect to the Company with the SEC and (B) consider in good faith all comments thereto reasonably proposed by the other parties, their respective counsels and their respective Representatives.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Investor will use reasonable best efforts to furnish all information concerning such Investor and its Affiliates, if applicable, to the other parties that is reasonably necessary for the preparation, filing and distribution of the Proxy Statement, the Schedule 13e-3 (and any amendment or supplement thereto) and all Schedule 13D/G Filings, and provide each such other party assistance, as may be reasonably requested by such other party to be included therein and will otherwise reasonably assist and cooperate with each other party, as applicable, in the preparation, filing and distribution of the Proxy Statement, the Schedule 13e-3 and all Schedule 13D/G Filings and the resolution of any comments to either received from the SEC; provided, that no Investor shall be required to provide any information that such Investor is prohibited from providing under applicable Law.

**3.** **MISCELLANEOUS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Amendment</u>. This Agreement may be amended or modified, and the provisions hereof may be waived, only by an agreement in writing signed by the Lead Investors; provided, however, that if such an amendment, modification or waiver (i) adversely and disproportionately affects an Investor relative to other Investors or (ii) amends rights expressly and specifically granted to a given Investor, such amendment, modification or waiver must be made by an agreement in writing signed by such affected Investors. The parties acknowledge and agree that any amendments, modifications or waivers made in connection with any syndication process otherwise permitted hereunder and that involve the granting of rights to a Syndicated Investor shall not be deemed to be adverse to any other Investor so long as the granting of such rights does not result in any additional liabilities or obligations on any other Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Severability</u>. In the event that any term, provision, covenant or restriction hereof, or the application thereof, would, under applicable Law, be invalid or unenforceable in any respect, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely as possible in a mutually acceptable manner in order for the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. The provisions hereof are severable, and in the event any provision hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof and the remainder of this Agreement shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Remedies</u>. The parties hereto agree that, except as provided herein, this Agreement will be enforceable by all available remedies at law or in equity (including, without limitation, specific performance). The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties hereto shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, this being in addition to any other remedy to which such party is entitled at law or in equity. Notwithstanding anything in this Agreement to the contrary, this Agreement may be enforced against each Major Co-Investor only by, or at the direction of, the Lead Investors or otherwise with the prior written consent of the Lead Investors. Notwithstanding the foregoing, if (a) any Damages become due as a result of an Indemnifying Investor pursuant to <u>Section</u> <u>2.9</u> or any Fees and Expenses of a Major Co-Investor become subject to reimbursement by any other Major Co-Investor pursuant to <u>Section</u> <u>2.6</u>, and (b) the Lead Investors (x) elect not to enforce <u>Section</u> <u>2.9</u> in respect of such Indemnifying Investor and/or <u>Section</u> <u>2.6</u> in respect of such other Major Co-Investor (as applicable) or (y) do not otherwise enforce <u>Section</u> <u>2.9</u> and/or <u>Section</u> <u>2.6</u> for the benefit of a Major Co-Investor (whether in whole or

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in part), then the Lead Investors shall reimburse, indemnify and hold harmless any Major Co-Investor (1) that is a non-Failing Investor from and against any Damages actually paid by such non-Failing Investor pursuant to its Funding Agreement *plus* such non-Failing Investor's pro rata share of the Fees and Expenses and (2) for any such Fees and Expenses that are subject to reimbursement by such other Major Co-Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>No Recourse</u>. Notwithstanding anything that may be expressed or implied in this Agreement or any document or instrument delivered contemporaneously herewith by any Investor party hereto, and notwithstanding the fact that an Investor may be a partnership, limited liability company or limited company or other entities, Parent, Buyer and each Investor by its acceptance of the benefits of this Agreement, hereby covenants, agrees and acknowledges that no Person other than an Investor shall have any obligation hereunder and no recourse under this Agreement or under any documents or instruments delivered in connection herewith or in respect of any oral representations made or alleged to be made in connection herewith or therewith shall be had against any former, current or future direct or indirect equityholders, controlling persons, direct or indirect stockholders or equityholders, directors, officers, employees, Affiliates, members, managers, direct or indirect general or limited partners, agents, attorneys or other representatives of any party hereto, or any of their successors or assigns, or any former, current or future direct or indirect equityholders, controlling persons, direct or indirect stockholders, directors, officers, employees, Affiliates, members, managers, direct or indirect general or limited partners, agents, attorneys or other representatives or successors or assignees of any of the foregoing (each, a "<u>Related Party</u>" and, collectively, the "<u>Related Parties</u>"), whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable Law, it being agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any Related Party for any obligations of any Investor, Parent, Buyer or any of their respective successors or permitted assigns under this Agreement or any documents or instrument delivered in connection herewith or in respect of any oral representations made or alleged to be made in connection herewith or therewith or for any claim (whether at law or equity, in tort, contract or otherwise) based on, in respect of, or by reason of such obligations or their creation. Each of Parent, Buyer, Merger Sub and each Investor further agrees that neither it nor any of its Affiliates shall have any right of recovery against any Related Party, whether by piercing the corporate veil or by a claim against any such Related Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>No Third Party Beneficiaries</u>. This Agreement shall be binding on each party hereto solely for the benefit of each other parties hereto and nothing set forth in this Agreement, express or implied, shall be construed to confer, directly or indirectly, upon or give to any Person other than the parties hereto any benefits, rights or remedies under or by reason of, or any rights to enforce or cause the parties hereto to enforce, any provisions of this Agreement; <u>provided</u>, <u>however</u>, that the Related Parties are express intended third party beneficiaries of <u>Section</u> <u>3.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Press Release; Communications</u>. Any general notices, releases, statements or communications to the general public or the press relating to this Agreement or the transactions contemplated hereby and the Merger Agreement shall be made only at such times and in such manner as may be determined by the Lead Investors and shall not disclose the identity of any Investor or any confidential information of any Investor without such Investor's prior written approval; provided, that, the Lead Investors shall provide a copy of any such press release to each other Investor before any issuance thereof and shall reasonably consult with and consider any

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comments by an Investor to such press release. Nothing contained in this <u>Section</u> <u>3.6</u> shall prevent (a) any party hereto from at any time furnishing any information requested by any Governmental Authority or from making any disclosures required under applicable Law, including the Exchange Act or (b) subject to <u>Section</u> <u>3.7</u>, any party hereto from furnishing any information concerning the transactions contemplated by this Agreement and the Transaction Documents to such party's representatives or current or prospective limited partners or other equityholders in connection with ordinary course reporting or marketing activities, in each case, who are subject to customary confidentiality restrictions.<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Confidentiality</u>. The existence and content of this Agreement and any proprietary, non-public or confidential information supplied by or on behalf of any of the Investors, Parent, Buyer or the Company shall be treated as confidential by the Investors and shall not be used, circulated, quoted or otherwise referred to by any other Investor or any of such Investor's Affiliates in any document, except with the prior written consent of the other Investors; <u>provided</u>, <u>however</u>, that no such written consent shall be required (and each Investor and its Affiliates shall be free to release such information (each Investor and any Affiliate disclosing such information, a "<u>Disclosing Party</u>" and, collectively, the "<u>Disclosing Parties</u>")) for disclosures to each Investor's and its Affiliates' respective partners, members, directors, officers, employees, agents, legal, financial, accounting or other advisors, potential debt and equity financing sources, co-investors, related investment funds, consultants and other representatives (collectively, the "<u>Representatives</u>"), so long as such Representatives are bound by obligations of confidentiality with respect to such information and provided that each Disclosing Party shall be responsible for a breach of the confidentiality obligations set forth in this <u>Section</u> <u>3.7</u> by any of its Representatives; and <u>provided</u>, <u>further</u>, that each Investor and its Affiliates may disclose such information (including the existence of this Agreement) (a) to the extent required by applicable Law or the applicable rules of any national securities exchange or in connection with any securities filing related to the Transaction and/or (b) upon the request or demand of any Governmental Authority having or claiming jurisdiction over such party or any of its properties or assets and/or (c) in connection with any filings or other submissions with any court of competent jurisdiction in order to enforce the terms hereof and/or (d) to permitted assignees (including in connection with any permitted syndication hereunder) of such Investor and/or (e) in connection with Legal Proceeding relating to the Transaction or the Merger Agreement, as permitted by or provided in the Merger Agreement, but if any such disclosure names or references or reasonably identifies any other Investor or its Affiliates (other than any disclosure made in connection with enforcing this Agreement), the Disclosing Party shall consult such Investor and shall use reasonable best efforts to not make or limit such disclosure and shall consider such Investor's reasonable input with respect to such disclosure, in each case, to the extent legally permitted. The confidentiality obligations of each Investor set forth herein shall be superseded by the confidentiality obligations set forth in the LPA and LLCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>GOVERNING LAW</u><u>; CONSENT TO JURISDICTION</u>.<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement and all disputes, controversies or other Actions arising out of or relating to this Agreement or the transactions contemplated hereby, including matters of validity, construction, effect, performance and remedies, shall be governed by, and construed in accordance with, the Laws of the State of Delaware applicable to contracts executed in and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable conflict of Laws principles.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Actions arising out of or relating to this Agreement or the transactions contemplated hereby shall be heard and determined in the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court of competent jurisdiction within the State of Delaware). The parties hereto hereby irrevocably (i) submit to the exclusive jurisdiction and venue of such courts in any such Action, (ii) waive the defense of an inconvenient forum or lack of jurisdiction to the maintenance of any such Action, (iii) agree to not attempt to deny or defeat such jurisdiction by motion or otherwise request for leave from any such court and (iv) agree to not bring any Action arising out of or relating to this Agreement or the transactions contemplated hereby in any court other than the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court within the State of Delaware), except for Actions brought to enforce the judgment of any such court. The consents to jurisdiction and venue set forth in this <u>Section</u> <u>3.8(b)</u> shall not constitute general consents to service of process in the State of Delaware and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than the parties hereto. Each party hereto agrees that service of process upon such party in any Action arising out of or relating to this Agreement shall be effective if notice is given by overnight courier at the address set forth in <u>Section</u> <u>3.12</u> of this Agreement. The parties hereto agree that a final judgment in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law; provided, however, that nothing in the foregoing shall restrict any party's rights to seek any post-judgment relief regarding, or any appeal from, a final trial court judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>WAIVER OF JURY TRIAL</u>. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS <u>SECTION 3.9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Other Agreements;</u> <u>Assignment</u>. This Agreement, including the schedules attached hereto, together with the agreements expressly referenced herein, constitutes the entire agreement, and supersedes all prior agreements and understandings, both written and oral, among the parties and their Affiliates, or any of them, with respect to the subject matter hereof and thereof, except

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for the Transaction Documents which shall continue in full force and effect in accordance with their terms. Other than as expressly provided herein, neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in whole or in part, by operation of Law or otherwise, by any of the parties hereto without the prior written consent of the Lead Investors, <u>provided</u> that each Investor may transfer or assign its rights and obligations under this Agreement, in whole or from time to time in part, to one or more of its Affiliates at any time (other than, for the avoidance of doubt, any portfolio companies of such Investor or Buyer, Parent or any subsidiary thereof) that is able to make the representations and warranties made by such Investor set forth in this Agreement and such Investor's Equity Commitment Letter and Funding Agreement, as applicable; <u>provided</u>, <u>further</u>, that such assignment would not reasonably be expected to result in any material delay in satisfying, or increase the risk of not satisfying, the conditions to the Closing set forth in the Merger Agreement and the assignee is capable of performing its obligations under such Investor's Equity Commitment Letter and Funding Agreement, as applicable, including having the financial capacity necessary to fund the full amount of the Equity Commitment that is being assigned, <u>provided</u>, <u>further</u>, that such assignee shall, as a condition of such assignment, execute a joinder to this Agreement in a form to be reasonably acceptable to the Lead Investors, <u>provided</u>, <u>further</u>, that no such assignment shall be permitted (i) in violation of applicable Law, (ii) that would (x) require any additional licensing, regulatory consent or other additional regulatory proceeding to be obtained or participated in by any of the Investors, Parent, Buyer, Merger Sub or the Company (the "<u>Transaction Parties</u>") or otherwise subject any Transaction Party or any of its Affiliates to any additional substantive regulation or (y) cause any statement made or information provided to a regulatory authority prior to such assignment to become materially untrue or misleading (other than any statement made or information provided related solely to the identity of such Investor) or (iii) that would cause all or any portion of the assets of the applicable co-invest vehicle to constitute "plan assets" within the meaning of ERISA, the U.S. Internal Revenue Code of 1986, as amended, or the applicable provisions of any similar law; <u>provided</u>, <u>further</u>, that any such assignment shall not relieve the assigning Investor of its obligations under this Agreement, its Equity Commitment Letter or Funding Agreement, as applicable, unless and until the assignee has fully performed thereunder. Any assignment in derogation of the foregoing shall be null and void. In the event of any conflict between this Agreement and any Equity Commitment Letter or Funding Agreement, the terms of this Agreement shall prevail. Subject to this <u>Section</u> <u>3.10</u>, this Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and permitted assigns. Any purported assignment not permitted under this <u>Section</u> <u>3.</u>10 shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>No Representations, Warranties or Dut</u><u>ies</u>. Each Investor specifically understands and agrees that no Investor has made or will make any representation or warranty with respect to the terms, value or any other aspect of the transactions contemplated hereby, and each Investor explicitly disclaims (a) except as expressly provided in <u>Section</u> <u>2.6(c)</u> and <u>Section</u> <u>2.7</u>, any warranty, express or implied, with respect to such matters and (b) any reliance, express or implied, thereon. In addition, each Investor specifically acknowledges, represents and warrants that it is not relying on any other Investor (x) for its due diligence concerning, or evaluation of, the Company or its assets or businesses, (y) for its decision with respect to making any investment contemplated hereby or (z) with respect to tax and other economic considerations involved in such investment. In making any determination contemplated by this Agreement, each Investor may make such determination in its sole and absolute discretion, taking into account only such Investor's own views, self-interest, objectives and concerns. No Investor shall have any fiduciary or other duty to any other Investor or to Parent or Buyer except as expressly set forth in this Agreement or any other agreement to which such Investor is a party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Notices</u>. All notices, requests and other communications to any party hereunder shall be in writing and shall be deemed given if delivered personally, by email (to the extent that no "bounce back" or similar message indicating non-delivery is received with respect thereto) or if sent by overnight courier (providing proof of delivery) to the parties at the following addresses:

<u>If to the Permira Investor, to it at</u>:

c/o PERMIRA ADVISERS LLC

320 PARK AVENUE \| 23rd FL

NEW YORK \| NY 10022

Attention: Justin Herridge

Email: [REDACTED]

with a copy (which shall not constitute notice) to:

Latham & Watkins LLP

555 Eleventh Street, NW, Suite 1000

Washington, D.C., 20004

Attention: Amber Banks; Brian Mangino; Max Schleusener

Email: <u>Amber.Banks@lw.com; Brian.Mangino@lw.com; Max.Schleusener@lw.com</u>

<u>If to the Warburg Investor, to it at</u>:

Warburg Pincus LLC

450 Lexington Avenue

New York, NY 10017

Attention: Brett Shawn

Email: [REDACTED]

with a copy (which shall not constitute notice) to:

Latham & Watkins LLP

555 Eleventh Street, NW, Suite 1000

Washington, D.C., 20004

Attention: Amber Banks; Brian Mangino; Max Schleusener

Email: <u>Amber.Banks@lw.com; Brian.Mangino@lw.com; Max.Schleusener@lw.com</u>

<u>If to the Temasek Investor, to it at</u>:<u> </u>

Robson Investments Pte. Ltd.

Attention: Martin Fichtner; Tim Bolte

Email: [REDACTED]

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with a copy (which shall not constitute notice) to:

Cleary Gottlieb Steen & Hamilton LLP

One Liberty Plaza

New York NY 10006

Attention: John Kupiec

Email: <u>jkupiec@cgsh.com</u>

<u>If to the Francisco Investor, to it at</u>:

c/o Francisco Partners Management, L.P.

One Letterman Drive, Building C – Suite 410

San Francisco, CA 94129

Attention: Peter Christodoulo; Ashley Evans; Legal Notices

Email: [REDACTED]

with a copy (which will not constitute notice) to:

Simpson Thacher & Barlett LLP

2475 Hanover Street

Palo Alto, CA 94304

Attention: Atif Azher; Naveed Anwar

<u>Email</u>: <u>aazher@stblaw.com; naveed.anwar@stblaw.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 <u>Counterparts</u>. This Agreement may be executed in one or more counterparts (including by facsimile, electronic signature, PDF or electronic mail), each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the other parties hereto. A signature delivered by facsimile transmission or telecopy, by electronic mail in portable document format (.pdf) or any electronic signature complying with the U.S. federal ESIGN Act of 2000 (e.g., www.docusign.com) shall be deemed to be an original signature for all purposes under this letter agreement. The parties irrevocably and unreservedly agree that this letter agreement may be executed by way of electronic signatures and the parties agree that this letter agreement, or any part thereof, shall not be challenged or denied any legal effect, validity and/or enforceability solely on the ground that it is in the form of an electronic record.

*[Signature pages follow]*

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IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) as of the date first above written.

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| |
|:---|
| **MARTEL LUX TOPCO SCSP** |
| by its general partner |
| PERMIRA VIII HOLDCO GP S.À R.L. |
| /s/ Cedric Pedoni |
| Name: |
| Title: |
| by its special partner |
| PERMIRA ACHT GMBH & CO. KG |
| acting by its general partner, SVE VERWALTUNGS GMBH |
| /s/ Stefan Dziarski |
| Name: Stefan Dziarski |
| Title: Partner |
| by its initial limited partner |
| PERMIRA VIII AE SCSP<br> acting by its general partner, PERMIRA VIII GP S.À R.L. |
| /s/ Cedric Pedoni |
| Name: Cedric Pedoni |
| Title: Manager |

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*Signature Page to Interim Investors Agreement*

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| | |
|:---|:---|
| **WP SILVER AGGREGATOR, L.P.** | **WP SILVER AGGREGATOR, L.P.** |
| By: WP Silver GP, LLC, its general partner | By: WP Silver GP, LLC, its general partner |
| By: | /s/ Alexander Stratoudakis |
| Name: Alexander Stratoudakis<br> Title: Co-President | Name: Alexander Stratoudakis<br> Title: Co-President |

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*Signature Page to Interim Investors Agreement*

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| | |
|:---|:---|
| **ROBSON INVESTMENTS PTE. LTD.** | **ROBSON INVESTMENTS PTE. LTD.** |
|  By: | /s/ Song Hwee Chia |
|  Name: Song Hwee Chia<br> Title: Authorized Signatory | Name: Song Hwee Chia<br> Title: Authorized Signatory |

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*Signature Page to Interim Investors Agreement*

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| | |
|:---|:---|
| **FRANCISCO PARTNERS VII, L.P.** | **FRANCISCO PARTNERS VII, L.P.** |
| By: Francisco Partners GP VII, L.P. | By: Francisco Partners GP VII, L.P. |
| Its: General Partner | Its: General Partner |
| By: Francisco Partners GP VII Management, LLC | By: Francisco Partners GP VII Management, LLC |
| Its: General Partner | Its: General Partner |
| By: | /s/ Ashley Evans |
| Name: Ashely Evans | Name: Ashely Evans |
| Title: Managing Director | Title: Managing Director |
| **FRANCISCO PARTNERS VII-A, L.P.** | **FRANCISCO PARTNERS VII-A, L.P.** |
| By: Francisco Partners GP VII, L.P. | By: Francisco Partners GP VII, L.P. |
| Its: General Partner | Its: General Partner |
| By: Francisco Partners GP VII Management, LLC | By: Francisco Partners GP VII Management, LLC |
| Its: General Partner | Its: General Partner |
| By: | /s/ Ashley Evans |
| Name: Ashely Evans | Name: Ashely Evans |
| Title: Managing Director | Title: Managing Director |
| **FRANCISCO PARTNERS VII-B, L.P.** | **FRANCISCO PARTNERS VII-B, L.P.** |
| By: Francisco Partners GP VII, L.P. | By: Francisco Partners GP VII, L.P. |
| Its: General Partner | Its: General Partner |
| By: Francisco Partners GP VII Management, LLC | By: Francisco Partners GP VII Management, LLC |
| Its: General Partner | Its: General Partner |
| By: | /s/ Ashley Evans |
| Name: Ashley Evans | Name: Ashley Evans |
| Title: Managing Director | Title: Managing Director |

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*Signature Page to Interim Investors Agreement*

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| | |
|:---|:---|
| **FRANCISCO PARTNERS VII-C, L.P.** | **FRANCISCO PARTNERS VII-C, L.P.** |
| By: Francisco Partners GP VII, L.P. | By: Francisco Partners GP VII, L.P. |
| Its: General Partner | Its: General Partner |
| By: Francisco Partners GP VII Management, LLC | By: Francisco Partners GP VII Management, LLC |
| Its: General Partner | Its: General Partner |
| By: | /s/ Ashley Evans |
| Name: Ashley Evans | Name: Ashley Evans |
| Title: Managing Director | Title: Managing Director |

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*Signature Page to Interim Investors Agreement*

## Ex-99.(F)

**Exhibit (f)** 

**APPRAISAL RIGHTS UNDER THE DGCL** 

*§ 262. Appraisal rights* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any stockholder of a corporation of this State who holds shares of stock on the date of the making of a demand pursuant to subsection (d) of this section with respect to such shares, who continuously holds such shares through the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, who has otherwise complied with subsection (d) of this section and who has neither voted in favor of the merger, consolidation, conversion, transfer, domestication or continuance nor consented thereto in writing pursuant to § 228 of this title shall be entitled to an appraisal by the Court of Chancery of the fair value of the stockholder's shares of stock under the circumstances described in subsections (b) and (c) of this section. As used in this section, the word "stockholder" means a holder of record of stock in a corporation; the words "stock" and "share" mean and include what is ordinarily meant by those words; the words "depository receipt" mean a receipt or other instrument issued by a depository representing an interest in 1 or more shares, or fractions thereof, solely of stock of a corporation, which stock is deposited with the depository; the words "beneficial owner" mean a person who is the beneficial owner of shares of stock held either in voting trust or by a nominee on behalf of such person; and the word "person" means any individual, corporation, partnership, unincorporated association or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Appraisal rights shall be available for the shares of any class or series of stock of a constituent, converting, transferring, domesticating or continuing corporation in a merger, consolidation, conversion, transfer, domestication or continuance to be effected pursuant to § 251 (other than a merger effected pursuant to § 251(g) of this title), § 252, § 254, § 255, § 256, § 257, § 258, § 263, § 264, § 266 or § 390 of this title (other than, in each case and solely with respect to a converted or domesticated corporation, a merger, consolidation, conversion, transfer, domestication or continuance authorized pursuant to and in accordance with the provisions of § 265 or § 388 of this title):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Provided, however, that no appraisal rights under this section shall be available for the shares of any class or series of stock, which stock, or depository receipts in respect thereof, at the record date fixed to determine the stockholders entitled to receive notice of the meeting of stockholders, or at the record date fixed to determine the stockholders entitled to consent pursuant to § 228 of this title, to act upon the agreement of merger or consolidation or the resolution providing for the conversion, transfer, domestication or continuance (or, in the case of a merger pursuant to § 251(h) of this title, as of immediately prior to the execution of the agreement of merger), were either: (i) listed on a national securities exchange or (ii) held of record by more than 2,000 holders; and further provided that no appraisal rights shall be available for any shares of stock of the constituent corporation surviving a merger if the merger did not require for its approval the vote of the stockholders of the surviving corporation as provided in § 251(f) of this title.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding paragraph (b)(1) of this section, appraisal rights under this section shall be available for the shares of any class or series of stock of a constituent, converting, transferring, domesticating or continuing corporation if the holders thereof are required by the terms of an agreement of merger or consolidation, or by the terms of a resolution providing for conversion, transfer, domestication or continuance, pursuant to § 251, § 252, § 254, § 255, § 256, § 257, § 258, § 263, § 264, § 266 or § 390 of this title to accept for such stock anything except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Shares of stock of the corporation surviving or resulting from such merger or consolidation, or of the converted entity or the entity resulting from a transfer, domestication or continuance if such entity is a corporation as a result of the conversion, transfer, domestication or continuance, or depository receipts in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Shares of stock of any other corporation, or depository receipts in respect thereof, which shares of stock (or depository receipts in respect thereof) or depository receipts at the effective date of the merger, consolidation, conversion, transfer, domestication or continuance will be either listed on a national securities exchange or held of record by more than 2,000 holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Cash in lieu of fractional shares or fractional depository receipts described in the foregoing paragraphs (b)(2)a. and b. of this section; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Any combination of the shares of stock, depository receipts and cash in lieu of fractional shares or fractional depository receipts described in the foregoing paragraphs (b)(2)a., b. and c. of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In the event all of the stock of a subsidiary Delaware corporation party to a merger effected under § 253 or § 267 of this title is not owned by the parent immediately prior to the merger, appraisal rights shall be available for the shares of the subsidiary Delaware corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Repealed.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any corporation may provide in its certificate of incorporation that appraisal rights under this section shall be available for the shares of any class or series of its stock as a result of an amendment to its certificate of incorporation, any merger or consolidation in which the corporation is a constituent corporation, the sale of all or substantially all of the assets of the corporation or a conversion effected pursuant to § 266 of this title or a transfer, domestication or continuance effected pursuant to § 390 of this title. If the certificate of incorporation contains such a provision, the provisions of this section, including those set forth in subsections (d), (e), and (g) of this section, shall apply as nearly as is practicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Appraisal rights shall be perfected as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If a proposed merger, consolidation, conversion, transfer, domestication or continuance for which appraisal rights are provided under this section is to be submitted for approval at a meeting of stockholders, the corporation, not less than 20 days prior to the meeting, shall notify each of its stockholders who was such on the record date for notice of such meeting (or such members who received notice in accordance with § 255(c) of this title) with respect to shares for which appraisal rights are available pursuant to subsection (b) or (c) of this section that appraisal rights are available for any or all of the shares of the constituent corporations or the converting, transferring, domesticating or continuing corporation, and shall include in such notice either a copy of this section (and, if 1 of the constituent corporations or the converting corporation is a nonstock corporation, a copy of § 114 of this title) or information directing the stockholders to a publicly available electronic resource at which this section (and, § 114 of this title, if applicable) may be accessed without subscription or cost. Each stockholder electing to demand the appraisal of such stockholder's shares shall deliver to the corporation, before the taking of the vote on the merger, consolidation, conversion, transfer, domestication or continuance, a written demand for appraisal of such stockholder's shares; provided that a demand may be delivered to the corporation by electronic transmission if directed to an information processing system (if any) expressly designated for that purpose in such notice. Such demand will be sufficient if it reasonably informs the corporation of the identity of the stockholder and that the stockholder intends thereby to demand the appraisal of such stockholder's shares. A proxy or vote against the merger, consolidation, conversion, transfer, domestication or continuance shall not constitute such a demand. A stockholder electing to take such action must do so by a separate written demand as herein provided. Within 10 days after the effective date of such merger, consolidation, conversion, transfer, domestication or continuance, the surviving, resulting or converted entity shall notify each stockholder of each constituent or converting, transferring, domesticating or continuing corporation who has complied with this subsection and has not voted in favor of or consented to the merger, consolidation, conversion, transfer, domestication or continuance, and any beneficial owner who has demanded appraisal under paragraph (d)(3) of this section, of the date that the merger, consolidation or conversion has become effective; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the merger, consolidation, conversion, transfer, domestication or continuance was approved pursuant to § 228, § 251(h), § 253, or § 267 of this title, then either a constituent, converting, transferring, domesticating or continuing corporation before the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, or the surviving, resulting or converted entity within 10 days after such effective date, shall notify each stockholder of any class or series of stock of such constituent, converting, transferring, domesticating or continuing corporation who is entitled to appraisal rights of the approval of the merger, consolidation, conversion, transfer, domestication or continuance and that appraisal rights are available for any or all

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shares of such class or series of stock of such constituent, converting, transferring, domesticating or continuing corporation, and shall include in such notice either a copy of this section (and, if 1 of the constituent corporations or the converting, transferring, domesticating or continuing corporation is a nonstock corporation, a copy of § 114 of this title) or information directing the stockholders to a publicly available electronic resource at which this section (and § 114 of this title, if applicable) may be accessed without subscription or cost. Such notice may, and, if given on or after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, shall, also notify such stockholders of the effective date of the merger, consolidation, conversion, transfer, domestication or continuance. Any stockholder entitled to appraisal rights may, within 20 days after the date of giving such notice or, in the case of a merger approved pursuant to § 251(h) of this title, within the later of the consummation of the offer contemplated by § 251(h) of this title and 20 days after the date of giving such notice, demand in writing from the surviving, resulting or converted entity the appraisal of such holder's shares; provided that a demand may be delivered to such entity by electronic transmission if directed to an information processing system (if any) expressly designated for that purpose in such notice. Such demand will be sufficient if it reasonably informs such entity of the identity of the stockholder and that the stockholder intends thereby to demand the appraisal of such holder's shares. If such notice did not notify stockholders of the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, either (i) each such constituent corporation or the converting, transferring, domesticating or continuing corporation shall send a second notice before the effective date of the merger, consolidation, conversion, transfer, domestication or continuance notifying each of the holders of any class or series of stock of such constituent, converting, transferring, domesticating or continuing corporation that are entitled to appraisal rights of the effective date of the merger, consolidation, conversion, transfer, domestication or continuance or (ii) the surviving, resulting or converted entity shall send such a second notice to all such holders on or within 10 days after such effective date; provided, however, that if such second notice is sent more than 20 days following the sending of the first notice or, in the case of a merger approved pursuant to § 251(h) of this title, later than the later of the consummation of the offer contemplated by § 251(h) of this title and 20 days following the sending of the first notice, such second notice need only be sent to each stockholder who is entitled to appraisal rights and who has demanded appraisal of such holder's shares in accordance with this subsection and any beneficial owner who has demanded appraisal under paragraph (d)(3) of this section. An affidavit of the secretary or assistant secretary or of the transfer agent of the corporation or entity that is required to give either notice that such notice has been given shall, in the absence of fraud, be prima facie evidence of the facts stated therein. For purposes of determining the stockholders entitled to receive either notice, each constituent corporation or the converting, transferring, domesticating or continuing corporation may fix, in advance, a record date that shall be not more than 10 days prior to the date the notice is given, provided, that if the notice is given on or after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, the record date shall be such effective date. If no record date is fixed and the notice is given prior to the effective date, the record date shall be the close of business on the day next preceding the day on which the notice is given.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Notwithstanding subsection (a) of this section (but subject to this paragraph (d)(3)), a beneficial owner may, in such person's name, demand in writing an appraisal of such beneficial owner's shares in accordance with either paragraph (d)(1) or (2) of this section, as applicable; provided that (i) such beneficial owner continuously owns such shares through the effective date of the merger, consolidation, conversion, transfer, domestication or continuance and otherwise satisfies the requirements applicable to a stockholder under the first sentence of subsection (a) of this section and (ii) the demand made by such beneficial owner reasonably identifies the holder of record of the shares for which the demand is made, is accompanied by documentary evidence of such beneficial owner's beneficial ownership of stock and a statement that such documentary evidence is a true and correct copy of what it purports to be, and provides an address at which such beneficial owner consents to receive notices given by the surviving, resulting or converted entity hereunder and to be set forth on the verified list required by subsection (f) of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Within 120 days after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, the surviving, resulting or converted entity, or any person who has complied with subsections (a) and (d) of this section and who is otherwise entitled to appraisal rights, may commence an appraisal proceeding by filing a petition in the Court of Chancery demanding a determination of the value of the stock of all such stockholders. Notwithstanding the foregoing, at any time within 60 days after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, any person entitled to appraisal rights who has not commenced an appraisal proceeding or joined that proceeding as a named party shall have the right to withdraw such person's demand for appraisal and to accept the terms offered upon the merger, consolidation, conversion, transfer, domestication or continuance. Within 120 days after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, any person who has complied with the requirements of subsections (a) and (d) of this section, upon request given in writing (or by electronic transmission directed to an information processing system (if any) expressly designated for that purpose in the notice of appraisal), shall be entitled to receive from the surviving, resulting or converted entity a statement setting forth the aggregate number of shares not voted in favor of the merger, consolidation, conversion, transfer, domestication or continuance (or, in the case of a merger approved pursuant to § 251(h) of this title, the aggregate number of shares (other than any excluded stock (as defined in §251(h)(6)d. of this title)) that were the subject of, and were not tendered into, and accepted for purchase or exchange in, the offer referred to in § 251(h)(2) of this title)), and, in either case, with respect to which demands for appraisal have been received and the aggregate number of stockholders or beneficial owners holding or owning such shares (provided that, where a beneficial owner makes a demand pursuant to paragraph (d)(3) of this section, the record holder of such shares shall not be considered a separate stockholder holding such shares for purposes of such aggregate number). Such statement shall be given to the person within 10 days after such person's request for such a statement is received by the surviving, resulting or converted entity or within 10 days after expiration of the period for delivery of demands for appraisal under subsection (d) of this section, whichever is later.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon the filing of any such petition by any person other than the surviving, resulting or converted entity, service of a copy thereof shall be made upon such entity, which shall within 20 days after such service file in the office of the Register in Chancery in which the petition was filed a duly verified list containing the names and addresses of all persons who have demanded appraisal for their shares and with whom agreements as to the value of their shares have not been reached by such entity. If the petition shall be filed by the surviving, resulting or converted entity, the petition shall be accompanied by such a duly verified list. The Register in Chancery, if so ordered by the Court, shall give notice of the time and place fixed for the hearing of such petition by registered or certified mail to the surviving, resulting or converted entity and to the persons shown on the list at the addresses therein stated. The forms of the notices by mail and by publication shall be approved by the Court, and the costs thereof shall be borne by the surviving, resulting or converted entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) At the hearing on such petition, the Court shall determine the persons who have complied with this section and who have become entitled to appraisal rights. The Court may require the persons who have demanded an appraisal for their shares and who hold stock represented by certificates to submit their certificates of stock to the Register in Chancery for notation thereon of the pendency of the appraisal proceedings; and if any person fails to comply with such direction, the Court may dismiss the proceedings as to such person. If immediately before the merger, consolidation, conversion, transfer, domestication or continuance the shares of the class or series of stock of the constituent, converting, transferring, domesticating or continuing corporation as to which appraisal rights are available were listed on a national securities exchange, the Court shall dismiss the proceedings as to all holders of such shares who are otherwise entitled to appraisal rights unless (1) the total number of shares entitled to appraisal exceeds 1% of the outstanding shares of the class or series eligible for appraisal, (2) the value of the consideration provided in the merger, consolidation, conversion, transfer, domestication or continuance for such total number of shares exceeds $1 million, or (3) the merger was approved pursuant to § 253 or § 267 of this title.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) After the Court determines the persons entitled to an appraisal, the appraisal proceeding shall be conducted in accordance with the rules of the Court of Chancery, including any rules specifically governing appraisal proceedings. Through such proceeding the Court shall determine the fair value of the shares exclusive of any element of value arising from the accomplishment or expectation of the merger, consolidation, conversion, transfer, domestication or continuance, together with interest, if any, to be paid upon the amount determined to be the fair value. In determining such fair value, the Court shall take into account all relevant factors. Unless the Court in its discretion determines otherwise for good cause shown, and except as provided in this subsection, interest from the effective date of the merger, consolidation, conversion, transfer, domestication or continuance through the date of payment of the judgment shall be compounded quarterly and shall accrue at 5% over the Federal Reserve discount rate (including any surcharge) as established from time to time during the period between the effective date of the merger, consolidation or conversion and the date of payment of the judgment. At any time before the entry of judgment in the proceedings, the surviving, resulting or converted entity may pay to each person entitled to appraisal an amount in cash, in which case

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interest shall accrue thereafter as provided herein only upon the sum of (1) the difference, if any, between the amount so paid and the fair value of the shares as determined by the Court, and (2) interest theretofore accrued, unless paid at that time. Upon application by the surviving, resulting or converted entity or by any person entitled to participate in the appraisal proceeding, the Court may, in its discretion, proceed to trial upon the appraisal prior to the final determination of the persons entitled to an appraisal. Any person whose name appears on the list filed by the surviving, resulting or converted entity pursuant to subsection (f) of this section may participate fully in all proceedings until it is finally determined that such person is not entitled to appraisal rights under this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Court shall direct the payment of the fair value of the shares, together with interest, if any, by the surviving, resulting or converted entity to the persons entitled thereto. Payment shall be so made to each such person upon such terms and conditions as the Court may order. The Court's decree may be enforced as other decrees in the Court of Chancery may be enforced, whether such surviving, resulting or converted entity be an entity of this State or of any state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The costs of the proceeding may be determined by the Court and taxed upon the parties as the Court deems equitable in the circumstances. Upon application of a person whose name appears on the list filed by the surviving, resulting or converted entity pursuant to subsection (f) of this section who participated in the proceeding and incurred expenses in connection therewith, the Court may order all or a portion of such expenses, including, without limitation, reasonable attorney's fees and the fees and expenses of experts, to be charged pro rata against the value of all the shares entitled to an appraisal not dismissed pursuant to subsection (k) of this section or subject to such an award pursuant to a reservation of jurisdiction under subsection (k) of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Subject to the remainder of this subsection, from and after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, no person who has demanded appraisal rights with respect to some or all of such person's shares as provided in subsection (d) of this section shall be entitled to vote such shares for any purpose or to receive payment of dividends or other distributions on such shares (except dividends or other distributions payable to stockholders of record at a date which is prior to the effective date of the merger, consolidation, conversion, transfer, domestication or continuance). If a person who has made a demand for an appraisal in accordance with this section shall deliver to the surviving, resulting or converted entity a written withdrawal of such person's demand for an appraisal in respect of some or all of such person's shares in accordance with subsection (e) of this section, either within 60 days after such effective date or thereafter with the written approval of the corporation, then the right of such person to an appraisal of the shares subject to the withdrawal shall cease. Notwithstanding the foregoing, an appraisal proceeding in the Court of Chancery shall not be dismissed as to any person without the approval of the Court, and such approval may be conditioned upon such terms as the Court deems just, including without limitation, a reservation of jurisdiction for any application to the Court made under subsection (j) of this section; provided, however that this provision shall not affect the right of any person who has not commenced an appraisal proceeding or joined that proceeding as a named party to withdraw such person's demand for appraisal and to accept the terms offered upon the merger, consolidation, conversion, transfer, domestication or continuance within 60 days after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, as set forth in subsection (e) of this section. If a petition for an appraisal is not filed within the time provided in subsection (e) of this section, the right to appraisal with respect to all shares shall cease.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The shares or other equity interests of the surviving, resulting or converted entity to which the shares of stock subject to appraisal under this section would have otherwise converted but for an appraisal demand made in accordance with this section shall have the status of authorized but not outstanding shares of stock or other equity interests of the surviving, resulting or converted entity, unless and until the person that has demanded appraisal is no longer entitled to appraisal pursuant to this section.

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

 **Calculation of Filing Fee Tables** <br>

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Transaction Valuation**  | **Fee Rate**  | **Amount of Filing Fee**  |
| Fees to be Paid | 1 | $7718000768.73 | 0.0001381 | $1065855.91 |
| Fees Previously Paid |  |  |  |  |
|  | Total Transaction Valuation: | $7718000768.73  |  |  |
|  | Total Fees Due for Filing: |  |  | $1065855.91  |
|  | Total Fees Previously Paid:  |  |  | $0.00  |
|  | Total Fee Offsets:  |  |  | $1065855.91  |
|  | Net Fee Due:  |  |  | $0.00  |

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 **Offering Note** <br>

<sup>1</sup> Capitalized terms used below but not defined herein shall have the meanings assigned to such terms in the Agreement and Plan of Merger, dated December 20, 2025 (the "Merger Agreement"), by and among GT Silver BidCo, Inc., a Delaware corporation ("Parent"), GT Silver Merger Sub, Inc., Delaware corporation and a wholly owned subsidiary of Parent, and Clearwater Analytics Holdings, Inc., a Delaware corporation (the "Company"). (i) Title of each class of securities to which the transaction applies: Class A common stock, par value $0.001 per share, of the Company (the "Company Class A Common Stock"). (ii) Aggregate number of securities to which the transaction applies: As of the close of business on February 19, 2026, the maximum number of shares of Company Class A Common Stock to which this transaction applies is estimated to be 317,126,547, which consists of: a. 296,384,965 issued and outstanding shares of Company Class A Common Stock; b. 10,222,745 shares of Company Class A Common Stock subject to issuance pursuant to outstanding Company RSUs; c. 1,845,553 shares of Company Class A Common Stock subject to issuance pursuant to outstanding Company PSUs (assuming attainment of the maximum level of performance); d. 7,340,148 shares of Company Class A Common Stock subject to issuance pursuant to outstanding Company Stock Options that have an exercise price per share of less than $24.55 (collectively, the "In-the-Money Company Stock Options"); e. 220,000 shares of Company Class A Common Stock estimated to be issuable pursuant to the Company ESPP after February 19, 2026 and prior to the Closing; and f. 1,113,136 shares of Company Class A Common Stock underlying the OpCo Units and Class B Common Stock to be exchanged immediately prior to the Merger in accordance with the terms of the Merger Agreement and the OpCo LLC Agreement. (iii) Per unit price or other underlying value of the transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): Solely for the purpose of calculating the filing fee, as of the close of business on February 19, 2026, the underlying value of the transaction was calculated as the sum of: a. 296,384,965 shares of Company Class A Common Stock multiplied by the Merger Consideration of $24.55 per share; b. 10,222,745 shares of Company Class A Common Stock subject to issuance pursuant to outstanding Company RSUs multiplied by the Merger Consideration of $24.55 per share; c. 1,845,553 shares of Company Class A Common Stock subject to issuance pursuant to outstanding Company PSUs (assuming attainment of the maximum level of performance) multiplied by the Merger Consideration of $24.55 per share; d. 7,340,148 shares of Company Class A Common Stock subject to issuance pursuant to outstanding In-the-Money Company Stock Options multiplied by $15.36 (which is the difference between the Merger Consideration of $24.55 per share and the current weighted average exercise price of such In-the-Money Company Stock Options of $9.19 of per share); e. 220,000 shares of Company Common Stock estimated to be issuable pursuant to the Company ESPP after February 19, 2026 and prior to the Closing multiplied by the Merger Consideration of $24.55 per share; and f. 1,113,136 shares of Company Class A Common Stock underlying the OpCo Units and Class B Common Stock to be exchanged immediately prior to the Merger in accordance with the terms of the Merger Agreement and the OpCo LLC Agreement multiplied by the Merger Consideration of $24.55 per share; (such sum, the "Total Consideration") (iv) In accordance with Section 14(g) of the Exchange Act, the filing fee was determined by multiplying the Total Consideration by 0.00013810. (v) The Company previously paid $1,065,855.91 upon the filing of its Preliminary Proxy Statement on Schedule 14A on February 23, 2026 in connection with the transaction reported hereby.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Registrant or Filer Name | Form or Filing Type | File Number | Initial Filing Date | Filing Date | Fee Offset Claimed | Fee Paid with Fee Offset Source |
| Fee Offset Claims |  |  | Schedule 14A | 001-40838 | 02/24/2026 |  | $1065855.91 |  |
| Fee Offset Sources | 1 | Clearwater Analytics Holdings, Inc. | Schedule 14A | 001-40838 |  | 02/24/2026 |  | $1065855.91 |

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 **Offset Note** <br>

<sup>1</sup> (i) The Company previously paid $1,065,855.91 upon the filing of its Preliminary Proxy Statement on Schedule 14A on February 23, 2026 in connection with the transaction reported hereby.