# EDGAR Filing Document

**Accession Number:** 0001858257
**File Stem:** 0001140361-25-022856
**Filing Date:** 2025-6
**Character Count:** 1002552
**Document Hash:** 8a8a66e222e0d3f76cdcd5929f120cac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-022856.hdr.sgml**: 20250618

**ACCESSION NUMBER**: 0001140361-25-022856

**CONFORMED SUBMISSION TYPE**: SC 13E3

**PUBLIC DOCUMENT COUNT**: 422

**FILED AS OF DATE**: 20250618

**DATE AS OF CHANGE**: 20250617

**GROUP MEMBERS**: ARROW BORROWER 2025, INC.

**GROUP MEMBERS**: ARROW HOLDINGS 2025, INC.

**GROUP MEMBERS**: ARROW HOLDINGS BUSINESS TRUST

**GROUP MEMBERS**: ARROW INTERMEDIATE 2025, INC.

**GROUP MEMBERS**: ARROW MERGER SUB 2025, INC.

**GROUP MEMBERS**: ARROW PARENT 2025, L.P.

**GROUP MEMBERS**: ARROW PARENT GENPAR 2025, LLC

**GROUP MEMBERS**: ARROW PARENT HOLDINGS GENPAR 2025, LLC

**GROUP MEMBERS**: CORPAY, INC.

**GROUP MEMBERS**: GREEN & GOLD 2014 GRAT

**GROUP MEMBERS**: GREEN & GOLD 2015 GRAT

**GROUP MEMBERS**: MICHAEL PRAEGER

**GROUP MEMBERS**: TPG IX ARROW PARENT HOLDINGS, L.P.

**GROUP MEMBERS**: TPG PARTNERS IX, L.P.

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AvidXchange Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001858257
- **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:** 005-93349
- **FILM NUMBER:** 251054461

**BUSINESS ADDRESS:**
- **STREET 1:** 1210 AVIDXCHANGE LANE
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28206
- **BUSINESS PHONE:** 8005609305

**MAIL ADDRESS:**
- **STREET 1:** 1210 AVIDXCHANGE LANE
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28206
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AvidXchange Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001858257
- **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:** 1210 AVIDXCHANGE LANE
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28206
- **BUSINESS PHONE:** 8005609305

**MAIL ADDRESS:**
- **STREET 1:** 1210 AVIDXCHANGE LANE
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28206

### SECURITIES AND EXCHANGE COMMISSION <br>

#### WASHINGTON, D.C. 20549

### SCHEDULE 13E-3 <br>

#### RULE 13E-3 TRANSACTION STATEMENT <br>

#### UNDER SECTION 13(E) OF <br>

#### THE SECURITIES EXCHANGE ACT OF 1934

### AVIDXCHANGE HOLDINGS, INC. <br>

#### (Name of the Issuer)

#### AvidXchange Holdings, Inc. <br>

#### Arrow Borrower 2025, Inc. <br>

#### Arrow Merger Sub 2025, Inc. <br>

#### Arrow Intermediate 2025, Inc.<br>

#### Arrow Holdings 2025, Inc.<br>

#### Arrow Parent 2025, L.P.<br>

#### Arrow Parent GenPar 2025, LLC<br>

#### TPG IX Arrow Parent Holdings, L.P.<br>

#### Arrow Parent Holdings GenPar 2025, LLC<br>

#### The Arrow Holdings Business Trust

#### TPG Partners IX, L.P.<br>

#### Corpay, Inc.<br>

#### Green and Gold 2014 GRAT<br>

#### Green and Gold 2015 GRAT<br>

#### Michael Praeger
(Names of Persons Filing Statement)

#### Common Stock, $0.001 par value per share <br>

#### (Title of Class of Securities)

#### 05368X102 <br>

#### (CUSIP Number of Class of Securities)

---

| | | |
|:---|:---|:---|
| **AvidXchange Holdings, Inc.**<br>**Michael Praeger** <br>**Green and Gold 2014 GRAT**<br>**Green and Gold 2015 GRAT**<br>**c/o AvidXchange Holdings, Inc.**<br>**Michael Praeger**<br>**Chief Executive Officer**<br>**1210 AvidXchange Lane** <br>**Charlotte, NC 28206**<br>(800) 560-9305 | **Arrow Borrower 2025, Inc.** <br>**Arrow Merger Sub 2025, Inc.** <br>**Arrow Intermediate 2025, Inc.**<br>**Arrow Holdings 2025, Inc.**<br>**Arrow Parent 2025, L.P.**<br>**Arrow Parent GenPar 2025, LLC**<br>**TPG IX Arrow Parent Holdings, L.P.**<br>**Arrow Parent Holdings GenPar 2025, LLC**<br>**The Arrow Holdings Business Trust**<br>**TPG Partners IX, L.P.**<br>**c/o TPG Partners IX, L.P.**<br>**301 Commerce Street, Suite 3300**<br>**Fort Worth, TX 76102**<br>(817) 871-4000 | **Corpay, Inc.**<br>**Alissa Vickery**<br>**Chief Financial Officer**<br>**3280 Peachtree Road,** <br>**Suite 2400**<br>**Atlanta, GA 30305**<br>(770) 449-0479 |

---

(Name, Address, and Telephone Numbers of Person Authorized to Receive Notices <br>

and Communications on Behalf of the Persons Filing Statement)

With copies to

---

| | |
|:---|:---|
| **David Beller**<br>**Ian Nussbaum**<br>**Cathy Birkeland** <br>**Latham & Watkins LLP**<br>**1271 Avenue of the Americas**<br>**New York, NY 10020**<br>(212) 906-1200 | **Oliver Smith**<br>**Darren Schweiger**<br>**Michael Diz** <br>**Davis Polk & Wardwell LLP**<br>**450 Lexington Avenue**<br>**New York, NY 10017**<br>(212) 450-4000 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;b. ☐ The filing of a registration statement under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;c. ☐ A tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;d. ☐ None of the above.

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.** 

------

#### Introduction
This Transaction Statement on Schedule 13E-3 ("<u>Transaction Statement</u>") is being filed with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the "<u>Exchange Act</u>"), jointly by the following persons (each, a "<u>Filing Person</u>" and collectively, the "<u>Filing Persons</u>"): (1) AvidXchange Holdings, Inc., a Delaware corporation ("<u>AvidXchange</u>" or the "<u>Company</u>"); (2) Arrow Borrower 2025, Inc., a Delaware corporation ("<u>Parent</u>"); (3) Arrow Merger Sub 2025, Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("<u>Merger Sub</u>"); (4) Arrow Intermediate 2025, Inc., a Delaware corporation; (5) Arrow Holdings 2025, Inc., a Delaware corporation ("<u>Holdings</u>"); (6) Arrow Parent 2025, L.P., a Delaware limited partnership ("<u>Topco</u>"); (7) Arrow Parent GenPar 2025, LLC, a Delaware limited liability company; (8) TPG IX Arrow Parent Holdings, L.P., a Delaware limited partnership; (9) Arrow Parent Holdings GenPar 2025, LLC, a Delaware limited liability company; (10) The Arrow Holdings Business Trust, a Nevada business trust; (11) TPG Partners IX, L.P., a Delaware limited partnership; (12) Corpay, Inc., a Delaware corporation; (13) Green and Gold 2014 GRAT, an irrevocable trust; (14) Green and Gold 2015 GRAT, an irrevocable trust; and (15) Michael Praeger.

This Transaction Statement relates to the Agreement and Plan of Merger, dated as of May 6, 2025 (including all exhibits and documents attached thereto, and as it may be amended from time to time, the "<u>Merger Agreement</u>"), by and among the Company, Parent and Merger Sub. The Merger Agreement provides that, subject to the terms and conditions set forth in the Merger Agreement, Merger Sub will merge with and into the Company (the "<u>Merger</u>"), with the Company surviving the Merger as a wholly owned subsidiary of Parent (the "<u>Surviving Corporation</u>"). The Merger Agreement and the transactions contemplated thereby, including the Merger, are more fully described in the proxy statement (the "<u>Proxy Statement</u>") filed by the Company with the SEC under Regulation 14A of the Exchange Act concurrently with the filing of this Transaction Statement.

In connection with the execution of the Merger Agreement, certain officers of the Company (each, a "<u>Rollover</u> <u>Stockholder</u>") have entered into rollover agreements (the "<u>Rollover Agreements</u>") with Holdings and Topco, pursuant to which, among other matters, each Rollover Stockholder will, immediately prior to the effective time of the Merger (the "<u>Effective Time</u>"), contribute, transfer and assign to Holdings certain shares of common stock of the Company, $0.001 par value per share ("<u>Company Common Stock</u>") held by such Rollover Stockholder in exchange for newly issued shares of Holdings, and each Rollover Stockholder will immediately thereafter contribute such Holdings shares to Topco in exchange for Topco issuing newly issued units of Topco to such Rollover Stockholder, in each case, in accordance with the terms of the Rollover Agreements.

Upon the consummation of the Merger, on the terms and subject to the conditions set forth in the Merger Agreement, each share of Company Common Stock issued and outstanding immediately prior to the Effective Time (other than (i) shares owned immediately prior to the Effective Time by Parent, Merger Sub or any of their respective subsidiaries or held in treasury by the Company, (ii) shares as to which statutory rights of appraisal have been properly and validly exercised under Delaware law, and (iii) shares contributed to Topco prior to the Effective Time pursuant to the Rollover Agreements) will be converted into the right to receive $10.00 in cash, without interest (as may be adjusted pursuant to the Merger Agreement, the "<u>Merger Consideration</u>"). Shares of Company Common Stock with respect to which a demand for appraisal has been validly made (and not forfeited or withdrawn) in accordance with Delaware law ("<u>Dissenting Shares</u>") will be entitled to receive payment of the appraised value of such shares as provided by Delaware law.

The board of directors of the Company (the "<u>Company Board</u>") formed a transaction committee comprised solely of disinterested and independent members of the Company Board (the "<u>Transaction Committee</u>"), which, among other things, reviewed and evaluated the Merger Agreement and the transactions contemplated by the Merger Agreement, including the Merger, in consultation with, where appropriate, Company management and the Company's legal and financial advisors. The Board, by the unanimous vote of the independent directors, has (1) determined that the Merger Agreement and the transactions contemplated thereby, including the Merger, are fair to, advisable and in the best interests of, the Company and its stockholders, (2) approved the execution, delivery and performance of the Merger Agreement and the transactions contemplated by the Merger Agreement, including the Merger, (3) directed that the adoption of the Merger Agreement be submitted to a vote of the Company stockholders and (4) resolved to recommend the adoption of the Merger Agreement by the Company stockholders.

The Merger cannot be completed without the affirmative vote of the holders of at least a majority of the shares of Company Common Stock outstanding and entitled to vote in accordance with the General Corporation Law of the State of Delaware (the "<u>DGCL</u>").

1<br>

------

If the Merger is consummated, the Company Common Stock will be delisted from the Nasdaq Global Select Market and deregistered under the Exchange Act.

Concurrently with the filing of this Transaction Statement, the Company is filing with the SEC, under Regulation 14A of the Exchange Act, the Proxy Statement, pursuant to which the Company is soliciting proxies from stockholders of the Company in connection with the Merger. The Proxy Statement is attached hereto as Exhibit (a)(1). A copy of the Merger Agreement is attached to the Proxy Statement as Annex A. As of the date hereof, the Proxy Statement is in preliminary form and is subject to completion or amendment. Capitalized terms used but not defined in this Transaction Statement have the meanings assigned to them in the Proxy Statement.

Pursuant to General Instruction F to Schedule 13E-3, the information in the Proxy Statement, including all appendices thereto, is expressly incorporated by reference herein in its entirety, and responses to each item herein are qualified in their entirety by the information contained in the Proxy Statement and the appendices thereto. 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.

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.

The information concerning the Company contained in, or incorporated by reference into, this Transaction Statement and the Proxy Statement was supplied by the Company. All information contained in, or incorporated by reference into, this Transaction Statement and the Proxy Statement concerning each Filing Person has been supplied by such Filing Person.

2<br>

------

---

| | |
|:---|:---|
| **Item 1.**<br>| **Summary Term Sheet** |

---

#### Regulation M-A Item 1001
The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"SUMMARY"

"GENERAL INFORMATION"

---

| | |
|:---|:---|
| **Item 2.**<br>| **Subject Company Information**  |

---

#### Regulation M-A Item 1002
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Name and address*. The Company's name, and the address and telephone number of its principal executive offices are:

AvidXchange Holdings, Inc. <br>

1210 AvidXchange Lane <br>

Charlotte, NC 28206 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800) 560-9305

&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"

"GENERAL INFORMATION"

"THE SPECIAL MEETING—Record Date; Shares Entitled to Vote; Quorum"

"SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT"

"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY"

&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:

"MARKET PRICES"

&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:

"THE MERGER AGREEMENT—Conduct of Business Pending the Merger"

"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Dividends"

&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:

"THE MERGER—Rollover Shares"

"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"

Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.

3<br>

------

Form of Rollover Agreement is attached hereto as Exhibit (d)(2) and is incorporated herein by reference.

---

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

---

#### Regulation M-A Item 1003
The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) – (b) *Name and address; Business and background of entities*.

"SUMMARY—The Parties to the Merger Agreement"

"THE MERGER—Parties Involved in the Merger"

"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Directors and Executive Officers of the Company"

"OTHER IMPORTANT INFORMATION REGARDING THE PARENT FILING PARTIES"

"OTHER IMPORTANT INFORMATION REGARDING THE CEO ROLLOVER FILING PARTIES"

"WHERE YOU CAN FIND MORE INFORMATION"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Business and background of natural persons*.

"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Directors and Executive Officers of the Company"

"OTHER IMPORTANT INFORMATION REGARDING THE PARENT FILING PARTIES"

"OTHER IMPORTANT INFORMATION REGARDING THE CEO ROLLOVER FILING PARTIES"

"WHERE YOU CAN FIND MORE INFORMATION"

---

| | |
|:---|:---|
| **Item 4.**<br>| **Terms of the Transaction**  |

---

#### Regulation M-A Item 1004
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Material terms*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *Tender offer*. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (i)-(vii) *Merger or similar transactions*. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"SUMMARY"

"GENERAL INFORMATION"

"THE SPECIAL MEETING—Vote Required; Abstentions and Broker Non-Votes"

"THE MERGER—Background of the Merger"

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

"THE MERGER—Merger Consideration"

"THE MERGER—Certain Effects of the Merger on the Company"

"THE MERGER—Certain Effects of the Merger for the Purchaser Filing Parties"

"THE MERGER—Plans for the Company After the Merger"

"THE MERGER—Recommendation of the Board and Reasons for the Merger"

"THE MERGER—Fairness Opinion of Barclays Capital Inc."

"THE MERGER—Materials Provided to the Company by FT Partners"

"THE MERGER—Certain Financial Forecasts"

4<br>

------

"THE MERGER—Purpose and Reasons of the CEO Rollover Filing Parties for the Merger"

"THE MERGER—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger"

"THE MERGER—Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger"

"THE MERGER—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger"

"THE MERGER—Anticipated Accounting Treatment of the Merger"

"THE MERGER—Material U.S. Federal Income Tax Consequences of the Merger to Holders of Company Common Stock"

"THE MERGER— Interests of the Directors and Executive Officers of the Company in the Merger—Treatment of the Company Equity Awards, Company Stock Plans and ESPP in the Merger"

"THE MERGER AGREEMENT—Conditions to the Merger"

"THE MERGER AGREEMENT—Effect of the Merger on Company Common Stock"

"THE MERGER AGREEMENT—Payment for the Company Common Stock"

"THE MERGER AGREEMENT—Treatment of Equity Awards, Company Stock Plans and ESPP in the Merger"

"THE MERGER AGREEMENT—Indemnification of Directors and Officers; Insurance"

"THE MERGER AGREEMENT—Employee Matters"

Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.

Annex C – Fairness Opinion of Barclays

Form of Rollover Agreement is attached hereto as Exhibit (d)(2) and is incorporated herein by reference

&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"

"GENERAL INFORMATION"

"THE MERGER—Certain Effects of the Merger on the Company"

"THE MERGER—Certain Effects of the Merger for the Purchaser Filing Parties"

"THE MERGER—Interests of Executive Officers and Directors of the Company in the Merger"

"THE MERGER—Rollover Shares"

"THE MERGER AGREEMENT—Effect of the Merger on the Company Common Stock"

"THE MERGER AGREEMENT—Treatment of Equity Awards, Company Stock Plans and ESPP in the Merger"

"THE MERGER AGREEMENT—Indemnification of Directors and Officers; Insurance"

"THE MERGER AGREEMENT—Employee Matters"

"THE MERGER AGREEMENT—The Voting and Support Agreement"

"PROPOSAL NO. 2: THE MERGER COMPENSATION PROPOSAL"

Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.

5<br>

------

Annex D – Voting and Support Agreement, dated as of May 6, 2025, by and among Arrow Borrower 2025, Inc., AvidXchange Holdings, Inc. and the stockholders of the Company party thereto

&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"

"GENERAL INFORMATION"

"THE MERGER—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 caption is incorporated herein by reference:

"THE MERGER—Provision for Unaffiliated Stockholders"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Eligibility for listing or trading*. Not applicable.

---

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

---

#### Regulation M-A Item 1005
(a)(1) – (2) *Transactions*. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"SUMMARY"

"THE MERGER—Background of the Merger"

"THE MERGER—Certain Effects of the Merger on the Company"

"THE MERGER—Certain Effects of the Merger for the Purchaser Filing Parties"

"THE MERGER—Interests of Executive Officers and Directors of the Company in the Merger"

"THE MERGER—Financing of the Merger"

"THE MERGER AGREEMENT—Effect of the Merger on the Company Common Stock"

"THE MERGER AGREEMENT—Treatment of Equity Awards, Company Stock Plans and ESPP in the Merger"

"THE MERGER AGREEMENT—The Voting and Support Agreement"

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

"PROPOSAL NO. 2: THE MERGER COMPENSATION PROPOSAL"

Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.

Annex D – Voting and Support Agreement, dated as of May 6, 2025, by and among Arrow Borrower 2025, Inc., AvidXchange Holdings, Inc. and the stockholders of the Company party thereto

Form of Rollover Agreement is attached hereto as Exhibit (d)(2) and is incorporated herein by reference

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

"SUMMARY"

"THE MERGER—Background of the Merger"

"THE MERGER—Recommendation of the Board and Reasons for the Merger"

"THE MERGER—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger"

"THE MERGER—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger"

6<br>

------

"THE MERGER—Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger"

"THE MERGER—Certain Effects of the Merger on the Company"

"THE MERGER—Certain Effects of the Merger for the Purchaser Filing Parties"

"THE MERGER—Interests of Executive Officers and Directors of the Company in the Merger"

"THE MERGER—Material U.S. Federal Income Tax Consequences of the Merger to Holders of Company Common Stock"

"THE MERGER—Financing of the Merger"

"THE MERGER—Financing Cooperation"

"THE MERGER—Rollover Shares"

"THE MERGER AGREEMENT"

"THE MERGER AGREEMENT—The Voting and Support Agreement"

Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.

Annex D – Voting and Support Agreement, dated as of May 6, 2025, by and among Arrow Borrower 2025, Inc., AvidXchange Holdings, Inc. and the stockholders of the Company party thereto

Form of Rollover Agreement is attached hereto as Exhibit (d)(2) and is incorporated herein by reference

&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"

"GENERAL INFORMATION"

"THE MERGER—Background of the Merger"

"THE MERGER—Plans for the Company After the Merger"

"THE MERGER—Financing of the Merger"

"THE MERGER—Financing Cooperation"

"THE MERGER—Rollover Shares"

"THE MERGER AGREEMENT"

"THE MERGER AGREEMENT—The Voting and Support Agreement"

"THE SPECIAL MEETING—Vote Required; Abstentions and Broker Non-Votes"

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

Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.

Annex D – Voting and Support Agreement, dated as of May 6, 2025, by and among Arrow Borrower 2025, Inc., AvidXchange Holdings, Inc. and the stockholders of the Company party thereto

Form of Rollover Agreement is attached hereto as Exhibit (d)(2) and is incorporated herein by reference

7<br>

------

---

| | |
|:---|:---|
| **Item 6.**<br>| **Purposes of the Transaction, and Plans or Proposals.**  |

---

#### Regulation M-A Item 1006
&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"

"THE MERGER—Plans for the Company After the Merger"

"THE MERGER—Certain Effects of the Merger on the Company"

"THE MERGER—Certain Effects of the Merger for the Purchaser Filing Parties"

"THE MERGER—Effect on the Company if the Merger Is Not Consummated"

"THE MERGER—Merger Consideration"

"THE MERGER—Interests of Executive Officers and Directors of the Company in the Merger"

"THE MERGER—Delisting and Deregistration of Common Stock"

"MARKET PRICES"

"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Dividends"

Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.

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

"SUMMARY"

"GENERAL INFORMATION"

"THE MERGER—Background of the Merger"

"THE MERGER—Recommendation of the Board and Reasons for the Merger"

"THE MERGER—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger"

"THE MERGER—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger"

"THE MERGER—Purpose and Reasons of the Parent Filing Parties for the Merger"

"THE MERGER—Plans for the Company After the Merger"

"THE MERGER—Certain Effects of the Merger on the Company"

"THE MERGER—Certain Effects of the Merger for the Purchaser Filing Parties"

"THE MERGER—Effect on the Company if the Merger Is Not Consummated"

"THE MERGER—Interests of Executive Officers and Directors of the Company in the Merger"

"THE MERGER—Financing of the Merger"

"THE MERGER—Financing Cooperation"

"THE MERGER—Rollover Shares"

"THE MERGER—Delisting and Deregistration of Common Stock"

"THE MERGER AGREEMENT—Structure of the Merger; Certificate of Incorporation; Bylaws; Directors and Officers"

"THE MERGER AGREEMENT—Conduct of Business Pending the Merger"

"THE MERGER AGREEMENT—The Voting and Support Agreement"

8<br>

------

"MARKET PRICES"

"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Dividends"

"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Directors and Executive Officers of the Company"

Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.

Annex D – Voting and Support Agreement, dated as of May 6, 2025, by and among Arrow Borrower 2025, Inc., AvidXchange Holdings, Inc. and the stockholders of the Company party thereto

Form of Rollover Agreement is attached hereto as Exhibit (d)(2) and is incorporated herein by reference

---

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

---

#### Regulation M-A Item 1013
&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"

"GENERAL INFORMATION"

"THE MERGER—Background of the Merger"

"THE MERGER—Recommendation of the Board and Reasons for the Merger"

"THE MERGER—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger"

"THE MERGER—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger"

"THE MERGER—Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger"

"THE MERGER—Plans for the Company After the Merger"

"THE MERGER—Certain Effects of the Merger on the Company"

"THE MERGER—Certain Effects of the Merger for the Purchaser Filing Parties"

&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:

"THE MERGER—Background of the Merger"

"THE MERGER—Recommendation of the Board and Reasons for the Merger"

"THE MERGER—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger"

"THE MERGER—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger"

"THE MERGER—Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger"

"THE MERGER—Fairness Opinion of Barclays Capital Inc."

"THE MERGER—Materials Provided to the Company by FT Partners"

&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"

"THE MERGER—Background of the Merger"

"THE MERGER—Recommendation of the Board and Reasons for the Merger"

9<br>

------

"THE MERGER—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger"

"THE MERGER—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger"

"THE MERGER—Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger"

"THE MERGER—Plans for the Company After the Merger"

"THE MERGER—Fairness Opinion of Barclays Capital Inc."

"THE MERGER—Materials Provided to the Company by FT Partners"

"THE MERGER—Certain Financial Forecasts"

"THE MERGER—Certain Effects of the Merger on the Company"

"THE MERGER—Certain Effects of the Merger for the Purchaser Filing Parties"

Annex C – Fairness Opinion of Barclays

&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"

"GENERAL INFORMATION"

"THE MERGER—Background of the Merger"

"THE MERGER—Recommendation of the Board and Reasons for the Merger"

"THE MERGER—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger"

"THE MERGER—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger"

"THE MERGER—Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger"

"THE MERGER—Plans for the Company After the Merger"

"THE MERGER—Certain Effects of the Merger on the Company"

"THE MERGER—Certain Effects of the Merger for the Purchaser Filing Parties"

"THE MERGER—Effect on the Company if the Merger Is Not Consummated"

"THE MERGER—Interests of Executive Officers and Directors of the Company in the Merger"

"THE MERGER—Material U.S. Federal Income Tax Consequences of the Merger to Holders of Company Common Stock"

"THE MERGER—Anticipated Accounting Treatment of the Merger"

"THE MERGER—Financing of the Merger"

"THE MERGER—Fees and Expenses"

"THE MERGER—Merger Consideration"

"THE MERGER—Delisting and Deregistration of Common Stock"

"THE MERGER—Appraisal Rights"

"THE MERGER AGREEMENT—Indemnification of Directors and Officers; Insurance"

"THE MERGER AGREEMENT—Employee Matters"

10<br>

------

"THE MERGER AGREEMENT—Structure of the Merger; Certificate of Incorporation; Bylaws; Directors and Officers"

"THE MERGER AGREEMENT—Effect of the Merger on the Company Common Stock"

"THE MERGER AGREEMENT—Treatment of Equity Awards, Company Stock Plans and ESPP in the Merger"

"THE MERGER AGREEMENT—Conduct of Business Pending the Merger"

"MARKET PRICES"

"OTHER IMPORTANT INFORMATION REGARDING THE COMPANY—Dividends"

Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.

---

| | |
|:---|:---|
| **Item 8.**<br>| **Fairness of the Transaction**  |

---

#### Regulation M-A Item 1014
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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"

"GENERAL INFORMATION"

"THE MERGER—Background of the Merger"

"THE MERGER—Recommendation of the Board and Reasons for the Merger"

"THE MERGER—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger"

"THE MERGER—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger"

"THE MERGER—Fairness Opinion of Barclays Capital Inc."

"THE MERGER—Materials Provided to the Company by FT Partners"

"THE MERGER—Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger"

"THE MERGER—Certain Effects of the Merger on the Company"

"THE MERGER—Certain Effects of the Merger for the Purchaser Filing Parties"

Annex C – Fairness Opinion of Barclays

&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"

"GENERAL INFORMATION"

"THE MERGER—Recommendation of the Board and Reasons for the Merger"

"THE MERGER—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger"

"THE MERGER—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger"

"THE MERGER AGREEMENT—Conditions to the Merger"

"THE SPECIAL MEETING"

"PROPOSAL NO. 1: THE MERGER PROPOSAL"

11<br>

------

Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.

&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:

"THE MERGER—Background of the Merger"

"THE MERGER—Recommendation of the Board and Reasons for the Merger"

"THE MERGER—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger"

"THE MERGER—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger"

"THE MERGER—Certain Effects of the Merger on the Company"

"THE MERGER—Certain Effects of the Merger for the Purchaser Filing Parties"

&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"

"GENERAL INFORMATION"

"THE MERGER—Background of the Merger"

"THE MERGER—Recommendation of the Board and Reasons for the Merger"

"THE MERGER—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger"

"THE MERGER—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger"

"THE MERGER—Fairness Opinion of Barclays Capital Inc."

"THE MERGER—Materials Provided to the Company by FT Partners"

"THE MERGER—Interests of Executive Officers and Directors of the Company in the Merger"

"PROPOSAL NO. 1: THE MERGER PROPOSAL"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Other offers*. Not applicable.

---

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

---

#### Regulation M-A Item 1015
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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"

"GENERAL INFORMATION"

"THE MERGER—Background of the Merger"

"THE MERGER—Recommendation of the Board and Reasons for the Merger"

"THE MERGER—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger"

"THE MERGER—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger"

"THE MERGER—Fairness Opinion of Barclays Capital Inc."

"THE MERGER—Materials Provided to the Company by FT Partners"

"WHERE YOU CAN FIND MORE INFORMATION"

12<br>

------

Annex C – Fairness Opinion of Barclays

The reports, opinions or appraisals referenced in this Item 9 will be made available for inspection and copying at the principal executive offices of AvidXchange during its regular business hours by any interested equity security holder of AvidXchange or representative who has been so designated in writing.

---

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

---

#### Regulation M-A Item 1007
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) – (b) *Source of funds; Conditions*. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

"SUMMARY"

"THE MERGER—Financing of the Merger"

"THE MERGER—Financing Cooperation"

Amended and Restated Commitment Letter, dated as of May 23, 2025, entered into by Arrow Borrower 2025, Inc., Ares Capital Management LLC, Blue Owl Credit Advisors LLC, Cliffwater Corporate Lending Fund, MUFG Bank LTD., New Mountain Finance Advisers, L.L.C., PCL LVS IV LP, PCLF SPE III LP and Jasper CS LLC., is attached hereto as Exhibit (b)(3) and is incorporated herein by reference

Equity Commitment Letter, dated as of May 6, 2025, entered into by TPG Partners IX, L.P. and Arrow Borrower 2025, Inc., is attached hereto as Exhibit (b)(4) and is incorporated herein by reference

Equity Commitment Letter, dated as of May 6, 2025, entered into by Corpay, Inc. and Arrow Borrower 2025, Inc., is attached hereto as Exhibit (b)(5) and is incorporated herein by reference

&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:

"SUMMARY"

"THE MERGER—Fees and Expenses"

"THE MERGER AGREEMENT—Termination"

"THE MERGER AGREEMENT—Termination Fees"

"THE MERGER AGREEMENT—Expenses Generally"

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

"THE MERGER—Financing of the Merger"

"THE MERGER—Financing Cooperation"

Amended and Restated Commitment Letter, dated as of May 23, 2025, entered into by Arrow Borrower 2025, Inc., Ares Capital Management LLC, Blue Owl Credit Advisors LLC, Cliffwater Corporate Lending Fund, MUFG Bank LTD., New Mountain Finance Advisers, L.L.C., PCL LVS IV LP, PCLF SPE III LP and Jasper CS LLC., is attached hereto as Exhibit (b)(3) and is incorporated herein by reference

---

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

---

#### Regulation M-A Item 1008
&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:

"THE MERGER—Interests of Executive Officers and Directors of the Company in the Merger"

"THE MERGER AGREEMENT—The Voting and Support Agreement"

"SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT"

13<br>

------

Annex D – Voting and Support Agreement, dated as of May 6, 2025, by and among Arrow Borrower 2025, Inc., AvidXchange Holdings, Inc. and the stockholders of the Company party thereto

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

"THE MERGER—Rollover Shares"

"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"

Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.

Form of Rollover Agreement is attached hereto as Exhibit (d)(2) and is incorporated herein by reference

Annex D – Voting and Support Agreement, dated as of May 6, 2025, by and among Arrow Borrower 2025, Inc., AvidXchange Holdings, Inc. and the stockholders of the Company party thereto

---

| | |
|:---|:---|
| **Item 12.**<br>| **The Solicitation or Recommendation**  |

---

#### Regulation M-A Item 1012
&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"

"GENERAL INFORMATION"

"THE MERGER—Recommendation of the Board and Reasons for the Merger"

"THE MERGER—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger"

"THE MERGER—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger"

"THE MERGER—Purpose and Reasons of the Purchaser Filing Parties for the Merger"

"THE MERGER—Rollover Shares"

"THE SPECIAL MEETING—Vote Required; Abstentions and Broker Non-Votes"

"THE SPECIAL MEETING—Shares Held by Directors and Executive Officers"

"THE SPECIAL MEETING—Shares Held by the Supporting Stockholders"

"THE MERGER AGREEMENT—The Voting and Support Agreement"

Form of Rollover Agreement is attached hereto as Exhibit (d)(2) and is incorporated herein by reference

&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"

"GENERAL INFORMATION"

"THE MERGER—Background of the Merger"

"THE MERGER—Recommendation of the Board and Reasons for the Merger"

"THE MERGER—Position of the CEO Rollover Filing Parties as to the Fairness of the Merger"

"THE MERGER—Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger"

14<br>

------

"THE MERGER—Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger"

---

| | |
|:---|:---|
| **Item 13.**<br>| **Financial Statements**  |

---

#### Regulation M-A Item 1010
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Financial information*. The audited consolidated financial statements of the Company for the fiscal years ended December 31, 2024 and 2023 are incorporated herein by reference to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed on February 28, 2025 (see "Item 8. Financial Statements and Supplementary Data" beginning on page [59](https://www.sec.gov/ix?doc=/Archives/edgar/data/1858257/000095017025029974/avdx-20241231.htm)). The consolidated financial statements set forth in Item 1 of the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, filed on May 9, 2025, are incorporated herein by reference.

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

"THE MERGER—Certain Effects of the Merger on the Company"

"THE MERGER—Certain Effects of the Merger for the Purchaser Filing Parties"

"THE MERGER—Certain Financial Forecasts"

"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.**<br>| **Persons/Assets, Retained, Employed, Compensated or Used**  |

---

#### Regulation M-A Item 1009
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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"

"GENERAL INFORMATION"

"THE MERGER—Background of the Merger"

"THE MERGER—Recommendation of the Board and Reasons for the Merger"

"THE MERGER—Fees and Expenses"

"THE MERGER—Interests of Directors and Executive Officers of the Company in the Merger"

"THE SPECIAL MEETING—Solicitation of Proxies"

---

| | |
|:---|:---|
| **Item 15.**<br>| **Additional Information**  |

---

#### Regulation M-A Item 1011
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Golden Parachute Compensation*. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"SUMMARY"

"GENERAL INFORMATION—What am I being asked to vote on at the Special Meeting?"

"THE MERGER—Certain Effects of the Merger on the Company"

"THE MERGER—Certain Effects of the Merger for the Purchaser Filing Parties"

"THE MERGER AGREEMENT—Effect of the Merger on the Company Common Stock"

"THE MERGER AGREEMENT—Treatment of Equity Awards, Company Stock Plans and ESPP in the Merger"

15<br>

------

"THE MERGER—Interests of Directors and Executive Officers of the Company in the Merger—Treatment of the Company Equity Awards, Company Stock Plans and ESPP in the Merger"

"THE SPECIAL MEETING—Purpose of the Special Meeting"

"PROPOSAL NO. 2: THE MERGER COMPENSATION PROPOSAL"

Annex A – Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc.

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

---

| | |
|:---|:---|
| **Item 16.**<br>| **Exhibits**  |

---

#### Regulation M-A Item 1016
[(a)(1)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022843/ny20049415x1_prem14a.htm) Preliminary Proxy Statement of AvidXchange Holdings, Inc. (included in Schedule 14A filed on June 17, 2025 and incorporated herein by reference).

[(a)(2)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022843/ny20049415x1_prem14a.htm#ny20049415x1_prem14a_400-pc_pg1) Form of Proxy Card (included in the Proxy Statement and incorporated herein by reference).

[(a)(3)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022843/ny20049415x1_prem14a.htm#ny20049415x1_prem14a_101-letter_pg1) Letter to AvidXchange Holdings, Inc. Stockholders (included in the Proxy Statement and incorporated herein by reference).

[(a)(4)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022843/ny20049415x1_prem14a.htm#ny20049415x1_prem14a_102-notice_pg1) Notice of Special Meeting of Stockholders (included in the Proxy Statement and incorporated herein by reference).

[(a)(5)](https://www.sec.gov/Archives/edgar/data/1858257/000119312525113913/d920050dex991.htm) Press Release, dated May 6, 2025 (filed as Exhibit 99.1 to AvidXchange Holdings, Inc.'s Current Report on Form 8-K, filed May 6, 2025 and incorporated herein by reference).

[(a)(6)](https://www.sec.gov/Archives/edgar/data/1858257/000119312525113918/d920050ddefa14a.htm) Current Report on Form 8-K, dated May 6, 2025 (included in Schedule 14A filed on May 6, 2025 and incorporated herein by reference).

[(a)(7)](https://www.sec.gov/ix?doc=/Archives/edgar/data/1858257/000119312525114937/d132155d8k.htm) Current Report on Form 8-K, dated May 7, 2025 (included in Schedule 14A filed on May 7, 2025 and incorporated herein by reference).

[(a)(8)](https://www.sec.gov/Archives/edgar/data/1858257/000119312525114068/d916952ddefa14a.htm) Email to Employees (included in Schedule 14A filed on May 7, 2025 and incorporated herein by reference).

[(a)(9)](https://www.sec.gov/Archives/edgar/data/1858257/000119312525114078/d880068ddefa14a.htm) Avid Social Media Posts (included in Schedule 14A filed on May 7, 2025 and incorporated herein by reference).

[(a)(10)](https://www.sec.gov/Archives/edgar/data/1858257/000119312525114477/d880065ddefa14a.htm) Teammate FAQs (included in Schedule 14A filed on May 7, 2025 and incorporated herein by reference).

[(a)(11)](https://www.sec.gov/Archives/edgar/data/1858257/000119312525115039/d133187ddefa14a.htm) Customer/Supplier/Partner Email (included in Schedule 14A filed on May 7, 2025 and incorporated herein by reference).

[(a)(12)](https://www.sec.gov/Archives/edgar/data/1858257/000119312525115043/d880061ddefa14a.htm) Customer-Facing Teammate FAQs (included in Schedule 14A filed on May 7, 2025 and incorporated herein by reference).

[(a)(13)](https://www.sec.gov/Archives/edgar/data/1858257/000119312525116878/d935497ddefa14a.htm) Supplemental Teammate FAQs (included in Schedule 14A filed on May 9, 2025 and incorporated herein by reference).

[(a)(14)](https://www.sec.gov/Archives/edgar/data/1858257/000119312525116891/d942688ddefa14a.htm) Customer-Facing Teammate Communication (included in Schedule 14A filed on May 9, 2025 and incorporated herein by reference).

[(a)(15)](https://www.sec.gov/Archives/edgar/data/1858257/000119312525116983/d925957ddefa14a.htm) Praeger Social Media Posts (included in Schedule 14A filed on May 9, 2025 and incorporated herein by reference).

[(b)(1)](ny20049415x2_exb1.htm) Limited Guarantee, dated as of May 6, 2025, entered into by Corpay, Inc. in favor of AvidXchange Holdings, Inc.

[(b)(2)](ny20049415x2_exb2.htm) Limited Guarantee, dated as of May 6, 2025, entered into by TPG Partners IX, L.P. in favor of AvidXchange Holdings, Inc.

16<br>

------

[(b)(3)](ny20049415x2_exb3.htm) Amended and Restated Commitment Letter, dated as of May 23, 2025, entered into by Arrow Borrower 2025, Inc., Ares Capital Management LLC, Blue Owl Credit Advisors LLC, Cliffwater Corporate Lending Fund, MUFG Bank LTD., New Mountain Finance Advisers, L.L.C., PCL LVS IV LP, PCLF SPE III LP and Jasper CS LLC.

[(b)(4)](ny20049415x2_exb4.htm) Equity Commitment Letter, dated as of May 6, 2025, entered into by TPG Partners IX, L.P. and Arrow Borrower 2025, Inc.

[(b)(5)](ny20049415x2_exb5.htm) Equity Commitment Letter, dated as of May 6, 2025, entered into by Corpay, Inc. and Arrow Borrower 2025, Inc.

[(c)(1)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022843/ny20049415x1_prem14a.htm#tAXC) Fairness Opinion of Barclays Capital Inc. (included as Annex C to the Proxy Statement and incorporated herein by reference).

[(c)(2)](ny20049415x2_exc2.htm)\*\* Discussion materials prepared by Barclays Capital Inc., dated January 13, 2025, for the Transaction Committee of the Board of Directors of AvidXchange Holdings, Inc.

[(c)(3)](ny20049415x2_exc3.htm) Discussion materials prepared by Barclays Capital Inc., dated January 24, 2025, for the Transaction Committee of the Board of Directors of AvidXchange Holdings, Inc.

[(c)(4)](ny20049415x2_exc4.htm)\*\* Discussion materials prepared by Barclays Capital Inc., dated January 31, 2025, for the Board of Directors of AvidXchange Holdings, Inc.

[(c)(5)](ny20049415x2_exc5.htm)\*\* Discussion materials prepared by Barclays Capital Inc., dated February 3, 2025, for the Transaction Committee of the Board of Directors of AvidXchange Holdings, Inc.

[(c)(6)](ny20049415x2_exc6.htm) Discussion materials prepared by Barclays Capital Inc., dated February 3, 2025, for the Board of Directors of AvidXchange Holdings, Inc.

[(c)(7)](ny20049415x2_exc7.htm)\*\* Discussion materials prepared by Barclays Capital Inc., dated March 7, 2025, for the Transaction Committee of the Board of Directors of AvidXchange Holdings, Inc.

[(c)(8)](ny20049415x2_exc8.htm)\*\* Discussion materials prepared by Barclays Capital Inc., dated March 26, 2025, for the Board of Directors of AvidXchange Holdings, Inc.

[(c)(9)](ny20049415x2_exc9.htm)\*\* Discussion materials prepared by Barclays Capital Inc., dated March 27, 2025, for the Transaction Committee of the Board of Directors of AvidXchange Holdings, Inc.

[(c)(10)](ny20049415x2_exc10.htm)\*\* Discussion materials prepared by Barclays Capital Inc., dated April 1, 2025, for the Board of Directors of AvidXchange Holdings, Inc.

[(c)(11)](ny20049415x2_exc11.htm)\*\* Discussion materials prepared by Barclays Capital Inc., dated April 17, 2025, for the Board of Directors of AvidXchange Holdings, Inc.

[(c)(12)](ny20049415x2_exc12.htm)\*\* Discussion materials prepared by Barclays Capital Inc., dated May 5, 2025, for the Board of Directors of AvidXchange Holdings, Inc.

[(c)(13)](ny20049415x2_exc13.htm) Discussion materials prepared by Financial Technology Partners LP and FTP Securities LLC, dated December 18, 2024, for the Board of Directors of AvidXchange Holdings, Inc.

[(c)(14)](ny20049415x2_exc14.htm) Discussion materials prepared by Financial Technology Partners LP and FTP Securities LLC, dated January 8, 2025 and reviewed January 10, 2025, for the Transaction Committee of the Board of Directors of AvidXchange Holdings, Inc.

[(c)(15)](ny20049415x2_exc15.htm)\*\* Discussion materials prepared by Financial Technology Partners LP and FTP Securities LLC, dated January 24, 2025, for the Transaction Committee of the Board of Directors of AvidXchange Holdings, Inc.

[(c)(16)](ny20049415x2_exc16.htm) Discussion materials prepared by Financial Technology Partners LP and FTP Securities LLC, dated January 24, 2025, for the Transaction Committee of the Board of Directors of AvidXchange Holdings, Inc.

[(c)(17)](ny20049415x2_exc17.htm)\*\* Discussion materials prepared by Financial Technology Partners LP and FTP Securities LLC, dated February 3, 2025, for the Transaction Committee of the Board of Directors and the Board of Directors of AvidXchange Holdings, Inc.

[(c)(18)](ny20049415x2_exc18.htm)\*\* Discussion materials prepared by Financial Technology Partners LP and FTP Securities LLC, dated March 26, 2025, for the Board of Directors of AvidXchange Holdings, Inc.

17<br>

------

[(c)(19)](ny20049415x2_exc19.htm)\*\* Discussion materials prepared by Financial Technology Partners LP and FTP Securities LLC, dated March 31, 2025, for the Board of Directors of AvidXchange Holdings, Inc.

[(c)(20)](ny20049415x2_exc20.htm)\*\* Discussion materials prepared by Financial Technology Partners LP and FTP Securities LLC, dated April 1, 2025, for the Board of Directors of AvidXchange Holdings, Inc.

[(c)(21)](ny20049415x2_exc21.htm)\*\* Discussion materials prepared by Financial Technology Partners LP and FTP Securities LLC, dated April 17, 2025, for the Board of Directors of AvidXchange Holdings, Inc.

[(c)(22)](ny20049415x2_exc22.htm)\*\* Discussion materials prepared by Financial Technology Partners LP and FTP Securities LLC, dated May 1, 2025, for the Board of Directors of AvidXchange Holdings, Inc.

[(c)(23)](ny20049415x2_exc23.htm)\*\* Discussion materials prepared by Financial Technology Partners LP and FTP Securities LLC, dated May 5, 2025, for the Board of Directors of AvidXchange Holdings, Inc.

[(d)(1)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022843/ny20049415x1_prem14a.htm#tAXA) Merger Agreement (included as Annex A to the Proxy Statement and incorporated herein by reference).

[(d)(2)](ny20049415x2_exd2.htm) Form of Rollover Agreement.

[(d)(3)](https://www.sec.gov/Archives/edgar/data/1858257/000114036125022843/ny20049415x1_prem14a.htm#tAXD) Voting and Support Agreement, dated as of May 6, 2025, by and among Parent, Company and the stockholders of the Company party thereto (included as Annex D to the Proxy Statement and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(f)](ny20049415x2_exf.htm) Section 262 of the Delaware General Corporation Law.

[107](ny20049415x2_ex107.htm) Filing Fee Table

\*\*<br> Certain portions of this exhibit have been redacted and separately filed with the Securities and Exchange Commission pursuant to a request for confidential treatment.

18<br>

------

#### SIGNATURE
After due inquiry and to the best of each of the undersigned's knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated as of June 17, 2025.

---

| | |
|:---|:---|
| **AVIDXCHANGE HOLDINGS, INC.**  | **AVIDXCHANGE HOLDINGS, INC.**  |
| By: | /s/ Ryan Stahl |
|  | Name: Ryan Stahl  |
|  | Title: General Counsel, Senior Vice President and Secretary  |
| **ARROW BORROWER 2025, INC.**  | **ARROW BORROWER 2025, INC.**  |
| By: | /s/ John Flynn |
|  | Name: John Flynn  |
|  | Title: Authorized Signatory  |
| **ARROW MERGER SUB 2025, INC.**  | **ARROW MERGER SUB 2025, INC.**  |
| By: | /s/ John Flynn |
|  | Name: John Flynn  |
|  | Title: Authorized Signatory  |
| **ARROW INTERMEDIATE 2025, INC.** | **ARROW INTERMEDIATE 2025, INC.** |
| By: | /s/ John Flynn |
|  | Name: John Flynn  |
|  | Title: Authorized Signatory  |
| **ARROW HOLDINGS 2025, INC.**  | **ARROW HOLDINGS 2025, INC.**  |
| By: | /s/ John Flynn |
|  | Name: John Flynn  |
|  | Title: Authorized Signatory  |
| **ARROW PARENT 2025, L.P.**  | **ARROW PARENT 2025, L.P.**  |
| By:  | ARROW PARENT GENPAR 2025, LLC, its general partner  |
| By: | /s/ John Flynn |
|  | Name: John Flynn  |
|  | Title: Authorized Signatory  |
| **ARROW PARENT GENPAR 2025, LLC**  | **ARROW PARENT GENPAR 2025, LLC**  |
| By: | /s/ John Flynn |
|  | Name: John Flynn  |
|  | Title: Authorized Signatory  |

---

19<br>

------

---

| | |
|:---|:---|
| **TPG IX ARROW PARENT HOLDINGS, L.P.** | **TPG IX ARROW PARENT HOLDINGS, L.P.** |
| By:  | ARROW PARENT HOLDINGS GENPAR 2025, LLC, its general partner  |
| By: | /s/ John Flynn |
|  | Name: John Flynn  |
|  | Title: Authorized Signatory  |
| **ARROW PARENT HOLDINGS GENPAR 2025, LLC** | **ARROW PARENT HOLDINGS GENPAR 2025, LLC** |
| By: | /s/ John Flynn |
|  | Name: John Flynn |
|  | Title: Authorized Signatory  |
| **THE ARROW HOLDINGS BUSINESS TRUST** | **THE ARROW HOLDINGS BUSINESS TRUST** |
| By: | /s/ John Flynn |
|  | Name: John Flynn |
|  | Title: Trustee  |
| **TPG PARTNERS IX, L.P.** | **TPG PARTNERS IX, L.P.** |
| By:  | TPG GENPAR IX, L.P., its general partner  |
| By: | TPG GENPAR IX ADVISORS, LLC, its general partner  |
| By: | /s/ Martin Davidson |
|  | Name: Martin Davidson  |
|  | Title: Chief Accounting Officer  |
| **CORPAY, INC.** | **CORPAY, INC.** |
| By: | /s/ Alissa Vickery |
|  | Name: Alissa Vickery  |
|  | Title: Chief Financial Officer  |
| **GREEN AND GOLD 2014 GRAT** | **GREEN AND GOLD 2014 GRAT** |
| By: | /s/ James Blakey |
|  | Name: James Blakey  |
|  | Title: Trustee |
| **GREEN AND GOLD 2015 GRAT** | **GREEN AND GOLD 2015 GRAT** |
| By: | /s/ James Blakey |
|  | Name: James Blakey  |
|  | Title: Trustee |
| **MICHAEL PRAEGER** | **MICHAEL PRAEGER** |
| By: | /s/ Michael Praeger |
|  | Name: Michael Praeger |

---

20<br>

## Ex-99.(B)(1)

Exhibit (b)(1)

***Execution Version***

**LIMITED GUARANTEE**

LIMITED GUARANTEE, dated as of May 6, 2025 (this "<u>Limited Guarantee</u>"), by Corpay, Inc., a Delaware corporation (the "<u>Guarantor</u>"), in favor of AvidXchange Holdings, Inc., a Delaware corporation (the "<u>Guaranteed Party</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>GUARANTEE</u>. To induce the Guaranteed Party to enter into that certain Merger Agreement, dated as of the date hereof (as amended, amended and restated, supplemented or otherwise modified from time to time, the "<u>Merger Agreement;</u>" capitalized terms used but not defined herein shall have the meanings given to such terms in the Merger Agreement) among the Guaranteed Party, Arrow Borrower 2025, Inc., a Delaware corporation ("<u>Parent</u>") and Arrow Merger Sub 2025, Inc., a Delaware corporation ("<u>Merger Sub</u>"), pursuant to which, upon the terms and subject to the conditions set forth therein, Merger Sub will merge with and into the Guaranteed Party (the "<u>Merger</u>"), with the Guaranteed Party surviving the Merger as a wholly owned subsidiary of Parent, the Guarantor, intending to be legally bound as primary obligor and not merely as surety, hereby absolutely, irrevocably and unconditionally, on terms and subject to the conditions set forth herein, guarantees to the Guaranteed Party the due, complete and punctual observance, performance and discharge of 37.884% of the payment obligations of Parent under (a) Section 8.03(d) of the Merger Agreement, if, as and when those obligations become payable under the Merger Agreement (i.e., $50,385,720) (the "<u>Parent Fee Obligations</u>") and (b) Section 6.03(f), Section 6.14(c) and Section 8.03(g) of the Merger Agreement, if, as and when those obligations become payable under the Merger Agreement (the "<u>Expense Obligations</u>" and, together with the Parent Fee Obligations, the "<u>Guaranteed Obligations</u>"); <u>provided</u>, that in no event shall the Guarantor's aggregate liability under this Limited Guarantee for (i) the Parent Fee Obligations exceed 37.884% of the Parent Termination Fee or (ii) the Expense Obligations exceed 37.884% of the lesser of (x) $5,000,000 and (y) the aggregate Expense Obligations that have been paid or are payable by Parent (such limitation on the liability the Guarantor may have for the Guaranteed Obligations being herein referred to as the "<u>Cap</u>"). This Limited Guarantee may not be enforced against the Guarantor without giving effect to the Cap (and to the provisions of <u>Sections 7</u> and <u>8</u> hereof). This Limited Guarantee may be enforced for the payment of money only. All payments hereunder shall be made in lawful money of the United States, in immediately available funds. The Guarantor acknowledges that the Guaranteed Party entered into the transactions contemplated by the Merger Agreement in reliance upon the execution of this Limited Guarantee.

If Parent fails to discharge any Guaranteed Obligations when due, then the Guaranteed Obligations will become immediately due and payable, the Guarantor shall, on the Guaranteed Party's demand, forthwith pay to the Guaranteed Party the Guaranteed Obligations (up to the Cap), and the Guaranteed Party may at any time and from time to time, at the Guaranteed Party's option, and so long as Parent has failed to discharge the Guaranteed Obligations, take any and all actions available hereunder or under Law to enforce its rights and remedies hereunder, including to collect the Guarantor's liabilities hereunder in respect of such Guaranteed Obligations, subject to the Cap.

In furtherance of the foregoing, the Guarantor acknowledges that the Guaranteed Party may, in its sole discretion, bring and prosecute a separate action or actions against the Guarantor for the full amount of the Guaranteed Obligations (subject to the Cap), regardless of whether any such action is brought against Parent or whether Parent or any other Person is joined in any such action or actions. The Guaranteed Party shall not be required to proceed against Parent first before proceeding against the Guarantor, and, any failure by the Guaranteed Party to pursue such rights and remedies it may have against Parent or to collect any payments from Parent or any other person shall not relieve the Guarantor of any liability hereunder.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>NATURE OF GUARANTEE</u>. The Guarantor's liability hereunder is absolute, unconditional, irrevocable and continuing irrespective of any modification, amendment or waiver of or any consent to depart from the Merger Agreement that may be agreed to by Parent. Without limiting the foregoing, the Guaranteed Party shall not be obligated to file any claim relating to the Guaranteed Obligations in the event that Parent becomes subject to a bankruptcy, reorganization or similar Proceeding, and the failure of the Guaranteed Party to so file shall not affect the Guarantor's obligations hereunder. Except as set forth in <u>Section 7</u>, in the event that any payment hereunder is rescinded or must otherwise be, and is, returned to the Guarantor for any reason whatsoever, the Guarantor shall remain liable hereunder as if such payment had not been made. This Limited Guarantee is an absolute, unconditional and irrevocable guarantee of payment and not of collection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>CHANGES IN OBLIGATIONS, CERTAIN WAIVERS</u>. The Guarantor agrees that the Guaranteed Party may, in its sole discretion, at any time and from time to time, without notice to or further consent of the Guarantor, extend the time of payment of any of the Guaranteed Obligations, and may also make any agreement with Parent for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, without in any way impairing or affecting the Guarantor's obligations under this Limited Guarantee or affecting the validity or enforceability of this Limited Guarantee. The liability of the Guarantor under this Limited Guarantee shall be irrevocable, absolute and unconditional irrespective of, and the Guarantor agrees that the obligations of the Guarantor hereunder shall not be released or discharged, in whole or in part, or otherwise affected by: (a) the failure or delay on the part of the Guaranteed Party to assert any claim or demand or to enforce any right or remedy against Parent or the Guarantor; (b) any change in the time, place or manner of payment of any of the Guaranteed Obligations, or any waiver, compromise, consolidation or other amendment or modification of any of the terms or provisions of the Merger Agreement or the Equity Commitment Letters, in each case, made in accordance with the terms thereof; (c) any change in the legal existence, structure or ownership of Parent or any other Person now or hereafter liable with respect to the Guaranteed Obligations or otherwise interested in the transactions contemplated by the Merger Agreement; (d) any voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all of the assets, marshalling of assets and liabilities, receivership, assignment for the benefit of creditors, insolvency, bankruptcy, reorganization or other similar Proceeding affecting Parent or any other Person now or hereafter liable with respect to the Guaranteed Obligations or otherwise interested in the transactions contemplated by the Merger Agreement; (e) the addition, substitution, discharge or release of any Person (x) now or hereinafter liable with respect to the Guaranteed Obligations or (y) under the Merger Agreement; (f) existence of any claim, set-off, or other right which the Guarantor may have at any time against Parent or the Guaranteed Party in connection with the Guaranteed Obligations; (g) any default by any party under, or the invalidity or unenforceability of, the Merger Agreement (subject to the last paragraph of this <u>Section 3</u>); or (h) the adequacy of any means the Guaranteed Party may have of obtaining payment related to the Guaranteed Obligations. To the fullest extent permitted by Law, the Guarantor hereby expressly waives any and all rights or defenses arising by reason of any Law which would otherwise require any election of remedies by the Guaranteed Party. The Guarantor waives promptness, diligence, notice of the acceptance of this Limited Guarantee and of the Guaranteed Obligations, presentment, demand for payment, notice of non-performance, default, dishonor and protest, notice of any Guaranteed Obligations incurred and all other notices of any kind (other than notices to Parent pursuant to 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 or any right to require the marshalling of assets of Parent or any other Person now or hereafter liable with respect to the Guaranteed Obligations or otherwise interested in the transactions contemplated by the Merger Agreement. The Guarantor acknowledges that it will receive substantial direct and indirect benefits from the transactions contemplated by the Merger Agreement and that the waivers set forth in this Limited Guarantee are knowingly made in contemplation of such benefits.

------

The Guarantor hereby unconditionally and irrevocably waives, and agrees not to exercise, any rights that it may now have or hereafter acquire against Parent or any other person interested in the transactions contemplated by the Merger Agreement that arise from the existence, payment, performance, or enforcement of the Guarantor's obligations under or in respect of this Limited Guarantee, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Guaranteed Party against Parent, whether or not such claim, remedy or right arises in equity or under contract, statute or common Law, 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, and the Guarantor shall not exercise any such rights unless and until all amounts payable by the Guarantor under this Limited Guarantee (which shall be subject to the Cap) shall have been indefeasibly paid in full in immediately available funds. If any amount shall be paid to the Guarantor in violation of the immediately preceding sentence at any time prior to the payment in full in immediately available funds of all amounts payable by the Guarantor under this Limited Guarantee (which shall be subject to the Cap), such amount shall be received and held in trust for the benefit of the Guaranteed Party, shall be segregated from other property and funds of the Guarantor and shall forthwith be promptly paid or delivered to the Guaranteed Party in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to all amounts payable by the Guarantor under this Limited Guarantee.

Notwithstanding anything to the contrary contained in this Limited Guarantee or otherwise, the Guaranteed Party hereby agrees that the Guarantor shall have all defenses to the payment of its obligations under this Limited Guarantee (which in any event shall be subject to the Cap) that would be available to Parent under the Merger Agreement with respect to the Guaranteed Obligations (other than (i) any defense, claims, set-off, deduction or release based on lack of authority of Parent or (ii) any defense based on any insolvency, bankruptcy, reorganization or other similar case or proceeding involving Parent or Merger Sub).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>REPRESENTATIONS AND WARRANTIES</u>.

The Guarantor hereby represents and warrants 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;(a)&nbsp;&nbsp;&nbsp;&nbsp; it is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization;

------

&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)&nbsp;&nbsp;&nbsp;&nbsp; it has all requisite corporate or other power and authority to execute, deliver and perform this Limited Guarantee and its obligations hereunder, and the execution, delivery and performance of this Limited Guarantee and its obligations hereunder have been duly and validly authorized by all necessary action and do not contravene any provision of the Guarantor's organizational documents or any Law, decree, order, judgment or contractual restriction binding on the Guarantor 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;(c)&nbsp;&nbsp;&nbsp;&nbsp; all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Authority necessary for the due execution, delivery and performance of this Limited Guarantee by the Guarantor 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 is required in connection with the execution, delivery or performance of this Limited Guarantee;

&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)&nbsp;&nbsp;&nbsp;&nbsp; assuming due execution and delivery of the Merger Agreement by all parties thereto, this Limited Guarantee constitutes a legal, valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms, subject to the Enforceability Exceptions; 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;(e)&nbsp;&nbsp;&nbsp;&nbsp; the Guarantor has the financial capacity to pay and perform its obligations under this Limited Guarantee, taking into account its obligations hereunder and all of its other obligations, and all funds necessary for the Guarantor to fulfill its obligations under this Limited Guarantee shall be available to the Guarantor in an unrestricted manner for so long as this Limited Guarantee shall remain in effect in accordance with <u>Section 7</u> hereof.

The Guaranteed Party hereby represents and warrants 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;(a)&nbsp;&nbsp;&nbsp;&nbsp; it has all requisite corporate or other power and authority to execute, deliver and perform this Limited Guarantee and its obligations hereunder, and the execution, delivery and performance of this Limited Guarantee and its obligations hereunder have been duly and validly authorized by all necessary action and do not contravene any provision of the Guaranteed Party's certificate of charter or bylaws or any Applicable Law, decree, order, judgment or contractual restriction applicable to or binding on the Guaranteed 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;(b)&nbsp;&nbsp;&nbsp;&nbsp; all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Authority necessary for the due execution, delivery and performance of this Limited Guarantee by the Guaranteed 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 is required in connection with the execution, delivery or performance of this Limited Guarantee; 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;(c)&nbsp;&nbsp;&nbsp;&nbsp; assuming due execution and delivery of the Merger Agreement by all parties thereto, this Limited Guarantee constitutes a legal, valid and binding obligation of the Guaranteed Party enforceable against the Guaranteed Party in accordance with its terms, subject to the Enforceability Exceptions.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>NO ASSIGNMENT</u>. Neither the Guarantor nor the Guaranteed Party may assign or delegate its respective rights, interests or obligations hereunder to any other Person (whether by operation of Law or otherwise) without the prior written consent of the Guaranteed Party (in the case of an assignment or delegation by the Guarantor) or the Guarantor (in the case of an assignment or delegation by the Guaranteed Party); <u>provided</u>, <u>however</u>, that the Guarantor may assign or delegate all or part of its rights, interests and obligations hereunder, without the prior written consent of the Guaranteed Party, to (i) any other Person to which it has allocated all or a portion of its investment commitment to Parent or (ii) an entity managed or advised by an Affiliate of such Guarantor, in each case, so long as such assignment or delegation occurs in accordance with the same limitations as set forth in Section 11 of the Equity Commitment Letter (as defined below); <u>provided</u>, <u>further</u>, that no such assignment or delegation shall relieve the Guarantor (or any other assigning Person) of any of its obligations hereunder, including as a primary obligor. Any purported assignment or delegation in breach of this <u>Section 5</u> shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>NOTICES</u>. Any notice, request, instruction or other document to be given hereunder by any party hereto to the other shall be in writing and delivered personally or sent by overnight courier, delivery fees prepaid, or by e-mail:

if to Guarantor:

Corpay, Inc.

3280 Peachtree Road, Suite 2400

Atlanta, Georgia 30305

Attn: Daniel Fishbein

E-mail: Daniel.Fishbein@corpay.com

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

Eversheds Sutherland (US), LLP

999 Peachtree Street, Suite 2300

Atlanta, Georgia 30309

Attn.: David Phillips

Rob Ellis

Craig Alcorn

Email: DavidPhillips@eversheds-sutherland.com

RobEllis@eversheds-sutherland.com

CraigAlcorn@eversheds-sutherland.com

if to the Guaranteed Party, as provided in the Merger Agreement, or, in each case, to such other Persons or addresses as may be designated in writing by the party hereto to receive such notice as provided above. Any notice, request, instruction or other document given as provided above shall be deemed given to the receiving party (a) upon actual receipt, if delivered personally, (b) on the next Business Day after deposit with an overnight courier, if sent by an overnight courier, delivery fees prepaid, or (c) upon transmission if sent by e-mail on a Business Day during normal business hours (and otherwise on the next Business Day) (<u>provided</u> that no "bounce back" or similar message of non-delivery is received with respect thereto).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>CONTINUING GUARANTEE</u>. Unless terminated pursuant to this <u>Section 7</u>, this Limited Guarantee may not be revoked or terminated and shall remain in full force and effect and shall be binding on the Guarantor, its successors and permitted assigns until the Guaranteed Obligations have been indefeasibly paid and satisfied in full. Notwithstanding the foregoing, or anything express or implied in this Limited Guarantee or otherwise, this Limited Guarantee shall terminate and the Guarantor shall have no further obligations under or in connection with this Limited Guarantee as of the earliest of: (a) the Closing, if the Closing occurs; (b) the valid termination of the Merger Agreement in accordance with its terms by mutual written consent of the parties thereto or in circumstances where the Parent Termination Fee, Enforcement Expenses or any payment under Section 6.03(f) or Section 6.14(c) of the Merger Agreement are not payable; and (c) ninety (90) days after the valid termination of the Merger Agreement in accordance with its terms under circumstances in which Parent would be obligated to make any payment of the Parent Termination Fee, Enforcement Expenses or any payment under Section 6.03(f) or Section 6.14(c) of the Merger Agreement, unless the Guaranteed Party shall have commenced a Proceeding against the Guarantor under and pursuant to this Limited Guarantee prior to the expiration of such ninety (90)-day period, in which case this Limited Guarantee shall terminate upon the final, non-appealable resolution of such action and satisfaction by the Guarantor of any obligations finally determined or agreed to be owed by the Guarantor, in accordance with the terms hereof). Notwithstanding the foregoing, or anything express or implied in this Limited Guarantee or otherwise, in the event that the Guaranteed Party, any of its controlled Affiliates or any of their respective directors or officers, asserts in any Proceeding that the provisions of <u>Section 1</u> hereof limiting the Guarantor's liability to the Cap or the provisions of this <u>Section 7</u> or <u>Section 8</u> hereof are illegal, invalid or unenforceable in whole or in part, asserts in any Proceeding that the Guarantor is liable in respect of Guaranteed Obligations in excess of or to a greater extent than the Cap, or asserts in any Proceeding any theory of liability against any Non-Recourse Party (as defined in <u>Section 8</u> hereof) with respect to this Limited Guarantee, the equity commitment letter by and between Guarantor and Parent, dated as of the date hereof (the "<u>Equity Commitment Letter</u>"), the Merger Agreement, any other agreement or instrument delivered in connection with this Limited Guarantee, the Equity Commitment Letters, the Merger Agreement or the transactions contemplated hereby or thereby, in each case, other than Retained Claims (as defined in <u>Section 8</u> hereof) asserted by the Guaranteed Party against the Non-Recourse Party(ies) against which such Retained Claims may be asserted pursuant to <u>Section 8</u> then: (i) the obligations of the Guarantor under or in connection with this Limited Guarantee shall terminate *ab initio* and be null and void; (ii) if the Guarantor has previously made any payments under or in connection with this Limited Guarantee, it shall be entitled to recover and retain such payments; and (iii) neither the Guarantor nor any other Non-Recourse Parties shall have any liability whatsoever (whether at law or in equity, whether sounding in contract, tort, statute or otherwise) to the Guaranteed Party or any other Person in any way under or in connection with this Limited Guarantee, the Equity Commitment Letter, the Merger Agreement, any other agreement or instrument delivered in connection with this Limited Guarantee, the Equity Commitment Letters, the Merger Agreement or the transactions contemplated hereby or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>NO RECOURSE</u>. The Guaranteed Party acknowledges the separate corporate existence of Parent. The Guaranteed Party acknowledges and agrees that, as of the date hereof, the sole asset of Parent is cash in a *de minimis* amount and that no additional funds are expected to be contributed to Parent unless and until the Closing occurs under the Merger Agreement. Notwithstanding anything that may be expressed or implied in this Limited Guarantee, the Merger Agreement, the Equity Commitment Letter, the Corpay Confidentiality Agreement or in any agreement or instrument delivered or contemplated thereby (collectively, the "<u>Transaction Documents</u>") or statement made or action taken in connection with, or that otherwise in any manner relates to, the transactions contemplated by any of the Transaction Documents or the negotiation, execution, performance or breach of any Transaction Document (this Limited Guarantee, the other Transaction Documents and such agreements, instruments, statements and actions collectively, "<u>Transaction-Related Matters</u>"), and notwithstanding any equitable, common law or statutory right or claim that may be available to the Guaranteed Party, its controlled Affiliates and their respective directors or officers, and notwithstanding the fact that the Guarantor is a corporation, by its acceptance of the benefits of this Limited Guarantee, the Guaranteed Party covenants, acknowledges and agrees, on behalf of itself, its controlled Affiliates and their respective directors or officers, 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;(a)&nbsp;&nbsp;&nbsp;&nbsp; no Non-Recourse Party has or shall have any obligations (whether of an equitable, contractual, tort, statutory or other nature) under, in connection with or to the extent related to any Transaction-Related Matter, other than under, in connection with or in any manner related to (i) Parent's and Merger Sub's respective obligations under and pursuant to the terms of the Merger Agreement, (ii) the Guarantor's obligations pursuant to the terms of this Limited Guarantee (subject to the Cap), (iii) Parent's and the Guarantor's respective obligations under the Equity Commitment Letter to cause the equity financing to be funded in accordance with the terms of the Equity Commitment Letter, (iv) the Guaranteed Party's third-party beneficiary rights pursuant to, and subject to the express terms of, the Equity Commitment Letter, (v) certain Non-Recourse Parties' obligations under, and pursuant to the terms of, the Corpay Confidentiality Agreement and (vi) each of Parent or Merger Sub's respective obligations under any other Transaction Document to the extent Parent or Merger Sub is an express party to such Transaction Document (subject, in each case, to the terms and limitations set forth therein) (the claims and Actions described in clauses (i) through (vi) against any of the Persons specified in clauses (i) through (vi) or any of their respective permitted successors or assigns, collectively, the "<u>Retained Claims</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;(b)&nbsp;&nbsp;&nbsp;&nbsp; no recourse (whether under an equitable, contractual, tort, statutory or other claim or theory) under, in connection with or in any manner related to, any Transaction-Related Matter shall be sought or had against (and, without limiting the generality of the foregoing, no liability shall attach to) any Non-Recourse Party, whether through Parent or any other Person interested in the transactions contemplated by any Transaction Document or otherwise, whether by or through theories of equity, agency, control, instrumentality, alter ego, domination, sham, single business enterprise, piercing the veil, unfairness, undercapitalization, or any other attempt to avoid or disregard the entity form of any Non-Recourse Party, by or through a claim by or on behalf of the Guaranteed Party, its controlled Affiliates or their respective directors or officers, Parent or any other Person against any Non-Recourse Party, by the enforcement of any assessment, by any legal or equitable Proceeding, by virtue of any Applicable Law, or otherwise, except, in each case, for Retained Claims; 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;(c)&nbsp;&nbsp;&nbsp;&nbsp; neither the Guaranteed Party, its controlled Affiliates nor any of their respective directors or officers has relied on any statement, representation or warranty or assurance made by, or any action taken by, any Person in connection with or in any manner related to a Transaction-Related Matter, other than those made by (i) the Guarantor in this Limited Guarantee and the Equity Commitment Letter and (ii) Parent and Merger Sub, as applicable, in the Transaction Documents.

------

The Retained Claims shall be the sole and exclusive remedy (whether at law or in equity, whether sounding in contract, tort, statute or otherwise) of the Guaranteed Party, all of its controlled Affiliates and their respective directors or officers against any or all of the Non-Recourse Parties, in respect of any claims, liabilities or obligations arising in any way under, in connection with or to the extent related to any Transaction-Related Matter. To the fullest extent permitted by Law, the Guaranteed Party, on behalf of itself, its controlled Affiliates and their respective directors or officers, hereby releases, remises and forever discharges all claims (other than Retained Claims) that the Guaranteed Party, its controlled Affiliates or their respective directors or officers has had, now has or might in the future have against any Non-Recourse Party arising in any way under, in connection with or to the extent related to any Transaction-Related Matter. The Guaranteed Party hereby covenants and agrees that, other than with respect to the Retained Claims, it shall not, and it shall cause its controlled Affiliates and their respective directors or officers not to, institute any Proceeding or bring any claim in any way under, in connection with or to the extent related to any Transaction-Related Matter (whether at law or in equity, whether sounding in contract, tort, statute or otherwise) against any Non-Recourse Party. Other than the Non-Recourse Parties, no Person other than the Guarantor and the Guaranteed Party and their respective Permitted Assignees shall have any rights or remedies under, in connection with or in any manner related to this Limited Guarantee or the transactions contemplated hereby. Anything in this Section 8 or otherwise in this Limited Guarantee to the contrary notwithstanding, nothing in this Limited Guarantee shall in any way be deemed to amend, limit or modify the rights and obligations of Guarantor or any of its controlled Affiliates, on the one hand, and the Guaranteed Party or its controlled Affiliates, on the other hand, under any other Contract involving any such parties to the extent unrelated to the Transactions (it being understood that the Guaranteed Party's obligation to operate the business in accordance with Section 6.01(a) and Section 6.01(b) of the Merger Agreement shall not be deemed to be related to the Transactions for the purposes of this sentence).

As used herein, the term "<u>Non-Recourse Parties</u>" means the Guarantor and any and all former, current or future direct or indirect holders of any equity, general or limited partnership or limited liability company interests, controlling persons, incorporators, directors, officers, employees, agents, attorneys, members, managers, management companies, portfolio companies, general or limited partners, stockholders, representatives, assignees or Affiliates of the Guarantor (including but not limited to Parent) and any and all former, current or future direct or indirect holders of any equity, general or limited partnership or limited liability company interests, controlling persons, incorporators, directors, officers, employees, agents, attorneys, members, managers, management companies, portfolio companies, general or limited partners, stockholders, representatives, assignees or Affiliates of any of the foregoing, and any and all former, current or future direct or indirect heirs, executors, administrators, trustees, representatives, successors or assigns of any of the foregoing, and the providers or potential providers of any equity or debt financing in connection with the Transaction; provided, however, Non-Recourse Parties shall be deemed to exclude TPG Partners IX, L.P. and its subsidiaries ("<u>TPG</u>").

------

For the avoidance of doubt, nothing in this Limited Guarantee shall prohibit the Guaranteed Party from pursuing both specific performance or other equitable relief pursuant to <u>Section 9.02</u> of the Merger Agreement and the payment of any Guaranteed Obligations (subject to the limitations set forth in Section 8.03(e) of the Merger Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>GOVERNING LAW; JURISDICTION</u>. This Limited Guarantee, the rights of the parties under or in connection herewith or the transactions contemplated hereby, and all actions or Proceedings arising out of or related to any of the foregoing, shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to principles or rules of conflict of laws to the extent such principles or rules would require or permit the application of Laws of another jurisdiction. Each of the parties hereto hereby expressly, irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Court of Chancery of the State of Delaware or, if such court shall not have jurisdiction, any federal court of the United States of America sitting in Delaware, and any appellate court from any appeal thereof, in any Proceeding arising out of or relating to this Limited Guarantee or the negotiation, execution or performance hereof or for recognition or enforcement of any judgment relating thereto, and each of the parties hereby irrevocably and unconditionally (i) agrees not to commence any such Proceeding except in such courts, (ii) agrees that any claim in respect of any such Proceeding may be heard and determined in the Court of Chancery of the State of Delaware or, to the extent permitted by Applicable Law, in such federal court, (iii) 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 such Proceeding in the Court of Chancery of the State of Delaware or such federal court and (iv) waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such Proceeding in the Court of Chancery of the State of Delaware or such federal court. Each of the parties hereto agrees that a final judgment in any such 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 Applicable Law. Each party to this Limited Guarantee irrevocably consents to service of process outside the territorial jurisdiction of the courts referred to in this <u>Section 9</u> in any such Proceeding by mailing copies thereof by registered or certified U.S. mail, postage prepaid, return receipt requested, to its address as specified in or pursuant to <u>Section 6</u>. However, nothing in this Limited Guarantee will affect the right of any party to this Limited Guarantee to serve process on the other party in any other manner permitted by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>WAIVER OF JURY TRIAL</u>. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY ACTION OR PROCEEDING CONTEMPLATED BY <u>SECTION 9</u> HEREOF IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUCH ACTION OR PROCEEDING. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT: (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF SUCH ACTION OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER; (ii) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (iii) IT MAKES THIS WAIVER VOLUNTARILY; AND (iv) IT HAS BEEN INDUCED TO ENTER INTO THIS LIMITED GUARANTEE BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 10</u>. EACH PARTY HEREBY FURTHER AGREES AND CONSENTS THAT ANY SUCH ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES MAY FILE A COPY OF THIS LIMITED GUARANTEE WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>COUNTERPARTS</u>. This Limited Guarantee shall not be effective until it has been executed and delivered by all parties hereto. This Limited Guarantee may be executed by facsimile or electronic transmission in pdf format, and in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>THIRD PARTY BENEFICIARIES</u>. This Limited Guarantee shall be binding upon and inure solely to the benefit of the parties hereto and their respective successors and permitted assigns, and nothing express or implied in this Limited Guarantee is intended to, or shall, confer upon any other Person any benefits, rights or remedies under or by reason of, or any rights to enforce or cause the Guaranteed Party to enforce, the obligations set forth herein; except that as a material aspect of this Limited Guarantee the parties intend that all Non-Recourse Parties other than the Guarantor shall be, and such Non-Recourse Parties are, intended third party beneficiaries of this Limited Guarantee who may rely on and enforce the provisions of this Limited Guarantee that bar the liability, or otherwise protect the interests, of such Non-Recourse Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>CONFIDENTIALITY</u>. This Limited Guarantee shall be treated as confidential and is being provided to the Guaranteed Party solely in connection with the transactions contemplated by the Transaction Documents. This Limited Guarantee may not be used, circulated, quoted or otherwise referred to in any document other than the Merger Agreement, except with the written consent of the Guarantor; <u>provided</u> that no such written consent is required for any disclosure of the existence or content of this Limited Guarantee by the Guaranteed Party: (i) to its controlled Affiliates and their respective directors or officers who need to know of the existence or terms of this Limited Guarantee; or (ii) to the extent required by Applicable Law or applicable stock exchange rule or any listing agreement of any party hereto (<u>provided</u>, that the Guaranteed Party will provide the Guarantor a reasonable opportunity to review such required disclosure in advance of such disclosure being made).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>MISCELLANEOUS</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;(a)&nbsp;&nbsp;&nbsp;&nbsp; This Limited Guarantee, together with the Merger Agreement, the Equity Commitment Letters, the Limited Guarantee delivered by TPG, Voting and Support Agreement, Rollover Agreements, and the Corpay Confidentiality Agreement, constitutes the entire agreement with respect to the subject matter hereof and supersedes any and all prior discussions, negotiations, proposals, undertakings, understandings and agreements, whether written or oral, among the Guarantor or any of its Affiliates, on the one hand, and the Guaranteed Party, its Affiliates or their respective directors or officers, on the other hand. No amendment, supplementation, modification or waiver of this Limited Guarantee or any provision hereof shall be enforceable unless approved by the Guaranteed Party and the Guarantor in writing.

------

&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)&nbsp;&nbsp;&nbsp;&nbsp; Any term or provision of this Limited Guarantee that is invalid, illegal or unenforceable in any jurisdiction shall be, as to such jurisdiction, ineffective solely to the extent of such invalidity or unenforceability without invalidating the remaining provisions hereof, and any such invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction; <u>provided</u>, <u>however</u>, that this Limited Guarantee may not be enforced without giving effect to the limitation of the amount payable by the Guarantor hereunder, to the Cap provided in <u>Section 1</u> hereof and to the provisions of <u>Sections 7</u> and <u>8</u> hereof. Each party hereto covenants and agrees that it shall not assert, and shall cause its respective controlled Affiliates and their respective directors or officers not to assert, that this Limited Guarantee or any part hereof is invalid, illegal or unenforceable.

&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)&nbsp;&nbsp;&nbsp;&nbsp; The descriptive headings herein are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Limited Guarantee.

&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)&nbsp;&nbsp;&nbsp;&nbsp; All parties acknowledge that each party and its counsel have reviewed this Limited Guarantee 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 Limited Guarantee.

*[Remainder of page intentionally left blank]*

------

IN WITNESS WHEREOF, the Guarantor has caused this Limited Guarantee to be executed and delivered as of the date first written above by its officer or representative thereunto duly authorized.

---

| | |
|:---|:---|
| **CORPAY, INC.** | **CORPAY, INC.** |
| By: | /s/ Alissa Vickery |
| Name: Alissa Vickery | Name: Alissa Vickery |
| Title: CFO, CAO | Title: CFO, CAO |

---

[LIMITED GUARANTEE SIGNATURE PAGE]

------

IN WITNESS WHEREOF, the Guaranteed Party has caused this Limited Guarantee to be executed and delivered as of the date first written above by its officer thereunto duly authorized.

---

| | |
|:---|:---|
| **AVIDXCHANGE HOLDINGS, INC.** | **AVIDXCHANGE HOLDINGS, INC.** |
| By: | /s/ Michael Praeger |
| Name: Michael Praeger<br> Title: Chief Executive Officer | Name: Michael Praeger<br> Title: Chief Executive Officer |

---

[LIMITED GUARANTEE SIGNATURE PAGE]

## Ex-99.(B)(2)

Exhibit (b)(2)

***Execution Version***

**LIMITED GUARANTEE**

LIMITED GUARANTEE, dated as of May 6, 2025 (this "<u>Limited Guarantee</u>"), by TPG Partners IX, L.P., a Delaware limited partnership (the "<u>Guarantor</u>"), in favor of AvidXchange Holdings, Inc., a Delaware corporation (the "<u>Guaranteed Party</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>GUARANTEE</u>. To induce the Guaranteed Party to enter into that certain Merger Agreement, dated as of the date hereof (as amended, amended and restated, supplemented or otherwise modified from time to time, the "<u>Merger Agreement;</u>" capitalized terms used but not defined herein shall have the meanings given to such terms in the Merger Agreement) among the Guaranteed Party, Arrow Borrower 2025, Inc., a Delaware corporation ("<u>Parent</u>") and Arrow Merger Sub 2025, Inc., a Delaware corporation ("<u>Merger Sub</u>"), pursuant to which, upon the terms and subject to the conditions set forth therein, Merger Sub will merge with and into the Guaranteed Party (the "<u>Merger</u>"), with the Guaranteed Party surviving the Merger as a wholly owned subsidiary of Parent, the Guarantor, intending to be legally bound as primary obligor and not merely as surety, hereby absolutely, irrevocably and unconditionally, on terms and subject to the conditions set forth herein, guarantees to the Guaranteed Party the due, complete and punctual observance, performance and discharge of 62.116% of the payment obligations of Parent under (a) Section 8.03(d) of the Merger Agreement, if, as and when those obligations become payable under the Merger Agreement (i.e., $82,614,280) (the "<u>Parent Fee Obligations</u>") and (b) Section 6.03(f), Section 6.14(c) and Section 8.03(g) of the Merger Agreement, if, as and when those obligations become payable under the Merger Agreement (the "<u>Expense Obligations</u>" and, together with the Parent Fee Obligations, the "<u>Guaranteed Obligations</u>"); <u>provided</u>, that in no event shall the Guarantor's aggregate liability under this Limited Guarantee for (i) the Parent Fee Obligations exceed 62.116% of the Parent Termination Fee or (ii) the Expense Obligations exceed 62.116% of the lesser of (x) $5,000,000 and (y) the aggregate Expense Obligations that have been paid or are payable by Parent (such limitation on the liability the Guarantor may have for the Guaranteed Obligations being herein referred to as the "<u>Cap</u>"). This Limited Guarantee may not be enforced against the Guarantor without giving effect to the Cap (and to the provisions of <u>Sections 7</u> and <u>8</u> hereof). This Limited Guarantee may be enforced for the payment of money only. All payments hereunder shall be made in lawful money of the United States, in immediately available funds. The Guarantor acknowledges that the Guaranteed Party entered into the transactions contemplated by the Merger Agreement in reliance upon the execution of this Limited Guarantee.

If Parent fails to discharge any Guaranteed Obligations when due, then the Guaranteed Obligations will become immediately due and payable, the Guarantor shall, on the Guaranteed Party's demand, forthwith pay to the Guaranteed Party the Guaranteed Obligations (up to the Cap), and the Guaranteed Party may at any time and from time to time, at the Guaranteed Party's option, and so long as Parent has failed to discharge the Guaranteed Obligations, take any and all actions available hereunder or under Law to enforce its rights and remedies hereunder, including to collect the Guarantor's liabilities hereunder in respect of such Guaranteed Obligations, subject to the Cap.

In furtherance of the foregoing, the Guarantor acknowledges that the Guaranteed Party may, in its sole discretion, bring and prosecute a separate action or actions against the Guarantor for the full amount of the Guaranteed Obligations (subject to the Cap), regardless of whether any such action is brought against Parent or whether Parent or any other Person is joined in any such action or actions. The Guaranteed Party shall not be required to proceed against Parent first before proceeding against the Guarantor, and, any failure by the Guaranteed Party to pursue such rights and remedies it may have against Parent or to collect any payments from Parent or any other person shall not relieve the Guarantor of any liability hereunder.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>NATURE OF GUARANTEE</u>. The Guarantor's liability hereunder is absolute, unconditional, irrevocable and continuing irrespective of any modification, amendment or waiver of or any consent to depart from the Merger Agreement that may be agreed to by Parent. Without limiting the foregoing, the Guaranteed Party shall not be obligated to file any claim relating to the Guaranteed Obligations in the event that Parent becomes subject to a bankruptcy, reorganization or similar Proceeding, and the failure of the Guaranteed Party to so file shall not affect the Guarantor's obligations hereunder. Except as set forth in <u>Section 7</u>, in the event that any payment hereunder is rescinded or must otherwise be, and is, returned to the Guarantor for any reason whatsoever, the Guarantor shall remain liable hereunder as if such payment had not been made. This Limited Guarantee is an absolute, unconditional and irrevocable guarantee of payment and not of collection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>CHANGES IN OBLIGATIONS, CERTAIN WAIVERS</u>. The Guarantor agrees that the Guaranteed Party may, in its sole discretion, at any time and from time to time, without notice to or further consent of the Guarantor, extend the time of payment of any of the Guaranteed Obligations, and may also make any agreement with Parent for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, without in any way impairing or affecting the Guarantor's obligations under this Limited Guarantee or affecting the validity or enforceability of this Limited Guarantee. The liability of the Guarantor under this Limited Guarantee shall be irrevocable, absolute and unconditional irrespective of, and the Guarantor agrees that the obligations of the Guarantor hereunder shall not be released or discharged, in whole or in part, or otherwise affected by: (a) the failure or delay on the part of the Guaranteed Party to assert any claim or demand or to enforce any right or remedy against Parent or the Guarantor; (b) any change in the time, place or manner of payment of any of the Guaranteed Obligations, or any waiver, compromise, consolidation or other amendment or modification of any of the terms or provisions of the Merger Agreement or the Equity Commitment Letters, in each case, made in accordance with the terms thereof; (c) any change in the legal existence, structure or ownership of Parent or any other Person now or hereafter liable with respect to the Guaranteed Obligations or otherwise interested in the transactions contemplated by the Merger Agreement; (d) any voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all of the assets, marshalling of assets and liabilities, receivership, assignment for the benefit of creditors, insolvency, bankruptcy, reorganization or other similar Proceeding affecting Parent or any other Person now or hereafter liable with respect to the Guaranteed Obligations or otherwise interested in the transactions contemplated by the Merger Agreement; (e) the addition, substitution, discharge or release of any Person (x) now or hereinafter liable with respect to the Guaranteed Obligations or (y) under the Merger Agreement; (f) existence of any claim, set-off, or other right which the Guarantor may have at any time against Parent or the Guaranteed Party in connection with the Guaranteed Obligations; (g) any default by any party under, or the invalidity or unenforceability of, the Merger Agreement (subject to the last paragraph of this <u>Section 3</u>); or (h) the adequacy of any means the Guaranteed Party may have of obtaining payment related to the Guaranteed Obligations. To the fullest extent permitted by Law, the Guarantor hereby expressly waives any and all rights or defenses arising by reason of any Law which would otherwise require any election of remedies by the Guaranteed Party. The Guarantor waives promptness, diligence, notice of the acceptance of this Limited Guarantee and of the Guaranteed Obligations, presentment, demand for payment, notice of non-performance, default, dishonor and protest, notice of any Guaranteed Obligations incurred and all other notices of any kind (other than notices to Parent pursuant to 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 or any right to require the marshalling of assets of Parent or any other Person now or hereafter liable with respect to the Guaranteed Obligations or otherwise interested in the transactions contemplated by the Merger Agreement. The Guarantor acknowledges that it will receive substantial direct and indirect benefits from the transactions contemplated by the Merger Agreement and that the waivers set forth in this Limited Guarantee are knowingly made in contemplation of such benefits.

------

The Guarantor hereby unconditionally and irrevocably waives, and agrees not to exercise, any rights that it may now have or hereafter acquire against Parent or any other person interested in the transactions contemplated by the Merger Agreement that arise from the existence, payment, performance, or enforcement of the Guarantor's obligations under or in respect of this Limited Guarantee, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Guaranteed Party against Parent, whether or not such claim, remedy or right arises in equity or under contract, statute or common Law, 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, and the Guarantor shall not exercise any such rights unless and until all amounts payable by the Guarantor under this Limited Guarantee (which shall be subject to the Cap) shall have been indefeasibly paid in full in immediately available funds. If any amount shall be paid to the Guarantor in violation of the immediately preceding sentence at any time prior to the payment in full in immediately available funds of all amounts payable by the Guarantor under this Limited Guarantee (which shall be subject to the Cap), such amount shall be received and held in trust for the benefit of the Guaranteed Party, shall be segregated from other property and funds of the Guarantor and shall forthwith be promptly paid or delivered to the Guaranteed Party in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to all amounts payable by the Guarantor under this Limited Guarantee.

Notwithstanding anything to the contrary contained in this Limited Guarantee or otherwise, the Guaranteed Party hereby agrees that the Guarantor shall have all defenses to the payment of its obligations under this Limited Guarantee (which in any event shall be subject to the Cap) that would be available to Parent under the Merger Agreement with respect to the Guaranteed Obligations (other than (i) any defense, claims, set-off, deduction or release based on lack of authority of Parent or (ii) any defense based on any insolvency, bankruptcy, reorganization or other similar case or proceeding involving Parent or Merger Sub).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>REPRESENTATIONS AND WARRANTIES</u>.

The Guarantor hereby represents and warrants 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;(a)&nbsp;&nbsp;&nbsp;&nbsp; it is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization;

------

&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)&nbsp;&nbsp;&nbsp;&nbsp; it has all requisite limited partnership or other power and authority to execute, deliver and perform this Limited Guarantee and its obligations hereunder, and the execution, delivery and performance of this Limited Guarantee and its obligations hereunder have been duly and validly authorized by all necessary action and do not contravene any provision of the Guarantor's partnership agreement or any Law, decree, order, judgment or contractual restriction binding on the Guarantor 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;(c)&nbsp;&nbsp;&nbsp;&nbsp; all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Authority necessary for the due execution, delivery and performance of this Limited Guarantee by the Guarantor 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 is required in connection with the execution, delivery or performance of this Limited Guarantee;

&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)&nbsp;&nbsp;&nbsp;&nbsp; assuming due execution and delivery of the Merger Agreement by all parties thereto, this Limited Guarantee constitutes a legal, valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms, subject to the Enforceability Exceptions; 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;(e)&nbsp;&nbsp;&nbsp;&nbsp; the Guarantor has the financial capacity to pay and perform its obligations under this Limited Guarantee, taking into account its obligations hereunder and all of its other obligations, and all funds necessary for the Guarantor to fulfill its obligations under this Limited Guarantee shall be available to the Guarantor in an unrestricted manner for so long as this Limited Guarantee shall remain in effect in accordance with <u>Section 7</u> hereof.

The Guaranteed Party hereby represents and warrants 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;(a)&nbsp;&nbsp;&nbsp;&nbsp; it has all requisite corporate or other power and authority to execute, deliver and perform this Limited Guarantee and its obligations hereunder, and the execution, delivery and performance of this Limited Guarantee and its obligations hereunder have been duly and validly authorized by all necessary action and do not contravene any provision of the Guaranteed Party's certificate of charter or bylaws or any Applicable Law, decree, order, judgment or contractual restriction applicable to or binding on the Guaranteed 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;(b)&nbsp;&nbsp;&nbsp;&nbsp; all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Authority necessary for the due execution, delivery and performance of this Limited Guarantee by the Guaranteed 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 is required in connection with the execution, delivery or performance of this Limited Guarantee; 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;(c)&nbsp;&nbsp;&nbsp;&nbsp; assuming due execution and delivery of the Merger Agreement by all parties thereto, this Limited Guarantee constitutes a legal, valid and binding obligation of the Guaranteed Party enforceable against the Guaranteed Party in accordance with its terms, subject to the Enforceability Exceptions.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>NO ASSIGNMENT</u>. Neither the Guarantor nor the Guaranteed Party may assign or delegate its respective rights, interests or obligations hereunder to any other Person (whether by operation of Law or otherwise) without the prior written consent of the Guaranteed Party (in the case of an assignment or delegation by the Guarantor) or the Guarantor (in the case of an assignment or delegation by the Guaranteed Party); <u>provided</u>, <u>however</u>, that the Guarantor may assign or delegate all or part of its rights, interests and obligations hereunder, without the prior written consent of the Guaranteed Party, to (i) any other Person to which it has allocated all or a portion of its investment commitment to Parent or (ii) an entity managed or advised by an Affiliate of such Guarantor, in each case, so long as such assignment or delegation occurs in accordance with the same limitations as set forth in Section 11 of the Equity Commitment Letter (as defined below); <u>provided</u>, <u>further</u>, that no such assignment or delegation shall relieve the Guarantor (or any other assigning Person) of any of its obligations hereunder, including as a primary obligor. Any purported assignment or delegation in breach of this <u>Section 5</u> shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>NOTICES</u>. Any notice, request, instruction or other document to be given hereunder by any party hereto to the other shall be in writing and delivered personally or sent by overnight courier, delivery fees prepaid, or by e-mail:

if to Guarantor:

TPG Partners IX, L.P.

301 Commerce Street, Suite 3300

Fort Worth, TX 76102

Attn: Deirdre Harding

E-mail: dharding@tpg.com

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

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, NY 10017

Attn.: H. Oliver Smith

&nbsp;&nbsp;&nbsp;&nbsp;Darren Schweiger

&nbsp;&nbsp;&nbsp;&nbsp;Michael Diz

Email: oliver.smith@davispolk.com

&nbsp;&nbsp;&nbsp;&nbsp;darren.schweiger@davispolk.com

&nbsp;&nbsp;&nbsp;&nbsp;michael.diz@davispolk.com

if to the Guaranteed Party, as provided in the Merger Agreement, or, in each case, to such other Persons or addresses as may be designated in writing by the party hereto to receive such notice as provided above. Any notice, request, instruction or other document given as provided above shall be deemed given to the receiving party (a) upon actual receipt, if delivered personally, (b) on the next Business Day after deposit with an overnight courier, if sent by an overnight courier, delivery fees prepaid, or (c) upon transmission if sent by e-mail on a Business Day during normal business hours (and otherwise on the next Business Day) (<u>provided</u> that no "bounce back" or similar message of non-delivery is received with respect thereto).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>CONTINUING GUARANTEE</u>. Unless terminated pursuant to this <u>Section 7</u>, this Limited Guarantee may not be revoked or terminated and shall remain in full force and effect and shall be binding on the Guarantor, its successors and permitted assigns until the Guaranteed Obligations have been indefeasibly paid and satisfied in full. Notwithstanding the foregoing, or anything express or implied in this Limited Guarantee or otherwise, this Limited Guarantee shall terminate and the Guarantor shall have no further obligations under or in connection with this Limited Guarantee as of the earliest of: (a) the Closing, if the Closing occurs; (b) the valid termination of the Merger Agreement in accordance with its terms by mutual written consent of the parties thereto or in circumstances where the Parent Termination Fee, Enforcement Expenses or any payment under Section 6.03(f) or Section 6.14(c) of the Merger Agreement are not payable; and (c) ninety (90) days after the valid termination of the Merger Agreement in accordance with its terms under circumstances in which Parent would be obligated to make any payment of the Parent Termination Fee, Enforcement Expenses or any payment under Section 6.03(f) or Section 6.14(c) of the Merger Agreement, unless the Guaranteed Party shall have commenced a Proceeding against the Guarantor under and pursuant to this Limited Guarantee prior to the expiration of such ninety (90)-day period, in which case this Limited Guarantee shall terminate upon the final, non-appealable resolution of such action and satisfaction by the Guarantor of any obligations finally determined or agreed to be owed by the Guarantor, in accordance with the terms hereof). Notwithstanding the foregoing, or anything express or implied in this Limited Guarantee or otherwise, in the event that the Guaranteed Party, any of its controlled Affiliates or any of their respective directors or officers, asserts in any Proceeding that the provisions of <u>Section 1</u> hereof limiting the Guarantor's liability to the Cap or the provisions of this <u>Section 7</u> or <u>Section 8</u> hereof are illegal, invalid or unenforceable in whole or in part, asserts in any Proceeding that the Guarantor is liable in respect of Guaranteed Obligations in excess of or to a greater extent than the Cap, or asserts in any Proceeding any theory of liability against any Non-Recourse Party (as defined in <u>Section 8</u> hereof) with respect to this Limited Guarantee, the equity commitment letter by and between Guarantor and Parent, dated as of the date hereof (the "<u>Equity Commitment Letter</u>"), the Merger Agreement, any other agreement or instrument delivered in connection with this Limited Guarantee, the Equity Commitment Letters, the Merger Agreement or the transactions contemplated hereby or thereby, in each case, other than Retained Claims (as defined in <u>Section 8</u> hereof) asserted by the Guaranteed Party against the Non-Recourse Party(ies) against which such Retained Claims may be asserted pursuant to <u>Section 8</u> then: (i) the obligations of the Guarantor under or in connection with this Limited Guarantee shall terminate *ab initio* and be null and void; (ii) if the Guarantor has previously made any payments under or in connection with this Limited Guarantee, it shall be entitled to recover and retain such payments; and (iii) neither the Guarantor nor any other Non-Recourse Parties shall have any liability whatsoever (whether at law or in equity, whether sounding in contract, tort, statute or otherwise) to the Guaranteed Party or any other Person in any way under or in connection with this Limited Guarantee, the Equity Commitment Letter, the Merger Agreement, any other agreement or instrument delivered in connection with this Limited Guarantee, the Equity Commitment Letters, the Merger Agreement or the transactions contemplated hereby or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>NO RECOURSE</u>. The Guaranteed Party acknowledges the separate corporate existence of Parent. The Guaranteed Party acknowledges and agrees that, as of the date hereof, the sole asset of Parent is cash in a *de minimis* amount and that no additional funds are expected to be contributed to Parent unless and until the Closing occurs under the Merger Agreement. Notwithstanding anything that may be expressed or implied in this Limited Guarantee, the Merger Agreement, the Equity Commitment Letter, the Confidentiality Agreement or in any agreement or instrument delivered or contemplated thereby (collectively, the "<u>Transaction Documents</u>") or statement made or action taken in connection with, or that otherwise in any manner relates to, the transactions contemplated by any of the Transaction Documents or the negotiation, execution, performance or breach of any Transaction Document (this Limited Guarantee, the other Transaction Documents and such agreements, instruments, statements and actions collectively, "<u>Transaction-Related Matters</u>"), and notwithstanding any equitable, common law or statutory right or claim that may be available to the Guaranteed Party, its controlled Affiliates and their respective directors or officers, and notwithstanding the fact that the Guarantor is a limited partnership, by its acceptance of the benefits of this Limited Guarantee, the Guaranteed Party covenants, acknowledges and agrees, on behalf of itself, its controlled Affiliates and their respective directors or officers, 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;(a)&nbsp;&nbsp;&nbsp;&nbsp; no Non-Recourse Party has or shall have any obligations (whether of an equitable, contractual, tort, statutory or other nature) under, in connection with or to the extent related to any Transaction-Related Matter, other than under, in connection with or in any manner related to (i) Parent's and Merger Sub's respective obligations under and pursuant to the terms of the Merger Agreement, (ii) the Guarantor's obligations pursuant to the terms of this Limited Guarantee (subject to the Cap), (iii) Parent's and the Guarantor's respective obligations under the Equity Commitment Letter to cause the equity financing to be funded in accordance with the terms of the Equity Commitment Letter, (iv) the Guaranteed Party's third-party beneficiary rights pursuant to, and subject to the express terms of, the Equity Commitment Letter, (v) certain Non-Recourse Parties' obligations under, and pursuant to the terms of, the Confidentiality Agreement and (vi) each of Parent or Merger Sub's respective obligations under any other Transaction Document to the extent Parent or Merger Sub is an express party to such Transaction Document (subject, in each case, to the terms and limitations set forth therein) (the claims and Actions described in clauses (i) through (vi) against any of the Persons specified in clauses (i) through (vi) or any of their respective permitted successors or assigns, collectively, the "<u>Retained Claims</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;(b)&nbsp;&nbsp;&nbsp;&nbsp; no recourse (whether under an equitable, contractual, tort, statutory or other claim or theory) under, in connection with or in any manner related to, any Transaction-Related Matter shall be sought or had against (and, without limiting the generality of the foregoing, no liability shall attach to) any Non-Recourse Party, whether through Parent or any other Person interested in the transactions contemplated by any Transaction Document or otherwise, whether by or through theories of equity, agency, control, instrumentality, alter ego, domination, sham, single business enterprise, piercing the veil, unfairness, undercapitalization, or any other attempt to avoid or disregard the entity form of any Non-Recourse Party, by or through a claim by or on behalf of the Guaranteed Party, its controlled Affiliates or their respective directors or officers, Parent or any other Person against any Non-Recourse Party, by the enforcement of any assessment, by any legal or equitable Proceeding, by virtue of any Applicable Law, or otherwise, except, in each case, for Retained Claims; 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;(c)&nbsp;&nbsp;&nbsp;&nbsp; neither the Guaranteed Party, its controlled Affiliates nor any of their respective directors or officers has relied on any statement, representation or warranty or assurance made by, or any action taken by, any Person in connection with or in any manner related to a Transaction-Related Matter, other than those made by (i) the Guarantor in this Limited Guarantee and the Equity Commitment Letter and (ii) Parent and Merger Sub, as applicable, in the Transaction Documents.

------

The Retained Claims shall be the sole and exclusive remedy (whether at law or in equity, whether sounding in contract, tort, statute or otherwise) of the Guaranteed Party, all of its controlled Affiliates and their respective directors or officers against any or all of the Non-Recourse Parties, in respect of any claims, liabilities or obligations arising in any way under, in connection with or to the extent related to any Transaction-Related Matter. To the fullest extent permitted by Law, the Guaranteed Party, on behalf of itself, its controlled Affiliates and their respective directors or officers, hereby releases, remises and forever discharges all claims (other than Retained Claims) that the Guaranteed Party, its controlled Affiliates or their respective directors or officers has had, now has or might in the future have against any Non-Recourse Party arising in any way under, in connection with or to the extent related to any Transaction-Related Matter. The Guaranteed Party hereby covenants and agrees that, other than with respect to the Retained Claims, it shall not, and it shall cause its controlled Affiliates and their respective directors or officers not to, institute any Proceeding or bring any claim in any way under, in connection with or to the extent related to any Transaction-Related Matter (whether at law or in equity, whether sounding in contract, tort, statute or otherwise) against any Non-Recourse Party. Other than the Non-Recourse Parties, no Person other than the Guarantor and the Guaranteed Party and their respective Permitted Assignees shall have any rights or remedies under, in connection with or in any manner related to this Limited Guarantee or the transactions contemplated hereby.

As used herein, the term "<u>Non-Recourse Parties</u>" means the Guarantor and any and all former, current or future direct or indirect holders of any equity, general or limited partnership or limited liability company interests, controlling persons, incorporators, directors, officers, employees, agents, attorneys, members, managers, management companies, portfolio companies, general or limited partners, stockholders, representatives, assignees or Affiliates of the Guarantor (including but not limited to Parent) and any and all former, current or future direct or indirect holders of any equity, general or limited partnership or limited liability company interests, controlling persons, incorporators, directors, officers, employees, agents, attorneys, members, managers, management companies, portfolio companies, general or limited partners, stockholders, representatives, assignees or Affiliates of any of the foregoing, and any and all former, current or future direct or indirect heirs, executors, administrators, trustees, representatives, successors or assigns of any of the foregoing, and the providers or potential providers of any equity or debt financing in connection with the Transaction; provided, however, Non-Recourse Parties shall be deemed to exclude Corpay, Inc. and its subsidiaries ("<u>Corpay</u>").

For the avoidance of doubt, nothing in this Limited Guarantee shall prohibit the Guaranteed Party from pursuing both specific performance or other equitable relief pursuant to <u>Section 9.02</u> of the Merger Agreement and the payment of any Guaranteed Obligations (subject to the limitations set forth in Section 8.03(e) of the Merger Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>GOVERNING LAW; JURISDICTION</u>. This Limited Guarantee, the rights of the parties under or in connection herewith or the transactions contemplated hereby, and all actions or Proceedings arising out of or related to any of the foregoing, shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to principles or rules of conflict of laws to the extent such principles or rules would require or permit the application of Laws of another jurisdiction. Each of the parties hereto hereby expressly, irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Court of Chancery of the State of Delaware or, if such court shall not have jurisdiction, any federal court of the United States of America sitting in Delaware, and any appellate court from any appeal thereof, in any Proceeding arising out of or relating to this Limited Guarantee or the negotiation, execution or performance hereof or for recognition or enforcement of any judgment relating thereto, and each of the parties hereby irrevocably and unconditionally (i) agrees not to commence any such Proceeding except in such courts, (ii) agrees that any claim in respect of any such Proceeding may be heard and determined in the Court of Chancery of the State of Delaware or, to the extent permitted by Applicable Law, in such federal court, (iii) 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 such Proceeding in the Court of Chancery of the State of Delaware or such federal court and (iv) waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such Proceeding in the Court of Chancery of the State of Delaware or such federal court. Each of the parties hereto agrees that a final judgment in any such 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 Applicable Law. Each party to this Limited Guarantee irrevocably consents to service of process outside the territorial jurisdiction of the courts referred to in this <u>Section 9</u> in any such Proceeding by mailing copies thereof by registered or certified U.S. mail, postage prepaid, return receipt requested, to its address as specified in or pursuant to <u>Section 6</u>. However, nothing in this Limited Guarantee will affect the right of any party to this Limited Guarantee to serve process on the other party in any other manner permitted by Applicable Law.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>WAIVER OF JURY TRIAL</u>. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY ACTION OR PROCEEDING CONTEMPLATED BY <u>SECTION 9</u> HEREOF IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUCH ACTION OR PROCEEDING. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT: (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF SUCH ACTION OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER; (ii) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (iii) IT MAKES THIS WAIVER VOLUNTARILY; AND (iv) IT HAS BEEN INDUCED TO ENTER INTO THIS LIMITED GUARANTEE BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 10</u>. EACH PARTY HEREBY FURTHER AGREES AND CONSENTS THAT ANY SUCH ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES MAY FILE A COPY OF THIS LIMITED GUARANTEE WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>COUNTERPARTS</u>. This Limited Guarantee shall not be effective until it has been executed and delivered by all parties hereto. This Limited Guarantee may be executed by facsimile or electronic transmission in pdf format, and in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>THIRD PARTY BENEFICIARIES</u>. This Limited Guarantee shall be binding upon and inure solely to the benefit of the parties hereto and their respective successors and permitted assigns, and nothing express or implied in this Limited Guarantee is intended to, or shall, confer upon any other Person any benefits, rights or remedies under or by reason of, or any rights to enforce or cause the Guaranteed Party to enforce, the obligations set forth herein; except that as a material aspect of this Limited Guarantee the parties intend that all Non-Recourse Parties other than the Guarantor shall be, and such Non-Recourse Parties are, intended third party beneficiaries of this Limited Guarantee who may rely on and enforce the provisions of this Limited Guarantee that bar the liability, or otherwise protect the interests, of such Non-Recourse Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>CONFIDENTIALITY</u>. This Limited Guarantee shall be treated as confidential and is being provided to the Guaranteed Party solely in connection with the transactions contemplated by the Transaction Documents. This Limited Guarantee may not be used, circulated, quoted or otherwise referred to in any document other than the Merger Agreement, except with the written consent of the Guarantor; <u>provided</u> that no such written consent is required for any disclosure of the existence or content of this Limited Guarantee by the Guaranteed Party: (i) to its controlled Affiliates and their respective directors or officers who need to know of the existence or terms of this Limited Guarantee; or (ii) to the extent required by Applicable Law or applicable stock exchange rule or any listing agreement of any party hereto (<u>provided</u>, that the Guaranteed Party will provide the Guarantor a reasonable opportunity to review such required disclosure in advance of such disclosure being made).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>MISCELLANEOUS</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;(a)&nbsp;&nbsp;&nbsp;&nbsp; This Limited Guarantee, together with the Merger Agreement, the Equity Commitment Letters, the Limited Guarantee delivered by Corpay, Voting and Support Agreement, Rollover Agreements, and the Confidentiality Agreement, constitutes the entire agreement with respect to the subject matter hereof and supersedes any and all prior discussions, negotiations, proposals, undertakings, understandings and agreements, whether written or oral, among the Guarantor or any of its Affiliates, on the one hand, and the Guaranteed Party, its Affiliates or their respective directors or officers, on the other hand. No amendment, supplementation, modification or waiver of this Limited Guarantee or any provision hereof shall be enforceable unless approved by the Guaranteed Party and the Guarantor in writing.

&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)&nbsp;&nbsp;&nbsp;&nbsp; Any term or provision of this Limited Guarantee that is invalid, illegal or unenforceable in any jurisdiction shall be, as to such jurisdiction, ineffective solely to the extent of such invalidity or unenforceability without invalidating the remaining provisions hereof, and any such invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction; <u>provided</u>, <u>however</u>, that this Limited Guarantee may not be enforced without giving effect to the limitation of the amount payable by the Guarantor hereunder, to the Cap provided in <u>Section 1</u> hereof and to the provisions of <u>Sections 7</u> and <u>8</u> hereof. Each party hereto covenants and agrees that it shall not assert, and shall cause its respective controlled Affiliates and their respective directors or officers not to assert, that this Limited Guarantee or any part hereof is invalid, illegal or unenforceable.

------

&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)&nbsp;&nbsp;&nbsp;&nbsp; The descriptive headings herein are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Limited Guarantee.

&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)&nbsp;&nbsp;&nbsp;&nbsp; All parties acknowledge that each party and its counsel have reviewed this Limited Guarantee 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 Limited Guarantee.

*[Remainder of page intentionally left blank]*

------

IN WITNESS WHEREOF, the Guarantor has caused this Limited Guarantee to be executed and delivered as of the date first written above by its officer or representative thereunto duly authorized.

---

| | |
|:---|:---|
| **TPG PARTNERS IX, L.P.** | **TPG PARTNERS IX, L.P.** |
| By: TPG GenPar IX, L.P., its general partner | By: TPG GenPar IX, L.P., its general partner |
| By: TPG GenPar IX Advisors, LLC its general partner | By: TPG GenPar IX Advisors, LLC its general partner |
| By: | /s/ Martin Davidson |
| Name: Martin Davidson | Name: Martin Davidson |
| Title: Chief Accounting Officer | Title: Chief Accounting Officer |

---

[LIMITED GUARANTEE SIGNATURE PAGE]

------

IN WITNESS WHEREOF, the Guaranteed Party has caused this Limited Guarantee to be executed and delivered as of the date first written above by its officer thereunto duly authorized.

---

| | |
|:---|:---|
| **AVIDXCHANGE HOLDINGS, INC.** | **AVIDXCHANGE HOLDINGS, INC.** |
| By: | /s/ Michael Praeger |
| Name: Michael Praeger | Name: Michael Praeger |
| Title: Chief Executive Officer | Title: Chief Executive Officer |

---

[LIMITED GUARANTEE SIGNATURE PAGE]

## Ex-99.(B)(3)

Exhibit (b)(3)

***Execution Version***

---

| | |
|:---|:---|
| &nbsp;&nbsp;**ARES CAPITAL MANAGEMENT LLC**<br> **245 Park Avenue, 44<sup>th</sup> Floor**<br> **New York, NY 10167** | &nbsp;&nbsp;**CLIFFWATER CORPORATE LENDING FUND**<br> **c/o Cliffwater LLC**<br> **4640 Admiralty Way, 11<sup>th</sup> Floor**<br> **Marina del Rey, CA 90292** |
| &nbsp;&nbsp;**MUFG BANK LTD.**<br> **1221 Avenue of the Americas, 6<sup>th</sup> Floor** <br> **New York, NY 10020-1001** &nbsp;&nbsp;**NEW MOUNTAIN FINANCE <br> ADVISERS, L.L.C.**<br> **1633 Broadway, 48<sup>th</sup> Floor** <br> **New York, NY 10019** | &nbsp;&nbsp;**PCL LVS IV LP**<br> **PCLF SPE III LP**<br> **Jasper CS LLC**<br> **650 Newport Center Dr.** <br> **Newport Beach, CA 92660** |

---

**CONFIDENTIAL**

May 23, 2025

Arrow Borrower 2025, Inc.<br> c/o TPG Global, LLC<br> 345 California Street<br> San Francisco, California 94104<br> Attention: Patrick Assini

<u>PROJECT ARROW</u><br> <u>$60 million Senior Secured Revolving Facility</u><br> <u>$440 million Senior Secured Term Loan Facility</u>

<u>Amended and Restated Commitment Letter</u>

Ladies and Gentlemen:

Arrow Borrower 2025, Inc., a Delaware corporation (the "**<u>Borrower</u>**" or "**<u>you</u>**"), has advised Ares Capital Management LLC (on behalf of one or more advised funds and managed accounts thereof, "**<u>Ares</u>**"), Blue Owl Credit Advisors LLC (on behalf of its affiliated advisors and its and their managed funds and accounts, "**<u>Blue Owl</u>**"), Cliffwater Corporate Lending Fund ("**<u>Cliffwater</u>**"), MUFG BANK LTD. ("**<u>MUFG</u>**"), New Mountain Finance Advisers, L.L.C. ("**<u>New Mountain</u>**"), PCL LVS IV LP ("**<u>PCL</u>**"), PCLF SPE III LP ("**<u>PCLF</u>**") and Jasper CS LLC ("**<u>Jasper</u>**", together with PCL and PCLF, "**<u>PIMCO</u>**" and, together with Ares, New Mountain, Blue Owl, Cliffwater and MUFG, the "**<u>Commitment Parties</u>**," "**<u>we</u>**" or "**<u>us</u>**") that you and your affiliates intend to consummate the transactions described in <u>Exhibit A</u> hereto. Capitalized terms used but not defined herein have the meanings assigned to them in the Exhibits attached hereto.

This Commitment Letter (as defined below) hereby amends, restates and supersedes in its entirety that certain commitment letter, dated as of May 6, 2025 (the "**<u>Original Signing Date</u>**"), by and among you and Ares (as defined below) (the "**<u>Original Commitment Letter</u>**") in all respects, and on and from the date hereof such Original Commitment Letter shall be of no further force or effect.

1. <u>Commitments</u>.

In connection with the Transactions, (a) Ares hereby commits to provide 65.00% of the Term Facility, Blue Owl hereby commits to provide 15.00% of the Term Facility, Cliffwater hereby commits to provide 5.60% of the Term Facility, MUFG hereby commits to provide 5.60% of the Term Facility, New Mountain hereby commits to provide 5.60% of the Term Facility, and PIMCO hereby commits to provide 3.20% of the Term Facility (in such capacity, collectively, the "**<u>Initial Term Lenders</u>**") and (b) Ares hereby commits to provide 65.00% of the Revolving Facility, Blue Owl hereby commits to provide 15.00% of the Revolving Facility, Cliffwater hereby commits to provide 5.60% of the Revolving Facility, MUFG hereby commits to provide 5.60% of the Revolving Facility, New Mountain hereby commits to provide 5.60% of the Revolving Facility, and PIMCO hereby commits to provide 3.20% of the Revolving Facility (in such capacity, together with Ares, Blue Owl, Cliffwater, MUFG, and New Mountain, the "**<u>Initial Revolving Lenders</u>**" and, together with the Initial Term Lenders, the "**<u>Initial Lenders</u>**"), in each case, upon the terms set forth in this amended and restated commitment letter and the availability of, and initial funding under, the Facilities shall be subject only to the satisfaction or waiver of the conditions expressly set forth in <u>Exhibit C</u> of this amended and restated commitment letter (this amended and restated commitment letter, together with the Exhibits attached hereto, is referred to herein as this "**<u>Commitment Letter</u>**"). The commitments of the Initial Lenders will be several and not joint.

------

Any Initial Lender that has entered into this Commitment Letter on behalf of its affiliated advisors and/or its and their managed funds, accounts, investment funds, separate accounts and other owned, controlled, managed or advised entities hereby confirms that (a) it has the power and authority to commit the capital of such managed funds, accounts, investment funds, separate accounts and other owned, controlled, managed or advised entities, (b) such investment funds, separate accounts and other owned, controlled, managed or advised entities have the requisite capital to fund their respective commitments hereunder and (c) it shall take all necessary actions to cause such managed funds, accounts, investment funds, separate accounts and other owned, controlled, managed or advised entities to satisfy their respective obligations under this Commitment Letter.

2. <u>Titles and Roles</u>.

It is agreed that (a) each of Ares, Blue Owl, MUFG, and PIMCO will act as lead arrangers and bookrunners for each of the Term Facility and the Revolving Facility (collectively, the "**<u>Facilities</u>**") (in such capacities, the "**<u>Lead Arranger</u>**" and, collectively, the "**<u>Lead Arrangers</u>**") and (b) Ares will act as sole administrative agent for each of the Facilities (in such capacity, the "**<u>Administrative Agent</u>**").

It is further agreed that Ares (the "**<u>Left Lead Arranger</u>**") will have "left" placement on the cover page of any marketing materials for the Term Facility and the Revolving Facility and will hold the roles and responsibilities conventionally understood to be associated with such name placement and all other Commitment Parties for such Facilities will have "right side" designation (in such order as you and we shall agree) and in each case will hold the roles and responsibilities conventionally understood to be associated with such name placement. No other arrangers, bookrunners, managers, agents or co-agents will be appointed and no Lender (as defined below) will receive compensation with respect to any of the Facilities outside the terms contained herein and in the Fee Letter in order to obtain its commitment to participate in the Facilities, in each case unless you and we so agree.

3. <u>[Reserved]</u>.

4. <u>Information</u>.

You hereby represent and warrant that (it being understood, for the avoidance of doubt, that the accuracy of such representation and warranty shall not be a condition to the commitments hereunder or to the funding of the Facilities on the Closing Date) (a) (with respect to information provided by or relating to the Target or its subsidiaries, to the best of your knowledge) all written information and written data (such information and data, other than (i) any projections relating to you, the Target and your and its respective subsidiaries that have been made available to us by you in connection with the transactions contemplated hereby (including financial estimates, budgets, forecasts and other forward-looking information, the "**<u>Projections</u>**") and (ii) information of a general economic or general industry nature, the "**<u>Information</u>**") that have been or will be made available to the Commitment Parties by, or on behalf of, you or any of your representatives, taken as a whole, does not or will not, when furnished, 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 thereto) and (b) the Projections that have been or will be made available to the Commitment Parties by, or on behalf of, you or any of your representatives have been or will be prepared in good faith based upon assumptions that are believed by you to be reasonable at the time any such Projections are delivered to the Commitment Parties; it being understood that any such Projections are not to be viewed as facts, are subject to significant uncertainties and contingencies, many of which are beyond your control, that no assurance can be given that any particular Projections will be realized, that actual results may differ significantly from the projected results and that 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 Projections were being furnished, and such representations and warranties were being made, at such time, then you will (i) with respect to Information or Projections relating to you or your subsidiaries, promptly supplement the Information or the Projections and (ii) with respect to Information or Projections provided by or relating to the Target or its subsidiaries, use commercially reasonable efforts (only to the extent practical and appropriate and in all instances not in contravention of the terms of the Acquisition Agreement) to promptly supplement the Information and the Projections from time to time until the Closing Date, so that such representations will be correct in all material respects (with respect to information provided by or relating to the Target and its subsidiaries, to your knowledge) under those circumstances; *provided*, that any such supplementation shall cure any breach of such representations.

------

5. <u>Closing Payments</u>.

As consideration for the commitments of the Initial Lenders hereunder, you agree to pay the fees set forth in the facility fee letter of even date herewith addressed to you relating to the Facilities (as may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, collectively, the "**<u>Fee Letter</u>**"), which amended and restated that certain facility fee letter, dated as of the Original Signing Date, by and among Ares and you (the "**<u>Original Fee Letter</u>**"). Once paid, such fees shall not be refundable under any circumstances, except as otherwise contemplated by the Fee Letter or agreed in writing by the parties hereto. The fees set forth in the Fee Letter are being paid to the Commitment Parties as consideration for their commitment to provide capital in respect of the Facilities under the Commitment Letter, and not in exchange for the Lead Arrangers' services.

6. <u>Conditions Precedent</u>.

The commitments of the Initial Lenders hereunder are subject only to the conditions expressly set forth in <u>Exhibit C</u>; it being understood that there are no conditions (implied or otherwise) to the commitments hereunder (including compliance with the terms of the Commitment Letter, the Fee Letter and the Facilities Documentation) other than those conditions set forth in <u>Exhibit C</u> that are expressly stated to be conditions to the availability of, and initial funding under, the Facilities on the Closing Date (and upon satisfaction or waiver of such conditions, the initial funding under the Facilities shall occur).

------

Notwithstanding anything to the contrary in this Commitment Letter, the Fee Letter, the Original Commitment Letter, the Original Fee Letter, the Facilities Documentation or any other letter agreement or other undertaking concerning the financing of the Transactions, (i) the only representations and warranties the making or accuracy of which shall be a condition to the availability of the Facilities shall be (A) the representations and warranties made with respect to the Target and its subsidiaries in the Acquisition Agreement the accuracy of which is a condition to the closing of the Acquisition under the Acquisition Agreement and which are material to the interests of the Initial Lenders (in their capacities as such), but only to the extent that you (or your affiliates) have the right (taking into account any applicable cure provisions) to terminate your (or such affiliates') obligations under the Acquisition Agreement, or to decline to consummate the Acquisition (in each case, in accordance with the terms of the Acquisition Agreement), as a result of a breach or inaccuracy of such representations and warranties, in each case, without liability to you or your affiliates (the "**<u>Specified Acquisition Agreement Representations</u>**") 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 of, and initial funding under, the Facilities on the Closing Date if the conditions expressly set forth in <u>Exhibit C</u> are satisfied or waived (it being understood that, to the extent any security interest in any Collateral referred to in <u>Exhibit B</u> under the heading "Security" (other than to the extent a lien on such Collateral may be perfected (x) by the filing of a financing statement under the Uniform Commercial Code ("**<u>UCC</u>**") or (y) by the delivery of stock certificates of the Borrower and its material wholly-owned domestic restricted subsidiaries (solely to the extent required in <u>Exhibit B</u> under the heading "Security") (it being understood that delivery of stock certificates of the Target or any of its subsidiaries acquired upon the consummation of the Acquisition shall only be required on the Closing Date to the extent provided by the Target on or prior thereto; *provided* that you have used commercially reasonable efforts to cause the Target to do so) is not or cannot be provided and/or perfected on the Closing Date after your use of commercially reasonable efforts to do so without undue burden or expense, the provision and/or perfection of security interests in such Collateral shall not constitute a condition precedent to the availability of the Facilities on the Closing Date, but shall be required to be delivered, provided, and/or perfected within 90 days after the Closing Date (subject to extensions by the Administrative Agent, not to be unreasonably withheld (and without any requirement for consent to such extension by any Lender)) unless a later date is specified in the Term Sheet). For purposes hereof, "**<u>Specified Representations</u>**" means the representations and warranties set forth in the Facilities Documentation relating to corporate or other organizational existence of the Borrower and Guarantors; organizational power and authority of the Borrower and Guarantors and due authorization, execution and delivery by the Borrower and Guarantors, in each case, as they relate to their entry into, delivery and performance of the Facilities Documentation; enforceability of the applicable Facilities Documentation against the Borrower and Guarantors; solvency (such representation and warranty and the definition of solvency to be consistent with the solvency certificate in the form set forth in <u>Annex I</u> attached to <u>Exhibit C</u>); no conflicts of Facilities Documentation (limited to the execution, delivery and performance by the Borrower and Guarantors of the Facilities Documentation, incurrence of the indebtedness thereunder and the granting of the guarantees and the security interests in respect thereof) with the charter documents of the Borrower and Guarantors; Federal Reserve margin regulations; the Investment Company Act; use of proceeds of the Facilities on the Closing Date not violating OFAC, FCPA or the PATRIOT Act; and creation, validity and perfection of security interests (subject to permitted liens as set forth in the Facilities Documentation and the limitations set forth in this paragraph and the Term Sheet). This paragraph shall be referred to herein as the "**<u>Limited Conditionality Provision</u>**".

------

7. <u>Indemnification; Expenses</u>.

You agree (a) to indemnify and hold harmless each of the Commitment Parties and each of their respective affiliates and controlling persons and the respective officers, directors, employees, partners, advisors, agents and representatives of each of the foregoing and their respective successors and permitted assigns (each, an "**<u>Indemnified Person</u>**") from and against any and all losses, claims, damages, liabilities and reasonable and documented out-of-pocket expenses, joint or several, to which any such Indemnified Person may become subject arising out of, resulting from or in connection with any actual or threatened claim, litigation, investigation or proceeding relating to this Commitment Letter, the Fee Letter, the Original Commitment Letter, the Original Fee Letter, the Transactions or the Facilities (any of the foregoing, an "**<u>Action</u>**") and regardless of whether brought by you or any of your affiliates or any other person or against any person, regardless of whether any such Indemnified Person is a party thereto, and to reimburse each such Indemnified Person within 30 days after receipt of a written request together with reasonably detailed backup documentation for any reasonable and documented out-of-pocket legal fees and expenses (limited to one counsel for all Indemnified Persons, taken as a whole, and, if reasonably necessary, a single local counsel for all Indemnified Persons, taken as a whole, in each relevant material jurisdiction and, solely in the case of an actual conflict of interest between Indemnified Persons where such Indemnified Persons inform you of such conflict of interest, one additional counsel in each applicable material jurisdiction to each group of affected Indemnified Persons similarly situated taken as a whole) or other reasonable and documented out-of-pocket expenses (limited, in the case of expenses of non-legal third party advisors, to expenses of those advisors that have been retained after obtaining your prior written consent (which may be withheld in your sole discretion)) incurred in connection with investigating or defending any of the foregoing; *provided*, that the foregoing indemnity will not, as to any Indemnified Person, apply to losses, claims, damages, liabilities or expenses (i) to the extent resulting from the willful misconduct, bad faith or gross negligence of such Indemnified Person or any of its affiliates or controlling persons or any of the officers, directors, employees, partners, successors, agents, advisors or representatives of any of the foregoing, (ii) to the extent arising from a material breach (or in the case of an action brought by Holdings, the Borrower (each as defined in the Term Sheet) or their respective subsidiaries, a breach) of the obligations of such Indemnified Person or any of its affiliates or controlling persons or any of the officers, directors, employees, partners, successors, agents, advisors or representatives of any of the foregoing under this Commitment Letter, the Fee Letter, the Original Commitment Letter, the Original Fee Letter or the Facilities Documentation (in the case of each of the preceding clauses ‎(i) and ‎(ii), as determined by a court of competent jurisdiction in a final and non-appealable judgment) or (iii) to the extent arising from any dispute solely among Indemnified Persons other than claims against any Commitment Party in its capacity or in fulfilling its role as an Administrative Agent or arranger or any similar role under any Facility and other than any claims arising out of any act or omission on the part of you or your affiliates (as determined by a court of competent jurisdiction in a final and non-appealable judgment) and (b) to reimburse the Left Lead Arranger, upon presentation of a summary statement, together with any supporting documentation reasonably requested by you, for all reasonable and documented out-of-pocket expenses (including but not limited to out-of-pocket expenses of the Left Lead Arranger's due diligence investigation, travel expenses and reasonable fees, disbursements and other charges of counsel identified in the Term Sheet to the Left Lead Arranger (and those of any common diligence team at such identified counsel for the Initial Lenders) and, if necessary, of a single local counsel to the Left Lead Arranger in each relevant material jurisdiction but limited, in the case of fees, expenses and other charges of non-legal third party advisors, to fees, expenses and other charges of those advisors that have been retained by the Left Lead Arranger after obtaining your prior written consent (which may be withheld in your sole discretion)), in each case incurred in connection with the Facilities and the preparation of this Commitment Letter, the Fee Letter, the Original Commitment Letter, the Original Fee Letter, the Facilities Documentation and any security arrangements in connection therewith (collectively, the "**<u>Expenses</u>**"); *provided* that, you shall not be required to reimburse any of the Expenses in the event the Closing Date does not occur. Notwithstanding any other provision of this Commitment Letter, (i) no Indemnified Person shall be liable for any damages arising from the use by others of information or other materials obtained through electronic, telecommunications or other information transmission systems, except to the extent such damages have resulted from (in each case as finally determined by a court of competent jurisdiction in a final and non-appealable judgment) the willful misconduct, bad faith or gross negligence of such Indemnified Person or any of its affiliates or controlling persons or any of the officers, directors, employees, partners, successors, agents, advisors or representatives of any of the foregoing and (ii) neither (x) any Indemnified Person nor (y) you (or any of your affiliates) shall be liable for any indirect, special, punitive or consequential damages (in the case of this clause (y), other than in respect of any such damages incurred or paid by an Indemnified Person to a third party and required to be indemnified pursuant to this <u>Section ‎7</u>) in connection with this Commitment Letter, the Fee Letter, the Original Commitment Letter, the Original Fee Letter, the Facilities, the Transactions (including the Facilities and the use of proceeds thereunder), or with respect to any activities related to the Facilities. You shall not be liable for any settlement, compromise or consent to the entry of any judgment in any Action effected without your consent (which consent shall not be unreasonably withheld or delayed), but if settled with your written consent or if there is a final non-appealable judgment in any such Action with your written consent, 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 this <u>Section ‎7</u>. You shall not, without the prior written consent of the affected Indemnified Person (which consent shall not be unreasonably withheld, delayed or conditioned), effect any settlement of any pending or threatened Action against such Indemnified Person in respect of which indemnity has been sought hereunder by such Indemnified Person unless such settlement (i) includes an unconditional release of such Indemnified Person in form and substance reasonably satisfactory to such Indemnified Person (which approval shall not be unreasonably withheld, delayed or conditioned) from all liability or claims that are the subject matter of such Action and (ii) does not include any statement as to any admission of fault, culpability or a failure to act by or on behalf of such Indemnified Person. Notwithstanding the foregoing, each Indemnified Person shall be obligated to refund and return promptly any and all amounts paid by you or any of your affiliates under this <u>Section ‎7</u> to such Indemnified Person for any such losses, claims, damages, liabilities or expenses to the extent such Indemnified Person is not entitled to payment of such amounts in accordance with the terms hereof.

------

8. <u>Sharing Information; Absence of Fiduciary Relationship; Affiliate Activities</u>.

You acknowledge that the Commitment Parties and their affiliates may be providing debt financing, or equity capital, and that the Commitment Parties and their affiliates may be providing other services (including, without limitation, investment banking and financial advisory services, securities trading, hedging, financing and brokerage activities and financial planning and benefits counseling) to other companies in respect of which you may have conflicting interests. We will not furnish confidential information obtained from you by virtue of the transactions contemplated by this Commitment Letter or our other relationships with you to other companies (except as contemplated in <u>Section ‎12</u> below). You also acknowledge that we do not have any obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish to you, confidential information obtained by us or any of our respective affiliates from other companies.

You further acknowledge and agree that (a) no fiduciary, advisory or agency relationship between you and any Commitment Party is intended to be or has been created in respect of any of the transactions contemplated by this Commitment Letter, irrespective of whether such Commitment Party has advised or is advising you on other matters, (b) each Commitment Party, on the one hand, and you, on the other hand, have an arm's-length business relationship that does not directly or indirectly give rise to, nor do you rely on, any fiduciary duty on the part of such Commitment Party and you waive, to the fullest extent permitted by law, any claims you may have against us for breach of fiduciary duty or alleged breach of fiduciary duty in connection with the Transactions and agree that we will have no liability (whether direct or indirect) to you in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on your behalf, including equity holders, employees or creditors, (c) you are capable of evaluating and understanding, and you understand and accept, the terms, risks and conditions of the transactions contemplated by this Commitment Letter and you have consulted with your own legal and financial advisors to the extent you have deemed appropriate, (d) you have been advised that each Commitment Party and its affiliates is engaged in a broad range of transactions that may involve interests that differ from your interests and that no Commitment Party has an obligation to disclose such interests and transactions to you by virtue of any fiduciary, advisory or agency relationship and (e) each Commitment Party has been, is and will be acting solely as a principal and except as otherwise expressly agreed in writing by the relevant parties, has not been, is not and will not be acting as an advisor, agent or fiduciary for you, any of your affiliates or any other person or entity. In addition, the Commitment Parties may employ the services of their respective affiliates or branches in providing certain services hereunder and may exchange with such affiliates or branches information in connection therewith concerning you, the Target and your and its respective subsidiaries, and such affiliates shall be entitled to the benefits afforded to, and subject to the obligations of, the Commitment Parties hereunder, but no Commitment Party shall be relieved of its obligations under this Commitment Letter. You acknowledge and agree that neither we nor our affiliates have provided you with legal, tax or accounting advice and that you have obtained such independent advice from your own advisors to the extent you have deemed appropriate.

------

You further acknowledge that each Commitment Party and its affiliates may be a full service securities firm engaged in securities trading and brokerage activities as well as providing investment banking and other financial services. In the ordinary course of business, each Commitment Party may provide investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of you, the Target and your and its respective subsidiaries and other companies with which you, the Target or your or their respective subsidiaries may have commercial or other relationships. With respect to any securities and/or financial instruments so held by the Commitment Parties, their respective affiliates or any of their respective customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion.

9. <u>Assignments; Amendments; Governing Law, Etc</u>.

This Commitment Letter, the Fee Letter and the commitments hereunder shall not be assignable by any party hereto (except (x) by the Commitment Parties as expressly set forth in <u>Section ‎2</u> hereof and (y) by you to any newly-formed shell entity organized in the United States and controlled by you or the Sponsor that consummates or intends to consummate the Acquisition in accordance with the Acquisition Agreement or to an ultimate Borrower under the Facilities) without the prior written consent of each other party hereto (and any attempted assignment without such consent shall be null and void), are intended to be solely for the benefit of the parties hereto and their permitted successors and assigns (and Indemnified Persons), are not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto and their permitted successors and assigns (and Indemnified Persons) and are not intended to create a fiduciary relationship among the parties hereto. Subject to the limitations set forth in <u>Section ‎3</u>, any and all services to be provided by the Commitment Parties hereunder may be performed by or through any of their respective affiliates or branches and the provisions of <u>Section ‎7</u> shall apply with equal force and effect to any such entities so performing any such duties or activities, but no Commitment Party shall be relieved of its obligations under 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 the Commitment Parties and you. This Commitment Letter may be executed in any number of counterparts, each of which shall be 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 by ".pdf" or similar electronic transmission shall be effective as delivery of a manually executed counterpart hereof. The words "execution," "signed," "signature," "delivery," and words of like import in this Commitment Letter shall be deemed to include electronic signatures or electronic records, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof 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 Transactions Act. This Commitment Letter, together with the Fee Letter, contains the entire agreement among the parties relating to the subject matter hereof and supersedes all oral statements and prior writings with respect thereto. Section headings used herein are for convenience of reference only, are not part of this Commitment Letter and are not to affect the construction of, or to be taken into consideration in interpreting, this Commitment Letter.

------

THIS COMMITMENT LETTER AND ANY CLAIM, CONTROVERSY OR DISPUTE (WHETHER IN CONTRACT, TORT OR OTHERWISE) ARISING UNDER OR RELATED TO THIS COMMITMENT LETTER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. Notwithstanding the preceding sentence, interpretation of the provisions of the Acquisition Agreement (including with respect to satisfaction of the conditions contained therein, whether the Acquisition has been consummated as contemplated by the Acquisition Agreement, any interpretation of Company Material Adverse Effect (as defined in the Acquisition Agreement) and any determination of whether a Company Material Adverse Effect (as defined in the Acquisition Agreement) has occurred or could reasonably be expected to occur, and whether the representations and warranties made with respect to the Target and its subsidiaries in the Acquisition Agreement (including any Specified Acquisition Agreement Representations) are accurate, whether such representations and warranties are material to the interests of the Initial Lenders (in their capacities as such) and whether as a result of any inaccuracy thereof, you (or your affiliates) have the right to terminate (taking into account any cure provision) your or your affiliates' obligations under the Acquisition Agreement or decline to consummate the Acquisition, in each case in accordance with the terms thereof and without liability to you or your affiliates) and all issues, claims and disputes concerning the construction, validity, interpretation and enforceability of the Acquisition Agreement and the exhibits and schedules thereto shall, in each case, be governed by, and construed in accordance with, the laws of the State of Delaware applicable to contracts executed in and to be performed in that state without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the law of any jurisdiction other than the State of Delaware.

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 availability of, and initial funding under, the Facilities is subject solely to the satisfaction or waiver of the conditions expressly stated in <u>Exhibit C</u>, including the execution and delivery of the Facilities Documentation by the Borrower and Guarantors in a manner consistent with this Commitment Letter (including the Documentation Principles).

10. <u>WAIVER OF JURY TRIAL</u>.

EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THE TRANSACTIONS, THIS COMMITMENT LETTER, THE FEE LETTER, THE ORIGINAL COMMITMENT LETTER, THE ORIGINAL FEE LETTER OR THE PERFORMANCE BY US OR ANY OF OUR AFFILIATES OF THE SERVICES HEREUNDER OR THEREUNDER.

11. <u>Jurisdiction</u>.

Each of the parties hereto hereby irrevocably and unconditionally (a) submits, for itself and its property, to the exclusive jurisdiction of (i) any New York State court or Federal court of the United States of America sitting in the City of New York, Borough of Manhattan, and any appellate court from any thereof, as to any action or proceeding arising out of or relating to this Commitment Letter, the Fee Letter, the Original Commitment Letter, the Original Fee 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, and further agrees to not commence any such suit, action or proceeding other than 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 Fee Letter, the Original Commitment Letter, the Original Fee Letter or the transactions contemplated hereby or thereby in any court in which such venue may be laid in accordance with clause ‎(a) of this sentence, (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 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. Service of any process, summons, notice or document by registered mail or overnight courier addressed to any of the parties hereto at the addresses set forth above shall be effective service of process against such party for any suit, action or proceeding brought in any such court.

------

12. <u>Confidentiality</u>.

This Commitment Letter is delivered to you on the understanding that none of the Fee Letter, this Commitment Letter, the Original Fee Letter, the Original Commitment Letter or their terms or substance, shall be disclosed, directly or indirectly, to any other person or entity (including other lenders, underwriters, placement agents, advisors or any similar persons) except (a) to the Sponsor, any Investors, your other equity holders and to your and their respective officers, directors, employees, affiliates, members, partners, successors, stockholders, attorneys, accountants, agents and advisors on a confidential basis, (b) if the Commitment Parties consent in writing to such proposed disclosure, (c) in connection with the exercise of any remedy or enforcement of any right under this Commitment Letter, the Fee Letter, the Original Commitment Letter, the Original Fee Letter or the Facilities Documentation or to defend against any claim or exercise of any remedies related to this Commitment Letter, the Fee Letter, the Original Commitment Letter, the Original Fee Letter or the Facilities Documentation, (d) this Commitment Letter (but not the Fee Letter or the Original Fee Letter) may be disclosed as may be required by the rules, regulations, schedules and forms of the Securities and Exchange Commission, (e) pursuant to the order of any court or administrative agency or otherwise as required by applicable law or regulation or as requested by a governmental or regulatory authority (including any self-regulatory authority) or as required by the rules or regulations of any applicable stock exchange or (f) to the extent that such information becomes publicly available other than by reason of disclosure by you in violation of this paragraph; *provided* that (i) you may disclose this Commitment Letter and the contents thereof (but not the Fee Letter, the Original Fee Letters and the contents thereof, except to the extent the amounts, percentages and basis points of compensation set forth therein shall have been redacted in a manner reasonably acceptable to the Commitment Parties) to the Target and its equity holders and its and their respective officers, directors, employees, attorneys, accountants, agents and advisors, on a confidential basis, (ii) you may disclose the Fee Letter and any contents thereof in connection with any funds flow memorandum prepared in connection with the Transactions, (iii) you may disclose, on a confidential basis, the Fee Letter and the contents thereof after the Closing Date for customary accounting purposes, including accounting for deferred financing costs (including to your auditors and the Target's auditors), (iv) [reserved] and (v) you may disclose this Commitment Letter and the contents hereof (but not the Fee Letter, the Original Fee Letter and the contents thereof) in any proxy statement or other public filing in connection with the Acquisition. Your obligations under this paragraph with regard to this Commitment Letter (but not the Fee Letter) shall terminate on the earlier of (x) the first anniversary of the Original Signing Date and (y) one year following the termination of this Commitment Letter in accordance with its terms.

------

Each Commitment Party and its affiliates will use all confidential information provided to it or such affiliates by or on behalf of you hereunder solely for the purpose of providing the commitments and the services which are the subject of this Commitment Letter and shall treat confidentially all such information; *provided* that nothing herein shall prevent a Commitment Party from disclosing any such information (a) pursuant to the order of any court or administrative agency or otherwise as required by applicable law or regulation or as requested by a governmental authority or self-regulatory authority (including the National Association of Insurance Commissioners) (in which case such Commitment Party agrees to inform you promptly thereof to the extent lawfully permitted to do so), (b) upon the request or demand of any regulatory authority having jurisdiction over such Commitment Party or any of its affiliates (in which case such Commitment Party agrees to inform you promptly thereof prior to such disclosure, to the extent practicable, unless such Commitment Party is prohibited by applicable law from so informing you, or except in connection with any periodic regulatory filing, request, or as part of a regulatory examination or audit), (c) to the extent that such information becomes publicly available other than by reason of disclosure by such Commitment Party or any of its affiliates in violation of the confidentiality obligations owing to you, the Target and any of your or their respective subsidiaries or affiliates as set forth in this paragraph, (d) to the extent that such information is received by such Commitment Party from a third party that is not to such Commitment Party's knowledge subject to confidentiality obligations to you, the Target or the Sponsor, (e) to the extent that such information is independently developed by such Commitment Party so long as not based on information obtained in a manner that would otherwise violate this provision, (f) to such Commitment Party's affiliates and such Commitment Party's and its affiliates' respective employees, officers, directors, controlling persons, partners, trustees, managers, advisors (including, without limitation, legal counsel, independent auditors and other experts or agents) and current or prospective financing sources or investors (collectively, the "**<u>Representatives</u>**") who need to know such information in connection with the Transactions and are informed of the confidential nature of such information (provided, that such Commitment Party shall be responsible for its affiliates and Representatives' compliance with this paragraph), (g) to ratings agencies in connection with the Transactions and private ratings; *provided* that, in the case of this clause (g), such information is supplied only on a customary basis after consulting with you, (h) to market data collectors for customary purposes in the lending industry in connection with the Facilities or (i) in connection with the enforcement of the Commitment Parties' rights and remedies hereunder with any court or administrative agency; *provided*, that no such disclosure shall be made by any Commitment Party to any of its respective affiliates that are engaged as principals primarily in private equity, mezzanine financing or venture capital other than (x) 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 (y) such Commitment Party's internal legal, compliance, risk management, credit or investment committee members. Each Commitment Party's obligations under this paragraph shall automatically terminate and be superseded by the confidentiality provisions in the Facilities Documentation upon the execution and delivery of the Facilities Documentation and in any event shall terminate on the second anniversary of the Original Signing Date. Each Commitment Party shall be principally liable to the extent any confidentiality restrictions set forth herein are violated by one or more of its affiliates or any of its or their respective Representatives. For the avoidance of doubt, in no event shall any disclosure information referred to above be made to any Disqualified Lender.

13. <u>Surviving Provisions</u>.

The indemnification, compensation (if applicable), confidentiality, jurisdiction, venue, governing law, waiver of jury trial and fiduciary duty provisions contained herein and in the Fee Letter shall remain in full force and effect regardless of whether definitive financing documentation shall be executed and delivered and notwithstanding the termination of this Commitment Letter or the Initial Lenders' commitments hereunder and the Lead Arrangers' agreement to provide the services described herein; *provided* that your obligations under this Commitment Letter, other than those relating to confidentiality (if such Facilities have been funded), shall automatically terminate and be superseded by the definitive documentation relating to the Facilities (to the extent covered thereby) upon the initial funding under the Facilities, and you shall be released from all liability in connection therewith at such time.

------

14. <u>PATRIOT ACT Notification</u>.

We hereby notify you that pursuant to the requirements of the USA PATRIOT Improvement and Reauthorization Act, Pub. L. 109-177 (signed into law March 9, 2006) (the "**<u>Patriot Act</u>**") and the requirements of 31 C.F.R. §1010.230 (the "**<u>Beneficial Ownership Regulation</u>**"), each Commitment Party and each Lender is required to obtain, verify and record information that identifies the Borrower and each Guarantor, which information includes the name, address, tax identification number and other information regarding the Borrower and each Guarantor that will allow such Commitment Party or such Lender to identify the Borrower and each Guarantor, including by delivery of a certification regarding beneficial ownership in relation to the Borrower, in accordance with, or as otherwise required by, the Patriot Act and the Beneficial Ownership Regulation. This notice is given in accordance with the requirements of the Patriot Act and the Beneficial Ownership Regulation and is effective as to each Commitment Party and each Lender.

15. <u>Acceptance and Termination</u>.

This Commitment Letter shall become effective without any further action of any party when you have executed and delivered a counterpart of this Commitment Letter. In the event that the initial borrowing in respect of the Term Facility does not occur on or before 11:59 p.m., New York City time, on the date that is ten business days after the "End Date" (as defined in, and as such date may be extended pursuant to the terms of, the Acquisition Agreement as in effect on the Original Signing Date) (or, if sooner, the date on which the Acquisition Agreement is validly terminated by you in accordance with its terms or the Acquisition is consummated without requiring the proceeds of the Facilities), then this Commitment Letter and the commitments and undertakings of each Commitment Party hereunder shall automatically terminate unless it shall, in its discretion, agree to an extension. Notwithstanding anything in this paragraph to the contrary, the termination of any commitment pursuant to this paragraph does not prejudice our or your rights and remedies in respect of any breach of this Commitment Letter.

[Remainder of this page intentionally left blank]

------

The Commitment Parties are pleased to have been given the opportunity to assist you in connection with the financing for the Transactions.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **ARES CAPITAL MANAGEMENT LLC** | **ARES CAPITAL MANAGEMENT LLC** |
| By: | /s/ Jason Park |
|  | &nbsp;&nbsp;&nbsp;Name: Jason Park |
|  | &nbsp;&nbsp;&nbsp;Title: Authorized Signatory |

---

[Signature Page to Amended and Restated Commitment Letter]

------

---

| | |
|:---|:---|
| **New Mountain Finance Advisers, L.L.C.** | **New Mountain Finance Advisers, L.L.C.** |
| By: | /s/ James W. Stone |
|  | &nbsp;&nbsp;&nbsp;Name: James W. Stone |
|  | &nbsp;&nbsp;&nbsp;Title: Managing Director and Authorized Person |

---

[Signature Page to Amended and Restated Commitment Letter]

------

---

| | |
|:---|:---|
| **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 |
|  | &nbsp;&nbsp;&nbsp;Name: Jon ten Oever |
|  | &nbsp;&nbsp;&nbsp;Title: Authorized Signatory |

---

[Signature Page to Amended and Restated Commitment Letter]

------

---

| | |
|:---|:---|
| **CLIFFWATER CORPORATE LENDING FUND** | **CLIFFWATER CORPORATE LENDING FUND** |
| By: | /s/ Stephen Nesbitt |
|  | &nbsp;&nbsp;&nbsp;Name: Stephen Nesbitt |
|  | &nbsp;&nbsp;&nbsp;Title: President |

---

[Signature Page to Amended and Restated Commitment Letter]

------

---

| | |
|:---|:---|
| **MUFG BANK LTD.** | **MUFG BANK LTD.** |
| By: | /s/ Brian Fitzpatrick |
|  | &nbsp;&nbsp;&nbsp;Name: Brian Fitzpatrick |
|  | &nbsp;&nbsp;&nbsp; Title: Managing Director |

---

[Signature Page to Amended and Restated Commitment Letter]

------

---

| | |
|:---|:---|
| **PCL LVS IV LP**<br> By: PIMCO GP LIII, LLC, its general partner | **PCL LVS IV LP**<br> By: PIMCO GP LIII, LLC, its general partner |
| By: | /s/ Adam L. Gubner |
|  | &nbsp;&nbsp;&nbsp;Name: Adam L. Gubner |
|  | &nbsp;&nbsp;&nbsp;Title: Authorized Person |

---

---

| | |
|:---|:---|
| **PCLF SPE III LP**<br> By: Pacific Investment Management Company LLC, its investment manager  | **PCLF SPE III LP**<br> By: Pacific Investment Management Company LLC, its investment manager  |
| By: | /s/ Adam L. Gubner |
|  | &nbsp;&nbsp;&nbsp;Name: Adam L. Gubner |
|  | &nbsp;&nbsp;&nbsp; Title: Managing Director |

---

---

| | |
|:---|:---|
| **Jasper CS LLC** | **Jasper CS LLC** |
| By: | /s/ Adam L. Gubner |
|  | &nbsp;&nbsp;&nbsp;Name: Adam L. Gubner |
|  | &nbsp;&nbsp;&nbsp;Title: Authorized Person |

---

[Signature Page to Amended and Restated Commitment Letter]

------

Accepted and agreed to as of<br> the date first above written:

**Arrow Borrower 2025, Inc.**

---

| | |
|:---|:---|
| By: | /s/ John Flynn |

---

Name: John Flynn<br>

Title: Authorized Signatory<br>

[Signature Page to Amended and Restated Commitment Letter]

------

**CONFIDENTIAL**

**EXHIBIT A**

<u>PROJECT ARROW</u><br> <u>$60 million Senior Secured Revolving Facility</u><br> <u>$440 million Senior Secured Term Loan Facility</u> 

<u>Transaction Description<sup>1</sup></u>

It is intended that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Arrow Borrower 2025, Inc., a Delaware corporation (the "**<u>Buyer</u>**") controlled directly or indirectly by TPG Global, LLC and/or its affiliates or its associated funds (collectively, the "**<u>Sponsor</u>**"), intends to acquire (the "**<u>Acquisition</u>**"), directly or indirectly (including by one or more acquisitions of direct or indirect equity interests, mergers and/or other means), the company previously identified to the Commitment Parties as "Arrow" (the "**<u>Target</u>**") pursuant to an Agreement and Plan of Merger, dated as of May 6, 2025 (together with the schedules and exhibits thereto and as may be amended, restated, amended and restated, supplemented, waived or otherwise modified from time to time in accordance with <u>Exhibit C</u> to this Commitment Letter, the "**<u>Acquisition Agreement</u>**"), by and among the Buyer, AvidXchange Holdings, Inc., a Delaware corporation and Arrow Merger Sub 2025, Inc., a Delaware corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; In connection with the Acquisition, on or prior to the Closing Date, the Sponsor and other investors (including any existing equity holders or members of management of the Target or a direct or indirect parent company of the Target) (collectively, the "**<u>Investors</u>**") will directly or indirectly contribute to the Borrower an amount of cash or rollover equity to be contributed as common equity, "qualified" preferred equity or (on terms reasonably satisfactory to the Commitment Parties) other equity ("**<u>Permitted Equity</u>**") of the Borrower or otherwise to be applied to pay a portion of the Purchase Consideration (as defined below) that, when taken together with rollover equity that will otherwise remain directly or indirectly invested in Permitted Equity of the Borrower (collectively, the "**<u>Equity Contribution</u>**") that represents not less than 40% of the sum of (i) the aggregate gross proceeds of the loans borrowed under the Term Facility on the Closing Date, *plus* (ii) the amount of such Equity Contribution, *minus* (iii) the aggregate amount of cash on hand at the Target and its subsidiaries on the Closing Date (the "**<u>Minimum Equity Contribution</u>**"); *provided* that after giving effect to the Transactions (including the Acquisition), the Sponsor shall beneficially control, directly or indirectly, a majority of the voting equity interests of the Borrower as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; The Borrower will obtain (i) $60 million in commitments under a senior secured revolving credit facility (the "**<u>Revolving Facility</u>**") and (ii) $440 million in aggregate principal amount of senior secured term loans (the "**<u>Term Facility</u>**"; and, together with the Revolving Facility, collectively, the "**<u>Facilities</u>**"), having the terms set forth in the Summary of Principal Terms and Conditions attached hereto as <u>Exhibit B</u> (the "**<u>Term Sheet</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; Proceeds of the Facilities received by the Borrower on the Closing Date will be used to directly or indirectly (i) pay the consideration pursuant to the terms and conditions of the Acquisition Agreement (the "**<u>Purchase Consideration</u>**") and make the other payments contemplated by the Acquisition Agreement, (ii) to the extent set forth in the Acquisition Agreement, repay all outstanding indebtedness (if any) of the Target under that certain Amended and Restated Credit and Security Agreement, dated as of August 8, 2024 among the Target, AFV Commerce, Inc. and the other subsidiaries party thereto, as borrowers, the lenders party thereto, KeyBank National Association, as administrative agent, and certain other parties thereto (as amended, restated, supplemented or otherwise modified from time to time prior to the Closing Date, the "**<u>Existing Indebtedness</u>**") required pursuant to the Acquisition Agreement to be repaid on or prior to the Closing Date (the foregoing clause (ii), the "**<u>Refinancing</u>**"), (iii) pay fees and expenses incurred in connection with the foregoing and the transactions related thereto (such fees and expenses, the "**<u>Transaction Costs</u>**") and (iv) otherwise fund working capital and general corporate purposes.

<sup>1</sup> All capitalized terms used but not defined herein have the meanings given to them in the Commitment Letter to which this Exhibit A is attached, including the other Exhibits thereto. In the event any such capitalized term 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.

------

The transactions described above, together with the transactions related thereto (including the payment of all Transaction Costs), are collectively referred to herein as the "**<u>Transactions</u>**". For purposes of the Commitment Letter and the Fee Letter, "**<u>Closing Date</u>**" shall mean the date of the initial availability of, and the occurrence of the initial funding under, the Term Facility.

------

**CONFIDENTIAL**

**EXHIBIT B**

<u>PROJECT ARROW</u><br> <u>$60 million Senior Secured Revolving Facility</u><br> <u>$440 million Senior Secured Term Loan Facility</u>

<u>Summary of Principal Terms and Conditions</u><sup>2</sup>

---

| | |
|:---|:---|
| <u>Borrower</u>: | Arrow Borrower 2025, Inc. (the "**<u>Borrower</u>**"). |

---

---

| | |
|:---|:---|
| <u>Administrative Agent</u>: | Ares Capital Management LLC ("**<u>Ares</u>**") will act as sole and exclusive administrative agent and collateral agent (in such capacities, the "**<u>Administrative Agent</u>**", collectively with any other agents party to the Facilities Documentation, the "**<u>Agents</u>**"), and will perform the duties customarily associated with such roles. |

---

---

| | |
|:---|:---|
| <u>Lead Arrangers and Bookrunners</u>: | Ares, Blue Owl, MUFG and PIMCO will act as lead arrangers and bookrunners for the Facilities (in such capacities, the "**<u>Lead Arrangers</u>**" and, each individually, a "**<u>Lead Arranger</u>**"), and will perform the duties customarily associated with such roles. |

---

---

| | |
|:---|:---|
| <u>Lenders</u>: | Ares, New Mountain, Blue Owl, Cliffwater, MUFG and PIMCO (together with their respective permitted assignees, the "**<u>Lenders</u>**"); *provided* that nothing herein shall affect the consent rights of the Borrower in accordance with the "Assignments and Participations" provisions. |

---

---

| | |
|:---|:---|
| <u>Financing EBITDA</u>: | $120 million. |

---

---

| | |
|:---|:---|
| <u>Senior Secured Facilities</u>: | (A) A senior secured U.S. dollar term loan facility in an aggregate principal amount of $440 million (the "**<u>Term Facility</u>**" and each lender under the Term Facility, a "**<u>Term Loan Lender</u>**") (the initial loans under the Term Facility shall be the "**<u>Term Loans</u>**"). Notwithstanding the foregoing, the commitments with respect to the Term Facility may be ratably reduced at the Borrower's election (in consultation with the Sponsor) at any time prior to the Closing Date. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) A senior secured revolving credit facility (the revolving commitments thereunder, the "**<u>Revolving Commitments</u>**") in an aggregate principal amount of $60 million (the "**<u>Revolving Facility</u>**" and, together with the Term Facility, the "**<u>Facilities</u>**"; the loans under the Revolving Facility, together with the Term Loans, shall be referred to as the "**<u>Loans</u>**"), of which up to an amount to be agreed (but no less than $10 million) will be available in the form of commercial letters of credit, standby letters of credit or Specified Letter of Credit Obligations (as defined below) (such amount, the "**<u>L/C Sublimit</u>**"). Borrowings under the Revolving Facility (including any letters of credit) will be available in U.S. dollars and other currencies to be agreed. Notwithstanding the foregoing, the Revolving Commitments may be ratably reduced at the Borrower's election (in consultation with the Sponsor) at any time prior to the Closing Date.

<sup>2</sup> All capitalized terms used but not defined herein have the meanings given to them in the Commitment Letter to which this Term Sheet is attached, including the Exhibits thereto. In the event any such capitalized term is subject to multiple and differing definitions, the appropriate meaning thereof in this Exhibit shall be determined by reference to the context in which it is used.

------

In connection with the Revolving Facility, the Administrative Agent or another Lender (if the Administrative Agent or such Lender so agrees) (in such capacity, the "**Swingline Lender**") will make available to the Borrower a swingline facility under which the Borrower may make short-term borrowings in U.S. dollars of up to $10 million on same-day notice. Any such swingline borrowings will reduce availability under the Revolving Facility on a dollar-for-dollar basis.

Each Lender under the Revolving Facility (each such Lender, a "**Revolving Lender**") shall, promptly upon request by the Swingline Lender, fund to the Swingline Lender its pro rata share of any swingline borrowings.

If any Revolving Lender becomes a Defaulting Lender (as defined below) then the swingline exposure of such Defaulting Lender will automatically be reallocated among the non-Defaulting Lenders under the Revolving Facility pro rata in accordance with their commitments under the Revolving Facility up to an amount such that the revolving credit exposure of such non-Defaulting Lender does not exceed its commitments. In the event such reallocation does not fully cover the exposure of such Defaulting Lender, the Swingline Lender may require the Borrower to repay such "uncovered" exposure in respect of the swingline loans and will have no obligation to make new swingline loans to the extent such swingline loans would exceed the commitments of the non-Defaulting Lenders under the Revolving Facility.

"**<u>Defaulting Lender</u>**" means any Lender whose acts or failure to act, whether directly or indirectly, cause it to meet any part of the definition of "Lender Default."

"**<u>Lender Default</u>**" means (i) the refusal (which may be given verbally or in writing and has not been retracted) or failure of any Lender to make available its portion of any incurrence of loans or reimbursement obligations required to be made by it, which refusal or failure is not cured within one business day after the date of such refusal or failure; (ii) the failure of any Lender to pay over to the Administrative Agent, any Issuing Bank (as defined below) or any other Lender any other amount required to be paid by it under the Facilities Documentation within one business day of the date when due; (iii) a Lender has notified the Borrower or the Administrative Agent that it does not intend to comply with its funding obligations or has made a public statement to that effect with respect to its funding obligations under the Facilities or under other agreements in which it commits to extend credit; (iv) a Lender has failed, within three business days after request by the Administrative Agent or the Borrower, to confirm that it will comply with its funding obligations under the Facilities or (v) a Lender has admitted in writing that it is insolvent or such Lender becomes subject to a Lender-Related Distress Event.

------

"**<u>Lender-Related Distress Event</u>**" means, with respect to any Lender or any person that directly or indirectly controls such Lender (each, a "**<u>Distressed Person</u>**"), as the case may be, a voluntary or involuntary case with respect to such Distressed Person under any debtor relief law, or a custodian, conservator, receiver or similar official is appointed for such Distressed Person or any substantial part of such Distressed Person's assets, or such Distressed Person is subject to a forced liquidation, or such Distressed Person makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any governmental authority having regulatory authority over such Distressed Person or its assets to be, insolvent or bankrupt or a bail-in or other similar action occurs; *provided* that a Lender-Related Distress Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any equity interests in any Lender or any person that directly or indirectly controls such Lender by a governmental authority or an instrumentality thereof.

The Borrower shall have the right to terminate the commitment of any Defaulting Lender to the extent such termination does not cause the revolving credit exposure to exceed the revolving credit commitments under the Revolving Facility.

------

---

| | |
|:---|:---|
| <u>Incremental Facilities</u>: | The Facilities Documentation will permit the Borrower or any Subsidiary Guarantor to (a) add one or more incremental term loan facilities and/or increase the loans under any Term Facility or any incremental term loan facility (each, an "**<u>Incremental Term Facility</u>**") (the loans under any Incremental Term Facility shall be the "**<u>Incremental Term Loans</u>**") and (b) add one or more revolving credit facilities and/or increase commitments under the Revolving Facility or any incremental revolving credit facility (any such revolving credit facility or increase, an "**<u>Incremental Revolving Facility</u>**"; the Incremental Term Facilities and the Incremental Revolving Facilities are collectively referred to as "**<u>Incremental Facilities</u>**"); *provided* 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;&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) the Incremental Facilities do not exceed in the aggregate the sum of (A) an amount equal to (the "**<u>Free and Clear Incremental Amount</u>**") (w) the greater of (1) 100% of Financing EBITDA and (2) 100% of Consolidated EBITDA (as defined below) determined on a pro forma basis for the most recently ended Test Period (as defined below), less (x) the aggregate principal amount of Incremental Equivalent Debt incurred in reliance on clause (A)(w), plus (y) any amounts reallocated from the General Debt Basket (as defined below) plus (z) the principal amount of (1) any voluntary prepayment, redemption or repurchase (including any reduction in the outstanding principal amount resulting from assignments to, and purchases by, Holdings, the Borrower or any restricted subsidiary) of (I) the Term Facility and any other indebtedness of the Borrower or its restricted subsidiaries that is secured by the Collateral on a pari passu basis to the Term Facility and/or (II) Incremental Term Facilities and any Incremental Equivalent Debt, in each case under this clause (II), incurred or established under the Non-Ratio Based Incremental Amount, (2) any permanent reduction in commitments under (I) the Revolving Facility and/or (II) any Incremental Revolving Facility or any other revolving credit facility, in each case under this clause (II), either established under the Non-Ratio Based Incremental Amount or secured by the Collateral on a pari passu basis to the Term Facility and (3) any voluntary prepayment, redemption or repurchase (including any reduction in the outstanding principal amount resulting from assignments to, and purchases by, Holdings, the Borrower or any restricted subsidiary) (or, in the case of revolving credit facilities, the principal amount of any permanent commitment reductions) of any Refinancing Debt previously applied to the prepayment of any of the foregoing (provided that, in respect of this clause (z), (A) the relevant voluntary prepayment, redemption or repurchase under this clause (z) is not funded with long-term indebtedness (other than revolving indebtedness and unsecured intercompany indebtedness) and (B) any prepayment of revolving indebtedness included in this clause (z) shall be accompanied by a permanent reduction in the commitments in respect thereof), plus (B) (x) in the case of an Incremental Facility that serves to effectively extend the maturity of the Term Facility, the Revolving Facility and/or any other Incremental Facility, in each case secured on a pari passu basis with the Term Facility, an amount equal to the portion of the Term Facility, the Revolving Facility and/or other Incremental Facilities, as applicable, to be replaced with such Incremental Facility, and (y) in the case of an Incremental Facility that effectively replaces any commitment or loan under any Facility terminated under the "yank-a-bank" provisions, an amount equal to the portion of the relevant terminated commitment or loan (the amounts under this clause (i)(B), together with the Free and Clear Incremental Amount, the "**<u>Non-Ratio Based Incremental Amount</u>**"), plus (C) an unlimited amount, so long as (x) in the case of indebtedness secured by liens on the Collateral on a pari passu basis with the Term Loans, the Consolidated First Lien Net Leverage Ratio (as defined below) as of the last day of the most recently ended Test Period, on a pro forma basis does not exceed 5.00:1.00 (the "**<u>First Lien Debt Incurrence Ratio</u>**"), (y) in the case of indebtedness secured by the Collateral on a junior lien basis to the Term Loans, the Consolidated Secured Net Leverage Ratio (as defined below) as of the last day of the most recently ended Test Period, on a pro forma basis does not exceed 5.50:1.00 (the "**<u>Second Lien Debt Incurrence Ratio</u>**") or, solely with respect to any such indebtedness incurred in connection with an acquisition or similar investment, the greater of (X) the Second Lien Debt Incurrence Ratio and (Y) the Consolidated Secured Net Leverage Ratio as of the last day of the most recently ended Test Period, and (z) in the case of unsecured indebtedness (or in the case of Incremental Equivalent Debt, not secured by assets that constitute Collateral), either (1) the Consolidated Total Net Leverage Ratio (as defined below) as of the last day of the most recently ended Test Period, on a pro forma basis does not exceed 6.00:1.00 (the "**<u>Junior/Unsecured Debt Incurrence Ratio</u>**") or, solely with respect to any such indebtedness incurred in connection with an acquisition or similar investment, the greater of (X) the Junior/Unsecured Debt Incurrence Ratio and (Y) the Consolidated Total Net Leverage Ratio as of the last day of the most recently ended Test Period, or (2) the consolidated cash interest coverage ratio of the Borrower and its restricted subsidiaries (to be defined in the Facilities Documentation in accordance with the Documentation Principles) (the "**<u>Consolidated Interest Coverage Ratio</u>**") as of the last day of the most recently ended Test Period is no less than 2.00:1.00 or, solely with respect to any such indebtedness incurred in connection with an acquisition or similar investment, the lesser of (I) 2.00:1.00 and (II) the Consolidated Interest Coverage Ratio as of the last day of the most recently ended Test Period (the amounts under this clause (i)(C), the "**<u>Ratio Based Incremental Amount</u>**"; the Ratio Based Incremental Amount, together with the Non-Ratio Based Incremental Amount, the "**<u>Available Incremental Amount</u>**"); *provided* that, (V) in the case of any Incremental Facility in the form of a delayed draw term loan facility, at the Borrower's election, the Available Incremental Amount may (1) be tested upon the initial establishment of such delayed draw term loan facility assuming such facility is fully drawn, in which case any subsequent draw under such delayed draw term loan facility shall not be subject to any ratio test unless imposed by the lenders providing such facility, (2) be deemed to be drawn in any amount determined by the Borrower on any date that could constitute an LCT Test Date, if in connection with any Limited Condition Transaction, in which case any subsequent draw under such delayed draw term loan facility up to the amount originally deemed to be drawn shall not be subject to any ratio test or (3) be tested upon each draw thereunder; provided, however, that, if compliance is not tested at the time of establishing the commitment, the lenders in respect of such delayed draw term loan facility shall be included in the calculation of the Required Lenders and the components thereof solely to the extent the Borrower and such lenders are acting in good faith to establish an Incremental Facility for a bona fide business purpose (as determined in good faith by the Borrower) and not directly or indirectly for the purpose of circumventing any voting requirements either at the time of establishment or any future date (as determined in good faith by the Borrower), (W) for purposes of the Ratio Based Incremental Amount, the cash proceeds of any proposed Incremental Facility then being incurred are not netted from indebtedness for purposes of calculating the Consolidated First Lien Net Leverage Ratio, the Consolidated Secured Net Leverage Ratio or the Consolidated Total Net Leverage Ratio, (X) with respect to any Incremental Revolving Facility then being incurred, such Incremental Revolving Facility is assumed to be fully drawn, (Y) the Borrower may elect to use any component (or one or more components) of the Available Incremental Amount in its sole discretion, and if there is capacity under the Ratio Based Incremental Amount at any time that Incremental Facilities are incurred and the Borrower does not otherwise make an election, the Borrower will be deemed to have elected the Ratio Based Incremental Amount and (Z) the Available Incremental Amount shall be subject to the Stacking and Reclassification Provisions (as defined below) (and, for the avoidance of doubt, any portion of any Incremental Facility incurred in reliance on the Non-Ratio Based Incremental Amount shall be automatically reclassified as incurred under the Ratio Based Incremental Amount at such time as the Borrower satisfies the applicable ratio under the Ratio Based Incremental Amount at such time on a pro forma basis);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) no Lender will have any right, or be required, to participate in any Incremental Facility and the Administrative Agent (in its respective capacities as both administrative agent and collateral agent) shall not be required as a condition to effectiveness to execute, accept or acknowledge any incremental amendment documentation, but shall receive concurrent, substantially concurrent or prompt written notice 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) any Incremental Facility shall rank pari passu or junior in right of payment with the Facilities and will either be secured on a pari passu or junior basis (and be subject to intercreditor terms to be set forth in an exhibit to the Facilities Documentation consistent with the Documentation Principles (the "**<u>Form Intercreditor Terms</u>**") or other customary intercreditor terms reasonably acceptable to the Administrative Agent and the Borrower) with the Facilities by the same Collateral securing the Facilities or be unsecured and shall not be guaranteed by any restricted subsidiary other than a Subsidiary Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) the Incremental Term Facilities (other than with respect to customary interim loan facilities and customary bridge facilities (so long as the long-term debt into which any such interim loan facility or bridge facility is to be converted satisfies this clause (iv)) will have a final maturity no earlier than the final maturity of the Term Loans and any Incremental Revolving Facility will have a final maturity no earlier than the final maturity of the Revolving Facility; *provided*, that (1) up to the greater of (x) 25% of Financing EBITDA and (y) 25% of Consolidated EBITDA (determined on a pro forma basis for the most recently ended Test Period) (the "**<u>Inside Maturity Basket</u>**") in aggregate principal amount of Incremental Facilities, Refinancing Debt (as defined below), Incremental Equivalent Debt (as defined below) and Ratio Debt (as defined below) outstanding at any one time and (2) debt with customary prepayment terms in connection with escrow arrangements (this clause (2), "**<u>Escrow Debt</u>**") may, in each case, have a maturity date that is earlier than the maturity of the Term Loans (or, in the case of Refinancing Debt, earlier than the maturity of the applicable indebtedness being refinanced) or the Revolving Facility, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) the weighted average life to maturity of any Incremental Term Facility (other than with respect to customary interim loan facilities and customary bridge facilities (so long as the long-term debt into which any such interim loan facility or bridge facility is to be converted satisfies this clause (v)) shall be no shorter than that of the Term Loans (without giving effect to any amortization or prepayments on the Term Loans); *provided* that indebtedness incurred under the Inside Maturity Basket and Escrow Debt may have a weighted average life to maturity that is shorter than the Term Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) subject to clauses (iv) and (v) above, the amortization schedule applicable to any Incremental Term Facility shall be determined by the Borrower and the lenders thereunder and an Incremental Revolving Facility shall not have amortization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) to the extent required by the lenders providing such Incremental Term Facility, no event of default shall have occurred and be continuing or would result therefrom (except in connection with any Limited Condition Transaction (as defined below), where such condition shall be no payment or bankruptcy event of default with respect to the Borrower, tested (if applicable) on the applicable LCT Test Date (as defined below));

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the interest rate and fees applicable to any Incremental Facility will be determined by the Borrower and the Lenders providing such Incremental Facility; *provided* that with respect to any Incremental Term Facility that (1) is secured by the Collateral on a pari passu basis with the Term Loans, (2) is in the form of floating rate U.S. dollar-denominated first lien term loans (other than term "A" loans) or floating rate U.S. dollar-denominated first lien notes (other than notes in the form of a customary widely placed Rule 144A high yield bond offering or notes issued pursuant to the exemption from registration under Section 4(a)(2) of the Securities Act of 1933), (3) has a principal amount in excess of the greater of (x) 25% of Financing EBITDA and (y) 25% of Consolidated EBITDA and (4) has a final maturity earlier than 24 months after the initial maturity date of the Term Loans (clauses (1) through (4), the "**<u>MFN Conditions</u>**"), the All-In Yield for such Incremental Term Facility (determined as of the initial funding date for such Incremental Term Facility) will not be more than 0.50% (the "**<u>MFN Differential</u>**") higher than the corresponding All-In Yield for the Term Loans (which, to the extent the applicable Incremental Term Facility includes a PIK option, shall be calculated assuming the PIK option is not exercised) unless the corresponding All-In Yield with respect to the Term Loans is increased by an amount equal to the difference between the applicable All-In Yield with respect to the Incremental Term Facility and the corresponding All-In Yield on the Term Loans, minus the MFN Differential (this proviso, the "**<u>MFN Provision</u>**");

"**<u>All-In Yield</u>**" shall mean, as to any indebtedness, the yield thereof, whether in the form of interest rate, margin, original issue discount, upfront fees (including the Facilities Fees (as defined in the Fee Letter)), a SOFR or Base Rate floor (with any increased amount being determined in the manner described in clause (c) of this definition), or otherwise, in each case, incurred or generally payable by the Borrower ratably to all lenders of such indebtedness; *provided* that (a) original issue discount and upfront fees shall be equated to interest rate assuming a 4-year life to maturity (or, if less, the stated life to maturity at the time of incurrence of the applicable indebtedness), (b) "All-In Yield" shall not include arrangement fees, structuring fees, commitment fees, underwriting fees, success fees, advisory fees, ticking fees, consent or amendment fees and any similar fees (whether shared or paid, in whole or in part, with or to any or all lenders) and any fees not generally paid ratably to all lenders of such indebtedness and (c) if the applicable indebtedness includes a SOFR or Base Rate floor that is greater than the SOFR or Base Rate floor applicable to the Term Loans, such differential between interest rate floors shall be included in the calculation of All-In Yield, but only to the extent an increase in the SOFR or Base Rate floor applicable to the Term Loans would cause an increase in the interest rate then in effect thereunder.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) (A) any Incremental Revolving Facility will provide for the ability to permanently repay and terminate incremental revolving commitments on a pro rata basis or on a non-pro rata basis (but not greater than pro rata basis with respect to terminations of the incremental revolving commitments (other than a mandatory termination of commitments with Refinancing Debt) except that the Borrower shall be permitted to permanently repay and terminate commitments of any class of revolving commitments on a greater than pro rata basis as compared to any other class of revolving commitments with a later maturity date than such class) and (B) any Incremental Term Facility may provide for the ability to participate on a pro rata basis, or on a less than or greater than pro rata basis, in any voluntary prepayments of the term loans (or mandatory prepayment with proceeds of Refinancing Debt), and, to the extent such Incremental Term Loan is secured on a pari passu basis with the Term Loans, on a pro rata basis or a less than pro rata basis (but not greater than pro rata basis) in any other mandatory prepayments of the Term Loans (except that the Borrower shall be permitted to prepay any class of term loans on a greater than pro rata basis as compared to any other class of term loans with a later maturity date than such class);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) there shall be no requirement for the Borrower to satisfy any of the conditions listed under "Conditions Precedent to all Borrowings" below (including the absence of any default or the bring-down of the representations and warranties) unless otherwise required by (and thereafter may be waived by) the lenders holding more than 50% of the aggregate commitments under the proposed Incremental Facility (provided that the amount that can be incurred under the Available Incremental Amount cannot be increased without the consent of the Required Lenders (except that any portion of the Available Incremental Amount determined at the time of signing of definitive documentation with respect to, or giving of notice with respect to, a Limited Condition Transaction may be recalculated, at the option of the Borrower, at the times set forth in clauses 1 or 2 in the last paragraph under the heading "Negative Covenants")); 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) except as otherwise required or permitted in clauses (i) through (x) above, all other terms of such Incremental Facility, if not consistent with the terms of the Term Facility or Revolving Facility, as the case may be, shall either, at the option of the Borrower (A) reflect market terms and conditions (taken as a whole) at the time of incurrence or issuance (as determined by the Borrower), (B) not be materially more restrictive to the Borrower (as determined by the Borrower), when taken as a whole, than the terms of the Term Facility or Revolving Facility, as the case may be (except for (x) covenants or other provisions applicable only to periods after the latest final scheduled maturity date of the Term Facility or the Revolving Facility, as applicable or (y) covenants or other provisions (including a Previously Absent Financial Maintenance Covenant (to be defined consistent with the Documentation Principles)) also added for the benefit of the Term Facility or the Revolving Facility, as applicable) or (C) be reasonably satisfactory to the Administrative Agent.

The Borrower may seek commitments in respect of the Incremental Facilities from existing Lenders (each of which shall be entitled to agree or decline to participate in its sole discretion) and additional banks, financial institutions and other institutional lenders (in the case of such additional banks, financial institutions and other institutional lenders, subject to the consent of the Administrative Agent, and in the case of an Incremental Revolving Facility, the Swingline Lender and each Issuing Bank (in each case, not to be unreasonably withheld or delayed) if such consent is required under "Assignments and Participations") who will become Lenders in connection therewith. No Lender shall be under any obligation to provide any portion of any requested Incremental Facilities. No Lender shall be entitled to any "right of first offer" with respect to any requested Incremental Facilities. Incremental Facilities provided by the Sponsor and any of its Non-Debt Fund Affiliates shall be subject to the Affiliated Lender Cap (as defined below) in a manner consistent with the Documentation Principles.

In addition, the Borrower or any of its restricted subsidiaries may, in lieu of adding Incremental Term Facilities, utilize any part of the Available Incremental Amount at any time by issuing or incurring Incremental Equivalent Debt (as defined below), subject to, where applicable, the applicable Form Intercreditor Terms or other customary intercreditor terms reasonably acceptable to the Administrative Agent and the Borrower.

"**<u>Incremental Equivalent Debt</u>**" means indebtedness in an amount not to exceed the then Available Incremental Amount incurred by the Borrower or any of its restricted subsidiaries consisting of the issuance of senior secured notes or loans, junior lien loans or notes, subordinated loans or notes or senior unsecured loans or notes (in each case in respect of the issuance of notes, whether issued in a public offering, Rule 144A or other private placement or purchase or otherwise and in each case including revolving facilities) or any bridge financing in lieu of the foregoing, or secured or unsecured "mezzanine" debt, or other indebtedness, in each case, to the extent secured by liens on Collateral, subject to, where applicable, the applicable Form Intercreditor Terms or other customary intercreditor terms reasonably acceptable to the Administrative Agent and the Borrower; *provided* that (a) such Incremental Equivalent Debt shall not be subject to the requirements set forth in clauses (iii) (subject to an aggregate cap on the incurrence by non-Guarantor restricted subsidiaries, set at the greater of (x) 50% of Financing EBITDA and (y) 50% of Consolidated EBITDA (the "**<u>Non-Guarantor Debt Cap</u>**"), which such Non-Guarantor Debt Cap shall be shared with Ratio Debt and incurred Acquisition Debt as specified below), (vii), (viii) (other than with respect to any Incremental Equivalent Debt in the form of floating rate U.S. dollar-denominated first lien term loans (other than term "A" loans) or floating rate U.S. dollar-denominated first lien notes (other than notes in the form of a customary widely placed Rule 144A high yield bond offering or notes issued pursuant to the exemption from registration under Section 4(a)(2) of the Securities Act of 1933) secured on a pari passu basis with the Term Facility that otherwise satisfy the MFN Conditions, solely to the extent clause (viii) would otherwise apply if such Incremental Equivalent Debt were an Incremental Term Facility), (ix), (x), (xi) and (xii) and (b) clauses (iv) and (v) shall not apply to any Incremental Equivalent Debt incurred under the Inside Maturity Basket, constituting Escrow Debt or consisting of a customary interim loan facility or customary bridge facility so long as the long-term debt into which any such interim term loan facility or bridge facility is to be converted satisfies such clauses.

------

In connection with a "**<u>Limited Condition Transaction</u>**" (to be defined to include acquisitions, investments, dispositions, certain restricted payments and certain repayments, repurchases and redemptions of indebtedness) and any related transactions and events (including acquisitions, investments, dispositions, the incurrence or issuance of indebtedness (including, without limitation, any Incremental Facilities or Incremental Equivalent Debt) and the use of proceeds thereof, the incurrence of liens, repayments, repurchases and redemptions of indebtedness, and restricted payments), the Facilities Documentation shall permit the Borrower, at its option, to satisfy any applicable conditions and requirements (including compliance with Financial Incurrence Tests (as defined below), availability under any Fixed Baskets (as defined below), the making or accuracy of any representations and warranties and the absence of any defaults or events of default) (x) on the date that the definitive documentation for such Limited Condition Transaction and/or any such related transaction is entered into (or, if applicable, delivery of irrevocable notice, declaration of dividend or similar event) (provided that, solely in connection with an acquisition to which the United Kingdom City Code on Takeovers and Mergers applies, at the option of the Borrower, the "LCT Test Date" shall be deemed to be the date on which a "Rule 2.7 announcement" of a firm intention to make an offer (or equivalent announcement in another jurisdiction)) or, if elected by the Borrower, on the date of signing of any amendment entered into in connection therewith or (y) at any time after any of the dates described in clause (x) and prior to the consummation of such Limited Condition Transaction on which financial statements are internally available or any other transaction for which pro forma calculations are required under the Facilities Documentation (the "**<u>LCT Test Date</u>**") in a manner consistent with the Documentation Principles, in which case, (i) such conditions and requirements shall be deemed satisfied for all purposes of such Limited Condition Transaction, and any subsequent changes in the status of such conditions after the LCT Test Date (other than at the election of the Borrower pursuant to the definition thereof) shall be disregarded and no default or event of default shall occur or be deemed to have occurred as a result of such Limited Condition Transaction due to any such subsequent changes (other than at the Borrower's option as set forth in clauses (1) and (2) of the last paragraph under the heading "Negative Covenants") and (ii) prior to the earlier of the date on which such Limited Condition Transaction is consummated or the definitive agreement for such Limited Condition Transaction terminates or expires, Financial Incurrence Tests shall be calculated on a pro forma basis assuming all applicable and related transactions have been consummated (and may include all other permitted pro forma adjustments).

------

"**<u>Consolidated First Lien Net Leverage Ratio</u>**" shall mean the ratio of (i) Consolidated Debt (to be defined in accordance with the Documentation Principles) secured, in whole or in part, by a lien on the Collateral that is pari passu with the lien securing the Term Loans, minus Unrestricted Cash to (ii) Consolidated EBITDA for the applicable Test Period.

"**<u>Consolidated Secured Net Leverage Ratio</u>**" shall mean the ratio of (i) Consolidated Debt secured, in whole or in part, by a lien on the Collateral, minus Unrestricted Cash to (ii) Consolidated EBITDA for the applicable Test Period.

"**<u>Consolidated Total Net Leverage Ratio</u>**" shall mean the ratio of (i) Consolidated Debt, minus Unrestricted Cash to (ii) Consolidated EBITDA for the applicable Test Period.

------

"**<u>Closing Date First Lien Net Leverage Ratio</u>**" shall mean 3.70:1.00.

"**<u>Closing Date Secured Net Leverage Ratio</u>**" shall mean 3.70:1.00.

"**<u>Closing Date Total Net Leverage Ratio</u>**" shall mean 3.70:1.00.

"**<u>Test Period</u>**" means, (i) for purposes of determining the ECF Sweep Step-Downs, any applicable interest rate or fees and actual (but not pro forma) compliance with the Financial Covenant, the most recently ended period of four consecutive fiscal quarters for which financial statements have been delivered and (ii) for all other purposes under the Facilities Documentation, the most recent four fiscal quarter period as to which financial statements have been delivered to the Administrative Agent or, if elected by the Borrower, are internally available (as determined in good faith by the Borrower); provided that, with respect to this clause (ii), at the option of the Borrower with respect to any applicable determination, the "Test Period" shall be deemed to be the most recent trailing twelve month period as to which financial statements of the Borrower are internally available.

"**<u>Unrestricted Cash</u>**" means the sum of (i) unrestricted cash and cash equivalents (it being understood that client funds shall be regarded as restricted) and (ii) cash and cash equivalents that are restricted in favor of the Facilities (which may also secure, or be restricted in favor of, other indebtedness secured on a pari passu or junior lien basis with the Facilities), in each case, of the Borrower and its restricted subsidiaries.

------

<u>Refinancing Facilities</u>:&nbsp;&nbsp;&nbsp;&nbsp;

The Facilities Documentation will permit the Borrower to refinance loans under any Term Facility (or any Incremental Term Facility) or commitments under the Revolving Facility (or any Incremental Revolving Facility) from time to time, in whole or part, with one or more new term facilities (each, a "**<u>Refinancing Term Facility</u>**") or new revolving credit facilities (each, a "**<u>Refinancing Revolving Facility</u>**"; the Refinancing Term Facilities and the Refinancing Revolving Facilities are collectively referred to as "**<u>Refinancing Facilities</u>**"), respectively, under the Facilities Documentation solely with the consent of the Borrower and the lenders providing such Refinancing Term Facility or Refinancing Revolving Facility, or in the case of debt refinancing any Term Facility (or any Incremental Term Facility), with one or more additional series of senior unsecured or senior subordinated notes or loans or senior secured loans or notes that will be secured by the Collateral on a pari passu or junior lien basis with the Facilities (such notes or loans, "**<u>Refinancing Notes</u>**" and, together with the Refinancing Facilities, the "**<u>Refinancing Debt</u>**"); *provided* that (i) subject to the Inside Maturity Basket and other than Escrow Debt, any Refinancing Term Facility or Refinancing Notes (other than with respect to customary interim loan facilities and customary bridge facilities (so long as the long-term debt into which any such interim loan facility or customary bridge facility is to be converted satisfies this clause (i)) do not mature prior to the final scheduled maturity date of, or have a shorter weighted average life to maturity than, the remaining weighted average life of loans under the Term Facility or Incremental Term Facility being refinanced or replaced (without giving effect to any amortization or prepayments on the outstanding Term Loans or Incremental Term Loans, as applicable), (ii) subject to the Inside Maturity Basket and other than Escrow Debt, any Refinancing Revolving Facility (other than with respect to customary interim loan facilities and customary bridge facilities (so long as the long-term debt into which any such interim loan facility or customary bridge facility is to be converted satisfies this clause (ii)) does not mature prior to the maturity date of the revolving commitments being refinanced, (iii) the other terms and conditions of such Refinancing Debt (excluding pricing, interest rate margins, fees, discounts, rate floors and prepayment or redemption terms which shall be determined by the Borrower) shall either, at the option of the Borrower, (I) reflect market terms and conditions (taken as a whole) at the time of incurrence or issuance (as determined by the Borrower), (II) if not consistent with the terms of the corresponding class under the Facilities or Incremental Facility being refinanced or replaced, not be materially more restrictive to the Borrower (as determined by the Borrower), when taken as a whole, than the terms of the applicable class under the Facilities or Incremental Facility being refinanced or replaced (except for (x) covenants or other provisions applicable only to periods after the latest final scheduled maturity date of the applicable class under the Facilities or Incremental Facility being refinanced or replaced or (y) covenants or other provisions (including a Previously Absent Financial Maintenance Covenant) also added for the benefit of the applicable class under the Facilities or Incremental Facility being refinanced or replaced) or (III) be reasonably satisfactory to the Administrative Agent, (iv) any Refinancing Debt secured by Collateral shall be subject to the applicable Form Intercreditor Terms or other customary intercreditor terms reasonably acceptable to the Borrower and the Administrative Agent, (v) any partial prepayments will be applied pro-rata within the class, tranche or facility being prepaid, other than in respect of any Refinancing Debt which is subject to any extension or any "cashless roll" and (vi) Refinancing Debt will otherwise be subject to terms consistent with the Precedent Credit Agreement.

------

---

| | |
|:---|:---|
| <u>Purpose</u>: | (A) The proceeds of the Term Facility will be used by the Borrower on the Closing Date, together with any borrowings under the Revolving Facility (subject to the limitations set forth below), to finance the Transactions and pay Transaction Costs and, to the extent of any remaining proceeds, for working capital and general corporate purposes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 letters of credit and the proceeds of loans under the Revolving Facility (except as set forth below) will be used by the Borrower and its subsidiaries for working capital and general corporate purposes (including acquisitions, investments, restricted payments and other transactions not prohibited by the Facilities Documentation); *provided* that the amount of the Revolving Facility drawn on the Closing Date and utilized to fund the Transactions and pay Transaction Costs shall be subject to the limitation set forth below.

---

| | |
|:---|:---|
| <u>Availability</u>: | (A) The Term Facility will be available in a single drawing on the Closing Date. Amounts borrowed under the Term Facility that are repaid or prepaid may not be reborrowed. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Loans under the Revolving Facility will be made available on the Closing Date (i) in an amount not to exceed $15 million to finance (A) the Transactions, (B) Transaction Costs (including to fund original issue discount or upfront fees in connection with the Facilities and carve-out costs) and (C) for general corporate purposes and (ii) in an uncapped amount (A) to finance purchase price adjustments under the Acquisition Agreement, (B) for working capital needs (including working capital-related purchase price adjustments), and (C) to replace, backstop or cash collateralize existing letters of credit, guarantees, banker's acceptances or similar instruments or agreements or to issue other letters of credit for general corporate purposes.

Letters of credit may be issued on the Closing Date to backstop or replace letters of credit outstanding on the Closing Date (including by "grandfathering" such existing letters of credit in the Revolving Facility) or for other general corporate purposes.

Loans under the Revolving Facility will be available at any time prior to the final maturity of the Revolving Facility, in minimum principal amounts to be agreed and such Loans that accrue interest based on the ABR will be available on one (1) business day's notice. Amounts repaid under the Revolving Facility may be reborrowed.

<u>Interest Rates and Fees</u>: As set forth on <u>Annex I</u> hereto.

------

---

| | |
|:---|:---|
| <u>Default Rate</u>: | Any principal payable under or in respect of the Facilities not paid when due shall bear interest at the applicable interest rate plus 2.00% per annum (other than to Defaulting Lenders). Other overdue amounts (including overdue interest) shall bear interest at the interest rate applicable to ABR loans plus 2.00% per annum (other than to Defaulting Lenders). |

---

---

| | |
|:---|:---|
| <u>Letters of Credit</u>: | Letters of credit under the Revolving Facility will be issued by the Administrative Agent and the Revolving Lenders and, at the option of the Borrower, one or more additional Lenders selected by the Borrower which have agreed in writing to be an additional "Issuing Bank" under the Revolving Facility and are reasonably acceptable to the Administrative Agent (each, an "**<u>Issuing Bank</u>**"); *provided* that letters of credit may also be issued by a financial institution designated by the Borrower to act in such capacity. Each letter of credit shall expire not later than the earlier of (a) 12 months after its date of issuance and (b) the fifth business day prior to the final maturity of the Revolving Facility (unless cash collateralized or backstopped pursuant to arrangements reasonably acceptable to the relevant Issuing Bank and the Borrower); *provided* that any letter of credit may provide for renewal thereof for additional periods of up to 12 months (which in no event shall extend beyond the date referred to in clause (b) above, except to the extent cash collateralized or backstopped pursuant to arrangements reasonably acceptable to the relevant Issuing Bank and the Borrower). Notwithstanding anything to the contrary herein, neither New Mountain nor Cliffwater shall be required to be an Issuing Bank. |

---

Drawings under any letter of credit shall be reimbursed by the Borrower within no more than one business day after written notice of drawing is received by the Borrower from the relevant Issuing Bank (or, if such notice is received less than two hours prior to the deadline for requesting ABR borrowings, on the second business day immediately following the date on which the Borrowers receive such notice) (whether with its own funds or with proceeds of borrowings under the Revolving Facility). To the extent that the Borrower does not reimburse the relevant Issuing Bank within one business day, the Revolving Lenders shall be irrevocably obligated to reimburse such Issuing Bank pro rata based upon their respective Revolving Facility commitments.

If any Revolving Lender becomes a "Defaulting Lender", then the letter of credit exposure of such Defaulting Lender will automatically be reallocated among the non-Defaulting Lenders under the Revolving Facility pro rata in accordance with their commitments under the Revolving Facility up to an amount such that the revolving credit exposure of such non-Defaulting Lender does not exceed its commitments. In the event that such reallocation does not fully cover the letter of credit exposure of such Defaulting Lender, the applicable Issuing Bank may require the Borrower to cash collateralize such "uncovered" exposure in respect of each outstanding letter of credit and will have no obligation to issue new letters of credit, or to extend, renew or amend existing letters of credit, to the extent letter of credit exposure would exceed the commitments of the non-Defaulting Lenders under the Revolving Facility, unless such "uncovered" exposure is cash collateralized to the applicable Issuing Bank's reasonable satisfaction.

------

<u>Final Maturity and Amortization</u>: (A) <u>Term Facility</u>

The Term Facility will mature on the date that is 7 years after the Closing Date and will amortize in equal quarterly installments in aggregate annual amounts equal to 1.00% per annum of the original principal amount of the Term Facility funded on the Closing Date (subject to reduction in connection with debt prepayments and debt buy backs), commencing with the seventh full fiscal quarter ending after the Closing Date, with the balance payable on the final maturity date; *provided* that the Facilities Documentation shall provide the right for individual Lenders to agree to extend the maturity date of their outstanding Term Loans upon the request of the Borrower and without the consent of any other Lender (and any such offer need not be made on a pro rata basis within a class).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Revolving Facility</u>

The Revolving Facility will mature on the date that is 7 years after the Closing Date; *provided* that the Facilities Documentation shall provide the right for individual Lenders to agree to extend the maturity date of their Revolving Commitments upon the request of the Borrower and without the consent of any other Lender (and any such offer need not be made on a pro rata basis within a class).

------

---

| | |
|:---|:---|
| <u>Guarantees</u>: | All obligations of the Borrower (the "**<u>Borrower Obligations</u>**") under the Facilities and, at the option of the Borrower, under any interest rate protection or other hedging arrangements (other than any Excluded Swap Obligation (to be defined in a manner consistent with the Documentation Principles)) entered into with an Agent, a Lender or any affiliate of an Agent or a Lender (at the time of the entering into of such arrangements) or any other person from time to time selected by the Borrower and specifically designated by the Borrower as "Hedging Obligations" ("**<u>Hedging Obligations</u>**") and, at the option of the Borrower, under any cash management arrangements entered into by Holdings, the Borrower or any restricted subsidiaries with an Agent, a Lender or any affiliate of an Agent or a Lender (at the time of the entering into of such arrangements) or any other person from time to time selected by the Borrower and specifically designated by the Borrower as "Cash Management Obligations" ("**<u>Cash Management Obligations</u>**") and, at the option of the Borrower, under any letters of credit (other than under the Revolving Facility) issued by the Administrative Agent, a Lender or any affiliate of the Administrative Agent or a Lender (at the time of the entering into of such arrangements) or any other person from time to time selected by the Borrower and specifically designated by the Borrower as "Specified Letter of Credit Obligations" ("**<u>Specified Letter of Credit Obligations</u>**"; collectively with any Cash Management Obligations, Hedging Obligations and Borrower Obligations, the "**<u>Obligations</u>**") will be unconditionally guaranteed, jointly and severally, on a senior secured basis (the "**<u>Guarantees</u>**") by the direct parent of the Borrower ("**<u>Holdings</u>**") and, except to the extent prohibited or restricted by applicable law whether on the Closing Date or thereafter, each existing and subsequently acquired or organized direct or indirect wholly-owned U.S. restricted subsidiary (other than Excluded Subsidiaries) of the Borrower (the "**<u>Subsidiary Guarantors</u>**" and, together with Holdings, the "**<u>Guarantors</u>**" and together with the Borrower, the "**<u>Loan Parties</u>**"). There shall be no general requirement for the Borrower Obligations to be guaranteed by any restricted subsidiary that guarantees (or is the borrower or issuer of) any junior debt, except as required as an express condition to the incurrence of such junior debt. Notwithstanding the foregoing, with respect to any Guarantor that is a holder of a Money Transmitter License (as defined in the Acquisition Agreement) and its subsidiaries (collectively, a "**<u>MTL Guarantor</u>**"), the Guarantee of the Obligations by such MTL Guarantor shall not extend to amounts that regulatory authorities of the MTL Guarantor necessitate (after the exercise of other reasonable alternative options) in order for the MTL Guarantor to satisfy any applicable minimum net worth, equity, capital (or similar metric) requirements, subject to good faith consultation with the Administrative Agent; provided that (i) any debt incurred by the Borrower or any restricted subsidiary that is guaranteed by the MTL Guarantor shall not benefit from a more favorable guarantee limitation provision unless the guarantee limitation provision in the Facilities Documentation is conformed to such provision, (ii) the MTL Guarantor shall not borrow any indebtedness other than amounts required for it to operate in the ordinary course of business and other de minimis exceptions to be agreed and (iii) for purposes of the covenant in clauses (c) and (d) under the "Negative Covenants" section below, the MTL Guarantor shall be deemed a non-Loan Party. Notwithstanding the foregoing, on a post-closing basis and for a period to be agreed, the Borrower shall use commercially reasonable efforts (without unreasonable burden, expense or tax or other liability) to contribute or otherwise transfer material assets owned by any MTL Guarantor which are not included in the calculation of such MTL Guarantor's net worth, equity, capital (or similar metric) for purposes of satisfying applicable minimum net worth, equity, capital or similar requirements required by applicable regulatory authorities, in each case, to any other Loan Party (other than Holdings). |

---

------

"**<u>Excluded Subsidiaries</u>**" shall be defined in a manner consistent with the Documentation Principles and, in any event, shall include (a) unrestricted subsidiaries, (b) captive insurance companies, (c) not-for-profit subsidiaries, (d) special purpose entities (including receivables subsidiaries), (e) Immaterial Subsidiaries (to be defined in a manner consistent with the Documentation Principles) (*provided* that the individual threshold with respect to consolidated total assets and Consolidated EBITDA shall be set at 5%, respectively and the aggregate threshold with respect to consolidated total assets and Consolidated EBITDA shall be set at 10%, respectively), (f) any subsidiaries that are not wholly-owned, (g) broker-dealer subsidiaries, (h) any foreign subsidiary and any U.S. subsidiary (a "**<u>Foreign Subsidiary Holdco</u>**") substantially all of whose assets consists (directly or indirectly) of the capital stock and/or debt (and related or similar assets) of one or more foreign subsidiaries or other Foreign Subsidiary Holdcos, (i) any direct or indirect U.S. subsidiary of a foreign subsidiary or a Foreign Subsidiary Holdco, (j) any subsidiary prohibited or restricted from providing a Guarantee, by contract (including any requirement to obtain the consent of any third party (other than Holdings, the Borrower or any restricted subsidiary)) existing on the Closing Date or, with respect to subsidiaries acquired after the Closing Date, existing when such subsidiary was acquired and not in contemplation of such acquisition or by applicable law (including any requirement to obtain the consent, approval or authorization of any governmental or regulatory authority), (k) any subsidiary where the Borrower reasonably determines in consultation with the Administrative Agent that the burden or cost (including any adverse tax consequences to the Borrower or any of its direct or indirect parent companies or subsidiaries) of obtaining a guarantee from such subsidiary outweighs the benefit to the Lenders afforded thereby, (l) any subsidiary to the extent a guarantee from such subsidiary would result in adverse tax consequences to the Borrower or any of its direct or indirect parent companies or subsidiaries or any of its or their respective equity holders as determined by the Borrower in good faith, in consultation with the Administrative Agent and (m) other subsidiaries as mutually agreed between the Borrower and the Administrative Agent; *provided*, that the Borrower may, in its sole discretion elect to join any non-U.S. subsidiary, any non-wholly-owned U.S. subsidiary or any Excluded Subsidiary (other than in each case an unrestricted subsidiary) as a guarantor subject to, in the case of a non-U.S. subsidiary (x) the jurisdiction of incorporation of such non-U.S. subsidiary (or subsidiaries) being reasonably satisfactory to the Administrative Agent in light of legal permissibility and the policies and procedures of the Administrative Agent and the Lenders for similarly situated companies (for the avoidance of doubt, as reasonably determined by the Administrative Agent) and (y) collateral and security provisions reasonably acceptable to the Administrative Agent consistent with the Documentation Principles or otherwise to be negotiated in good faith; *provided* that the Borrower may subsequently elect to release any such non-U.S. subsidiary, non-wholly-owned U.S. subsidiary or Excluded Subsidiary (a "**<u>Released Subsidiary</u>**") in its sole discretion; *provided* that such release (A) shall be subject to the Borrower or its restricted subsidiaries having capacity to make an investment in such Released Subsidiary once it is no longer a Guarantor and shall be deemed an investment in such Released Subsidiary; (B) shall be subject to such Released Subsidiary having capacity to incur any debt or liens once it is no longer a Guarantor and shall constitute the incurrence at the time of release of such Released Subsidiary of any indebtedness and liens of such Released Subsidiary existing at such time; and (C) shall be subject to such Released Subsidiary not owning or exclusively licensing (excluding exclusive licenses limited by territory or field of use) any intellectual property that is, taken as a whole, material to the operation of the business of the Borrower and its restricted subsidiaries (as determined by the Borrower in good faith) ("**<u>Material Intellectual Property</u>**") at such time, other than any such Material Intellectual Property owned or exclusively licensed by such Released Subsidiary prior to such Released Subsidiary becoming a Guarantor. Notwithstanding the foregoing, it is understood and agreed that there shall be no guaranties governed under the laws of any non-U.S. jurisdiction; *provided* that to the extent any non-U.S. subsidiary is joined as a guarantor as described in the proviso to the immediately preceding sentence, any requirements under this "Guarantees" section and "Security" below as applied to such non-U.S. subsidiary (solely to the extent any such provision would not otherwise have applied in respect of such non-U.S. subsidiary if it were a restricted subsidiary that did not constitute a Loan Party) may be modified (including with respect to the addition of customary limitations applicable to the provision of guarantees and collateral in the applicable non-U.S. jurisdiction and providing for the granting of collateral customary for secured financings in such non-U.S. jurisdiction) as reasonably determined by the Borrower and the Administrative Agent.

------

No wholly-owned subsidiary that is a Loan Party and that becomes an "Excluded Subsidiary" solely by virtue of it no longer being a wholly-owned subsidiary of the Borrower shall be released from its Guarantee solely by virtue of a transaction pursuant to which the relevant equity interests of such restricted subsidiary are transferred to an affiliate of the Borrower unless (x) (i) the counterparty to such transaction is a third party that is not an affiliate of the Borrower and such transaction has a bona fide business purpose and is not entered into with the primary purpose of releasing the Guarantee made by such Loan Party or (ii) the counterparty to such transaction is an affiliate of the Borrower and the Administrative Agent shall have consented to such transaction and (y) such released subsidiary does not own or exclusively license (excluding exclusive licenses limited by territory or field of use) any Material Intellectual Property, it being understood that (i) the primary purpose of any such transaction shall be determined by the Borrower in good faith and (ii) in no event shall the foregoing provisions prevent the release of a subsidiary that otherwise constitutes an "Excluded Subsidiary".

------

---

| | |
|:---|:---|
| <u>Security</u>: | The Borrower Obligations, the Guarantees, any Hedging Obligations, any Cash Management Obligations and any Specified Letter of Credit Obligations will be secured by, subject to permitted liens and other exceptions consistent with the Documentation Principles, substantially all of the present and after-acquired assets of the Borrower and each Subsidiary Guarantor and the capital stock of the Borrower (collectively, the "**<u>Collateral</u>**"), including but not limited to: (a) a perfected pledge of all of the capital stock of the Borrower, (b) a perfected pledge of all the capital stock directly held by the Borrower or any Subsidiary Guarantor in any material wholly-owned restricted subsidiary (which pledge, (x) in the case of any first tier Foreign Subsidiary Holdco or material wholly-owned first tier foreign subsidiary shall be limited to 65% of the issued and outstanding voting capital stock of such Foreign Subsidiary Holdco or foreign subsidiary and (y) shall not include capital stock of any other Foreign Subsidiary Holdco or foreign subsidiary) (provided that the Administrative Agent shall be required to deliver three business days' prior written notice to the Borrower to foreclose on, or to exercise voting rights with respect to, such capital stock) and (c) perfected security interests in substantially all other tangible and intangible assets of the Borrower and each Subsidiary Guarantor (including, without limitation, accounts receivable, inventory, equipment, general intangibles, investment property, intellectual property, intercompany notes and proceeds of the foregoing). |

---

------

Notwithstanding the foregoing, (a) the Collateral shall not include: (i) (x) any fee-owned real property and (y) any leasehold interest in real property (it being understood there shall be no requirement to obtain any landlord waivers, estoppels or collateral access letters), (ii) motor vehicles and other assets subject to certificates of title, except to the extent a security interest therein can be perfected by a UCC filing, (iii) all commercial tort claims, (iv) any governmental or regulatory licenses, authorizations, certificates, charters, franchises, approvals and consents (whether U.S. Federal, State or otherwise) to the extent a security interest therein is prohibited or restricted thereby or requires any consent, acknowledgement or authorization from a governmental or regulatory authority not obtained (without any requirement to obtain such consent, acknowledgement or authorization) (other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the UCC notwithstanding such prohibition), (v) assets to the extent the pledge thereof or grant of security interests therein (x) is prohibited or restricted by any applicable law, rule or regulation or would require any consent, approval or authorization of any governmental or regulatory authority not obtained (without any requirement to obtain such consent, approval or authorization) after giving effect to the applicable anti-assignment provisions of the UCC or other applicable law (other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the UCC notwithstanding such prohibition), (y) would cause the destruction, invalidation or abandonment of such asset under applicable law (solely with respect to any intellectual property) or (z) is prohibited by any contract or would require any consent, approval, license or other authorization of any third party (provided that such requirement existed on the Closing Date or at the time of the acquisition of such asset, as applicable, and was not incurred in contemplation thereof (other than in the case of capital leases and purchase money financings)) or governmental or regulatory authority not obtained (without any requirement to obtain such consent, approval, license or other authorization), other than to the extent such prohibition or restriction is ineffective under the UCC or other applicable law, (vi) (x) margin stock, (y) equity interests in immaterial subsidiaries, equity interests in other Excluded Subsidiaries and equity interests in any other person other than wholly-owned material restricted subsidiaries; *provided* that if a pledge of stock in any first tier foreign subsidiary or Foreign Subsidiary Holdco is otherwise required, such pledge shall (A) be limited to 65% of the voting capital stock of any first tier foreign subsidiary or Foreign Subsidiary Holdco, as applicable, and (B) exclude the capital stock of any subsidiary of a foreign subsidiary or Foreign Subsidiary Holdco and (z) debt in Excluded Subsidiaries, (vii) any lease, license or agreement (not otherwise subject to clause (iv) above) or any property that is subject to a capital lease, purchase money security interest or similar arrangement, in each case permitted by the Facilities Documentation, to the extent that a grant of a security interest therein (A) would violate or invalidate such lease, license or agreement or purchase money security interest or similar arrangement or create a right of termination in favor of any other party thereto (other than Holdings or any of its subsidiaries) after giving effect to the applicable anti-assignment provisions of the UCC and other applicable law, other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the UCC notwithstanding such prohibition or (B) would require governmental or regulatory approval, consent or authorization (other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the UCC notwithstanding such prohibition) to the extent such approval, consent or authorization is not obtained (without any requirement to obtain such approval, consent or authorization), (viii) letter of credit rights, except to the extent perfection of the security interest therein is accomplished by the filing of a UCC financing statement (it being understood that no actions shall be required to perfect a security interest in letter of credit rights, other than the filing of a UCC financing statement), (ix) any intent-to-use trademark application prior to the filing of a "Statement of Use" or "Amendment to Allege Use" with respect thereto, to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair the validity or enforceability of such intent-to-use trademark application under applicable federal law, (x) cash and cash equivalents (except, in each case, to the extent constituting identifiable proceeds of Collateral a security interest in which is perfected by the filing of an "all assets" UCC financing statement by the Administrative Agent or automatically without any further action or filing by the Administrative Agent), deposit, securities, commodities and other accounts, securities entitlements and related assets, (xi) assets where the burden or cost (including any adverse tax consequences to the Borrower or any of its direct or indirect parent companies or subsidiaries) of obtaining a security interest therein or perfection thereof exceeds the practical benefit to the Lenders afforded thereby as reasonably determined by the Borrower in consultation with the Administrative Agent, (xii) any assets to the extent a security interest in such assets or perfection thereof would result in adverse tax consequences to the Borrower or any of its direct or indirect parent companies or subsidiaries or any of its or their respective equity holders as determined by the Borrower in good faith, in consultation with the Administrative Agent, (xiii) any assets excluded consistent with the Documentation Principles, (xiv) the Acquisition Agreement and the rights therein or arising thereunder (except any proceeds of the Acquisition Agreement), (xv) other than with respect to any non-U.S. subsidiary that the Borrower has elected to join as a Guarantor as contemplated by the definition of Excluded Subsidiaries, any assets located in or governed by any non-U.S. jurisdiction or agreement (other than stock certificates and intercompany debt of non-U.S. subsidiaries otherwise required to be pledged and assets that can be perfected by the filing of a UCC financing statement), including any intellectual property located or registered or applied-for in a non-U.S. jurisdiction and (xvi) (A) client, customer, trust or other third party funds or assets, (B) assets held for the purpose of honoring payment instruments, customer fund transfers, stored value obligations and other regulated outstanding liabilities (including any outstanding liabilities that would be regulated but for an exemption to a jurisdiction's money transmission law or the absence of an applicable money transmission law) in the course of engaging in any activity as a regulated or exempt money transmitter, including assets in the form of monies, receivables or investments commonly referred to under applicable laws as "eligible securities" or "permissible investments", (C) any cash (including ACH in transit), cash equivalents, receivables, or other assets that are received, held, or transmitted by a Loan Party solely in its capacity as a processor, agent, or custodian for the benefit of third parties in connection with the provision of remittance, bill payment or other payment processing services, and (D) any accounts holding the foregoing, but only to the extent such accounts hold solely the foregoing. Other than with respect to any foreign subsidiary that becomes a Guarantor, no actions in any non-U.S. jurisdiction shall be required in order to create or perfect any security interest in any assets (it being understood that, except as contemplated above, there shall be no security agreements or pledge agreements governed under the laws of any non-U.S. jurisdiction).

------

Notwithstanding the foregoing, (a) the creation or perfection of any security interests through or by "control" (including control agreements) shall not be required with respect to any Collateral (other than in respect of certain material intercompany debt owing to the Loan Parties (if applicable) and certificated equity interests of the Borrower and material wholly-owned restricted subsidiaries to the extent otherwise required to be pledged), (b) immaterial notes and other evidence of immaterial indebtedness shall not be required to be delivered, (c) landlord waivers, estoppels, collateral access agreements or similar rights and agreements shall not be required and (d) the requirements of the preceding two paragraphs shall be subject to the Limited Conditionality Provision on the Closing Date.

<u>Mandatory Prepayments</u>: <u>Revolving Facility</u>: None, subject to customary prepayment requirements if borrowings under the Revolving Facility exceed the commitments thereunder.

------

<u>Term Facility</u>: Loans under the Term Facility shall be prepaid with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) 50% of Excess Cash Flow (to be defined in a manner consistent with the Documentation Principles) of the Borrower and its restricted subsidiaries for each fiscal year of the Borrower (commencing with the first full fiscal year completed after the Closing Date) with step-downs (the "**<u>ECF Sweep Step-Downs</u>**") to 25% if the Consolidated First Lien Net Leverage Ratio is equal to or less than 0.25:1.00 below the Closing Date First Lien Net Leverage Ratio and 0% if the Consolidated First Lien Net Leverage Ratio is equal to or less than 0.50:1.00 below the Closing Date First Lien Net Leverage Ratio (provided, that, for purposes of the foregoing step-downs, the Consolidated First Lien Net Leverage Ratio shall be calculated on a pro forma basis after giving effect to the applicable prepayment); *provided* that (i) (x) voluntary prepayments, redemptions and repurchases (including permitted loan buy-backs and prepayments in connection with yank-a-bank provisions) of (A) the loans under the Term Facility (including Incremental Term Facilities), Incremental Equivalent Debt, Refinancing Debt and any other permitted indebtedness, in each case under this sub-clause (A), to the extent such debt is secured on a pari passu basis with the Term Loans, (B) the loans under the Revolving Facility (including Incremental Revolving Facilities) to the extent accompanied by a permanent reduction of the corresponding commitment and (C) any other revolving credit facility (to the extent such other revolving credit facility is secured on a pari passu basis with the Revolving Facility and accompanied by a permanent reduction of the corresponding commitment) and (y) cash used (or to be used) for restricted payments, prepayments, investments, acquisitions, earnouts, seller note payments, payments of long-term obligations not constituting indebtedness and capital expenditures (including contracted (whether pursuant to a definitive purchase agreement, letter of intent or similar arrangement) and contracted or budgeted payments in respect of the foregoing (it being understood and agreed that the amount of such contracted or budgeted payments reducing the amount of Excess Cash Flow prepayments required for such fiscal year on a dollar-for-dollar basis shall not be included in the calculation of retained excess cash flow for purposes of clause (c)(i)(B) under the "Negative Covenants" section below), in each case under subclauses (x) and (y) of this clause (i) (except with respect to contracted and/or budgeted expenditures) made during such fiscal year (without duplication in the next fiscal year) or, at the Borrower's election, after the end of such fiscal year and prior to the time such Excess Cash Flow prepayment is due will, at the Borrower's election, reduce the amount of Excess Cash Flow prepayments required for such fiscal year on a dollar-for-dollar basis (in each case under this clause (i), except to the extent financed with long-term indebtedness (other than revolving credit facilities or unsecured intercompany indebtedness)) and (ii) Excess Cash Flow shall, at the Borrower's election, be reduced for, among other things, cash used (or designated to be used) for restricted payments (other than restricted payments which reduce Excess Cash Flow prepayments on a dollar-for-dollar basis) (in each case under this clause (ii), except to the extent financed with long-term indebtedness (other than revolving credit facilities or unsecured intercompany indebtedness)); *provided*, *further*, that prepayments shall only be required under this clause (a) if the applicable percentage of Excess Cash Flow is greater than the greater of (x) 25% of Financing EBITDA and (y) 25% of Consolidated EBITDA (with only amounts in excess thereof being subject to prepayment),

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) 100% of the net cash proceeds (after giving effect to the repayment of any debt secured by such sold asset (other than debt secured on a pari passu or junior lien basis with the Facility) that is required to be repaid upon such sale) of all non-ordinary course asset sales or other dispositions of property by the Borrower and its restricted subsidiaries pursuant to the Unlimited Asset Sale Basket (including casualty insurance and condemnation proceeds, but with exceptions consistent with the Documentation Principles), in excess of an amount per transaction or series of related transactions and an amount per fiscal year, and subject to the right of the Borrower and its restricted subsidiaries to reinvest (including through any non-prohibited investment, acquisition, capital expenditure or software expenditure) (or commit to reinvest or a reinvestment subject to a signed letter of intent) within 18 months and, if so committed to reinvestment (or a reinvestment subject to a signed letter of intent), reinvested no later than 180 days after the end of such 18-month period, and other exceptions to be agreed upon; *provided* that the Borrower may elect to deem expenditures that otherwise would be permissible reinvestments that occur prior to receipt of the proceeds of an asset sale to have been reinvested in accordance with the provisions hereof (provided, that such deemed expenditure shall have been made no earlier than the earliest of the determination to enter into such asset sale, execution of a definitive agreement for such asset sale and the date that is 6 months prior to consummation of such asset sale); 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;&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) 100% of the net cash proceeds of issuances of debt obligations of the Borrower and its restricted subsidiaries (except the net cash proceeds of any permitted debt other than Refinancing Debt).

Mandatory prepayments of the Term Loans shall be applied to scheduled installments thereof as directed by the Borrower (and, in the absence of such direction, in direct order of maturity) (without premium or penalty, except in the case of clause (c) above, as set forth below under "Voluntary Prepayments and Reductions in Commitments"); *provided* that the Facilities Documentation shall provide that in the case of mandatory prepayments pursuant to clauses (a) or (b) above, up to a ratable portion of such mandatory prepayment may be applied to redeem, prepay or offer to purchase any Refinancing Debt, Incremental Equivalent Debt or other permitted indebtedness (in each such case, to the extent secured on a pari passu basis with the Term Loans) (collectively, "**<u>Additional Debt</u>**"), in each case if required under the terms of the applicable documents governing such Additional Debt (it being understood that any net cash proceeds subject to mandatory prepayments pursuant to clauses (a) or (b) above as to which a ratable mandatory offer to purchase or redeem is made pursuant to the terms of any Additional Debt shall be deemed to have been applied to purchase or redeem such Additional Debt (whether or not the holders of such Additional Debt accept such offer to purchase or redeem)); *provided*, *further*, that mandatory prepayments (other than mandatory prepayments with proceeds of Refinancing Debt) may not be directed to a later maturing class of term loans without at least a pro rata repayment of any related earlier maturing classes. Mandatory prepayments shall be applied to applicable Lenders pro rata within an outstanding class of Term Loans other than in respect of any Refinancing Debt which is subject to any extension or "cashless roll".

------

Mandatory prepayments in clauses (a) and (b) above shall be subject to customary limitations to the extent that the Borrower reasonably determines that such prepayments would result in adverse tax consequences to the Borrower or any of its direct or indirect parent companies or subsidiaries or any of its or their respective equity holders related to repatriation of funds in connection therewith by non-U.S. subsidiaries or to the extent repatriation is limited by applicable local law (each, a "**<u>Payment Block</u>**"), and the Borrower shall not be required to monitor any such Payment Block and/or reserve cash for future repatriation after it has notified the Administrative Agent of the existence of such Payment Block.

The Facilities Documentation will provide customary provisions pursuant to which any Lender may elect not to accept any mandatory prepayment described in clauses (a) and (b) above. Any prepayment amount declined by the Lenders and, if applicable, under any Additional Debt, shall be retained by the Borrower and such amount may be applied to increase the Available Amount Basket.

<u>Voluntary Prepayments and</u>

---

| | |
|:---|:---|
| <u>Reductions in Commitments</u>: | Voluntary reductions of the unutilized portion of the Facilities commitments and prepayments of borrowings will be permitted at any time (subject to customary notice requirements), in minimum principal amounts to be agreed, without premium or penalty (other than the Call Premium as described below). |

---

------

If, prior to the date that is 12 months after the Closing Date, (x) there shall occur any amendment, amendment and restatement or other modification of the definitive documentation for the Term Facility the primary purpose of which is to, and which does, reduce the All-In Yield then in effect for the loans thereunder, (y) all or any portion of the Term Facility is voluntarily prepaid or mandatorily prepaid pursuant to clause (c) of "Mandatory Prepayments" above or (z) a Term Loan Lender must assign its loans under the Term Facility as a result of its failure to consent to an amendment, amendment and restatement or other modification of the Term Facility, then in each case the aggregate principal amount so subject to such transaction will be subject to a 1.00% prepayment premium (the "**<u>Call Premium</u>**").

Notwithstanding the foregoing, there shall be no Call Premium (i) if such event occurs in connection with the Borrower or any direct or indirect parent thereof becoming a public company (including through any acquisition, merger or other business combination involving a "special purpose acquisition company") (an "**<u>IPO</u>**"), (ii) if such event occurs in connection with a change of control, (iii) if such event occurs in connection with a material acquisition or disposition or (iv) due to any Lender if such Lender or an affiliate of such Lender whose primary investment mandate is to invest in private credit opportunities participates in the refinancing or repricing, or is offered the right to participate in the refinancing or repricing; <u>provided</u> that for purposes of a repricing, the amount of prepayment premium not payable to any Lender and its affiliates may not exceed 10% of the amount of prepayment premium that would otherwise be due to such Lender and its affiliates.

All voluntary prepayments (including from the proceeds of Refinancing Debt) shall be applied as directed by the Borrower (and in the absence of such direction, in direct order of maturity), which may be applied to any specific class or classes, tranche or tranches or facility or facilities as selected by the Borrower; *provided* that such prepayments shall be made on a pro rata basis within such class, tranche or facility other than prepayments in respect of any Refinancing Debt which is subject to any extension or "cashless roll".

---

| | |
|:---|:---|
| <u>Facilities Documentation</u>: | The definitive documentation for the Facilities (the "**<u>Facilities Documentation</u>**") (i) shall be "covenant-lite", (ii) shall be consistent with this Term Sheet and shall contain only those payments, conditions to borrowing, mandatory prepayments, representations, warranties, covenants and events of default expressly set forth in this Term Sheet applicable to the Borrower and its restricted subsidiaries (and Holdings, to the extent expressly provided herein) and shall, with respect to any provision not expressly set forth herein, be based on, and no less favorable to the Borrower than, the Credit Agreement, dated as of September 29, 2023, by and among, inter alios, Evergreen IX Borrower 2023, LLC and Apollo Administrative Agency LLC, as administrative agent and collateral agent, each lender from time to time party thereto and each issuing bank from time to time party thereto (the "**<u>Precedent Credit Agreement</u>**"), and related ancillary agreements (together with the Precedent Credit Agreement, the "**<u>Precedent Documentation</u>**"), in each case, with reasonable modifications to the operational and agency provisions to reflect the guidelines and practices of the Administrative Agent that are reasonably satisfactory to the Borrower, (iii) shall reflect the operational and strategic requirements of Holdings, the Borrower and their respective subsidiaries (after giving effect to the Transactions) in light of their size, geographic locations, industries, business and practices, operations, financial accounting, matters disclosed in the Acquisition Agreement and the proposed business plan (including the Sponsor's investment thesis), and changes in law or accounting standards since the date of the Precedent Documentation, (iv) shall, in any event, be no less favorable to the Borrower than the Existing Indebtedness, including with respect to regulatory requirements applicable to the Borrower and its subsidiaries (if any), (v) shall be negotiated in good faith to finalize the Facilities Documentation, giving effect to the Limited Conditionality Provision, as promptly as reasonably practicable, (vi) shall include standards, qualifications, thresholds, exceptions, "baskets", grace and cure periods consistent with all of the foregoing, (vii) shall provide for all monetary baskets and thresholds to include a growth component based on Consolidated EBITDA, (viii) shall, at the option of the Borrower, include provisions to mitigate potential negative tax consequences under "AHYDO" rules and (ix) shall exclude from the definition of indebtedness any financing lease with respect to the Target's headquarters and neighboring real property. |

---

------

To the extent that any representations and warranties made on, or as of, the Closing Date (or a date prior thereto) are qualified by or subject to "material adverse effect", the definition thereof shall be "Company Material Adverse Effect" (as defined in the Acquisition Agreement) for the purposes of such representations and warranties. Counsel for the Borrower shall initially draft the Facilities Documentation consistent with the Documentation Principles. This paragraph shall be referred to as the "**<u>Documentation Principles</u>**".

---

| | |
|:---|:---|
| <u>Representations and Warranties</u>: | Limited to the following (to be applicable only to the Borrower and its restricted subsidiaries and, solely with respect to certain customary representations to be agreed consistent with the Documentation Principles, Holdings) and subject to customary materiality qualifiers and consistent with the Documentation Principles: organization; existence and qualification subject to material adverse effect; power; compliance with laws subject to material adverse effect; compliance in all material respects with OFAC, FCPA and the PATRIOT Act; due authorization; no violation of or conflict with (x) laws (subject to material adverse effect) and (y) organizational documents (subject to materiality); governmental authorization subject to material adverse effect; execution, delivery and enforceability of the Facilities Documentation; financial statements (after the Closing Date); no material adverse effect (after the Closing Date); litigation subject to material adverse effect; labor matters subject to material adverse effect; ownership of property (other than permitted liens) subject to material adverse effect; environmental matters subject to material adverse effect; taxes subject to material adverse effect; ERISA compliance subject to material adverse effect; subsidiaries as of the Closing Date; margin regulations; Investment Company Act; accuracy of disclosure as of the Closing Date (such representation and warranty to be substantially consistent with the "information" representation in the Commitment Letter); intellectual property subject to material adverse effect; creation, validity, perfection and priority of security interests in the Collateral (subject to permitted liens and the Limited Conditionality Provision); solvency on a consolidated basis at closing (such representation and warranty and the definition of solvency to be consistent with the solvency certificate in the form set forth in <u>Annex I</u> attached to <u>Exhibit C</u>). The only representations made on the Closing Date shall be the Specified Representations. |

---

------

<u>Conditions Precedent</u> 

<u>to Initial Borrowing</u>: Subject to the Limited Conditionality Provision, the initial borrowings under the Facilities on the Closing Date will be subject only to the applicable conditions precedent expressly set forth in <u>Exhibit C</u>.

<u>Conditions Precedent to</u> 

<u>Borrowings After the Closing Date:</u>

After the Closing Date, except to the extent otherwise permitted or provided in the "Incremental Facilities" section above, (i) delivery of notice, (ii) accuracy of representations and warranties in all material respects and (iii) absence of defaults.

------

---

| | |
|:---|:---|
| <u>Affirmative Covenants</u>: | Limited to the following (to be applicable to the Borrower and its restricted subsidiaries (and, in the case of maintenance of existence, payment of taxes and compliance with laws, Holdings) only) and in each case, with customary materiality qualifiers, exceptions and limitations to be agreed upon and consistent with the Documentation Principles: delivery of consolidated annual audited financial statements (within 150 days for each fiscal year ending after the Closing Date (which, for the first fiscal year ending after the Closing Date, at the election of the Borrower, may cover solely the period from the Closing Date to the last day of such fiscal year)), which shall be prepared in accordance with U.S. GAAP, accompanied by an opinion of an independent accounting firm (which opinion shall not be subject to qualification as to the scope of such opinion (except for any such qualification pertaining to (w) the maturity or impending maturity of any indebtedness, (x) any actual or prospective default of a financial maintenance covenant (including the Financial Covenant), (y) the activities, operations, financial results, assets or liabilities of any unrestricted subsidiary and (z) changes in accounting principles or practices reflecting changes in accounting standards and required or approved by the Borrower's (or its direct or indirect parent company's) independent certified public accounting firm) but may contain an emphasis of matter or a "going concern" explanatory paragraph or like statement); delivery of consolidated quarterly unaudited financial statements for each fiscal quarter, commencing with the first such full fiscal quarter ending after the Closing Date (within 75 days for delivery of the quarterly unaudited financial statements for the first three such fiscal quarters required to be delivered after the Closing Date and within 60 days of the end of each such fiscal quarter thereafter); provided that the delivery of unaudited financial statements for the fourth fiscal quarter of any fiscal year shall not require a compliance certificate and such financial statements may be internally generated management prepared financial statements in a manner consistent with the Borrower's ordinary practice; quarterly (for the first three fiscal quarters of each fiscal year) and annual compliance certificates; quarterly lender calls (or in lieu thereof, at the Borrower's sole discretion, management's discussion and analysis for such fiscal quarter); annual budgets (with delivery time periods to be consistent with the delivery requirements for audited financial statements and no annual budget required with respect to the year in which the Closing Date occurs or after an IPO); notices of default; notices of litigation and ERISA events which, in either case, result in a material adverse effect; payment of taxes; preservation of existence; maintenance of properties (subject to casualty, condemnation and normal wear and tear); maintenance of insurance; compliance with laws; books and records; right of the Administrative Agent to inspect property and books and records (limited to once per year absent a payment or bankruptcy (with respect to the Borrower) event of default and subject to cost reimbursement limitations consistent with the Documentation Principles and other than information subject to confidentiality obligations or attorney-client privilege); covenant to guarantee obligations and give security; further assurances as to security; use of proceeds; designation of subsidiaries; transactions with affiliates; material changes in nature of business; and changes in fiscal year of the Borrower (it being agreed that upon notice to the Administrative Agent, the Borrower may change its fiscal year end (and the Borrower and the Administrative Agent shall make any adjustments to the Facilities Documentation to the extent necessary to reflect such change in fiscal year (without the approval of any Lender)). In the event that the Borrower furnishes, or intends to furnish, financial statements of a public company to satisfy reporting obligations, the deadline for quarterly and annual reporting, including related compliance certificates, shall be no earlier than the applicable SEC deadline. |

---

------

---

| | |
|:---|:---|
| <u>Negative Covenants</u>: | Limited to the following (to be applicable to the Borrower and its restricted subsidiaries only and, in the case of the passive holding company covenant set forth below, Holdings), and shall have incurrence-based covenants consistent with the Documentation Principles: liens; indebtedness; fundamental changes; dispositions; restricted payments (including dividends, restricted investments and voluntary prepayments more than 60 days prior to the stated maturity thereof of contractually payment subordinated debt, debt secured on a junior basis to the Term Facility and unsecured debt, in each case consisting of debt for borrowed money that is required to mature after the Term Facility (other than intercompany debt) (collectively, "**<u>Junior Debt</u>**") in excess of the Threshold Amount (as defined below) ("**<u>Restricted Junior Debt Payments</u>**")); modifications of material Junior Debt consistent with the Documentation Principles; and restrictions on subsidiary distributions and negative pledge clauses. Baskets and exceptions to the foregoing covenants will include baskets and exceptions consistent with the Documentation Principles, and in any event include (but not be limited to) the following: |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) (i) indebtedness under the Facilities (including Incremental Facilities and Refinancing Debt (or loans or bonds issued in lieu thereof) and Incremental Equivalent Debt); (ii) a fixed dollar basket for purchase money indebtedness and capital leases in an aggregate outstanding principal amount not to exceed an amount to be mutually agreed; (iii) indebtedness (x) which is secured by liens on the Collateral on a pari passu basis with the Term Facility, subject to a pro forma Consolidated First Lien Net Leverage Ratio no greater than the First Lien Debt Incurrence Ratio, (y) which is secured by liens on the Collateral on a junior basis to the Term Facility, subject to a pro forma Consolidated Secured Net Leverage Ratio no greater than the Second Lien Debt Incurrence Ratio or, solely with respect to any such indebtedness incurred in connection with an acquisition or similar investment, the greater of (X) the Second Lien Debt Incurrence Ratio and (Y) the Consolidated Secured Net Leverage Ratio as of the last day of the most recently ended Test Period, and (z) which is not secured by assets that constitute Collateral or is unsecured, subject to either (1) the Consolidated Total Net Leverage Ratio as of the last day of the most recently ended Test Period, on a pro forma basis not exceeding the Junior/Unsecured Debt Incurrence Ratio or, solely with respect to any such indebtedness incurred in connection with an acquisition or similar investment, the greater of (I) the Junior/Unsecured Debt Incurrence Ratio and (II) the Consolidated Total Net Leverage Ratio as of the last day of the most recently ended Test Period, or (2) the Consolidated Interest Coverage Ratio as of the last day of the most recently ended Test Period being no less than 2.00:1.00 or, solely with respect to any such indebtedness incurred in connection with an acquisition or similar investment, the lesser of (1) 2.00:1.00 and (2) the Consolidated Interest Coverage Ratio as of the last day of the most recently ended Test Period, in the case of each of the foregoing sub-clauses (x), (y) and (z), subject to customary pro forma adjustments, including for "run rate" cost savings and synergies consistent with those described in "Consolidated Net Income" and "Consolidated EBITDA" (any such indebtedness described in this clause (iii), "**<u>Ratio Debt</u>**"); *provided* that, other than in the case of Ratio Debt assumed in connection with a permitted acquisition or investment (and not incurred in contemplation thereof), (A) subject to the Inside Maturity Basket and except for Escrow Debt, such Ratio Debt (other than with respect to customary interim loan facilities and customary bridge facilities (so long as the long-term debt into which any such interim loan facility or bridge facility is to be converted satisfies this clause (A)) shall not mature prior to the final scheduled maturity date of, or have a weighted average life to maturity shorter than that of, the Term Loans outstanding at the time of such incurrence, (B) the aggregate principal amount of all Incremental Equivalent Debt, Ratio Debt and Acquisition Debt incurred (but, for the avoidance of doubt, not assumed) by restricted subsidiaries of the Borrower that do not constitute a Loan Party shall not exceed the Non-Guarantor Debt Cap and (C) any such Ratio Debt that meets the MFN Conditions shall be subject to the MFN Provision, solely to the extent the MFN Provision would otherwise apply if such Ratio Debt was an Incremental Term Facility; (iv) indebtedness permitted to be incurred and/or remain outstanding under the Acquisition Agreement; (v) existing indebtedness (with any indebtedness for borrowed money with an individual outstanding principal amount greater than an amount to be agreed to be scheduled); (vi) indebtedness in an amount equal to 100% of any cash and cash equivalents, and certain other in-kind, equity contributions received by the Borrower (other than contributions that are included in a Specified Equity Contribution) after the Closing Date (the "**<u>Contribution Debt Basket</u>**"); (vii) indebtedness incurred or assumed in connection with acquisitions or investments in an amount not to exceed the sum of (1) a fixed-dollar basket plus (2) additional unlimited amounts so long as, after giving pro forma effect to such incurrence, acquisition or investment, and any related specified transactions, (x) in the case of indebtedness which is secured by liens on the Collateral on a pari passu basis with the Term Facility, the pro forma Consolidated First Lien Net Leverage Ratio is no greater than the First Lien Debt Incurrence Ratio, (y) in the case of indebtedness which is secured by liens on the Collateral on a junior basis to the Term Facility, the pro forma Consolidated Secured Net Leverage Ratio is no greater than the greater of (I) the Second Lien Debt Incurrence Ratio and (II) the Consolidated Secured Net Leverage Ratio as of the last day of the most recently ended Test Period and (z) in the case of indebtedness not secured by assets that constitute Collateral or unsecured indebtedness, either (I) the pro forma Consolidated Total Net Leverage Ratio is no greater than the greater of (1) the Junior/Unsecured Debt Incurrence Ratio and (2) the Consolidated Total Net Leverage Ratio as of the last day of the most recently ended Test Period, or (II) the Consolidated Interest Coverage Ratio is not less than the lesser of (1) 2.00:1.00 and (2) the Consolidated Interest Coverage Ratio as of the last day of the most recently ended Test Period, in the case of each of the foregoing sub-clauses (x), (y) and (z), subject to customary pro forma adjustments, including for "run rate" cost savings and synergies consistent with those described in "Consolidated Net Income" and "Consolidated EBITDA" (any such indebtedness described in this clause (vii), "**<u>Acquisition Debt</u>**"); *provided* that such Acquisition Debt incurred (but not assumed) (A) subject to the Inside Maturity Basket and except for Escrow Debt, does not mature prior to the final scheduled maturity date of, or have a weighted average life to maturity shorter than that of, the Term Loans outstanding at the time of such incurrence (in each case other than with respect to customary interim loan facilities and customary bridge facilities (so long as the long-term debt into which any such interim loan facility or bridge facility is to be converted satisfies this clause (A)), (B) the aggregate principal amount of all Incremental Equivalent Debt, Ratio Debt and Acquisition Debt incurred (but, for the avoidance of doubt, not assumed) by restricted subsidiaries of the Borrower that do not constitute a Loan Party shall not exceed the Non-Guarantor Debt Cap and (C) any such Acquisition Debt that satisfies the MFN Conditions shall be subject to the MFN Provision, solely to the extent the MFN Provision would otherwise apply if such Acquisition Debt were an Incremental Term Facility; (viii) indebtedness assumed in connection with acquisitions or investments (and not incurred in contemplation thereof); (ix) indebtedness in respect of qualified factoring, receivables and securitization facilities (subject to customary limitations on recourse to the Borrower and its restricted subsidiaries) not to exceed an amount equal to the greater of (I) 35% of Financing EBITDA and (II) 35% of Consolidated EBITDA determined on a pro forma basis for the most recently ended Test Period; <u>provided</u> that if such factoring, receivables or securitization facilities are entered into with an affiliate, the terms thereof must be comparable to terms that would be obtainable in a comparable arms'-length transaction with an unaffiliated counterparty; (x) refinancing indebtedness (including refinancing of subordinated indebtedness with indebtedness that is not subordinated so long as (i) such refinancing is a permitted restricted payment, (ii) such indebtedness shall be unsecured unless the liens securing such indebtedness are otherwise permitted and (iii) such subordinated debt being refinanced is not expressly required to be subordinated pursuant to clause (xvii) below); (xi) a basket for non-guarantor indebtedness in an amount not to exceed the greater of (1) 30% of Financing EBITDA and (2) 30% of Consolidated EBITDA determined on a pro forma basis for the most recently ended Test Period; (xii) a fixed-dollar basket for joint venture indebtedness in an amount not to exceed the greater of (1) 20% of Financing EBITDA and (2) 20% of Consolidated EBITDA determined on a pro forma basis for the most recently ended Test Period; (xiii) a fixed dollar basket for indebtedness of foreign subsidiaries and Foreign Subsidiary Holdcos; (xiv) a fixed-dollar basket for indebtedness (including under revolving credit facilities) incurred by non-Guarantor subsidiaries to fund working capital requirements; (xv) a general fixed dollar basket in an amount not to exceed the greater of (1) 50% of Financing EBITDA and (2) 50% of Consolidated EBITDA determined on a pro forma basis for the most recently ended Test Period (the "**<u>General Debt Basket</u>**"); (xvi) unsecured seller notes or other indebtedness owed to the seller of any business or assets so long as such indebtedness does not mature earlier than the Term Loans or have a shorter weighted average life to maturity than the Term Loans; (xvii) indebtedness arising from agreements providing for adjustments of purchase price, "earn outs", other contingent consideration obligations and other deferred purchase price obligations entered into in connection with acquisitions and investments (including acquisitions and investments consummated prior to the Closing Date); (xviii) intercompany indebtedness among the Borrower and its restricted subsidiaries subject to the limitations under clause (c)(iii)(3) below, provided that intercompany indebtedness owed by a Loan Party to a restricted subsidiary that is not a Guarantor shall be subordinated to the Obligations on terms reasonably agreed between the Borrower and the Administrative Agent; (xix) trade letters of credit not issued under the Revolving Facility (and reimbursement and backstop obligations in connection therewith) in an aggregate amount under this clause (xix) not to exceed the available L/C Sublimit at the time incurred (provided that trade letters of credit issued pursuant to this clause (xix) shall reduce capacity under the L/C Sublimit by a corresponding amount); (xx) unsecured indebtedness or indebtedness secured by liens on the Collateral on a junior basis to the Term Facility, in an amount not to exceed 100% of the aggregate amount of dividends and other distributions on account of equity interests which could be made at such time under the restricted payments covenant baskets in compliance with the terms thereof (any such indebtedness described in this clause (xx), "**<u>RP Debt</u>**") (provided that an amount equal to 100% of any outstanding RP Debt under this clause (xx) shall reduce the amount available to make dividends and other distributions on account of equity interests under the restricted payments covenant baskets on a dollar for dollar basis); (xxi) indebtedness in connection with additional letter of credit facilities in an aggregate amount not to exceed an amount to be agreed, (xxii) Cash Management Obligations, Hedging Obligations and Specified Letter of Credit Obligations and (xxiii) additional baskets and exceptions that are customary for companies in the business of the Borrower and its subsidiaries (including the Target and its subsidiaries) to be mutually agreed or otherwise consistent with the Documentation 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) (i) liens assumed (but not incurred) in connection with acquisitions and investments and not incurred in contemplation thereof (subject to restrictions in scope related to such liens consistent with the Documentation Principles, unless the expansion thereof is otherwise permitted); (ii) liens securing any indebtedness or obligations that are secured by the Collateral on a pari passu basis with the Term Facility, so long as the pro forma Consolidated First Lien Net Leverage Ratio shall be no greater than the First Lien Debt Incurrence Ratio, subject to the applicable Form Intercreditor Terms or customary intercreditor terms reasonably acceptable to the Borrower and the Administrative Agent and customary pro forma adjustments, including for "run rate" cost savings and synergies consistent with those described in "Consolidated Net Income" and "Consolidated EBITDA"; *provided* that any such indebtedness that satisfies the MFN Conditions shall be subject to the MFN Provision, solely to the extent the MFN Provision would otherwise apply if such indebtedness were an Incremental Term Facility; (iii) liens securing any indebtedness or obligations that are secured by the Collateral on a junior lien basis to the Term Facility, so long as the pro forma Consolidated Secured Net Leverage Ratio shall be no greater than the Second Lien Debt Incurrence Ratio or, solely with respect to any such indebtedness or obligations incurred in connection with an acquisition or similar investment, the greater of (X) the Second Lien Debt Incurrence Ratio and (Y) the Consolidated Secured Net Leverage Ratio as of the last day of the most recently ended Test Period, subject to the applicable Form Intercreditor Terms or customary intercreditor terms reasonably acceptable to the Borrower and the Administrative Agent and customary pro forma adjustments, including for "run rate" cost savings and synergies consistent with those described in "Consolidated Net Income" and "Consolidated EBITDA"; (iv) liens securing any indebtedness or obligations that are not secured by assets that constitute Collateral, so long as either (I) the pro forma Consolidated Total Net Leverage Ratio shall be no greater than the greater of (X) the Junior/Unsecured Debt Incurrence Ratio and (Y) solely to the extent granted in connection with an acquisition or similar investment, the Consolidated Total Net Leverage Ratio as of the last day of the most recently ended Test Period, or (II) the Consolidated Interest Coverage Ratio shall be no less than 2.00:1.00 or, solely to the extent granted in connection with an acquisition or similar investment, the lesser of (X) 2.00:1.00 and (Y) the Consolidated Interest Coverage Ratio as of the last day of the most recently ended Test Period (in each case under this clause (iv), subject to customary pro forma adjustments, including for "run rate" cost savings and synergies consistent with those described in "Consolidated Net Income" and "Consolidated EBITDA"); (v) liens securing the Facilities (including Incremental Facilities), Incremental Equivalent Debt and Refinancing Debt (or secured loans or bonds issued in lieu thereof); (vi) existing liens permitted to be incurred and/or remain outstanding under the Acquisition Agreement; (vii) liens securing certain permitted debt baskets (other than debt incurred under the Contribution Debt Basket unless such debt secured by the Collateral is secured on a junior basis to the Facilities); (viii) liens securing permitted purchase money debt or capital leases; (ix) liens securing debt incurred or assumed in connection with acquisitions or investments (limited, in the case of liens securing assumed indebtedness, to the assets acquired); (x) liens securing refinancing indebtedness, subject to customary limitations consistent with the Documentation Principles; (xi) a fixed dollar general basket no less than the General Debt Basket; (xii) with respect to any subsidiary organized outside of the U.S., liens arising mandatorily by legal requirements; (xiii) (1) liens on assets of a non-Guarantor subsidiary securing permitted obligations of such non-Guarantor subsidiary or another non-Guarantor subsidiary, (2) intercompany liens in favor of the Borrower or any Guarantor and (3) liens on assets of non-Guarantors, foreign subsidiaries or joint ventures securing indebtedness of such non-Guarantors, foreign subsidiaries or joint ventures; (xiv) liens securing qualified factoring, receivables and securitization facilities; (xv) liens securing permitted additional letter of credit facilities; (xvi) existing liens (with only liens securing indebtedness for borrowed money with an individual outstanding principal amount greater than an amount to be agreed to be scheduled); (xvii) liens (including cash collateral) in connection with the issuance of trade letters of credit under clause (a)(xvii) above (it being understood that any cash collateral subject to a lien incurred pursuant to this clause shall not be deemed to be "restricted" on account of such lien for purposes of determining whether such cash collateral constitutes Unrestricted Cash); and (xviii) additional baskets and exceptions that are customary for companies in the business of the Borrower and its subsidiaries (including the Target and its subsidiaries) to be mutually agreed or otherwise consistent with the Documentation 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) restricted payments (including dividends, share repurchases, investments and Restricted Junior Debt Payments) (i) from a cumulative "builder" basket (the "**<u>Available Amount Basket</u>**") to equal (A) the greater of 50% of Financing EBITDA and 50% of pro forma Consolidated EBITDA for the most recently ended Test Period (the "**<u>Available Amount Starter Basket</u>**") (provided that amounts under this clause (i)(A) are available to make (I) restricted payments in respect of equity interests of the Borrower only if no event of default exists or would occur as a consequence thereof and (II) Restricted Junior Debt Payments and investments only if no payment or bankruptcy (with respect to the Borrower) event of default exists or would occur as a consequence thereof), plus (B) either (as selected by the Borrower prior to the Closing Date) (1) 100% of cumulative retained Excess Cash Flow since the beginning of the first full fiscal year beginning after the Closing Date or (2) 50% of cumulative Consolidated Net Income since the first day of the fiscal quarter in which the Closing Date occurs (provided that this clause (i)(B) shall not, in any event, be less than $0 for any period; *provided*, *further*, that amounts under this clause (i)(B) are available to make (I) restricted payments in respect of equity interests of the Borrower only if no event of default exists or would occur as a consequence thereof and (II) Restricted Junior Debt Payments and investments only if no payment or bankruptcy (with respect to the Borrower) event of default exists or would occur as a consequence thereof), plus (C) the proceeds of qualified equity issuances and contributions of cash and the fair value of assets after the Closing Date (other than excluded contributions, Specified Equity Contributions and proceeds that are applied under the Contribution Debt Basket) received by the Borrower, plus (D) proceeds of declined prepayments and sale leaseback proceeds not required to be applied as a mandatory prepayment, plus (E) the original principal amount of any indebtedness (and accrued interest) of the Borrower and its subsidiaries contributed to the Borrower as qualified equity and cancelled, plus (F) returns (including proceeds upon sale, return of capital, dividends and distributions (including from unrestricted subsidiaries or joint ventures), repayment, interest, other profits and payments received in respect of any investment and re-designation of unrestricted subsidiaries) on restricted investments and returns in excess of the amount originally invested as "permitted investments" under a dollar-denominated or ratio-based incurrence basket, plus (G) the original principal amount or liquidation preference, as applicable, of any indebtedness or disqualified stock (and, in each case, related accrued interest) of the Borrower or its restricted subsidiaries which have been converted to qualified equity of Holdings or any parent entity thereof, plus (H) other items consistent with the Documentation Principles or to be mutually agreed; (ii) from the proceeds of any qualified equity offerings and other excluded equity contributions after the Closing Date that are not used as part of a Specified Equity Contribution and are not applied under the basket in clause (c)(i) above; (iii) consisting of customary permitted investments (including acquisitions) consistent with the Documentation Principles, including (1) existing investments (with any investments individually greater than an amount to be agreed to be scheduled), (2) unlimited investments constituting acquisitions by any restricted subsidiary or of any entity which becomes a restricted subsidiary, or is merged with the Borrower or a restricted subsidiary, as a result of such acquisition; provided that acquisitions by Loan Parties of entities that do not become Guarantors and acquisitions of assets that do not become owned by Loan Parties, in each case made with the proceeds of consideration provided by a Loan Party will, to the extent of such consideration, be subject to a cap shared with clause (3) below outstanding at any one time in an amount equal to the greater of (I) 100% of Financing EBITDA and (II) 100% of Consolidated EBITDA determined on a pro forma basis for the most recently ended Test Period (the "**<u>Shared Non-Loan Party Investments Cap</u>**"); it being understood and agreed that, in addition to exceptions consistent with the Precedent Credit Agreement, such cap shall not apply to the extent (I) the Person so acquired (or the Person owning the assets so acquired) becomes a Loan Party even though such person owns equity interests in persons that are not otherwise required to become Loan Parties or in persons that would otherwise constitute Excluded Subsidiaries or (II) at least 80% of the revenue of the consolidated target is generated by entities that become Guarantors (or, if less, the percentage of revenue attributable to Loan Parties immediately prior to such acquisition (or, at the Borrower's election, on the date of the definitive agreement for such acquisition or any amendment thereto)); provided that notwithstanding the foregoing, to the extent that such cap is reduced as a result of any acquisition of any entity that does not become a Guarantor (or any assets that are not transferred to a Loan Party) and such entity subsequently becomes a Loan Party (or such assets are subsequently transferred to a Loan Party), the amount available under such cap shall be proportionately increased as a result thereof (up to the original amount of such cap), (3) unlimited intercompany investments among the Borrower and its restricted subsidiaries; *provided* that investments by Loan Parties in non-Loan Parties (other than investments in the ordinary course of business or consistent with past practices) shall not exceed the Shared Non-Loan Party Investments Cap, (4) investments in unrestricted subsidiaries in an amount equal to, at any one time outstanding, the greater of (X) 50% of Financing EBITDA and (Y) 50% of Consolidated EBITDA for the most recently ended Test Period, (5) a fixed-dollar basket for investments in joint ventures, (6) a fixed-dollar general basket for investments not to exceed the greater of (X) 40% of Financing EBITDA and (Y) 40% of Consolidated EBITDA determined on a pro forma basis for the most recently ended Test Period (the "**<u>General Investments Basket</u>**"), (7) a fixed dollar basket for investments in similar businesses and (8) other baskets and exceptions customary for companies in the business of the Borrower and its subsidiaries (including the Target and its subsidiaries) to be mutually agreed or otherwise consistent with the Documentation Principles; (iv) additional amounts subject to (x) in the case of restricted payments in respect of equity interests, pro forma compliance with a maximum Consolidated First Lien Net Leverage Ratio of 4.50:1.00 and so long as no event of default exists or would occur as a consequence thereof (the "**<u>Ratio RP Basket</u>**"), (y) in the case of restricted payments consisting of investments, pro forma compliance with a maximum Consolidated First Lien Net Leverage Ratio no greater than 5.00:1.00, and so long as no payment or bankruptcy (with respect to the Borrower) event of default exists or would occur as a consequence thereof (the "**<u>Ratio Investments Basket</u>**") and (z) in the case of Restricted Junior Debt Payments, pro forma compliance with a maximum Consolidated First Lien Net Leverage Ratio of 4.50:1.00 and so long as no payment or bankruptcy (with respect to the Borrower) event of default exists or would occur as a consequence thereof (the "**<u>Ratio RDP Basket</u>**"); (v) following an IPO, restricted payments not less than the greater of (a) 6% per year of the net proceeds received by (or contributed to) the Borrower and its restricted subsidiaries from any public equity offering (including in connection with any IPO) and (b) 7% per year of the market capitalization of the applicable public entity (at the time of determination); (vi) refinancings (including through exchanges, conversions and other cashless transactions) of Junior Debt with equity or Junior Debt; (vii) prepayments of Junior Debt acquired in connection with an acquisition (and not incurred in contemplation thereof); (viii) (1) from a general fixed-dollar restricted payments basket not to exceed the greater of (X) 35% of Financing EBITDA and (Y) 35% of Consolidated EBITDA determined on a pro forma basis for the most recently ended Test Period (the "**<u>General RP Basket</u>**") (which amounts under the General RP Basket may be reallocated to the General RDP Basket and the General Investments Basket) and (2) a general fixed-dollar Restricted Junior Debt Payments basket not to exceed the greater of (X) 35% of Financing EBITDA and (Y) 35% of Consolidated EBITDA determined on a pro forma basis for the most recently ended Test Period (the "**<u>General RDP Basket</u>**") (which amounts under the General RDP Basket may be reallocated to the General Investments Basket); (ix) tax distributions with respect to the income of the Borrower and its subsidiaries as set forth in <u>Exhibit D</u> ("**<u>Tax Distributions</u>**"); (x) [reserved]; (xi) restricted payments in connection with the Transactions; (xii) [reserved], (xiii) [reserved], and (xiv) additional baskets and exceptions that are customary for companies in the business of the Borrower and its subsidiaries (including the Target and its subsidiaries) to be mutually agreed; 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;&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) dispositions (subject to (x) a per-transaction (and series of related transactions) threshold amount and (y) to the extent not excluded pursuant to clause (x) above, an annual threshold amount), subject, in the case of clause (i), to compliance, if required, with the mandatory prepayment requirements for asset sales and other dispositions of property, (i) asset sales and other dispositions of property (subject to customary exceptions and thresholds) on an unlimited basis for fair market value as long as at least 75% of the consideration (determined on a cumulative basis for all dispositions pursuant to this clause since the Closing Date) (if in excess of a threshold amount) consists of cash or cash equivalents (subject to customary exceptions to the cash consideration requirement, including a fixed-dollar basket for non-cash consideration that may be designated as cash consideration and exceptions for asset swaps and exchanges) (the "**<u>Unlimited Asset Sale Basket</u>**"); (ii) asset swaps and exchanges; (iii) dispositions of assets in the ordinary course of business and dispositions of immaterial assets or assets not used or useful in the principal business of the Borrower and its restricted subsidiaries; (iv) dispositions of non-core assets or surplus assets acquired in a permitted acquisition or investment after the Closing Date; (v) a fixed-dollar basket for sale-leaseback transactions; (vi) a general fixed-dollar basket; (vii) an annual general basket not less than the greater of (I) 15% of Financing EBITDA and (II) 15% of Consolidated EBITDA determined on a pro forma basis for the most recently ended Test Period; (viii) dispositions required to obtain anti-trust or similar regulatory approval; (ix) dispositions in connection with qualified factoring, receivables and securitization facilities; and (x) additional baskets and exceptions that are customary for companies in the business of the Borrower and its subsidiaries (including the Target and its subsidiaries) to be mutually agreed or otherwise consistent with the Documentation Principles.

------

Holdings will not engage in any operating activities, but may incur debt, make restricted payments and engage in other non-operating activities and exceptions to be agreed consistent with the Documentation Principles.

No Loan Party may transfer legal title to, or otherwise dispose of, or license on an exclusive basis (excluding exclusive licenses limited by territory or field of use), any Material Intellectual Property to a restricted subsidiary that is not a Loan Party, (A) if the primary purpose of such transfer or license is to (x) incur new financing at such restricted subsidiary that is not a Loan Party or (y) cause a release of the liens on the Collateral on such Material Intellectual Property, in each case as reasonably determined by the Borrower or (B) if there is no bona fide business purpose for such transfer or license, as reasonably determined by the Borrower.

Each covenant (including with respect to clauses (d), (e) and (f) below, without limitation, the Incremental Facilities, Incremental Equivalent Debt and Refinancing Debt) (and definitions used therein) shall also (a) include additional customary baskets, exceptions and thresholds consistent with the Documentation Principles and as may otherwise be agreed, including customary specific and general dollar baskets, (b) provide that any exceptions, limitations and baskets based on a specified dollar amount shall also include a builder or grower component (regardless of whether such exceptions, limitations or baskets refer to a builder or grower component in this Term Sheet) based on a corresponding percentage of Consolidated EBITDA, (c) permit any transaction that is scheduled in the Acquisition Agreement, (d) provide that incurrence-based financial ratios or tests ("**<u>Financial Incurrence Tests</u>**") shall be subject to customary pro forma adjustments, including for "run rate" cost savings and synergies consistent with those described in "Consolidated Net Income" and "Consolidated EBITDA", (e) permit reliance, at the Borrower's option, on one or more, or a combination of, fixed dollar (including any related builder or grower component) baskets, exceptions and thresholds ("**<u>Fixed Baskets</u>**") and baskets, exceptions and thresholds that are subject to a Financial Incurrence Test ("**<u>Non-Fixed Baskets</u>**") (and the Borrower shall be permitted to, at its option, divide and classify such actions or transactions (or portions thereof) and later (on one or more occasions) re-divide and/or reclassify under one or more of such baskets, exceptions and thresholds, including to reclassify utilization of any Fixed Baskets as incurred under any available Non-Fixed Baskets, including any Financial Incurrence Tests; *provided*, that if any Financial Incurrence Tests would be satisfied in any subsequent fiscal quarter following the utilization of any Fixed Basket or other Non-Fixed Basket, such reclassification shall be deemed to have automatically occurred if not elected by the Borrower; *provided*, *further* that, except with respect to the RP Debt basket, such reclassification shall only be permitted within the same particular covenant) and (f) provide that, in calculating any Non-Fixed Baskets (including any Financial Incurrence Tests), any (x) indebtedness concurrently incurred to fund original issue discount and/or upfront fees and (y) amounts incurred, or transactions entered into or consummated, in reliance on a Fixed Basket (including the Free and Clear Incremental Amount and amounts incurred under the Revolving Facility (or any other revolving facility)) in a concurrent transaction, a single transaction or a series of related transactions with the amount incurred, or transaction entered into or consummated, under an applicable Non-Fixed Basket, in each case of the foregoing clauses (x) and (y), shall not be given effect in calculating the applicable Non-Fixed Basket (but giving full pro forma effect to all applicable and related transactions (including the use of proceeds of all indebtedness to be incurred and any repayments, repurchases and redemptions of indebtedness) and all other permitted pro forma adjustments) (this clause (f), together with clause (e) above, collectively, the "**<u>Stacking and Reclassification Provisions</u>**").

------

To the extent that any indebtedness or any other transaction in connection with a Limited Condition Transaction or any actions or transactions in connection with a Limited Condition Transaction is subject to conditions based on (i) compliance with any financial ratio or test (including the Financial Covenant), (ii) the absence of any default or event of default (or any type of default or event of default) or (iii) availability under any basket (including baskets measured as a percentage of Consolidated EBITDA), the determination of whether the relevant condition is satisfied may be made, at the election of the Borrower (1) at the time of funding the applicable indebtedness or consummation of the applicable Limited Condition Transaction or such other transactions in connection therewith or (2) at the time of signing the definitive documentation therefor (including, at the Borrower's option, any amendment entered into in connection therewith) (provided that, solely in connection with an acquisition to which the United Kingdom City Code on Takeovers and Mergers applies, at the option of the Borrower, the "LCT Test Date" shall be deemed to be the date on which a "Rule 2.7 announcement" of a firm intention to make an offer (or equivalent announcement in another jurisdiction)) or delivery of any notice (and, if determined at the time of signing or delivery of notice, may be recalculated, at the option of the Borrower, at the time of (x) any delivery thereafter of financial statements prior to funding or consummation, (y) any other transaction for which pro forma calculations are required under the Facilities Documentation prior to funding or consummation or (z) funding or consummation), in each case, in accordance with the Documentation Principles.

------

---

| | |
|:---|:---|
| <u>Financial Covenant</u>: | Limited to the following financial maintenance covenant (the "**<u>Financial Covenant</u>**") solely for the benefit of the Revolving Facility: a maximum Consolidated First Lien Net Leverage Ratio of the Borrower and its restricted subsidiaries set at 7.00:1.00 (with no step-downs). The Term Facility shall not have the benefit of, or any rights with respect to, the Financial Covenant (including, without limitation, as to amendments, modifications and waivers). |

---

The Financial Covenant shall be tested on the last day of any fiscal quarter for which financial statements have been delivered (commencing with the last day of the second full fiscal quarter ended after the Closing Date), but only if on the last day of such fiscal quarter the aggregate principal amount of borrowings under the Revolving Facility (except, solely for the first two tested fiscal quarters ended after the Closing Date, any Revolving Loans borrowed on the Closing Date), exceeds 40% of the total amount of commitments under the Revolving Facility on the applicable test date (giving effect to any Incremental Revolving Facilities) (the "**<u>Testing Threshold</u>**"); *provided* that, if the aggregate outstanding principal amount of borrowings under the Revolving Facility has been reduced to an amount less than the Testing Threshold after the end of any fiscal quarter and prior to the delivery of the compliance certificate for such fiscal quarter, the Financial Covenant shall not be tested for such quarter.

------

For purposes of the Facilities Documentation, "**<u>Consolidated Net Income</u>**", "**<u>Consolidated EBITDA</u>**" (and component definitions) and other financial definitions shall be defined in a manner consistent with the Documentation Principles (including add-backs and deductions consistent therewith). In any event, Consolidated EBITDA and Consolidated Net Income shall include interest income and the proportionate net income in respect of joint ventures or other entities that would be included in accordance with the equity method of accounting (to the extent cash is distributed to the Borrower or any of its restricted subsidiaries) and shall also include (which shall not be subject to caps, except as noted below), among other adjustments, exclusions and add-backs (without duplication, to be allocated between Consolidated EBITDA and Consolidated Net Income in a manner consistent with the Documentation Principles): (a) extraordinary, one time, unusual, infrequent or non-recurring losses, gains or expenses and transaction expenses and any other losses, gains or expenses not incurred in the ordinary course of business; (b) non-cash charges, fees, expenses, expenditures, costs, losses, accruals, reserves of any kind and any other deductions included in the calculation of Consolidated Net Income (collectively, "**<u>Charges</u>**") and changes in reserves for earnouts and similar obligations; *provided* that accruals or reserves for potential cash items in any future period may or may not (at the election of the Borrower in its sole discretion) be added back in such period and to the extent added back, the cash payment in respect of such accrual or reserve in a future period shall be subtracted from Consolidated EBITDA in such future period; (c) all gains and losses on sales of assets outside the ordinary course of business; (d) restructuring and similar charges, retention or completion bonuses, executive recruiting costs, relocation expenses, severance payments and related expenses of severed employees, modifications to, or losses, on settlement of, pension and postretirement employee benefit plans; (e) the amount of any management, monitoring, consulting, transaction, termination or advisory fees and related expenses and indemnities paid to the Sponsor (or other equity investors); (f) currency translation and transaction gains or losses; (g) non-controlling or minority interest expense consisting of income attributable to third parties in non-wholly owned subsidiaries; (h) (x) pro forma "run rate" cost savings, operating expense reductions, operating improvements and synergies (excluding revenue-based synergies but including the run-rate impact of increases in processing fee rates with customers) related to the Transactions that are reasonably identifiable and projected by the Borrower in good faith to result from actions that have been taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of the Borrower) within 24 months of the Closing Date (or, to the extent identified in the Quality of Earnings Analysis (as defined below), the Sponsor Model (as defined below) or otherwise identified to the Commitment Parties, undertaken or implemented prior to the Closing Date) and (y) pro forma "run rate" cost savings, operating expense reductions, operating improvements and synergies (excluding revenue-based synergies but including the run-rate impact of increases in processing fee rates with customers) related to mergers and other business combinations, acquisitions, divestitures, dispositions, discontinuance of activities or operations, the consolidation or closing of locations or other specified transactions (including, for the avoidance of doubt, acquisitions occurring prior to the Closing Date), restructurings, cost savings initiatives, operational changes and other initiatives that are reasonably identifiable and projected by the Borrower in good faith to result from actions that have been taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of the Borrower) within 24 months of the date of determination that such action be taken, in each case of the preceding clauses (x) and (y), net of the amount of actual benefits realized from such actions during such period; <u>provided</u> that (A) the amounts permitted to be added back pursuant to this clause (h) with respect to the run-rate impact of increases in processing fee rates with customers (excluding for the avoidance of doubt such run-rate impact attributable to Paymentus) shall be capped at 15% of pro forma Consolidated EBITDA (after giving effect to such add-backs and all other permitted add-back and adjustments) for any Test Period and (B) the amounts permitted to be added back pursuant to clause (h)(y) (other than amounts added back in connection with the Transactions or in respect of initiatives where the relevant action has already been taken by the Borrower prior to the Closing Date) shall be capped at 35.0% of pro forma Consolidated EBITDA (after giving effect to such add-backs and all other permitted add-back and adjustments) for any Test Period; (i) adjustments, exclusions and add-backs set forth in (x) the "Quality of Earnings" report, dated April 26, 2025 (the "**<u>Quality of Earnings Analysis</u>**")<sup>3</sup> or (y) the Sponsor model delivered to the Left Lead Arranger on April 23, 2025 (together with any updates or modifications thereto reasonably agreed among the Borrower, the Sponsor and the Left Lead Arranger, the "**<u>Sponsor Model</u>**"); (j) letter of credit, letter of guarantee and bankers' acceptance fees and costs of surety bonds; (k) [reserved]; (l) effects of purchase accounting; (m) accruals, payments, fees, costs, charges and expenses with respect to any transactions not prohibited by the Facilities Documentation, including, without limitation, permitted dispositions, investments, issuance of equity interests or indebtedness or early extinguishment of indebtedness, hedging agreements or other derivative instruments, in each case whether or not consummated; (n) adjustments, exclusions and addbacks (x) consistent with Regulation S-X or (y) contained in any quality of earnings report made available to the Administrative Agent conducted by financial advisors (which are 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)); (o) public company costs (including initial compliance costs, ongoing compliance costs and costs related to Sarbanes Oxley); (p) adjustments, exclusions and add-backs set forth in the Existing Indebtedness or otherwise as shall be mutually agreed or as otherwise consistent with the Documentation Principles; (q) [reserved]; (r) other adjustments, exclusions and add-backs to be mutually agreed or otherwise consistent with the Documentation Principles; (s) [reserved]; and (t) "bad debt" expense related to revenue earned prior to the Closing Date or any permitted acquisition. "Consolidated EBITDA" shall also include a deduction for cash rent payable with respect to the Borrower's corporate headquarters.

<sup>3</sup> In the Facilities Documentation, to permit (i) adjustments consistent with "Diligence Adjusted EBITDA" (as set forth in the Quality of Earnings Analysis), (ii) adjustments in respect of Paymentus (as set forth in the Quality of Earnings Analysis) and (iii) year 1 cost savings and certain other adjustments (as set forth in the bridge provided to the Left Lead Arranger on or prior to the date of this Commitment Letter).

------

For purposes of determining compliance with the Financial Covenant, any cash equity contribution (other than disqualified equity) made to the capital of the Borrower after the beginning of the most recently ended fiscal quarter and on or prior to the day that is 15 business days after the day on which the compliance certificate is required to be delivered for such fiscal quarter (after giving effect to any grace period) will, at the option of the Borrower, be included in the calculation of Consolidated EBITDA for the purposes of determining compliance with the Financial Covenant at the end of such fiscal quarter and applicable subsequent periods (any such equity contribution so included in the calculation of Consolidated EBITDA, a "**<u>Specified Equity Contribution</u>**"); *provided* that (a) no more than 2 Specified Equity Contributions may be made in any period of four consecutive fiscal quarters, (b) no more than 5 Specified Equity Contributions may be made over the life of the Facilities (with one additional Specified Equity Contribution during any extension period), (c) the amount of any Specified Equity Contribution shall be no greater than the amount required to cause the Borrower to be in compliance with the Financial Covenant, (d) the Specified Equity Contributions shall be disregarded for purposes of determining any pricing, amount of any covenant baskets or Excess Cash Flow and shall not result in any pro forma debt reduction for such fiscal quarter (except to the extent applied to prepay indebtedness under the Facilities) and (e) there shall be no extensions of credit under the Revolving Facility until the proceeds of the Specified Equity Contribution have been received. The Facilities Documentation will contain a customary "stand-still" provision with regard to the exercise of remedies during the period in which any Specified Equity Contribution will be made after the receipt of written notice by the Administrative Agent of Borrower's intention to make such Specified Equity Contribution.

---

| | |
|:---|:---|
| <u>Unrestricted Subsidiaries</u>: | The Facilities Documentation will contain provisions pursuant to which, so long as no event of default shall have occurred and be continuing or would result therefrom, subject to customary limitations on investments in unrestricted subsidiaries, 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; *provided* that (i) no unrestricted subsidiary shall be designated if it directly or indirectly owns any equity interest of, or debt owned by, or holds a lien on any property of, the Borrower or any restricted subsidiary, (ii) neither the Borrower nor any of its restricted subsidiaries may transfer legal title to, or license on an exclusive basis (excluding exclusive licenses limited by territory or field of use), any Material Intellectual Property to any unrestricted subsidiary and (iii) no subsidiary may be designated as an "unrestricted subsidiary" if at the time of designation such subsidiary owns or licenses on an exclusive basis (excluding exclusive licenses limited by territory or field of use) any Material Intellectual Property. Unrestricted subsidiaries will not be subject to the representations and warranties, affirmative or negative covenants or event of default provisions of the Facilities Documentation and the results of operations and indebtedness of unrestricted subsidiaries will not be taken into account for purposes of determining any financial ratio or covenant contained in the Facilities Documentation. |

---

------

Notwithstanding anything herein to the contrary, (x) the only baskets available for investments made in unrestricted subsidiaries and designations of unrestricted subsidiaries shall be clauses (c)(i)(C), (c)(ii) and (c)(iii)(4) under the heading "Negative Covenants" above (in each case, to the extent such amounts have not otherwise been applied to increase any other basket or exception under the Facilities Documentation) and (y) there shall be no reclassification of investments made in unrestricted subsidiaries in reliance on such baskets.

---

| | |
|:---|:---|
| <u>Events of Default</u>: | Limited to the following (to be applicable to the Borrower and its restricted subsidiaries only) and with grace periods, baskets and materiality to be mutually agreed upon and consistent with the Documentation Principles: nonpayment of principal, interest, fees or other amounts when due (with a 5 business day grace period for interest, fees and other amounts); *provided* that a failure to pay caused by administrative or technical error shall not constitute an event of default if payment is made within 15 business days of the discovery of such error or of the Administrative Agent notifying the Borrower of such error; failure to perform negative covenants and the Financial Covenant (and the affirmative covenants to provide notice of default or maintain the Borrower's corporate existence) subject, in the case of the passive holding company covenant, to a grace period of 30 days; failure to perform other covenants subject to a 30-day grace period following written notice by the Administrative Agent; any representation or warranty being incorrect in any material respect when made or deemed made (subject to a 30 day grace period following written notice from the Administrative Agent if such inaccuracy is capable of cure); cross-default and cross-acceleration to other indebtedness, subject to a threshold amount set at the greater of (x) 30% of Financing EBITDA and (y) 30% of Consolidated EBITDA (as defined below) determined on a pro forma basis for the most recently ended Test Period (the "**<u>Threshold Amount</u>**"); bankruptcy or insolvency proceedings of the Borrower or a restricted subsidiary that would be a "significant subsidiary" if the Borrower were a public company or a group of restricted subsidiaries that would be "significant subsidiaries" if the Borrower were a public company (with a 60 day grace period for involuntary events); final non-appealable monetary judgments to the extent not covered by indemnities or insurance, subject the Threshold Amount; ERISA events, subject to the occurrence of a material adverse effect; invalidity (actual or asserted in writing by the Borrower or any Guarantor) of any material guarantee or the Administrative Agent's lien under any material security documents with regard to a material portion of the Collateral; and change of control (to include a pre- and post-initial public offering provision and to be defined in a manner consistent with the Documentation Principles but in any event to require that AvidXchange, Inc. and any other successor entity that functions as the primary operating company remain wholly-owned, directly or indirectly, by the Borrower); *provided* that, notwithstanding anything to the contrary in the Facilities Documentation, a breach of the Financial Covenant will not constitute a default or an event of default for purposes of the Term Facility (or any other facility other than the Revolving Facility), and the Lenders under the Term Facility (or any other facility other than the Revolving Facility) will not be permitted to exercise any remedies with respect to an uncured breach of the Financial Covenant unless and until the date on which the Lenders holding more than 50% of the aggregate commitments and loans under the Revolving Facility (the "**<u>Required Revolving Lenders</u>**") have actually terminated their commitments under the Revolving Facility and declared all such outstanding obligations under the Revolving Facility to be immediately due and payable in accordance with the Facilities Documentation as a result of the Borrower's breach of the Financial Covenant and such declaration or termination has not been rescinded. Notwithstanding the foregoing, no exercise of remedies under the Facilities may occur with respect to any action taken, and publicly reported or reported to the Administrative Agent or the Lenders, more than two years prior to such exercise of remedies. |

---

------

Following the occurrence and during the continuance of an event of default, three business days' advance notice to the applicable Loan Party shall be required prior to exercising remedies with respect to any pledged equity interests.

------

---

| | |
|:---|:---|
| <u>Voting</u>: | Amendments and waivers of the Facilities Documentation will require the approval of Lenders holding more than 50% of the aggregate principal amount of the loans and commitments under the Facilities (the "**<u>Required Lenders</u>**") (*provided* that if there are two or more Lenders, the Required Lenders shall consist of at least two Lenders (and for purposes of determining Required Lenders, any Lender and its affiliates and approved funds shall be deemed to constitute a single Lender)), except that the consent of each Lender directly adversely affected thereby shall be required with respect to (a) increases in the commitment of such Lender (it being understood that a waiver of any condition precedent or the waiver of any default, event of default or mandatory prepayment shall not constitute an increase of any commitment of any Lender), (b) reductions of principal, interest or fees payable to such Lender (other than waivers of default interest, a default or event of default, a mandatory prepayment or the MFN Provision); *provided* that any change in the definitions of any ratio used in the calculation of any rate of interest or fees (or the component definitions) and any amendments giving effect to any benchmark replacement provisions shall not constitute a reduction in any rate of interest or fees, (c) extensions or postponements of final scheduled maturity or the due date of any scheduled interest, amortization or fee payment (it being understood and agreed that the waiver of any mandatory prepayment, default interest, default or event of default or the MFN Provision shall only require the consent of the Required Lenders), (d) releases of all or substantially all of the aggregate value of the Guarantees provided by Guarantors or all or substantially all of the Collateral (other than in connection with permitted asset sales, dispositions, restricted payments, investments, mergers, liquidations or dissolutions or as otherwise permitted pursuant to the Facilities Documentation, in each case, as in effect on the Closing Date), (e) reductions in voting percentages and (f) modifications to the payment "waterfall", pro rata sharing and pro rata payments provisions, subject to customary exceptions and other exceptions to be agreed; *provided* that in the case of clauses (a), (b), (c), (e) and (f) above, only the consent of such directly adversely affected Lender shall be required and no consent of the Required Lenders, majority of any facility or tranche, or any other Lenders shall be required. Defaulting Lenders will be subject to the suspension of certain voting rights. The Facilities Documentation will contain provisions providing for the deemed acknowledgment by the Administrative Agent of amendments and waivers consistent with the Documentation Principles. At any time prior to a bankruptcy event of default, any fees payable to any Lenders in connection with an amendment, modification, waiver or consent that subordinates (i) any of the Obligations under the Facilities to any other indebtedness for borrowed money in right of payment or (ii) the liens on all or a significant portion of the Collateral securing the Obligations under the Facilities to the liens securing any other indebtedness for borrowed money, together with the right to participate in any such indebtedness, shall be offered on a pro rata basis to each Lender of such affected class (it being agreed, for the avoidance of doubt, that this provision shall not apply to any debtor in possession (or equivalent) financing or to any use of Collateral in an insolvency proceeding). |

---

------

Notwithstanding the foregoing, (i) amendments to the Financial Covenant (or any of the financial definitions included in (and for purposes of) the Financial Covenant) and the waiver of any default thereunder will require only the consent of the Required Revolving Lenders and no other consents or approvals shall be required and (ii) amendments and waivers that affect only the Lenders under a particular facility, tranche or class (including waiver of conditions to borrowing under the Revolving Facility or waivers relating to any Incremental Facility (but not the implementation of an Incremental Facility, except as described above)), will require only the consent of Lenders holding more than 50% (or, in the case of any Incremental Facility, the percentage specified in the relevant amendment to the Facilities Documentation) of the aggregate commitments and/or outstanding loans under such facility, tranche or class, as applicable and no other consents or approvals shall be required. Any changes to the provisions of the Facilities affecting the Administrative Agent, the Issuing Bank or the Swingline Lender shall require the consent of the Administrative Agent, the Issuing Bank or the Swingline Lender, as applicable.

The Facilities Documentation will permit amendments thereof without the approval or consent of the Lenders to effect a permitted "repricing transaction" (i.e., a transaction in which any tranche of loans is refinanced with a replacement tranche of loans, or is modified with the effect of bearing a lower rate of interest) other than any Lender holding loans subject to such "repricing transaction" that will continue as a Lender in respect of the repriced tranche of loans or modified loans.

Non-pro-rata distributions and commitment reductions will be permitted in connection with loan buy-back or similar programs on the terms set forth below. There will be provisions to permit "amend and extend" transactions on customary terms as set forth above.

In addition, if the Administrative Agent and the Borrower shall have jointly identified an obvious error, mistake, ambiguity, incorrect cross-reference or any error or omission of a technical nature in the Facilities Documentation, then the Administrative Agent and the Borrower shall be permitted to amend such provision without any further action or consent of any other party with notice given to the Lenders of any such amendment. At the option of the Borrower in consultation with the Administrative Agent, the Borrower shall be permitted to amend the Facilities Documentation to incorporate terms that would be favorable to any class or classes of existing Lenders so long as the Administrative Agent agrees that such modification is favorable to the applicable Lenders (such agreement not to be unreasonably withheld, delayed or conditioned).

------

The Facilities Documentation will contain customary provisions allowing the Borrower to replace a Lender or terminate the commitment of a Lender and prepay that Lender's outstanding Loans in full (along with any "prepayment premium", if applicable, that would otherwise be owed in connection therewith) in connection with (i) amendments and waivers requiring the consent of all Lenders or of all Lenders directly adversely affected thereby (so long as the Required Lenders have approved the amendment or waiver), (ii) any requirement for the Borrower to pay increased costs, taxes or similar items to such Lender and (iii) any Defaulting Lenders.

In connection with any amendment to, modification of or waiver or consent under the Facilities, any Lender (or any affiliate thereof (other than any affiliates that are subject to customary procedures to prevent the sharing of confidential information between such Lender and such affiliate and such affiliate has independent fiduciary duties to the investors or other equityholders of such affiliates)) (other than any Lender or its affiliate that is a regulated bank) that, as a result of its (or its affiliate's) interest in any total return swap, total rate of return swap, credit default swap or other derivative contract (other than any such total return swap, total rate of return swap, credit default swap or other derivative contract entered into pursuant to bona fide market making activities), has a net short position with respect to the loans or commitments under any of the Facilities or with respect to any other tranche, class or series of indebtedness for borrowed money incurred or issued by the Borrower or any of its restricted subsidiaries at such time of determination (including commitments with respect to any revolving credit facility) shall have no right to vote any of its interest under such Facilities. In connection with any such amendment, modification, waiver or consent, or at any time at the request of Borrower or Sponsor, each Lender will either be required to notify the Administrative Agent and the Borrower that it has such a net short position with respect to the loans or commitments under the applicable Facilities or such other tranche, class or series of indebtedness for borrowed money incurred or issued by the Borrower or any of its restricted subsidiaries or otherwise be deemed to have represented to the Borrower and the Administrative Agent that it does not have such a net short position.

---

| | |
|:---|:---|
| <u>Cost and Yield Protection</u>: | The Facilities Documentation shall contain provisions, in each case consistent with the Documentation Principles, protecting the Lenders against increased costs or loss of yield resulting from changes in reserve, capital adequacy and other requirements of law and from the imposition of or changes in certain withholding or other taxes (it being understood that the Dodd Frank Wall Street Reform and Consumer Protection Act and Basel III and all regulations, interpretations and directives thereunder shall be deemed to be a change in law if, and only if, it is the Lender's general policy or practice to demand compensation in similar circumstances under comparable provisions of other financing agreements). |

---

------

The Facilities Documentation shall contain customary tax gross-up provisions consistent with the Documentation Principles, it being understood that there will be customary exceptions to be agreed to the gross-up obligations, including (but not limited to) for U.S. federal withholding taxes imposed pursuant to Sections 1471-1474 of the Internal Revenue Code, as of the date of this Commitment Letter (or any amended or successor version that is substantively comparable thereto and not materially more onerous to comply with) and any current or future Treasury regulations thereunder or official interpretations thereof, any applicable intergovernmental agreement entered into in respect thereof, and any provision of law or administrative guidance implementing or interpreting such provisions, including any agreements entered into pursuant to any such intergovernmental agreement or Section 1471(b)(1) of the Internal Revenue Code as of the date of this Commitment Letter (or any amended or successor version described above).

---

| | |
|:---|:---|
| <u>Assignments and Participations</u>: | The Lenders will be permitted to assign (other than to natural persons, any Defaulting Lender or any Disqualified Lender, which Disqualified Lenders shall be specified on a schedule that is held with the Administrative Agent, which may be communicated to a Lender upon request, but shall not be "posted" or otherwise disclosed by any Lead Arranger or the Administrative Agent to any other person) (a) loans under the Term Facility with the prior written consent of the Borrower and the Sponsor (in each case, not to be unreasonably withheld or delayed) and (b) loans and commitments under the Revolving Facility with the prior written consent of the Swingline Lender and the Issuing Bank (not to be unreasonably withheld or delayed), the Borrower (in its sole discretion) and the Sponsor (in its sole discretion); *provided* that, in the case of clause (a), it shall not be unreasonable for the Borrower or the Sponsor to withhold consent with respect to any person (including any person that manages or advises funds) that invests (directly or indirectly, including through affiliates) in distressed debt or "special situations" or "opportunities" or that is not a "Disqualified Lender" but is known by the Borrower or Sponsor to be an affiliate of a Disqualified Lender regardless of whether such person is identifiable as an affiliate of a Disqualified Lender on the basis of such affiliate's name or otherwise; *provided* further that no consent of the Borrower or the Sponsor shall be required (A) in the case of the Term Facility only, if such assignment is made by a Lender to a Permitted Related Assignee of such Lender or (B) after the occurrence and during the continuance of a payment or bankruptcy (with respect to the Borrower) event of default; *provided* further (x) that solely in respect of assignments of Term Loans, the consent of the Borrower and Sponsor shall be deemed given if the Borrower or Sponsor has not responded to such request for consent within 10 business days of receipt by an officer of the Borrower or Sponsor in writing of such request and (y) other than with respect to an assignment by a Lender to a Permitted Related Assignee of such Lender, the Sponsor shall be notified in writing of any proposed assignment not less than 10 business days in advance thereof. All assignments (except assignments by a Lender to a Permitted Related Assignee of such Lender) will require the consent of the Administrative Agent, not to be unreasonably withheld or delayed; *provided* that it is agreed that the consent of the Administrative Agent shall not be required for assignments permitted under the Facilities Documentation to the Sponsor, any affiliate of the Sponsor, or Holdings, the Borrower or their respective subsidiaries, to the extent that any such assignments are made in accordance with all other applicable terms of the Facilities Documentation. Each assignment will be in an amount of an integral multiple of $1.0 million with respect to the Term Facility and $5.0 million with respect to the Revolving Facility or, in each case, if less, all of such Lender's remaining loans and commitments of the applicable class. Assignments will be by novation and will not be required to be pro rata among the Facilities. An assignment fee in the amount of $3,500 shall be paid by the respective assignor or assignee to the Administrative Agent unless waived by the Administrative Agent. Other than with respect to an assignment by a Lender to a Permitted Related Assignee of such Lender, an assignment fee in the amount of $45,000 shall be paid by the respective assignor or assignee to TPG Capital BD, LLC unless waived by the Sponsor. |

---

------

The Lenders will be permitted to sell participations (other than to any natural person, any Defaulting Lender or any Disqualified Lender, which Disqualified Lenders shall be specified on a schedule that is held with the Administrative Agent, which may be communicated to a Lender upon request, but shall not be "posted" or otherwise disclosed by any Lead Arranger or the Administrative Agent to any other person) in loans and commitments without consent, subject to customary limitations, and with the prior written consent of the Sponsor (to the same extent as the Sponsor's consent would be required for an assignment as set forth above); *provided* that the Borrower and the Sponsor shall be notified in writing of any proposed participation not less than 10 business days in advance thereof. Voting rights of participants shall be limited to matters in respect of (a) increases in commitments participated to such participants, (b) reductions of principal, interest or fees, (c) extensions of final maturity or the due date of any amortization, interest or fee payment, (d) releases of all or substantially all the value of the Guarantees provided by Guarantors or all or substantially all of the Collateral and (e) reductions in voting percentages, in each case to the extent the participant is directly and adversely affected thereby. Other than with respect to an assignment by a Lender to a Permitted Related Assignee of such Lender, a participation fee in the amount of $45,000 shall be paid by the respective granting Lender or participant to TPG Capital BD, LLC unless waived by the Sponsor.

------

"<u>Permitted Related Assignee</u>" means, with respect to any Lender, any of its Affiliates or Approved Funds (as such terms are defined in the Precedent Credit Agreement).

The Sponsor and TPG Capital BD, LLC shall be express third party beneficiaries of the provisions described above that are for their benefit.

The Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Lenders. Without limiting the generality of the foregoing, the Administrative Agent shall not (x) be obligated to ascertain, monitor or inquire as to whether any Lender or participant or prospective Lender or participant is a Disqualified Lender or (y) have any liability with respect to or arising out of any assignment or participation of commitments or loans, or disclosure of confidential information, to any Disqualified Lender.

As used herein:

"**<u>Disqualified Lenders</u>**" means persons (including persons primarily engaged in private equity, mezzanine financing or venture capital) (or related funds of any such persons) (i) identified in writing to the Commitment Parties by the Borrower or the Sponsor prior to the Original Signing Date (or, (x) after the Original Signing Date and prior to the Closing Date, upon written notice to, and with the consent (not to be unreasonably withheld, conditioned or delayed) of, the Commitment Parties holding a majority of the aggregate commitments under the Facilities on the date hereof and (y) after the Closing Date, upon written notice to, and with the consent (not to be unreasonably withheld, conditioned or delayed) of, the Administrative Agent (without retroactive effect)) and, in the case of all of the foregoing under this clause (i), their respective affiliates (to the extent reasonably identifiable or associated on the basis of name or in public disclosures or otherwise identified by the Borrower or the Sponsor to the Administrative Agent to be an affiliate) other than affiliates that constitute bona fide diversified debt funds primarily dealing in loans (or, in the case of affiliates of competitors of the Sponsor, affiliates that constitute bona fide diversified debt funds primarily dealing in loans that represent in their respective marketing materials that they do not share information with their affiliates that are competitors of the Sponsor), (ii) any competitor of (x) prior to the Closing Date, the Target and its affiliates and (y) from and after the Closing Date, the Borrower and its affiliates, and any affiliate of such competitor, identified in writing to the Commitment Parties by the Borrower or the Sponsor (which list may be updated upon written notice to the Commitment Parties (or if after the Closing Date, upon written notice to the Administrative Agent) (without retroactive effect) and, in the case of all of the foregoing under this clause (ii), their respective affiliates (to the extent reasonably identifiable or associated on the basis of name or in public disclosures or otherwise identified by the Borrower or the Sponsor to the Administrative Agent to be an affiliate) other than affiliates that constitute bona fide diversified debt funds primarily dealing in loans and (iii) any competitor of the Sponsor, and any affiliate of such competitor, that the Sponsor reasonably believes does not have barriers in place that are customary and sufficient regarding not sharing information with affiliates that are competitors of the Sponsor as of the appropriate date of designation that is identified in writing to the Administrative Agent by the Sponsor after the Closing Date (without retroactive effect) and, in the case of all of the foregoing under this clause (iii), their respective affiliates (to the extent reasonably identifiable or associated on the basis of name or in public disclosures or otherwise identified by the Borrower or the Sponsor to the Administrative Agent to be an affiliate) other than affiliates that constitute bona fide diversified debt funds primarily dealing in loans that represent in their respective marketing materials that they do not share information with their affiliates that are competitors of the Sponsor.

------

The Facilities Documentation shall provide that the Term Loans may be purchased by and assigned to the Sponsor or any of its Non-Debt Fund Affiliates (as defined below) on a non-pro rata basis through (a) open market purchases (or other privately negotiated purchases (including an exchange)) and/or (b) Dutch auctions open to all applicable Lenders on a pro rata basis in accordance with procedures consistent with the Documentation Principles or other customary procedures to be agreed; *provided* that (i) Term Loans owned or held by the Sponsor or any of its Non-Debt Fund Affiliates shall be excluded in the determination of any Required Lender vote and shall be deemed not to be outstanding for purposes of determining whether all applicable Lenders have taken an action (unless the action in question affects the Sponsor or such Non-Debt Fund Affiliate in a disproportionately adverse manner than its effect on the other Lenders), subject to exceptions consistent with the Documentation Principles, (ii) Term Loans owned or held by the Sponsor and any of its Non-Debt Fund Affiliates shall not, in the aggregate, exceed 30% of the Term Facility (measured at the time of purchase) (the "**<u>Affiliated Lender Cap</u>**"), (iii) the Sponsor and any of its Non-Debt Fund Affiliates shall not be permitted to attend any "lender-only" conference calls or meetings or receive any related "lender-only" information and (iv) the Sponsor and its Non-Debt Fund Affiliates, as applicable, shall agree that the Administrative Agent shall vote on behalf of the Sponsor or such Non-Debt Fund Affiliate in connection with a plan of reorganization under any insolvency proceeding unless the plan of reorganization affects the Sponsor or such Non-Debt Fund Affiliate, as applicable, in its capacity as a lender in a disproportionately adverse manner than its effect on the other Lenders under the Facilities.

------

The Facilities Documentation (including assignment forms) shall contain an acknowledgement by the Lenders that the loans and commitments under the Facilities may be purchased by any Debt Fund Affiliate, and that the Term Loans may be purchased by any Sponsor or any Non-Debt Fund Affiliate, in each case from time to time in accordance with the terms set forth in the Facilities Documentation.

In connection with any purchase or assignment permitted under the Facilities Documentation, neither the Sponsor nor its Non-Debt Fund Affiliates or Debt Fund Affiliates will be required to make any representation regarding the possession of material non-public information but may address any purchases with "big boy" language in a manner consistent with the Documentation Principles.

The Facilities Documentation will require that the parties to any applicable purchase or assignment waive any potential claims arising from Holdings, the Borrower, the Sponsor or any Non-Debt Fund Affiliate or Debt Fund Affiliate being in possession of undisclosed information that may be material to a Lender's decision to participate in such purchase or assignment (unless such requirement is waived by the Borrower).

Notwithstanding the foregoing, the Facilities Documentation shall permit (but not require) the Sponsor or any Non-Debt Fund Affiliate to contribute, directly or indirectly, loans under the Facilities to Holdings, the Borrower or any of their respective subsidiaries for purposes of cancellation of such debt, which shall be treated as an equity contribution that builds the Available Amount Basket by an amount equal to the principal amount of the loans so cancelled.

------

In addition, the Facilities Documentation shall provide that the loans and commitments under the Facilities may be purchased by and assigned to any Debt Fund Affiliate (as defined below) on a non-pro rata basis through (a) open market purchases (or other privately negotiated purchases (including an exchange)) and/or (b) Dutch auctions open to all applicable Lenders on a pro rata basis in accordance with customary procedures; *provided* that for any Required Lender vote, Debt Fund Affiliates may not, in the aggregate, account for more than 49.9% of the amounts included in determining whether the Required Lenders have consented to any amendment or waiver.

As used herein:

"**<u>Non-Debt Fund Affiliate</u>**" means any affiliate of the Sponsor other than (i) Holdings, the Borrower or any of their respective subsidiaries, (ii) any Debt Fund Affiliates and (iii) any natural person.

"**<u>Debt Fund Affiliates</u>**" means any affiliate of the Sponsor that is a bona fide diversified debt fund (but shall not include any natural person or Holdings, the Borrower or any of their respective subsidiaries).

In addition, the Facilities Documentation shall provide that so long as no event of default is continuing, Term Loans may be purchased by and assigned to Holdings, the Borrower or any of its subsidiaries on a non-pro rata basis through (a) open market purchases (or other privately negotiated purchases (including an exchange)) and/or (b) Dutch auctions open to all applicable Lenders of a given class on a pro rata basis in accordance with customary procedures consistent with the Documentation Principles; *provided* that (i) to the extent purchased by Holdings, the Borrower or any restricted subsidiary, any such Term Loans shall be automatically and permanently cancelled immediately upon acquisition thereof by Holdings, the Borrower or any of its restricted subsidiaries and (ii) in the case of Dutch auctions open to all applicable Lenders of a given class on a pro rata basis, the proceeds of the Revolving Facility are not used to make such purchases (but may be used to pay related fees and expenses) unless liquidity (calculated as aggregate availability under the Revolving Facility plus unrestricted cash and cash equivalents) is equal to or greater than an amount to be agreed.

------

The Facilities Documentation shall contain an acknowledgement by Lenders that Holdings, the Borrower and any of their respective subsidiaries may repurchase Term Loans (and any Incremental Term Loans and Refinancing Debt) in the open market (or other privately negotiated purchases (including an exchange)) from time to time in accordance with the terms set forth in the Facilities Documentation.

---

| | |
|:---|:---|
| <u>Expenses and Indemnification</u>: | The Borrower shall pay (a) if the Closing Date occurs, all reasonable and documented out-of-pocket expenses of the Administrative Agent and the Left Lead Arranger identified in the Commitment Letter, in each case, incurred on or after the Closing Date (within 30 days of a written request therefor, together with backup documentation supporting such reimbursement request) associated with the preparation, execution, delivery and administration of the Facilities Documentation and any amendment or waiver with respect thereto (but limited (i) in the case of legal fees and expenses, to the reasonable and documented fees, disbursements and other charges of one counsel to the Administrative Agent and such Left Lead Arranger taken as a whole and, if necessary, of one local counsel to the Administrative Agent and such Left Lead Arranger taken as a whole in any relevant material jurisdiction and (ii) in the case of non-legal third party advisor fees and expenses, to the reasonable and documented out-of-pocket fees, disbursements and other charges of such advisors that have been retained after obtaining the Borrower's prior written consent (which may be withheld in the Borrower's sole discretion)) and (b) after the Closing Date, all reasonable and documented out-of-pocket expenses of the Administrative Agent and Lenders within 30 days of a written demand therefor, together with backup documentation supporting such reimbursement request (but limited (i) in the case of legal fees and expenses, to the reasonable and documented fees, disbursements and other charges of one counsel to the Administrative Agent and the Lenders taken as a whole, and, if necessary, of one local counsel to the Administrative Agent and the Lenders taken as a whole, in any relevant material jurisdiction and, solely in a conflict of interest, one additional counsel in each relevant material jurisdiction to each group of affected Lenders similarly situated taken as a whole and (ii) in the case of non-legal third party advisor fees and expenses, to the reasonable and documented out-of-pocket fees, disbursements and other charges of such advisors that have been retained after obtaining the Borrower's prior written consent (which may be withheld in the Borrower's sole discretion)) in connection with the enforcement of the Facilities Documentation or protection of rights thereunder. |

---

------

The Administrative Agent, the Lead Arrangers and the Lenders (and their affiliates and their respective officers, directors, employees, successors, permitted assigns, partners, advisors, agents and other representatives) (each, an "**<u>indemnified person</u>**") will be indemnified for and held harmless against, any losses, claims, damages, liabilities or reasonable and documented out-of-pocket expenses (but limited, (i) in the case of legal fees and expenses, to the reasonable and documented out-of-pocket fees, disbursements and other charges of one counsel to all indemnified persons taken as a whole and, if reasonably necessary, one local counsel for all indemnified persons taken as a whole in any relevant material jurisdiction and, solely in the case of an actual conflict of interest between indemnified persons where such indemnified persons affected by such conflict inform the Borrower of such conflict, one additional counsel in each relevant material jurisdiction to each group of affected indemnified persons similarly situated taken as a whole and (ii) in the case of non-legal third party advisor fees and expenses, to the reasonable and documented out-of-pocket fees, disbursements and other charges of such advisors that have been retained after obtaining the Borrower's prior written consent (which may be withheld in the Borrower's sole discretion)) arising out of, resulting from or in connection with any actual or threatened claim, litigation, investigation or proceeding relating to the Transactions, the Facilities or the use or the proposed use of proceeds thereof, except to the extent they arise from the gross negligence, bad faith or willful misconduct of, or material breach (or in the case of an action brought by Holdings, the Borrower or their respective subsidiaries, a breach) of the Facilities Documentation by, the relevant indemnified person or any of its affiliates or their respective officers, directors, employees, partners, agents, successors, assigns, advisors or other representatives as determined by a final, non-appealable judgment of a court of competent jurisdiction or any dispute solely among the indemnified persons (other than claims against the Administrative Agent or a Lead Arranger in its capacity or in fulfilling its role as the Administrative Agent or a Lead Arranger or any similar role under any Facility and other than any claims arising out of any act or omission of Holdings or any of its subsidiaries); *provided* that Holdings (or its subsidiaries) shall not be liable for any indirect, special, punitive or consequential damages (other than in respect of any such damages incurred or paid by an indemnified person to a third party and required to be indemnified pursuant to the indemnification provisions). Notwithstanding the foregoing, each indemnified person shall be obligated to refund and return promptly any and all amounts paid by the Borrower, Holdings or any of their respective subsidiaries under this paragraph to such indemnified person for any such fees, expenses or damages to the extent such indemnified person is not entitled to payment of such amounts in accordance with the terms hereof.

------

<u>Governing Law and Forum</u>: New York and Borough of Manhattan.

<u>Counsel to the Administrative Agent</u>

<u>and Lead Arrangers</u>: Paul Hastings LLP.

------

ANNEX I to EXHIBIT B

---

| | |
|:---|:---|
| <u>Interest Rates</u>: | The interest rates under the Facilities will be as follows: |
|  | <u>Revolving Facility</u> |
|  | Initially, at the Borrower's option, Term SOFR plus 4.25% or ABR plus 3.25%. |
|  | From and after the delivery by the Borrower to the Administrative Agent of the Borrower's financial statements for the period ending at least one full fiscal quarter following the Closing Date, the applicable margin under the Revolving Facility shall be subject to (a) one step-up of 25 basis points if the Consolidated First Lien Net Leverage Ratio is greater than 4.75:1.00 and (b) one step down of 25 basis points following an IPO. |
|  | <u>Term Facility</u> |
|  | Initially, at the Borrower's option, Term SOFR plus 4.25% or ABR plus 3.25%. |
|  | From and after the delivery by the Borrower to the Administrative Agent of the Borrower's financial statements for the period ending at least one full fiscal quarter following the Closing Date, the applicable margin under the Term Facility shall be subject to (a) one step-up of 25 basis points if the Consolidated First Lien Net Leverage Ratio is greater than 4.75:1.00 and (b) one step down of 25 basis points following an IPO. |
|  | <u>All Facilities</u> |
|  | The Borrower may elect interest periods of 1, 3 or 6 months (or, if agreed by all relevant Lenders, 12 months or a shorter period) for Term SOFR borrowings. |
|  | Calculation of interest shall be on the basis of the actual days elapsed in a year of 360 days (or 365 or 366 days, as the case may be, in the case of ABR loans based on the Prime Rate) and interest shall be payable (i) in the case of Term SOFR loans, at the end of each interest period and, in any event, at least every 3 months and (ii) in the case of ABR loans, quarterly in arrears. |
|  | ABR is the Alternate Base Rate, which is the highest of (i) the Administrative Agent's Prime Rate, (ii) the Federal Funds Effective Rate plus ½ of 1.00%, and (iii) one-month Term SOFR plus 1.00% per annum. |
|  | Term SOFR is the Term SOFR Reference Rate at approximately 5:00 p.m., New York City time, two business days prior to the commencement of an interest period, as such rate is published by the CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight Financing Rate; *provided* that if the Term SOFR Reference Rate as so determined would be less than 0.50%, then solely for purposes of the Facilities in effect on the Closing Date, such rate shall be deemed to be 0.50% for the purposes of calculating such rate. |

---

B-I-1

------

---

| | |
|:---|:---|
| <u>Letter of Credit Fee</u>: | A per annum fee equal to the spread over Term SOFR then in effect 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 Revolving Facility, in each case for the actual number of days elapsed over a 360-day year. Such fees shall be distributed to the Lenders participating in the Revolving Facility pro rata in accordance with the amount of each such Lender's Revolving Commitment. In addition, the Borrower shall pay to the applicable Issuing Bank, for its own account, (a) a fronting fee equal to 0.125% of the face amount of each outstanding letter of credit issued by such Issuing Bank, 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 360-day year and (b) customary issuance and administration fees of such Issuing Bank. |
| <u>Revolving Facility Commitment Fees</u>: | <br> Initially, 0.50% per annum on the average daily undrawn portion of the commitments of non-Defaulting Lenders in respect of the Revolving Facility, payable quarterly in arrears after the Closing Date and upon the termination of the commitments and calculated based on the number of days elapsed in a 360-day year; provided that the Revolving Facility Commitment Fee shall be subject to one step-down of 12.5 basis points if the Consolidated First Lien Net Leverage Ratio is equal to or less than 0.25:1.00 below the Closing Date First Lien Net Leverage Ratio. |

---

B-I-2

------

**CONFIDENTIAL**

**EXHIBIT C**

<u>PROJECT ARROW</u><br> <u>$60 million Senior Secured Revolving Facility</u><br> <u>$440 million Senior Secured Term Loan Facility</u>

<u>Conditions Precedent</u><sup>1</sup>

Subject to the Limited Conditionality Provision and the Documentation Principles in all respects, the initial availability of, and initial funding under, the Facilities on the Closing Date shall be subject solely to the satisfaction or waiver by the Commitment Parties of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; With respect to the Facilities, the execution and delivery by Holdings, the Borrower and the other Guarantors of the Facilities Documentation consistent with the Commitment Letter and the Term Sheet shall have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; The Acquisition shall have been consummated, or shall be consummated substantially concurrently with the initial borrowing under any of the Facilities, in all material respects in accordance with the terms of the Acquisition Agreement without giving effect to any amendment or waiver, or any consent granted, by the Borrower or any of its affiliates in a manner materially adverse to the Initial Lenders (in their capacity as such) without the consent of the Commitment Parties (such consent not to be unreasonably withheld, delayed or conditioned; provided that the Commitment Parties shall be deemed to have consented to such waiver, amendment or consent unless they shall object thereto within two (2) business days after receipt of written notice of such waiver, amendment or consent); *provided* that (a) any amendment, waiver or consent which results in a reduction in the purchase price for the Acquisition shall not be deemed to be materially adverse to the Initial Lenders to the extent it is applied to reduce *first*, the Equity Contribution to the Minimum Equity Contribution, and *second*, (i) the Equity Contribution and (ii) the amount of the commitments in respect of the Term Facility, on a pro rata basis, (b) any amendment, waiver or consent which results in an increase in purchase price for the Acquisition shall not be deemed to be materially adverse to the Initial Lenders so long as such increase is funded with an increase in the Equity Contribution or borrowings under the Revolving Facility subject to the limitations set forth under the heading "Availability" in <u>Exhibit B</u> and (c) any change to the definition of Company Material Adverse Effect (as defined in the Acquisition Agreement as in effect on the Original Signing Date) shall be deemed materially adverse to the Initial Lenders and shall require the consent of the Commitment Parties (not to be unreasonably withheld, delayed, denied or conditioned; *provided* that the Commitment Parties shall be deemed to have consented to such change unless they shall object thereto within two (2) business days after receipt of notice of such change).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; The Administrative Agent shall have received the following (the "**<u>Closing Deliverables</u>**"): (a) customary legal opinions of counsel to the Borrower (or local counsel to the Borrower and the Guarantors, as applicable, in each material jurisdiction), (b) customary evidence of authority, (c) customary officer's certificates, (d) good standing certificates (to the extent applicable) in the respective jurisdictions of organization of the Borrower and Guarantors, (e) a solvency certificate, substantially in the form set forth in <u>Annex I</u> attached to this <u>Exhibit C</u> from the chief financial officer, chief accounting officer or other officer with equivalent duties of the Borrower (or, at the option of the Borrower, a third party opinion as to the solvency of the Borrower and its restricted subsidiaries on a consolidated basis) and (f) a customary borrowing notice; *provided* that no notice or certificate shall be required to include any certification or statement as to the absence or existence of any default or event of default or the accuracy of any representation or warranty or the absence or existence of a Company Material Adverse Effect (as defined in the Acquisition Agreement).

<sup>1</sup> All capitalized terms used but not defined herein have the meanings given to them in the Commitment Letter to which this Exhibit is attached, including the other Exhibits thereto. In the event any such capitalized term is subject to multiple and differing definitions, the appropriate meaning thereof in this Exhibit shall be determined by reference to the context in which it is used.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; To the extent required by the Facilities Documentation and subject to the Limited Conditionality Provision, all documents and instruments required to create and perfect the Administrative Agent's security interests in the Collateral shall have been executed and delivered and, if applicable, be in proper form for filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp; The Administrative Agent shall have received at least two (2) business days prior to the Closing Date all documentation and other information about the Borrower and the Guarantors required under applicable "know your customer" and anti-money laundering rules and regulations (including the PATRIOT Act) that has been reasonably requested by the Administrative Agent in writing at least ten (10) days prior to the Closing Date. At least two (2) business days prior to the Closing Date, if the Borrower qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, then the Borrower shall have delivered to the Administrative Agent a certification in relation to the Borrower regarding individual beneficial ownership solely to the extent required by the Beneficial Ownership Regulation and requested by the Administrative Agent in writing at least ten (10) days prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp; All fees and expenses (in the case of expenses, to the extent invoiced at least three (3) business days prior to the Closing Date (except as otherwise reasonably agreed by the Borrower)), required to be paid to the Commitment Parties on the Closing Date, shall have been paid, or shall be paid substantially concurrently with, the initial borrowing under the Facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp; The Specified Representations shall be true and correct in all material respects on the Closing Date (unless such Specified Representations relate to an earlier date, in which case, such Specified Representations shall have been true and correct in all material respects as of such earlier date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp; The Specified Acquisition Agreement Representations shall be true and correct in all material respects on the Closing Date. The condition in this paragraph shall be deemed to be satisfied unless the Buyer (or any of its affiliates) has the right (taking into account any applicable cure provisions) to terminate its (or such affiliates') obligations under the Acquisition Agreement, or to decline to consummate the Acquisition (in each case, in accordance with the terms of the Acquisition Agreement) as a result of a breach or inaccuracy of such Specified Acquisition Agreement Representations, in each case, without liability to the Borrower or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp; Since the date of the Acquisition Agreement, there shall not have occurred any Company Material Adverse Effect (as defined in the Acquisition Agreement). The condition in this paragraph shall be deemed to be satisfied unless there has been a failure of a condition precedent to your (or your affiliates') obligation to consummate the Acquisition pursuant to the terms of the Acquisition 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;10.&nbsp;&nbsp;&nbsp;&nbsp; (x) The Equity Contribution shall have been consummated, or on the Closing Date substantially concurrently with the initial borrowing under the Term Facility, shall be consummated, in an amount not less than the Minimum Equity Contribution (as such amount may be modified pursuant to paragraph 2 above) and (y) the Refinancing shall have been consummated, or on the Closing Date substantially concurrently with the initial borrowing under the Term Facility, shall be consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp; The Left Lead Arranger shall have received copies of the Company Financial Statements (as defined in the Acquisition Agreement); provided, that the Left Lead Arranger acknowledges that the financial statements specified in this paragraph 11 have been received and further acknowledges, for the avoidance of doubt, that the conditions set forth in this paragraph 11 are satisfied.

------

ANNEX I TO EXHIBIT C

FORM OF SOLVENCY CERTIFICATE

**SOLVENCY CERTIFICATE<br> of<br> THE BORROWER<br> AND ITS RESTRICTED SUBSIDIARIES**

Pursuant to the Credit Agreement, the undersigned hereby certifies, solely in such undersigned's capacity as [chief financial officer] [chief accounting officer] [specify other officer with equivalent duties] of the Borrower, and not individually, as follows:

As of the date hereof, after giving effect to the consummation of the Transactions, including the making of the Loans under the Credit Agreement and the incurrence of any other Indebtedness on the date hereof, and after giving effect to the application of the proceeds of such Loans and other Indebtedness:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The fair value (on a going concern basis) of the assets of the Borrower and its restricted subsidiaries, on a
 consolidated basis, exceeds, on a consolidated basis, their debts and liabilities, subordinated, contingent or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The present fair saleable value (on a going concern basis) of the property of the Borrower and its restricted
 subsidiaries, on a consolidated basis, is greater than the amount that will be required to pay the probable liability, on a consolidated basis, of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other
 liabilities become absolute and matured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Borrower and its restricted subsidiaries, on a consolidated basis, are able to pay their debts and liabilities,
 subordinated, contingent or otherwise, as such liabilities become absolute and matured; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Borrower and its restricted subsidiaries, on a consolidated basis, are not engaged in, and are not about to engage
 in, business for which they have unreasonably small capital.

For the purposes of making the certifications set forth in this Certificate, it is assumed the indebtedness and other obligations incurred under and in connection with the Facilities will come due at their respective maturities. For purposes of this Certificate, the amount of any contingent liability at any time shall be computed as the amount that would reasonably be expected to become an actual and matured liability. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.

The undersigned is familiar with the business and financial position of the Borrower and its restricted subsidiaries. In reaching the conclusions set forth in this Certificate, the undersigned has made such other investigations and inquiries as the undersigned has deemed appropriate, having taken into account the nature of the particular business anticipated to be conducted by the Borrower and its restricted subsidiaries after consummation of the transactions contemplated by the Commitment Letter.

[Signature Page Follows]

C-I-1

------

IN WITNESS WHEREOF, the undersigned has executed this Certificate in such undersigned's capacity as [chief financial officer] [chief accounting officer] [specify other officer with equivalent duties] of the Borrower, on behalf of the Borrower, and not individually, as of the date first stated above.

---

| | |
|:---|:---|
| [BORROWER] | [BORROWER] |
| By: |  |
|  | Name: |
|  | Title: |

---

C-I-2

------

**CONFIDENTIAL**

**EXHIBIT D**

<u>PROJECT ARROW</u>

<u>Tax Distributions</u>

(1) for any taxable period (or portion thereof) in which the Borrower or any of its Subsidiaries are members (or disregarded subsidiaries of members) of a consolidated, combined, unitary or similar group for any federal, state or local income tax purposes (a "**<u>Tax Group</u>**"), to pay any such federal, state or local income taxes or any franchise taxes imposed in lieu thereof, of the parent of such Tax Group, to the extent attributable to the income of the Borrower and its applicable Subsidiaries that are members (or disregarded subsidiaries of members) of such Tax Group, determined as if the Borrower and its applicable Subsidiaries filed consolidated, combined, unitary or similar returns separately from any other members of the group and (2) for any taxable period (or portion thereof) in which the Borrower is treated as a partnership or disregarded entity for U.S. and/or applicable state or local income tax purposes (other than a disregarded entity described in clause (1)), an amount equal to the product of (i) the net taxable income of the Borrower (determined, if the Borrower is a disregarded entity, by assuming that the Borrower is a partnership for U.S. federal income tax purposes) for such taxable period (taking into account the potential limitation under Section 163(j) of the Code and the alternative minimum tax rules, assuming any state or local income taxes are not deductible for U.S. federal income tax purposes and without regard to Section 199A of the Code, any basis adjustments described in Sections 734 or 743 of the Code and the Treasury Regulations thereunder (or any comparable provisions of state or local income tax law) or any other partner-level attribute) multiplied by (ii) the maximum combined marginal tax rate applicable to an individual (or, if higher, a corporation) resident (or doing business) in New York, New York, San Francisco, California or Los Angeles, California (whichever is higher).

## Ex-99.(B)(4)

Exhibit (b)(4)

***Execution Version***

**<u>Private and Strictly Confidential</u>**

May 6, 2025

TPG Partners IX, L.P.<br> c/o TPG Global, LLC<br> 301 Commerce St, Suite 3300

Fort Worth, TX 76102

Ladies and Gentlemen:

This letter agreement (this "<u>Letter</u>") sets forth the commitments of TPG Partners IX, L.P., a Delaware limited partnership (the "<u>Fund</u>"), subject to the terms and conditions set forth herein, to purchase, directly or indirectly, certain equity interests of Arrow Borrower 2025, Inc., a Delaware corporation ("<u>Parent</u>"). It is contemplated that, pursuant to that certain Agreement and Plan of Merger (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Merger Agreement</u>"), dated as of the date hereof, by and among Parent, Arrow Merger Sub 2025, Inc., a Delaware corporation ("<u>Merger Sub</u>") and AvidXchange Holdings, Inc., a Delaware corporation (the "<u>Company</u>"), Merger Sub will merge with and into the Company (the "<u>Merger</u>"), with the Company surviving the Merger as a wholly owned subsidiary of Parent. Concurrently with the delivery of this Agreement, Corpay, Inc. ("<u>Corpay</u>") is entering into a letter agreement (the "<u>Corpay Equity Commitment Letter</u>") pursuant to which Corpay is committing to provide (or to cause to be provided), directly or indirectly, equity financing to Parent in the amount set forth in the Corpay Equity Commitment Letter on terms and conditions substantially equivalent to the terms and conditions of this Agreement. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Commitments</u>. The Fund hereby irrevocably commits (its "<u>Commitment</u>"), subject to the terms and conditions set forth herein, that, at or prior to the Closing, it shall purchase, or shall cause the purchase of, directly or indirectly through one or more intermediate entities, equity securities of Parent with an aggregate purchase price of $1,197,651,504 (such amount, the "<u>Cap</u>"). Notwithstanding anything to the contrary in this Letter, this Letter may not be enforced against the Fund without giving effect to the Cap. The Commitment, subject to the Cap, together with the net proceeds of the Debt Financing and the funds contemplated to be provided pursuant to the Corpay Equity Commitment Letter, will solely be used to: (a) fund the payment of the aggregate Merger Consideration, Option Consideration and RSU Consideration to which holders of Company Common Stock and Company Compensatory Awards will be entitled to receive at the Closing; and (b) pay the fees and expenses required to be paid by Parent and its Affiliates in connection with the transactions contemplated by the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions</u>. The Fund's Commitment shall be subject solely to the following: (a) the execution and delivery of the Merger Agreement by all parties thereto (other than Parent and Merger Sub); (b) the satisfaction or waiver of each of the conditions to Parent's obligations to effect the Closing set forth in Sections 7.01 and 7.02 of the Merger Agreement (in each case, other than any conditions that by their nature are to be satisfied at the Closing, but subject to the prior or substantially concurrent satisfaction or waiver of such conditions); (b) the substantially contemporaneous, or prior, funding of Debt Financing in accordance with the terms of the Debt Financing Documents; (c) the substantially simultaneous funding of the contributions contemplated by the Corpay Equity Commitment Letter; and (d) the substantially simultaneous consummation of the Merger in accordance with the terms of the Merger Agreement. The Fund may allocate all or a portion of its investment to a permitted assignee in accordance with the terms of <u>Section 11</u>, and its Commitment hereunder will be reduced to the extent of any amounts actually contributed to Parent by such Persons (and not returned) at or prior to the Closing Date for the purpose of funding a portion of the amounts described in clauses (a) and (b) of <u>Section 1</u> above; <u>provided</u> that the Commitment will not be so reduced unless such reduction occurs immediately prior to and contingent upon the Closing. Without duplication to any reduction that may occur pursuant to the immediately preceding sentence, if (and only if) the amount required to be paid pursuant to the Merger Agreement is less than the Fund's Commitment, its Commitment hereunder (together with the commitment under the Corpay Equity Commitment Letter) will be reduced pro rata with the commitment under the Corpay Equity Commitment Letter on a dollar-for-dollar basis solely to the extent of such excess; <u>provided</u> that the Commitment will not be so reduced unless such reduction occurs immediately prior to and contingent upon the Closing.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Limited Guarantee</u>. Concurrently with the execution and delivery of this Letter, (a) the Fund is executing and delivering to the Company a limited guarantee dated as of the date hereof (the "<u>Limited Guarantee</u>") and (b) Corpay is executing and delivering to Parent a limited guarantee, each related to the performance of certain of Parent's payment obligations under the Merger Agreement. The Retained Claims (as defined in the Limited Guarantee) shall be, and are intended to be, the sole and exclusive direct or indirect remedies available to the Company and its security holders and Affiliates against the Fund or any other Non-Recourse Party in respect of any liabilities or obligations arising under, or in connection with, this Letter, the Limited Guarantee, the Merger Agreement or the transactions contemplated thereby or the negotiation hereof or thereof, including breaches hereof or thereof, whether or not such breach is caused by the Fund's breach of its obligations under this Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Parties in Interest; Third Party Beneficiaries</u>. The parties hereto hereby agree that their respective agreements and obligations set forth herein are solely for the benefit of the other party hereto and its successors and permitted assigns, in accordance with and subject to the terms of this Letter, and this Letter is not intended to, and does not, confer upon any Person other than the parties hereto and their respective successors and permitted assigns any benefits, rights or remedies under or by reason of, or any rights to enforce or cause Parent to enforce, the obligations set forth herein; <u>provided</u>, that (a) the Company is an express and intended third-party beneficiary of, and shall have the enforcement rights provided in, clause (b) of <u>Section 5</u> of this Letter, (b) the Company is an express and intended third party beneficiary of <u>Sections 6</u> and <u>11</u> of this Letter and the representations and warranties set forth in <u>Section 12</u> of this Letter, (c) any Non-Recourse Party may rely on and enforce the provisions of <u>Section 3</u> hereof and (d) any Non-Recourse Party is an express and intended third-party beneficiary of any other third-party beneficiary rights expressly made available under this Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Enforceability</u>. This Letter may only be enforced by (a) Parent at the direction of the Fund or (b) the Company as an express and intended third-party beneficiary of the rights available to Parent (disregarding, for this purpose, any direction needed from the Fund), pursuant to the Company's right to seek specific performance of Parent's obligation to enforce the Fund's obligation to fund its Commitment in accordance with the terms hereof, pursuant to, and subject to, and solely in accordance with, the terms and conditions of Section 9.02 of the Merger Agreement and the rights set forth herein and to enforce the Company's express rights to notice or consent pursuant to Section 6 or Section 11. Neither Parent's creditors nor any other Person (other than the Company to the extent provided herein) shall have any right to enforce this Letter or to cause Parent to enforce this Letter. In no event shall this Letter or the funding obligations set forth herein be enforced by any Person in accordance with this Letter unless the Corpay Equity Commitment Letter and the funding obligations set forth in the Corpay Equity Commitment Letter are being concurrently enforced by such Person, pro rata based on the commitment amounts herein and therein.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>No Modification; Entire Agreement</u>. This Letter may not be amended or otherwise modified (nor shall any provision be waived), except by a written instrument duly executed by Parent, the Fund and the Company. Together with the Merger Agreement, the Limited Guarantees, the Corpay Equity Commitment Letter, the Rollover Agreements, the Voting and Support Agreement, and the Confidentiality Agreement, this Letter constitutes the sole agreement, and supersedes all prior agreements, understandings and statements, written or oral, between the Fund or any of its Affiliates, on the one hand, and Parent or any of its Affiliates, on the other, with respect to the transactions contemplated hereby. Except as expressly permitted in <u>Section 11</u> hereof, no transfer of any rights or obligations hereunder shall be permitted without the consent of Parent, the Fund and the Company. Any transfer in violation of the preceding sentence shall be null and void. The Company shall be an express and intended third-party beneficiary of this <u>Section 6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law; Jurisdiction; Venue; Waiver of Jury Trial</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;(a)&nbsp;&nbsp;&nbsp;&nbsp; This Letter and all Proceedings (whether based on contract, tort or otherwise) arising out of or relating to this Letter or the negotiation, execution or performance hereof, shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to principles or rules of conflict of laws to the extent such principles or rules would require or permit the application of Laws of another jurisdiction.

&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)&nbsp;&nbsp;&nbsp;&nbsp; Each of the parties hereto hereby expressly, irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Court of Chancery of the State of Delaware or, if such court shall not have jurisdiction, any federal court of the United States of America sitting in Delaware, and any appellate court from any appeal thereof, in any Proceeding arising out of or relating to this letter agreement or the negotiation, execution or performance hereof or for recognition or enforcement of any judgment relating thereto, and each of the parties hereby irrevocably and unconditionally (i) agrees not to commence any such Proceeding except in such courts, (ii) agrees that any claim in respect of any such Proceeding may be heard and determined in the Court of Chancery of the State of Delaware or, to the extent permitted by Applicable Law, in such federal court, (iii) 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 such Proceeding in the Court of Chancery of the State of Delaware or such federal court and (iv) waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such Proceeding in the Court of Chancery of the State of Delaware or such federal court. Each of the parties hereto agrees that a final judgment in any Proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Applicable Law. Each party to this Letter irrevocably consents to service of process outside the territorial jurisdiction of the courts referred to in this <u>Section 7(b)</u> in any such Proceeding by mailing copies thereof by registered or certified U.S. mail, postage prepaid, return receipt requested, to its address set forth on the signature page. However, nothing in this Letter will affect the right of any party to this Letter to serve process on the other party in any other manner permitted by Applicable Law.

------

&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)&nbsp;&nbsp;&nbsp;&nbsp; EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING OR COUNTERCLAIM (WHETHER IN LAW OR IN EQUITY, WHETHER IN CONTRACT OR TORT OR OTHERWISE) ARISING OUT OF OR RELATED TO THIS LETTER OR THE TRANSACTIONS CONTEMPLATED HEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Letter shall not be effective until it has been executed and delivered by all parties hereto. This Letter may be executed in any number of counterparts (including by .pdf delivered via email), each such counterpart when executed being deemed to be an original instrument, and all such counterparts shall together constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. This Letter shall be treated as confidential and is being provided to Parent and the Company solely in connection with the transactions contemplated by the Merger Agreement. This Letter may not be used, circulated, quoted or otherwise referred to in any document by Parent or the Company (other than the Merger Agreement, the Limited Guarantees or the Corpay Equity Commitment Letter) except with the prior written consent of the Fund in each instance; <u>provided</u>, that no such written consent is required for any disclosure of the existence of this Letter to (a) the extent required by Applicable Law or applicable stock exchange rule or any listing agreement of any party hereto (provided, that Parent or the Company, as applicable, will provide the Fund an opportunity to review such required disclosure in advance of such public disclosure being made) or (b) Parent's or the Company's Representatives who need to know of the existence or terms of this Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination</u>. The obligation of the Fund under or in connection with this Letter will terminate automatically and immediately upon the earliest to occur of (a) the Closing (only after such time as the obligations to fund the Paying Agent pursuant to Section 3.02(a) of the Merger Agreement shall be discharged), (b) the termination of the Merger Agreement pursuant to its terms (unless the Company shall have previously commenced an Action pursuant to clause (b) of Section 5 hereof, in which case this Letter shall terminate upon the final, non-appealable resolution of such Action and satisfaction by the Fund of any obligations finally determined or agreed to be owed by the Fund, consistent with the terms hereof), (c) the Company accepting all or any portion of the Parent Termination Fee pursuant to the Merger Agreement or accepting any payment from the Guarantor (as defined in the Limited Guarantee) under the Limited Guarantee, (d) the Company, any of its controlled Affiliates or any of their respective directors or officers, asserting a claim against the Fund or any Non-Recourse Party in any Proceeding that is not a Retained Claim (it being understood that this shall not limit, and this Letter shall not terminate upon, any claim or Proceeding asserted by the Company that is a Retained Claim) and (e) the valid termination of the Corpay Equity Commitment Letter.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Assignment</u>. The rights and obligations under this Letter shall not be assignable or delegable (whether by operation of law, merger, consolidation or otherwise), in whole or in part, by any party without the other party's prior written consent, and the granting of such consent in a given instance shall be solely in the discretion of the non-assigning/delegating party and, if granted, shall not constitute a waiver of this requirement as to any subsequent assignment or delegation; <u>provided</u>, notwithstanding anything to the contrary set forth herein, no such assignment or delegation (i) will relieve the Fund of its obligations hereunder, except with the Company's prior written consent (the granting of such consent in a given instance shall be solely in the discretion of the Company, and if granted, shall not constitute a waiver of this requirement as to any subsequent assignment), or (ii) may be made to any Person that would (a) impose any material delay in the obtaining of, or increase the risk of not obtaining, any authorization, consent, order, declaration or approval of any Governmental Authority necessary to consummate the Transactions or the expiration or termination of any applicable waiting period, (b) materially increase the risk of any Governmental Authority entering a Governmental Order prohibiting the consummation of Transactions, (c) materially increase the risk of not being able to remove any such Governmental Order on appeal or otherwise or (d) materially delay or prevent the consummation of the Transactions. Following any permitted assignment or delegation to any Person other than an Affiliate of the Fund, Parent will provide the Company with written notice of such assignment or delegation, the identity of the assignee and the amount thereof (it being acknowledged and agreed that receipt of notice does not constitute a consent to such assignment or transfer). Any purported transfer or assignment of this Letter or the Commitment in contravention of this <u>Section 11</u> shall be null and void. The Company shall be an express and intended third-party beneficiary of this <u>Section 11</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Representations and Warranties</u>. The Fund hereby represents and warrants to Parent that: (a) the Fund is a limited partnership, duly organized, validly existing and in good standing under the Applicable Law of its jurisdiction of organization; (b) it has all limited partnership power and authority to execute, deliver and perform this Letter; (c) the execution, delivery and performance of this Letter by it has been duly and validly authorized and approved by all necessary limited partnership, corporate or other organizational action by it; (d) this Letter has been duly and validly executed and delivered by it and constitutes a valid and legally binding obligation of it, enforceable against it in accordance with the terms of this Letter; (e) its Commitment is less than the maximum amount that it is permitted to invest in any one portfolio investment pursuant to the terms of its constituent documents, or otherwise it will have at the Closing access to available funds to fund or to cause to be funded its Commitment; (f) it has, and will have at the Closing, uncalled capital commitments or otherwise will have available funds in excess of the sum of its Commitment hereunder plus the aggregate amount of all other commitments and obligations then outstanding; (g) all consents, orders, approvals, authorizations, licenses, permits, expirations or terminations of waiting periods, and waivers of, and all notices, reports and other filings to, all Governmental Authorities (as defined in the Merger Agreement) that may be or become necessary for the due execution, delivery and performance of this Letter 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 is required in connection with the execution, delivery or performance of this Letter except as would not reasonably be expected to, individually or in the aggregate, materially affect the Fund's ability to enter into this Letter or timely perform its obligations hereunder and (h) the execution, delivery and performance by the Fund of this Letter do not (i) violate the organizational documents of the Fund, (ii) violate any applicable law or judgment or (iii) result in any violation of, or default (with or without notice or lapse of time, or both) under, or give rise to a right of termination, cancellation or acceleration of any obligation or to the loss of any benefit under, any Contract to which it is a party that would materially affect the Fund's ability to timely perform its obligations hereunder.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Severability</u>. Any term or provision of this Letter that is invalid, illegal or unenforceable in any jurisdiction shall be, as to such jurisdiction, ineffective solely to the extent of such invalidity or unenforceability without invalidating the remaining provisions hereof, and any such invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction; <u>provided</u>, <u>however</u>, that this Letter may not be enforced without giving effect to the limitation of the amount payable by the Fund hereunder, to the Cap provided in <u>Section 1</u> hereof and to the provisions of <u>Section 5</u> and <u>Section 10</u> hereof. Each party hereto covenants and agrees that it shall not assert, and shall cause its respective controlled Affiliates and Representatives not to assert, that this Letter or any part hereof is invalid, illegal or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Definitional and Interpretative Provisions</u>. Unless the context of this Letter otherwise requires, (i) words of any gender include each other gender; (ii) words using the singular or plural number also include the plural or singular number, respectively; (iii) the terms "hereof," "herein," "hereby," "hereto" and derivative or similar words refer to this Letter as a whole and not to any particular provision of this Letter; (iv) the terms "Article" or "Section" refer to the specified Article or Section of this Letter; (v) whenever the words "include," "includes" or "including" are used in this Letter, they shall be deemed to be followed by the phrase "without limitation," (vi) the word "or" shall be deemed to mean "and/or"; and (vii) the words "neither," "nor," "any" and "either" are not exclusive. Headings in this Letter are for reference purposes only and shall not affect in any way the meaning or interpretation of this Letter. Unless the context of this Letter otherwise requires, references to agreements and other documents shall be deemed to include all subsequent amendments and other modifications thereto (subject to the terms and conditions to the effectiveness of such amendments contained herein and therein). Words denoting natural persons shall be deemed to include business entities and vice versa and references to a Person (as defined in the Merger Agreement) are also to its permitted successors and assigns. Terms defined in the text of this Letter have such meaning throughout this Letter, unless otherwise indicated in this Letter, and all terms defined in this Letter shall have the meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein.

[Remainder of the page intentionally left blank – signature page follows]

------

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **TPG PARTNERS IX, L.P.** | **TPG PARTNERS IX, L.P.** |
| By: TPG GenPar IX, L.P., its general partner | By: TPG GenPar IX, L.P., its general partner |
| By: TPG GenPar IX Advisors, LLC its general partner | By: TPG GenPar IX Advisors, LLC its general partner |
| By: | /s/ Martin Davidson |
| Name: Martin Davidson | Name: Martin Davidson |
| Title: Chief Accounting Officer | Title: Chief Accounting Officer |

---

Agreed to and accepted:

**ARROW BORROWER 2025, INC.**

---

| | |
|:---|:---|
| By: | /s/ John Flynn |

---

Name: John Flynn

Title: Authorized Signatory

[*Signature Page to Equity Commitment Letter*]

## Ex-99.(B)(5)

Exhibit (b)(5)

***Execution Version***

**<u>Private and Strictly Confidential</u>**

May 6, 2025

Corpay, Inc.

3280 Peachtree Road, Suite 2400

Atlanta, Georgia 30305

Ladies and Gentlemen:

This letter agreement (this "<u>Letter</u>") sets forth the commitments of Corpay, Inc., a Delaware corporation ("<u>Corpay</u>"), subject to the terms and conditions set forth herein, to purchase, directly or indirectly, certain equity interests of Arrow Borrower 2025, Inc., a Delaware corporation ("<u>Parent</u>"). It is contemplated that, pursuant to that certain Agreement and Plan of Merger (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Merger Agreement</u>"), dated as of the date hereof, by and among Parent, Arrow Merger Sub 2025, Inc., a Delaware corporation ("<u>Merger Sub</u>"), and AvidXchange Holdings, Inc., a Delaware corporation (the "<u>Company</u>"), Merger Sub will merge with and into the Company (the "<u>Merger</u>"), with the Company surviving the Merger as a wholly owned subsidiary of Parent. Concurrently with the delivery of this Agreement, TPG Partners IX, L.P., a Delaware limited partnership ("<u>TPG</u>") is entering into a letter agreement (the "<u>TPG Equity Commitment Letter</u>") pursuant to which TPG is committing to provide (or to cause to be provided), directly or indirectly, equity financing to Parent in the amount set forth in the TPG Equity Commitment Letter on terms and conditions substantially equivalent to the terms and conditions of this Agreement. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Commitments</u>. Corpay hereby irrevocably commits (its "<u>Commitment</u>"), subject to the terms and conditions set forth herein, that, at or prior to the Closing, it shall purchase, or shall cause the purchase of, directly or indirectly through one or more intermediate entities, equity securities of Parent with an aggregate purchase price of $730,434,486 (such amount, the "<u>Cap</u>"). Notwithstanding anything to the contrary in this Letter, this Letter may not be enforced against Corpay without giving effect to the Cap. The Commitment, subject to the Cap, together with the net proceeds of the Debt Financing and the funds contemplated to be provided pursuant to the TPG Equity Commitment Letter, will solely be used to: (a) fund the payment of the aggregate Merger Consideration, Option Consideration and RSU Consideration to which holders of Company Common Stock and Company Compensatory Awards will be entitled to receive at the Closing; and (b) pay the fees and expenses required to be paid by Parent and its Affiliates in connection with the transactions contemplated by the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions</u>. Corpay's Commitment shall be subject solely to the following: (a) the execution and delivery of the Merger Agreement by all parties thereto (other than Parent and Merger Sub); (b) the satisfaction or waiver of each of the conditions to Parent's obligations to effect the Closing set forth in Sections 7.01 and 7.02 of the Merger Agreement (in each case, other than any conditions that by their nature are to be satisfied at the Closing, but subject to the prior or substantially concurrent satisfaction or waiver of such conditions); (b) the substantially contemporaneous, or prior, funding of Debt Financing in accordance with the terms of the Debt Financing Documents; (c) the substantially simultaneous funding of the contributions contemplated by the TPG Equity Commitment Letter; and (d) the substantially simultaneous consummation of the Merger in accordance with the terms of the Merger Agreement. Corpay may allocate all or a portion of its investment to a permitted assignee in accordance with the terms of <u>Section 11</u>, and its Commitment hereunder will be reduced to the extent of any amounts actually contributed to Parent by such Persons (and not returned) at or prior to the Closing Date for the purpose of funding a portion of the amounts described in clauses (a) and (b) of <u>Section 1</u> above; <u>provided</u> that the Commitment will not be so reduced unless such reduction occurs immediately prior to and contingent upon the Closing. Without duplication to any reduction that may occur pursuant to the immediately preceding sentence, if (and only if) the amount required to be paid pursuant to the Merger Agreement is less than Corpay's Commitment, its Commitment hereunder (together with the commitment under the TPG Equity Commitment Letter) will be reduced pro rata with the commitment under the TPG Equity Commitment Letter on a dollar-for-dollar basis solely to the extent of such excess; <u>provided</u> that the Commitment will not be so reduced unless such reduction occurs immediately prior to and contingent upon the Closing.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Limited Guarantee</u>. Concurrently with the execution and delivery of this Letter, (a) Corpay is executing and delivering to the Company a limited guarantee dated as of the date hereof (the "<u>Limited Guarantee</u>") and (b) TPG is executing and delivering to Parent a limited guarantee, each related to the performance of certain of Parent's payment obligations under the Merger Agreement. The Retained Claims (as defined in the Limited Guarantee) shall be, and are intended to be, the sole and exclusive direct or indirect remedies available to the Company and its security holders and Affiliates against Corpay or any other Non-Recourse Party in respect of any liabilities or obligations arising under, or in connection with, this Letter, the Limited Guarantee, the Merger Agreement or the transactions contemplated thereby or the negotiation hereof or thereof, including breaches hereof or thereof, whether or not such breach is caused by Corpay's breach of its obligations under this Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Parties in Interest; Third Party Beneficiaries</u>. The parties hereto hereby agree that their respective agreements and obligations set forth herein are solely for the benefit of the other party hereto and its successors and permitted assigns, in accordance with and subject to the terms of this Letter, and this Letter is not intended to, and does not, confer upon any Person other than the parties hereto and their respective successors and permitted assigns any benefits, rights or remedies under or by reason of, or any rights to enforce or cause Parent to enforce, the obligations set forth herein; <u>provided</u>, that (a) the Company is an express and intended third-party beneficiary of, and shall have the enforcement rights provided in, clause (b) of <u>Section 5</u> of this Letter, (b) the Company is an express and intended third party beneficiary of <u>Sections 6</u> and <u>11</u> of this Letter and the representations and warranties set forth in <u>Section 12</u> of this Letter, (c) any Non-Recourse Party may rely on and enforce the provisions of <u>Section 3</u> hereof and (d) any Non-Recourse Party is an express and intended third-party beneficiary of any other third-party beneficiary rights expressly made available under this Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Enforceability</u>. This Letter may only be enforced by (a) Parent at the direction of Corpay or (b) the Company as an express and intended third-party beneficiary of the rights available to Parent (disregarding, for this purpose, any direction needed from Corpay), pursuant to the Company's right to seek specific performance of Parent's obligation to enforce Corpay's obligation to fund its Commitment in accordance with the terms hereof, pursuant to, and subject to, and solely in accordance with, the terms and conditions of Section 9.02 of the Merger Agreement and the rights set forth herein and to enforce the Company's express rights to notice or consent pursuant to <u>Section 6</u> or <u>Section 11</u>. Neither Parent's creditors nor any other Person (other than the Company to the extent provided herein) shall have any right to enforce this Letter or to cause Parent to enforce this Letter. In no event shall this Letter or the funding obligations set forth herein be enforced by any Person in accordance with this Letter unless the TPG Equity Commitment Letter and the funding obligations set forth in the TPG Equity Commitment Letter are being concurrently enforced by such Person, pro rata based on the commitment amounts herein and therein.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>No Modification; Entire Agreement</u>. This Letter may not be amended or otherwise modified (nor shall any provision be waived), except by a written instrument duly executed by Parent, Corpay and the Company. Together with the Merger Agreement, the Limited Guarantees, the TPG Equity Commitment Letter, the Rollover Agreements, the Voting and Support Agreement, and the Corpay Confidentiality Agreement, this Letter constitutes the sole agreement, and supersedes all prior agreements, understandings and statements, written or oral, between Corpay or any of its Affiliates, on the one hand, and Parent or any of its Affiliates, on the other, with respect to the transactions contemplated hereby. Except as expressly permitted in <u>Section 11</u> hereof, no transfer of any rights or obligations hereunder shall be permitted without the consent of Parent, Corpay and the Company. Any transfer in violation of the preceding sentence shall be null and void. The Company shall be an express and intended third-party beneficiary of this <u>Section 6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Governing Law; Jurisdiction; Venue; Waiver of Jury Trial</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;(a)&nbsp;&nbsp;&nbsp;&nbsp; This Letter and all Proceedings (whether based on contract, tort or otherwise) arising out of or relating to this Letter or the negotiation, execution or performance hereof, shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to principles or rules of conflict of laws to the extent such principles or rules would require or permit the application of Laws of another jurisdiction.

&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)&nbsp;&nbsp;&nbsp;&nbsp; Each of the parties hereto hereby expressly, irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Court of Chancery of the State of Delaware or, if such court shall not have jurisdiction, any federal court of the United States of America sitting in Delaware, and any appellate court from any appeal thereof, in any Proceeding arising out of or relating to this letter agreement or the negotiation, execution or performance hereof or for recognition or enforcement of any judgment relating thereto, and each of the parties hereby irrevocably and unconditionally (i) agrees not to commence any such Proceeding except in such courts, (ii) agrees that any claim in respect of any such Proceeding may be heard and determined in the Court of Chancery of the State of Delaware or, to the extent permitted by Applicable Law, in such federal court, (iii) 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 such Proceeding in the Court of Chancery of the State of Delaware or such federal court and (iv) waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such Proceeding in the Court of Chancery of the State of Delaware or such federal court. Each of the parties hereto agrees that a final judgment in any Proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Applicable Law. Each party to this Letter irrevocably consents to service of process outside the territorial jurisdiction of the courts referred to in this <u>Section 7(b)</u> in any such Proceeding by mailing copies thereof by registered or certified U.S. mail, postage prepaid, return receipt requested, to its address set forth on the signature page. However, nothing in this Letter will affect the right of any party to this Letter to serve process on the other party in any other manner permitted by Applicable Law.

------

&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)&nbsp;&nbsp;&nbsp;&nbsp; EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING OR COUNTERCLAIM (WHETHER IN LAW OR IN EQUITY, WHETHER IN CONTRACT OR TORT OR OTHERWISE) ARISING OUT OF OR RELATED TO THIS LETTER OR THE TRANSACTIONS CONTEMPLATED HEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Letter shall not be effective until it has been executed and delivered by all parties hereto. This Letter may be executed in any number of counterparts (including by .pdf delivered via email), each such counterpart when executed being deemed to be an original instrument, and all such counterparts shall together constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. This Letter shall be treated as confidential and is being provided to Parent and the Company solely in connection with the transactions contemplated by the Merger Agreement. This Letter may not be used, circulated, quoted or otherwise referred to in any document by Parent or the Company (other than the Merger Agreement, the Limited Guarantees or the TPG Equity Commitment Letter) except with the prior written consent of Corpay in each instance; <u>provided</u>, that no such written consent is required for any disclosure of the existence of this Letter to (a) the extent required by Applicable Law or applicable stock exchange rule or any listing agreement of any party hereto (provided, that Parent or the Company, as applicable, will provide Corpay an opportunity to review such required disclosure in advance of such public disclosure being made) or (b) Parent's or the Company's Representatives who need to know of the existence or terms of this Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination</u>. The obligation of Corpay under or in connection with this Letter will terminate automatically and immediately upon the earliest to occur of (a) the Closing (only after such time as the obligations to fund the Paying Agent pursuant to Section 3.02(a) of the Merger Agreement shall be discharged), (b) the termination of the Merger Agreement pursuant to its terms (unless the Company shall have previously commenced an Action pursuant to clause (b) of <u>Section 5</u> hereof, in which case this Letter shall terminate upon the final, non-appealable resolution of such Action and satisfaction by Corpay of any obligations finally determined or agreed to be owed by Corpay, consistent with the terms hereof), (c) the Company accepting all or any portion of the Parent Termination Fee pursuant to the Merger Agreement or accepting any payment from the Guarantor (as defined in the Limited Guarantee) under the Limited Guarantee, (d) the Company, any of its controlled Affiliates or any of their respective directors or officers, asserting a claim against Corpay or any Non-Recourse Party in any Proceeding that is not a Retained Claim (it being understood that this shall not limit, and this Letter shall not terminate upon, any claim or Proceeding asserted by the Company that is a Retained Claim) and (e) the valid termination of the TPG Equity Commitment Letter.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Assignment</u>. The rights and obligations under this Letter shall not be assignable or delegable (whether by operation of law, merger, consolidation or otherwise), in whole or in part, by any party without the other party's prior written consent, and the granting of such consent in a given instance shall be solely in the discretion of the non-assigning/delegating party and, if granted, shall not constitute a waiver of this requirement as to any subsequent assignment or delegation; <u>provided</u>, notwithstanding anything to the contrary set forth herein, no such assignment or delegation (i) will relieve Corpay of its obligations hereunder, except with the Company's prior written consent (the granting of such consent in a given instance shall be solely in the discretion of the Company, and if granted, shall not constitute a waiver of this requirement as to any subsequent assignment), or (ii) may be made to any Person that would (a) impose any material delay in the obtaining of, or increase the risk of not obtaining, any authorization, consent, order, declaration or approval of any Governmental Authority necessary to consummate the Transactions or the expiration or termination of any applicable waiting period, (b) materially increase the risk of any Governmental Authority entering a Governmental Order prohibiting the consummation of Transactions, (c) materially increase the risk of not being able to remove any such Governmental Order on appeal or otherwise or (d) materially delay or prevent the consummation of the Transactions. Following any permitted assignment or delegation to any Person other than an Affiliate of Corpay, Parent will provide the Company with written notice of such assignment or delegation, the identity of the assignee and the amount thereof (it being acknowledged and agreed that receipt of notice does not constitute a consent to such assignment or transfer). Any purported transfer or assignment of this Letter or the Commitment in contravention of this <u>Section 11</u> shall be null and void. The Company shall be an express and intended third-party beneficiary of this <u>Section 11</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Representations and Warranties</u>. Corpay hereby represents and warrants to Parent that: (a) Corpay is a corporation, duly organized, validly existing and in good standing under the Applicable Law of its jurisdiction of organization; (b) it has all corporate power and authority to execute, deliver and perform this Letter; (c) the execution, delivery and performance of this Letter by it has been duly and validly authorized and approved by all necessary corporate or other organizational action by it; (d) this Letter has been duly and validly executed and delivered by it and constitutes a valid and legally binding obligation of it, enforceable against it in accordance with the terms of this Letter; (e) its Commitment is less than the maximum amount that it is permitted to invest in any one investment pursuant to the terms of its constituent documents, or otherwise it will have at the Closing access to available funds to fund or to cause to be funded its Commitment; (f) it has, and will have at the Closing, available funds in excess of the sum of its Commitment hereunder plus the aggregate amount of all other commitments and obligations then outstanding; (g) all consents, orders, approvals, authorizations, licenses, permits, expirations or terminations of waiting periods, and waivers of, and all notices, reports and other filings to, all Governmental Authorities (as defined in the Merger Agreement) that may be or become necessary for the due execution, delivery and performance of this Letter 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 is required in connection with the execution, delivery or performance of this Letter except as would not reasonably be expected to, individually or in the aggregate, materially affect Corpay's ability to enter into this Letter or timely perform its obligations hereunder and (h) the execution, delivery and performance by Corpay of this Letter do not (i) violate the organizational documents of Corpay, (ii) violate any applicable law or judgment or (iii) result in any violation of, or default (with or without notice or lapse of time, or both) under, or give rise to a right of termination, cancellation or acceleration of any obligation or to the loss of any benefit under, any Contract to which it is a party that would materially affect Corpay's ability to timely perform its obligations hereunder.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Severability</u>. Any term or provision of this Letter that is invalid, illegal or unenforceable in any jurisdiction shall be, as to such jurisdiction, ineffective solely to the extent of such invalidity or unenforceability without invalidating the remaining provisions hereof, and any such invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction; <u>provided</u>, <u>however</u>, that this Letter may not be enforced without giving effect to the limitation of the amount payable by Corpay hereunder, to the Cap provided in <u>Section 1</u> hereof and to the provisions of <u>Section 5</u> and <u>Section 10</u> hereof. Each party hereto covenants and agrees that it shall not assert, and shall cause its respective controlled Affiliates and Representatives not to assert, that this Letter or any part hereof is invalid, illegal or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Definitional and Interpretative Provisions</u>. Unless the context of this Letter otherwise requires, (i) words of any gender include each other gender; (ii) words using the singular or plural number also include the plural or singular number, respectively; (iii) the terms "hereof," "herein," "hereby," "hereto" and derivative or similar words refer to this Letter as a whole and not to any particular provision of this Letter; (iv) the terms "Article" or "Section" refer to the specified Article or Section of this Letter; (v) whenever the words "include," "includes" or "including" are used in this Letter, they shall be deemed to be followed by the phrase "without limitation," (vi) the word "or" shall be deemed to mean "and/or"; and (vii) the words "neither," "nor," "any" and "either" are not exclusive. Headings in this Letter are for reference purposes only and shall not affect in any way the meaning or interpretation of this Letter. Unless the context of this Letter otherwise requires, references to agreements and other documents shall be deemed to include all subsequent amendments and other modifications thereto (subject to the terms and conditions to the effectiveness of such amendments contained herein and therein). Words denoting natural persons shall be deemed to include business entities and vice versa and references to a Person (as defined in the Merger Agreement) are also to its permitted successors and assigns. Terms defined in the text of this Letter have such meaning throughout this Letter, unless otherwise indicated in this Letter, and all terms defined in this Letter shall have the meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein.

[Remainder of the page intentionally left blank – signature page follows]

------

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **CORPAY, INC.** | **CORPAY, INC.** |
| By: | /s/ Alissa Vickery |
| Name: Alissa Vickery | Name: Alissa Vickery |
| Title: CFO, CAO | Title: CFO, CAO |

---

Agreed to and accepted:

**ARROW BORROWER 2025, INC.**

---

| | |
|:---|:---|
| By: | /s/ John Flynn |

---

Name: John Flynn

Title: Authorized Signatory

[*Signature Page to Equity Commitment Letter*]

## Ex-99.(C)(2)

Exhibit (c)(2)

![](ny20049415x2_exc-2image01.jpg)

**Discussion Material** January 2025

------

![](ny20049415x2_exc-2image02.jpg)

**Relevant Potential Financial / Strategic Partners for Virgil Currently in Process Considered** 2 **Others Financial Sponsors Strategics Considered** *EV \| Market Cap: $28.1 \| $24.5bn EV / CY25E EBITDA: 11.6x EV \| Market Cap: $9.0 \| $9.7bn EV / CY25E Rev: 6.1x EV \| Market Cap: $143 \| $120bn EV / CY25E EBITDA: 14.3x EV \| Market Cap: $44.1 \| $28.9bn EV / CY25E EBITDA: 9.2x EV \| Market Cap: $7.1 \| $7.6bn EV / CY25E EBITDA: 5.2x* (or) (or) () **Others** (or) () *EV \| Market Cap: $65bn \| $63bn EV / CY25E EBITDA: 20.1x*

------

![](ny20049415x2_exc-2image03.jpg)

**Overview of Potential Financial Partners for Virgil Considered Currently in Process** (Minority) 3 **Others**

------

![](ny20049415x2_exc-2image04.jpg)

**Disclaimer** This document has been prepared by Barclays Capital Inc. ("Barclays") for information purposes only. This document is confidential and for the sole and exclusive benefit and internal use of the Recipient in connection with the matter or possible transaction to which this document relates, and no part of it may be reproduced, distributed or transmitted without the prior written permission of Barclays. This document is an indicative summary of the terms and conditions of the transaction described herein and may be amended, superseded or replaced by subsequent summaries. The final terms and conditions of the transaction will be set out in full in the applicable binding transaction document(s). This document is incomplete without reference to, and should be assessed solely in conjunction with, the oral briefing provided by Barclays. Neither Barclays nor any of its subsidiaries or affiliates shall be obliged by having made this document available to you to provide any financial advisory services (whether in relation to the matter or possible transaction to which this document relates or otherwise) or to sell, acquire, place or underwrite any securities or to lend moneys or to provide any other commitment, facility, product, risk management solution or service, nor does Barclays represent by providing this document to the Recipient that it will be possible for Barclays to provide, arrange or undertake any of the aforementioned services, activities, products or solutions. Any commitment by Barclays to provide, arrange or undertake any of the aforementioned services, activities, products or solutions would be subject to Barclays signing appropriate documentation, obtaining all necessary internal approvals and completing due diligence, in each case in a manner satisfactory to Barclays. This document was prepared on the basis of information and data, obtained from publicly available sources and, where applicable, from the Recipient and/or any other entity that may be involved in any transaction or matter contemplated by this document (and/or any of the Recipient's or the aforementioned entities' affilaiates), in each case prior to or on the date hereof. Barclays makes no warranty or representation, express or implied, as to the accuracy or completeness of information which is contained in this document and which is stated to have been obtained from or is based upon trade and statistical services or other third party sources. The information in this document has not been independently verified by Barclays and Barclays does not assume any liability for any such information. Any data on past performance, modeling or back-testing contained herein is no indication as to future performance. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any modeling or back-testing or any other information contained herein. All opinions and estimates are given as of the date hereof and are subject to change and Barclays assumes no obligation to update this document to reflect any such changes. The value of any investment may fluctuate as a result of market changes. The information herein is not intended to predict actual results and no assurances are given with respect thereto. Nothing herein shall be deemed to constitute investment, legal, tax, financial, accounting or other advice. The Recipient is responsible for making its own independent investigation and appraisal of the risks, benefits, appropriateness and suitability of any transaction or matter contemplated by this document and Barclays is not making any recommendation (personal or otherwise) or giving any investment advice and will have no liability with respect thereto. The decision to proceed with any transaction or action contemplated by this document must be made by the Recipient in the light of its own commercial assessments and Barclays will not be responsible for such assessments. Neither Barclays nor any of its subsidiaries or affiliates, nor any of their respective directors, officers, employees, advisors or other representatives (Barclays together with such persons being the "Barclays Group") accepts any liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this document or its contents or any reliance on the information contained herein. Barclays Group is not responsible for any specialized advice (including financial, tax, legal and accounting, among other advice). This document does not constitute nor does it form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer or recommendation to enter into any transaction described herein nor does this document constitute an offer or commitment to provide, arrange or underwrite any financing. Members of the Barclays Group are involved in a wide range of commercial banking, investment banking and other activities out of which conflicting interests or duties may arise. In the ordinary course of its business, the Barclays Group may provide services to any other entity or person whether or not a member of the same group as the Recipient (a "Third Party"), engage in any transaction (whether on its own account, on behalf of any Third Party or otherwise, and including any transaction or matter contemplated by this document), notwithstanding that such services, transactions or actions may be adverse to the Recipient or any member of the Recipient's group, and the Barclays Group may retain for its own benefit any related remuneration or profit. The Barclays Group operates in accordance with a conflicts of interest policy which identifies conflicts of interest it faces in the ordinary course of its business, and establishes organisational and procedural measures to manage those conflicts where it is reasonably able to do so. Neither Barclays nor any other part of the Barclays Group shall have any duty to disclose to the Recipient or utilise for the Recipient's benefit any non-public information acquired in the course of providing services to any other person, engaging in any transaction (on its own account or otherwise) or otherwise carrying on its business. The Barclays Group's research analysts and research departments are independent from its banking business and are subject to certain regulations and internal policies. The Barclays Group's research analysts may hold opinions and make statements or investment recommendations and/or publish research reports with respect to any company referred to herein, the transactions contemplated herein or any person or entity involved therein or related thereto that differ from or are inconsistent with the views or advice communicated by the Barclays Group's banking business. Barclays is a full service securities firm and as such from time to time may effect transactions for its own account or the account of its clients and hold long or short positions in debt, equity or other securities of the companies referred to herein. THIS DOCUMENT DOES NOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ISSUES RELATED TO AN INVESTMENT IN THE SECURITIES, FINANCIAL INSTRUMENTS OR TRANSACTIONS DESCRIBED HEREIN. PRIOR TO TRANSACTING, YOU SHOULD ENSURE THAT YOU FULLY UNDERSTAND THE TERMS OF THE TRANSACTION AND ANY APPLICABLE RISKS. The information contained herein is not intended to be distributed to any prospective or actual investors and, accordingly, may not be shown or given to any person other than the recipient, and is not to be forwarded to any other person (including any retail investor or customer), copied or otherwise reproduced or distributed to any such person in any manner whatsoever. FAILURE TO COMPLY WITH THIS DIRECTIVE CAN RESULT IN A VIOLATION OF THE SECURITIES ACT OF 1933, AS AMENDED. These materials have not been produced by the Barclays Group's research department and do not constitute investment research or a research recommendation for the purposes of the Financial Conduct Authority rules or a research report under applicable U.S. law. Barclays Capital Inc. is the United States investment bank of Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Registered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. Copyright Barclays Bank PLC, 2024 (all rights reserved). 4

## Ex-99.(C)(3)

Exhibit (c)(3)

![](ny20049415x2_exc-3image01.jpg)

**Project Virgil: Preliminary Valuation Analysis** January 2025

------

![](ny20049415x2_exc-3image02.jpg)

1. Virgil Trading Performance 1 2. Preliminary Perspectives on Valuation 6 Appendix 15 **Proposed Agenda**

------

![](ny20049415x2_exc-3image03.jpg)

Virgil Trading Performance

------

![](ny20049415x2_exc-3image04.jpg)

$5 $10 $15 $20 $25 $30 Oct-21 Apr-22 Nov-22 May-23 Dec-23 Jun-24 Jan-25 **Virgil Share Price Over Time** *Source(s): FactSet. Market data as of 1/22/2025. 1. Displaying Broker consensus NTM revenue growth, NTM Gross Profit margins and NTM EBITDA margins.* **Share Price Since IPO $10.37 Post-Earnings Price Reaction IPO Price $25.00 First Day Close: $24.94 Market & Operating Summary (1/22/2025) 2024E 2025E 2026E** Market Cap $2,306 EV / Revenue 4.5x 4.2x 3.7x (-) Cash ($386) EV / Gross Profit 6.2x 5.5x 4.8x (+) Debt $72 EV / EBITDA 25.0x 20.0x 15.2x Enterprise Value $1,993 **CY21 CY22 CY23 CY24 Q3 Q4 CY21 Q1 Q2 Q3 Q4 CY22 Q1 Q2 Q3 Q4 CY23 Q1 Q2 Q3 NTM Rev Growth(1)** 24% 20% 20% 22% 21% 20% 16% 16% 16% 18% 19% 17% 17% 17% 13% 11% **NTM Gross Margin(1)** 61% 63% 63% 62% 64% 65% 66% 66% 67% 68% 70% 72% 72% 73% 73% 74% **NTM EBITDA Margin(1)** (17%) (13%) (13%) (10%) (7%) (3%) 1% 1% 2% 6% 10% 17% 17% 18% 19% 21% **NTM Rule of 40** 7% 7% 7% 12% 14% 17% 17% 17% 18% 24% 29% 34% 34% 35% 32% 32% **Share Price Summary High Low Avg** Since IPO $26.57 $6.14 $10.45 LTM $13.29 $7.44 $10.71 **Nov 2021** 3Q21 earnings; Beat revenue by 6% and EBITIDA by 55%; **May 2022** 1Q22 earnings; Raised CY23 revenue guidance from $299mm to $305mm **Jan 2023** *Named Dan Drees as President* **Jun 2023** *Virgil Investor Day* **Jul 2024** *2Q24 earnings; Lowered CY24 revenue guidance from $445mm to $437.5mm* **Aug 2024** *Announced first ever Share Repurchase Plan of up to $100mm* **Nov 2024** *3Q24 earnings; Strong bottom line growth; raised EBITDA guidance from $74mm to $78.5mm* 1

------

![](ny20049415x2_exc-3image05.jpg)

**Virgil Relative Share Price Performance vs. Peers** *Source(s): FactSet. Market data as of 1/22/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL.* **Share Price Performance Since IPO** 0% 50% 100% 150% Oct-21 Apr-22 Nov-22 May-23 Dec-23 Jun-24 Jan-25 **Virgil Peers (59%) (1%) Performance Since IPO 3-Yr 2-Yr 1-Yr YTD Virgil (59%) 3% (3%) (6%) 1% Peers (1%) 21% 14% 30% 4%** (1) 2

------

![](ny20049415x2_exc-3image06.jpg)

**$67 $71 $73 $52 $73 $77 $71 $75 $75 $441.0 $442.0 $436.0 $444.4 $447.6 $447.0 $447.5 $448.0 $439.0 Virgil Q2 2024 Earnings Release on CY2024E Guidance** *Source(s): FactSet, Broker Research, Company filings.* **CY24E Guidance Over Time Revenue Adj. EBITDA Q1 '24A May Roadshow Q2 '24A Q1 '24A May Roadshow Q2 '24A** Consensus *($ in millions) Interest from customer funds $45 $45 $49 ($ in millions)* 3

------

![](ny20049415x2_exc-3image07.jpg)

- 10.0x 20.0x 30.0x Oct-21 Apr-22 Nov-22 May-23 Dec-23 Jun-24 Jan-25 **Virgil Peers Multiples Compared to Peers Median EV / NTM Revenue Over Time Median EV / NTM EBITDA Over Time(2) 6.1x 4.2x 15.7x** *Source(s): FactSet. Market data as of 1/22/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL. 2. Excludes multiples below 7x and above 28x over period.* (1) **Average EV / NTM EBITDA 1 Year 2 Year 3 Year Peers** 13.2x 12.3x 12.5x 0.0x 2.0x 6.0x 10.0x 14.0x Oct-21 Apr-22 Nov-22 May-23 Dec-23 Jun-24 Jan-25 **Average EV / NTM Revenue 1 Year 2 Year 3 Year Virgil** 4.0x 4.1x 4.0x **Peers** 5.0x 5.5x 5.9x 4

------

![](ny20049415x2_exc-3image08.jpg)

**Summary of Broker Price Targets and Recommendations** *Source(s): FactSet, AlphaSense, Broker Research, Press release. Market data as of 1/22/2025.* **Share Price Targets Price *% vs. Current: 16% 6%* $10.37 $12.00 $11.00 $15.00 $9.00 Current Mean Median Max Min *(13%)* Buy 47% Hold 41% Sell 12% Buy / Hold / Sell Price Target and Valuation Methodology by Analyst Price Target History *45%* $10.37 $12.00 Broker Date of Latest Report Price Target Recommendation Primary Valuation Methodology Secondary Valuation Methodology** Baird 1/16/2025 $14.00 Buy 4.5x CY26 EV/Revenue - Wells Fargo 1/16/2025 $10.00 Hold 14.0x CY26 EV/EBITDA 4.0x CY26 EV/Gross Profit Wolfe 1/15/2025 $13.00 Buy 14.0x CY26 EV/EBITDA 4.5x CY26 EV/Gross Profit BMO 1/15/2025 $11.00 Hold 20.0x CY26 EV/EBITDA - Goldman Sachs 1/9/2025 $9.50 Sell 12.0x CY26 EV/EBITDA - Keefe Bruyette 1/5/2025 $11.00 Hold - - KeyBanc 12/18/2024 $14.00 Buy 4.4x CY25 EV/Revenue - BTIG 12/11/2024 $14.00 Buy 20.0x CY26 EV/EBITDA - UBS 12/7/2024 $10.50 Hold 5.0x CY26 EV/Gross Profit - Barclays 11/15/2024 $13.00 Buy 7.0x CY25 EV/Gross Profit DCF Morgan Stanley 11/7/2024 $11.00 Hold 15.0x CY26 EV/EBITDA - JP Morgan 11/7/2024 $10.00 Hold 4.0x EV/Gross Profit - Piper Sandler 11/7/2024 $10.00 Hold DCF - Compass Point 11/7/2024 $15.00 Buy 2.9x CY25 EV/Revenue - Deutsche Bank 11/7/2024 $15.00 Buy - - Susquehanna 11/7/2024 $14.00 Buy 0.48x CY26 P/S/G - BofA 11/6/2024 $9.00 Sell 3.0x CY26 EV/Revenue - **$14.36** *3-Yr Max avg. price target* 5

------

![](ny20049415x2_exc-3image09.jpg)

Preliminary Perspectives on Valuation

------

![](ny20049415x2_exc-3image10.jpg)

Financial Summary – Company LRP (Dec 2024) Preliminary Financial Summary Source(s): Based on Company LRP. ($ in millions) 2021A 2022A 2023A 2024E 2025E 2026E 2027E 2028E 2029E '21A - '24E '24E - '29E Total Revenue $248 $316 $381 $439 $487 $567 $668 $788 $922 21% 16% % Growth 34% 27% 20% 15% 11% 16% 18% 18% 17% Total COGS ($97) ($114) ($117) ($116) ($127) ($135) ($147) ($158) ($166) 6% 7% Total Non-GAAP Gross Profit $151 $203 $264 $323 $359 $432 $521 $630 $756 29% 19% GM % 61% 64% 69% 73% 74% 76% 78% 80% 82% S&M (60) (73) (73) (79) (85) (93) (106) (126) (147) 10% 13% % of Revenue 24% 23% 19% 18% 18% 16% 16% 16% 16% R&D (60) (75) (86) (90) (91) (96) (99) (114) (129) 14% 8% % of Revenue 24% 24% 23% 20% 19% 17% 15% 15% 14% G&A (57) (70) (75) (74) (79) (82) (86) (87) (92) 9% 4% % of Revenue 23% 22% 20% 17% 16% 14% 13% 11% 10% Total OpEx ($177) ($218) ($234) ($243) ($255) ($271) ($292) ($327) ($369) 11% 9% % of Revenue 71% 69% 61% 55% 52% 48% 44% 41% 40% Non-GAAP EBITDA (Unburdened w/ SBC) ($26) ($15) $30 $80 $104 $161 $229 $303 $387 NA 37% EBITDA Margin % (11%) (5%) 8% 18% 21% 28% 34% 39% 42% Depreciation & Amortization (31) (33) (36) (36) (37) (36) (32) (31) (34) % of Revenue 12% 10% 9% 8% 8% 6% 5% 4% 4% Non-GAAP EBIT ($57) ($48) ($5) $44 $67 $125 $197 $272 $353 NA 52% Op Margin % (23%) (15%) (1%) 10% 14% 22% 29% 35% 38% Total CapEx ($32) ($22) ($18) ($20) ($22) ($30) ($22) ($24) ($27) (14%) 6% % of Revenue 13% 7% 5% 5% 4% 5% 3% 3% 3% Purchase of Equipment and Facilities (15) (4) (2) (2) (3) (12) (3) (3) (3) Purchase of Software & Technology (17) (18) (16) (18) (19) (18) (18) (21) (24) Change in NWC ($2) ($3) ($22) ($20) $4 ($2) ($8) ($17) ($8) 102% (16%) % of Revenue (1%) (1%) (6%) (5%) 1% (0%) (1%) (2%) (1%) Memo: Stock-based Compensation $21 $32 $41 $47 $54 $45 $47 $62 $69 % Revenue 9% 10% 11% 11% 11% 8% 7% 8% 7% 6

------

![](ny20049415x2_exc-3image11.jpg)

$248 $316 $381 $439 $487 $567 $922 $438 $480 $545 $438 $480 $545 $745 CY'21A CY'22A CY'23A CY'24E CY'25E CY'26E CY'29E CY'24E CY'25E CY'26E CY'24E CY'25E CY'26E CY'29E ($26) ($15) $30 $80 $104 $161 $387 $80 $99 $131 $80 $99 $131 $246 CY'21A CY'22A CY'23A CY'24E CY'25E CY'26E CY'29E CY'24E CY'25E CY'26E CY'24E CY'25E CY'26E CY'29E Revenue ($ in millions) Non- GAAP EBITDA(1) Financial Projections: Company LRP vs. Consensus vs. Extrapolated Consensus % Growth: 14% Comparison of Virgil Company LRP and Consensus Source(s): Company Filings, Broker Research and Company LRP.1. Unburdened by SBC. 2. Highly preliminary and not used in formal valuation. 17% 15% 10% 13% % Margin: 16% CAGR ('24E – '26E): 42% 15% 11% 18% 21% 28% 42% 18% 21% 24% 27% 20% (11%) (5%) 8% ~$470mm 2025E budget based on discussions with Management CAGR ('24E – '26E): 11% 28% CAGR ('24E – '26E): CAGR ('24E – '26E): 11% 33% CAGR ('24E – '29E): 16% CAGR ('24E – '29E): 11% CAGR ('24E – '29E): 37% CAGR ('24E – '29E): 25% Historical Company LRP 15% 10% 13% Consensus Extrapolated Consensus(2) CAGR ('24E – '26E): 11% 18% 21% 24% CAGR ('24E – '26E): 28% 7 ~$90mm 2025E budget based on discussions with Management 7% 19% % Growth [Budget]: % Margin [Budget]: ~$470mm 2025E budget ~$90mm 2025E budget

------

![](ny20049415x2_exc-3image12.jpg)

Preliminary Comparable Public Companies Operating and Valuation Metrics Through CY26 Source(s): FactSet. Market data as of 1/22/2025. 1. Adyen does not report gross profit values. 2. Excludes EV / EBITDA multiples greater than 30.0x and less than 7.0x. Gross Profit Capex % Float Price Equity Enterprise EV/Revenue EV/EBITDA Revenue Growth Margin EBITDA Margin of Rev Rev Mix 1/22/2025 Value Value CY24E CY25E CY26E CY24E CY25E CY26E '24/'23 '25/'24 '26/'25 CY25E CY25E CY26E CY25E CY25E Reported Virgil (Company LRP) $10.37 $2,306 $1,993 4.5x 4.1x 3.5x 25.0x 19.1x 12.4x 15.4% 10.8% 16.5% 73.8% 21.4% 28.4% 4.5% 9.4% Virgil (Consensus) $10.37 $2,306 $1,993 4.5x 4.2x 3.7x 25.0x 20.0x 15.2x 15.1% 9.5% 13.4% 75.2% 20.7% 24.0% 4.6% 9.4% Virgil (Mgmt. Budget) $10.37 $2,306 $1,993 4.2x 22.1x 7.0% 19.1% Adyen $1,569.80 $48,975 $39,853 19.3x 15.5x 12.4x 39.6x 29.6x 22.3x 22.2% 24.2% 24.6% NA 52.3% 55.7% 4.9% NA Corpay 373.41 26,872 33,376 8.0x 7.5x 6.8x 15.1x 13.8x 12.4x 6.7% 7.4% 10.0% 79.5% 54.4% 55.1% 4.8% 1.7% Shift4 115.66 11,725 12,856 8.8x 7.4x 6.3x 18.5x 14.9x 12.5x 28.8% 18.0% 19.0% 70.8% 50.0% 50.1% 10.8% NA Bill.com 91.89 10,082 9,531 6.9x 6.1x 5.1x 46.4x 40.4x 32.0x 17.3% 14.2% 17.8% 83.5% 15.0% 16.1% 1.9% 8.5% Wex 182.82 7,533 7,925 3.0x 2.9x 2.7x 6.9x 6.6x 6.0x 3.1% 3.5% 6.7% 61.4% 44.3% 45.7% 5.5% NA Payoneer 10.28 4,092 3,573 3.7x 3.5x 3.1x 13.6x 14.0x 12.3x 15.3% 7.9% 11.8% 82.0% 24.6% 25.2% 2.1% 20.3% Paymentus 31.24 4,047 3,859 12.6x 10.6x 9.0x 42.8x 34.1x 27.1x 27.0% 18.5% 18.2% 80.8% 31.2% 33.2% 8.7% NA Blackline 59.70 3,965 4,054 6.2x 5.7x 5.2x 24.7x 22.2x 18.6x 10.5% 9.0% 10.5% 80.2% 25.7% 27.7% 4.0% NA Flywire 19.16 2,566 1,885 3.9x 3.2x 2.6x 24.2x 16.6x 11.7x 26.0% 22.3% 23.8% 64.4% 19.4% 22.1% 1.8% NA Min 3.0x 2.9x 2.6x 13.6x 13.8x 11.7x 3.1% 3.5% 6.7% 61.4% 15.0% 16.1% 1.8% 1.7% Mean 8.1x 6.9x 5.9x 19.2x 18.5x 16.7x 17.4% 13.9% 15.8% 75.3% 35.2% 36.7% 5.0% 10.1% Median 6.9x 6.1x 5.2x 18.5x 15.7x 12.5x 17.3% 14.2% 17.8% 79.9% 31.2% 33.2% 4.8% 8.5% Max 19.3x 15.5x 12.4x 24.7x 29.6x 27.1x 28.8% 24.2% 24.6% 83.5% 54.4% 55.7% 10.8% 20.3% (2) Reference Valuation Metric Selected Range Implied EV Implied Equity Value Implied Share Price 2025 Revenue (LRP) $487 4.0x - 7.0x $1,946 - $3,406 $2,260 - $3,719 $10.17 - $16.54 2026 Revenue (LRP) 567 4.0x - 6.0x 2,267 - 3,400 2,580 - 3,714 $11.57 - $16.52 2025 EBITDA (LRP) 104 14.0x - 19.0x 1,461 - 1,983 1,774 - 2,296 $8.01 - $10.32 2026 EBITDA (LRP) 161 12.5x - 17.5x 2,008 - 2,812 2,322 - 3,125 $10.44 - $13.95 (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (1) 8

------

![](ny20049415x2_exc-3image13.jpg)

Preliminary Selected Comparable Transactions Preliminary Comparable Transactions Source(s): FactSet, company filings, Broker Research and other public information. Market data as of 1/22/2025. Enterprise Value Multiple Announced Enterprise NTM EBITDA Margin Revenue EBITDA Premiums Date Acquiror Target Value Rev. Growth LTM NTM LTM NTM LTM NTM 1-Day 52-Wk High 01/07/2025 Paychex Paycor $4,087 11% 34% 34% 5.9x 5.3x 17.5x 15.8x 21% 5% 09/18/2024 Bridgepoint / General Atlantic Esker $1,727 15% 17% 19% 8.2x 7.1x 47.9x 36.6x 30% 28% 05/08/2024 Corpay Paymerang $475 20% NA NA 9.6x 8.0x NA NA NA NA 10/23/2023 Vista Equity Partners EngageSmart $3,657 20% 18% 18% 10.6x 8.8x 57.6x 48.1x 23% 3% 12/12/2022 Thoma Bravo Coupa $8,148 17% 12% 10% 10.0x 8.5x NM NM 77% (60%) 09/28/2022 EQT Billtrust $1,467 35% (14%) (4%) 10.2x 7.5x NM NM 65% (13%) 08/08/2022 Vista Equity Partners Avalara $8,418 21% 6% 6% 10.7x 8.8x NM NM 27% (51%) 12/17/2021 Thoma Bravo Bottomline $2,605 11% 20% 20% 5.4x 4.9x 26.9x 23.7x 42% 5% 07/19/2021 Bill.com Invoice2go $625 24% NA NA 16.4x 13.3x NA NA NA NA 11/08/2018 Edenred Corporate Spending Innovations $600 21% 60% 60% 14.0x 11.5x 23.1x 19.4x NA NA Median 20% 18% 19% 10.1x 8.3x 26.9x 23.7x 30% 3% Mean 19% 19% 20% 10.1x 8.4x 34.6x 28.7x 41% (12%) Reference Valuation Metric Selected Range Implied EV Implied Equity Value Implied Share Price 2024E Revenue $439 6.0x - 10.0x $2,636 - $4,393 $2,949 - $4,706 $13.18 - $20.86 2025E Revenue 487 4.0x - 8.0x 1,946 - 3,892 2,260 - 4,206 $10.17 - $18.67 9

------

![](ny20049415x2_exc-3image14.jpg)

Preliminary Discounted Cash Flow Analysis Company LRP ($ in millions) Calendar Year Ended December 31 2024E Q1 25E Q2-Q4 25E 2026E 2027E 2028E 2029E Terminal Year Revenue $439 $116 $370 $567 $668 $788 $922 $922 % Growth 15% 10% 11% 16% 18% 18% 17% 17% Non-GAAP EBITDA (Unburdened w/ SBC) $80 $21 $83 $161 $229 $303 $387 $387 % Margin 18% 18% 22% 28% 34% 39% 42% 42% Less: D&A (36) (10) (28) (36) (32) (31) (34) (27) Less: Stock-based Compensation (47) (11) (43) (45) (47) (62) (69) (69) Less: Non-Recurring Items (cash impact) (4) 0 (3) (3) (4) (4) (5) - Non-GAAP EBIT (Burdened w/ SBC)(1) ($7) $1 $10 $76 $146 $206 $280 $291 Less: Taxes(2) - - - - - - - (73) NOPAT ($7) $1 $10 $76 $146 $206 $280 $219 Plus: D&A 36 10 28 36 32 31 34 27 Less: Capital Expenditures (20) (6) (16) (30) (22) (24) (27) (27) Less: Change in NWC (20) (12) 16 (2) (8) (17) (8) (8) Less: Other Cash Items(3) (5) (3) (17) (68) (27) (20) (19) (19) Unlevered Free Cash Flow (uFCF) ($16) ($10) $20 $13 $123 $176 $259 $191 % Margin (4%) (9%) 6% 2% 18% 22% 28% 21% Implied EV Calculation Implied EV Calculation – Terminal LTM EBITDA Multiple Preliminary Implied Share Price Sensitivity Analysis Source(s): Based on Company LRP. Note: Debt and cash balance as of Q1 CY25 Company LRP. Valuation date as of 3/31/2025. Assumes mid-year discounting except for terminal value which is discounted using end-of-period discounting methodology. 1. Company reports non-GAAP operating income with unburdened stock based compensation. 2. Assumes no cash taxes in forecast period and 25% normalized tax rate in Terminal Year. 3. Other cash items includes cash impact of Provision For Doubtful Accounts and Supplier Advances. Terminal EBITDA $387 Terminal EBITDA Multiple 15.0x Terminal Value $5,807 PV of unlevered FCF $379 11% PV of Terminal Value 3,066 89% Enterprise Value $3,445 100% Less Net Debt 314 Equity Value $3,759 FDSO 224.9 Implied Share Price $16.72 Terminal EV / LTM EBITDA Multiple 1671.6% 12.0x 13.0x 14.0x 15.0x 16.0x 17.0x 18.0x 13.0% $14.56 $15.49 $16.42 $17.35 $18.29 $19.22 $20.15 14.0% $14.04 $14.93 $15.82 $16.72 $17.61 $18.50 $19.40 15.0% $13.54 $14.40 $15.25 $16.11 $16.97 $17.82 $18.68 WACC Preliminary Implied Perpetuity Growth Rate Sensitivity Analysis Terminal EV / LTM EBITDA Multiple 10.5% 12.0x 13.0x 14.0x 15.0x 16.0x 17.0x 18.0x 13.0% 8.6% 9.0% 9.3% 9.5% 9.7% 9.9% 10.1% 14.0% 9.6% 9.9% 10.2% 10.5% 10.7% 10.9% 11.1% 15.0% 10.6% 10.9% 11.2% 11.5% 11.7% 11.9% 12.1% WACC 10 Preliminary Discounted Cash Flow

------

![](ny20049415x2_exc-3image15.jpg)

2024E - 2029E Revenue CAGR Delta vs. LRP (%)(1) 0.0% (1.0%) (2.0%) (3.0%) (4.0%) (4.8%) 2024E to 2029E Implied Revenue CAGR (%) 16.0% 15.0% 14.0% 13.0% 12.0% 11.2% 0.0% 42.0% $16.72 $16.05 $15.40 $14.78 $14.18 $13.70 (2.0%) 40.0% $15.90 $15.27 $14.66 $14.06 $13.49 $13.04 (4.0%) 38.0% $15.09 $14.49 $13.91 $13.35 $12.80 $12.37 (6.0%) 36.0% $14.28 $13.71 $13.16 $12.63 $12.11 $11.71 (8.0%) 34.0% $13.47 $12.93 $12.41 $11.91 $11.42 $11.04 (9.0%) 33.0% $13.06 $12.54 $12.04 $11.55 $11.08 $10.86 2026E - 2029E EBITDA Margin Delta vs LRP (%)(2) Implied 2029E EBITDA Margin (%) Key Assumptions • Assumes valuation date of 03/31/2025 • Preliminary figures based on Company LRP through 2029E • Cash and equivalents, debt and fully diluted share count as of 3/31/2025 estimated by management • Assumes 15.0x Terminal LTM EV/EBITDA Multiple • Assumes 14% WACC • Assumes mid-year discounting except for terminal value which is discounted using end-of-period discounting methodology • Company LRP sensitized with annual revenue growth and EBITDA margin • Assumes other key financial metrics such as CapEx, Stock-based Compensation, Depreciation and Amortization, as well as others, to be consistent with Company LRP Preliminary Discounted Cash Flow Analysis Financial Performance Sensitivity Source(s): Historicals per Filings, CY25E to CY29E based on Company LRP. 1. Revenue growth sensitized from 2025E to 2029E. 2. EBITDA margin sensitized from 2025E to 2029E. Preliminary Share Price - 15.0x Terminal Multiple LRP Extrapolated Consensus 11

------

![](ny20049415x2_exc-3image16.jpg)

Preliminary Pro Forma Cap Table Preliminary Ability to Pay Key Assumptions ($ in millions) Sources $% 1st Lien $460 14.5% 2nd Lien 165 5.2% Excess Cash on B/S 236 7.4% Sponsor Equity 2,314 72.9% Total Sources: $3,175 100.0% Uses $% Purchase Common Equity & Options $2,807 88.4% RSUs / PSUs / Others 215 6.8% Repay Existing Debt 72 2.3% Illustrative Total Fees(3) 80 2.5% Total Uses: $3,175 100.0% ($ in millions) 3/31/25 3/31/25 SQ Adj. PF Total Cash(1) $386 ($236) $150 Existing Debt(2) $72 (72) - 1st Lien - 460 460 2nd Lien - 165 165 Total Debt $72 $625 Net Debt (314) 475 Key Stats: Q1 2025E LTM Revenue $450 $450 Q1 2025E LTM EBITDA $83 $83 Total Debt / EBITDA 0.9x 7.5x Net Debt / EBITDA (3.8x) 5.7x Preliminary Leveraged Buyout Return Analysis Company LRP Source(s): Historicals per Filings. CY25E to CY29E based on Company LRP. 1. Cash and equivalents as of Q1 CY25 Company LRP. 2. Debt as of Q1 CY25 Company LRP. 3. Illustrative Total Fees include $60mm in Transaction Fees and $20mm in Financing Fees. Target IRR $13.5 20.0% 21.3% 22.5% 23.8% 25.0% 12.0x $12.36 $11.95 $11.56 $11.20 $10.85 13.5x $13.43 $12.96 $12.53 $12.12 $11.73 15.0x $14.49 $13.98 $13.50 $13.04 $12.61 16.5x $15.56 $15.00 $14.47 $13.96 $13.49 18.0x $16.63 $16.01 $15.43 $14.89 $14.37 EBITDA Exit Multiple Preliminary Sources & Uses • Assumes valuation date of 03/31/2025 • Based on Company LRP through 2029E • Acquisition for $13.50 / share, a ~30% premium to the current share price • 32.5x implied Q1 2025E LTM Adj. EBITDA Multiple on $83mm EBITDA, assuming target Sponsor return of 22.5% • Preliminary financing with: • 7.5x Q1 2025E LTM Adj. EBITDA (based on LRP), consisting of 1st Lien Term Loan of $460mm (S+325, 99.0) and 2nd Lien Term Loan of $165 mm (S+525, 99.0) • Balance sheet cash and equivalents of $236mm • $2,314mm of new equity • Assumes minimum cash of $50mm, interest on cash equal to 1.0% (1) (2) 12

------

![](ny20049415x2_exc-3image17.jpg)

29% 43% 40% 54% First Quartile Median Mean Third Quartile 27% 42% 40% 52% First Quartile Median Mean Third Quartile Premiums Paid for Precedent Technology Transactions Source(s): FactSet, Company Filings. Transaction parameters include all US-based Technology targets with Enterprise Value between $1.0-4.0bn taken private in all-cash transactions since 2020. Specific technology verticals include Electronic Technology, Technology Services, Information Technology Services and others. Premiums Premiums to 1-Day Unaffected Stock Price to 30-Day Unaffected VWAP 42% 35% 45% 42% 31% 2020 2021 2022 2023 2024 Mean Premiums to 1-Day Unaffected Price Since 2020 Mean: 40% 13

------

![](ny20049415x2_exc-3image18.jpg)

$10.17 $11.57 $8.01 $10.44 $13.18 $10.17 $13.54 $8.85 $10.85 $7.67 $9.00 $7.44 $12.96 $16.54 $16.52 $10.32 $13.95 $20.86 $18.67 $20.15 $13.03 $16.63 $11.26 $15.00 $13.29 $16.07 $5 $10 $15 $20 $25 Comparable Companies EV / CY2025E Revenue EV / CY2026E Revenue EV / CY2025E EBITDA EV / CY2026E EBITDA Precedent Transactions EV / CY2024E Revenue EV / CY2025E Revenue DCF (Terminal Multiple) Company LRP Extrapolated Consensus Company LRP Extrapolated Consensus Analyst Price Recent 52-Week Trading Range Premiums 1-Day Unaffected Current Price (01/22/25): $10.37 Price Per Share Notes Preliminary Comparable Companies(1): „H 4.0x ¡V 7.0x Company LRP 2025 Revenue of $487mm „H 4.0x ¡V 6.0x Company LRP 2026 Revenue of $567mm „H 14.0x ¡V 19.0x Company LRP 2025 EBITDA of $104mm „H 12.5x ¡V 17.5x Company LRP 2026 EBITDA of $161mm Premiums: „H 1¡VDay premium of 25% ¡V 55% for US-based Technology take-private transactions since 2020(2) Preliminary Precedent Transactions: „H 6.0x ¡V 10.0x 2024 Company LRP Revenue of $439mm „H 4.0x ¡V 8.0x 2025 Company LRP Revenue of $487mm Reference Only Valuation Methodology Preliminary Virgil Valuation Summary Preliminary DCF Analysis: „H 13.0% - 15.0% WACC „H 12.0x - 18.0x Terminal EV / LTM EBITDA Multiple Premiums Recent Trading Precedent Transactions Comparable Companies Source(s): Company Filings, Factset, Bloomberg and Broker Research. Market data as of 01/22/2025. Note: Calculation based on shares, options, RSUs as of 03/31/2025 based on management estimates. 1. Based on current trading of comparable companies including Adyen, Bill.com, Blackline, Corpay, Flywire, Paymentus, Payoneer, Shift4 and Wex. 2. Based on US-based Technology targets with Enterprise Value between $1.0-4.0bn taken private in all-cash transactions since 2020. Analyst Price Targets Preliminary 5-Year LBO Analysis: „H Extrapolated Consensus aligns with Broker Consensus Estimates for 2024E - 2026E, then assumes Revenue CAGR of 11% from 2026E ¡V 2029E and annual EBITDA Margin expansion of 3% for 2026E ¡V 2029E „H 12.0x ¡V 18.0x EBITDA Exit Multiple „H 20% - 25% Target IRR „H 7.5x (LTM EBITDA) leverage representing $625 - $630mm of debt Preliminary 5-Year DCF Preliminary 5-Year LBO : Individual Analyst Price Targets Preliminary DCF Analysis ¡V Extrapolated Consensus: „H Extrapolated Consensus aligns with Broker Consensus Estimates for 2024E - 2026E, then assumes Revenue CAGR of 11% from 2026E ¡V 2029E and annual EBITDA Margin expansion of 3% for 2026E ¡V 2029E „H 13.0% - 15.0% WACC „H 12.0x - 18.0x Terminal EV / LTM EBITDA Multiple 14

------

![](ny20049415x2_exc-3image19.jpg)

**Appendix**

------

![](ny20049415x2_exc-3image20.jpg)

Preliminary Discounted Cash Flow Preliminary Discounted Cash Flow Analysis Extrapolated Consensus ($ in millions) Calendar Year Ended December 31 2024E Q1 25E Q2-Q4 25E 2026E 2027E 2028E 2029E Terminal Year Revenue $438 $116 $364 $545 $605 $671 $745 $745 % Growth 15% 10% 10% 13% 11% 11% 11% 11% Non-GAAP EBITDA (Unburdened w/ SBC) $80 $22 $77 $131 $163 $202 $246 $246 % Margin 18% 19% 21% 24% 27% 30% 33% 33% Less: D&A (36) (10) (28) (36) (32) (31) (34) (27) Less: Stock-based Compensation (47) (11) (43) (45) (47) (62) (69) (69) Less: Non-Recurring Items (cash impact) (4) 0 (3) (3) (4) (4) (5) - Non-GAAP EBIT (Burdened w/ SBC)(1) ($7) $1 $4 $47 $81 $104 $139 $150 Less: Taxes(2) - - - - - - - (37) NOPAT ($7) $1 $4 $47 $81 $104 $139 $113 Plus: D&A 36 10 28 36 32 31 34 27 Less: Capital Expenditures (20) (6) (16) (30) (22) (24) (27) (27) Less: Change in NWC (20) (12) 16 (2) (8) (17) (8) (8) Less: Other Cash Items(3) (5) (3) (17) (68) (27) (20) (19) (19) Unlevered Free Cash Flow (uFCF) ($16) ($10) $15 ($17) $57 $74 $118 $85 % Margin (4%) (8%) 4% (3%) 9% 11% 16% 11% Implied EV Calculation – Terminal LTM EBITDA Multiple Source(s): Based on Consensus Estimates and highly preliminary extrapolation and Company LRP. Debt and cash balance as of Q1 CY25 Company LRP. Valuation date as of 3/31/2025. Assumes mid-year discounting except for terminal value which is discounted using end-of-period discounting methodology. 1. Company reports non-GAAP operating income with unburdened stock based compensation. 2. Assumes no cash taxes in forecast period and 25% normalized tax rate in Terminal Year. 3. Other cash items includes cash impact of Provision For Doubtful Accounts and Supplier Advances. Terminal EBITDA $246 Terminal EBITDA Multiple 15.0x Terminal Value $3,691 PV of unlevered FCF $156 7% PV of Terminal Value 1,948 93% Enterprise Value $2,104 100% Less Net Debt 314 Equity Value $2,418 FDSO 222.7 Implied Share Price $10.86 Terminal EV / LTM EBITDA Multiple 1085.7% 12.0x 13.0x 14.0x 15.0x 16.0x 17.0x 18.0x 13.0% $9.47 $10.07 $10.66 $11.25 $11.84 $12.44 $13.03 14.0% $9.15 $9.72 $10.29 $10.86 $11.42 $11.99 $12.56 15.0% $8.85 $9.39 $9.94 $10.48 $11.03 $11.57 $12.11 WACC Implied EV Calculation Preliminary Implied Share Price Sensitivity Analysis Preliminary Implied Perpetuity Growth Rate Sensitivity Analysis Terminal EV / LTM EBITDA Multiple 11.5% 12.0x 13.0x 14.0x 15.0x 16.0x 17.0x 18.0x 13.0% 9.9% 10.2% 10.4% 10.5% 10.7% 10.8% 11.0% 14.0% 10.9% 11.2% 11.4% 11.5% 11.7% 11.8% 11.9% 15.0% 11.9% 12.1% 12.4% 12.5% 12.7% 12.8% 12.9% WACC 15

------

![](ny20049415x2_exc-3image21.jpg)

Preliminary 5-Year Paydown Summary ($ in millions) Fiscal Year '24E-'29E 2024E Q1 25E Q2-Q4 25E 2026E 2027E 2028E 2029E CAGR Revenue $439 $116 $370 $567 $668 $788 $922 16.0% % Growth 15% 10% 11% 16% 18% 18% 17% Non-GAAP EBITDA (Unburdened w/ SBC)(1) $80 $21 $87 $167 $235 $309 $393 37.6% % Margin 18% 18% 24% 29% 35% 39% 43% Less: CapEx (16) (30) (22) (24) (27) Less: Change in NWC 16 (2) (8) (17) (8) Less: Stock-based Compensation Expenses (43) (45) (47) (62) (69) Less: Net Cash Interest Expense (35) (44) (40) (31) (15) Less: Other Cash Items(2) (17) (68) (27) (20) (19) Less: Cash Taxes (3) - - - - - Levered Free Cash Flow(4) ($7) ($22) $92 $155 $255 1st Lien 460 412 389 297 142 - 2nd Lien 165 165 165 165 165 52 Revolver - - - - - - Total Debt $625 $577 $554 $462 $307 $52 Cash Balance $150 $95 $50 $50 $50 $50 Leverage Statistics Total Debt / LTM EBITDA 7.5x 5.3x 3.3x 2.0x 1.0x 0.1x Net Debt / LTM EBITDA 5.7x 4.4x 3.0x 1.8x 0.8x 0.0x 1st Lien / LTM EBITDA 5.5x 3.8x 2.3x 1.3x 0.5x 0.0x 2nd Lien / LTM EBITDA 2.0x 1.5x 1.0x 0.7x 0.5x 0.1x LTM EBITDA / Interest Expense 2.4x 3.8x 5.9x 9.9x 26.3x % of Total Debt Repaid 8% 4% 17% 34% 83% % of Cumulative Free Cash Flow / Net Debt (2%) (6%) 13% 46% 100% Source(s): Historicals per Company Filings. CY25E to CY29E based on Company LRP. 1. Excludes management estimated public company costs. 2. Other cash items includes cash impact of Provision For Doubtful Accounts and Supplier Advances. 3. Assumes no cash taxes in forecast period. 4. Levered cash flow does not include non-operating item related to stock donation. 16 Preliminary Leveraged Buyout Paydown Company LRP

------

![](ny20049415x2_exc-3image22.jpg)

Preliminary Pro Forma Cap Table Preliminary Ability to Pay Key Assumptions • Assumes valuation date of 03/31/2025 • Based on Consensus Estimates between 2024E and 2026E and extrapolation through 2029E • Acquisition for $9.33/ share, a ~10% discount to the current share price • 20.9x implied Q1 2025E LTM Adj. EBITDA Multiple on $84mm EBITDA, assuming target Sponsor return of 22.5% • Preliminary financing with: • 7.5x Q1 2025E LTM Adj. EBITDA, consisting of 1st Lien Term Loan of $460mm (S+325, 99.0) and 2nd Lien Term Loan of $170 mm (S+525, 99.0) • Balance sheet cash and equivalents of $236mm • $1,356mm of new equity • Assumes minimum cash of $50mm, interest on cash equal to 1.0% ($ in millions) Sources $% 1st Lien $460 20.7% 2nd Lien 170 7.6% Excess Cash on B/S 236 10.6% Sponsor Equity 1,356 61.0% Total Sources: $2,222 100.0% Uses $% Purchase Common Equity & Options $1,921 86.4% RSUs / PSUs / Others 149 6.7% Repay Existing Debt 72 3.3% Illustrative Total Fees(3) 80 3.6% Total Uses: $2,222 100.0% ($ in millions) 3/31/25 3/31/25 SQ Adj. PF Total Cash(1) $386 ($236) $150 Existing Debt(2) $72 (72) - 1st Lien - 460 460 2nd Lien - 170 170 Total Debt $72 $630 Net Debt (314) 480 Key Stats: Q1 2025E LTM Revenue $448 $448 Q1 2025E LTM EBITDA $84 $84 Total Debt / EBITDA 0.9x 7.5x Net Debt / EBITDA (3.7x) 5.7x Source(s): Historicals per Filings. Based on Consensus Estimates and highly preliminary extrapolation and Company LRP. 1. Cash and equivalents as of Q1 CY25 Company LRP. 2. Debt as of Q1 CY25 Company LRP. 3. Illustrative Total Fees include $60mm in Transaction Fees and $20mm in Financing Fees. Target IRR $9.3 20.0% 21.3% 22.5% 23.8% 25.0% 12.0x $8.53 $8.29 $8.07 $7.87 $7.67 13.5x $9.22 $8.96 $8.71 $8.47 $8.25 15.0x $9.90 $9.61 $9.33 $9.08 $8.83 16.5x $10.58 $10.25 $9.95 $9.66 $9.39 18.0x $11.26 $10.90 $10.56 $10.25 $9.95 EBITDA Exit Multiple Preliminary Sources & Uses Preliminary Leveraged Buyout Return Analysis Extrapolated Consensus 17 (1) (2)

------

![](ny20049415x2_exc-3image23.jpg)

Preliminary 5-Year Paydown Summary ($ in millions) Fiscal Year '24E-'29E 2024E Q1 25E Q2-Q4 25E 2026E 2027E 2028E 2029E CAGR Revenue $438 $116 $364 $545 $605 $671 $745 11.2% % Growth 15% 10% 10% 13% 11% 11% 11% Non-GAAP EBITDA (Unburdened w/ SBC)(1) $80 $22 $82 $137 $169 $207 $252 25.9% % Margin 18% 19% 22% 25% 28% 31% 34% Less: CapEx (16) (30) (22) (24) (27) Less: Change in NWC 16 (2) (8) (17) (8) Less: Stock-based Compensation Expenses (43) (45) (47) (62) (69) Less: Net Cash Interest Expense (35) (45) (46) (44) (39) Less: Other Cash Items(2) (17) (68) (27) (20) (19) Less: Cash Taxes (3) - - - - - Levered Free Cash Flow(4) ($13) ($54) $21 $41 $89 1st Lien 460 415 410 406 365 276 2nd Lien 170 170 170 170 170 170 Revolver - - 17 0 - - Total Debt $630 $585 $597 $576 $535 $446 Cash Balance $150 $92 $50 $50 $50 $50 Leverage Statistics Total Debt / LTM EBITDA 7.5x 5.6x 4.4x 3.4x 2.6x 1.8x Net Debt / LTM EBITDA 5.7x 4.8x 4.0x 3.1x 2.3x 1.6x 1st Lien / LTM EBITDA 5.5x 4.0x 3.0x 2.4x 1.8x 1.1x 2nd Lien / LTM EBITDA 2.0x 1.6x 1.2x 1.0x 0.8x 0.7x LTM EBITDA / Interest Expense 2.2x 3.0x 3.7x 4.7x 6.4x % of Total Debt Repaid 7% (2%) 4% 7% 17% % of Cumulative Free Cash Flow / Net Debt (3%) (14%) (10%) (1%) 17% Source(s): Historicals per Company Filings. CY25E to CY29E based on Consensus Estimates and highly preliminary extrapolation and Company LRP. 1. Excludes management estimated public company costs. 2. Other cash items includes cash impact of Provision For Doubtful Accounts and Supplier Advances. 3. Assumes no cash taxes in forecast period. 4. Levered cash flow does not include non-operating item related to stock donation. 18 Preliminary Leveraged Buyout Paydown Extrapolated Consensus

------

![](ny20049415x2_exc-3image24.jpg)

Premiums Paid for Precedent Technology Transactions Source(s): FactSet, Company Filings, Barclays Technology Transaction Study of 29 peers since 2020 for US domiciled targets with Enterprise Value between $1.0-4.0bn and all-cash consideration. VWAP Premium Target Acquiror Acquisition Price Date Announced 30 Days 90 Days 180 Days 52-Week High Zuora GIC; Silver Lake $10.00 10/17/2024 18% 14% 15% 15% (15%) Model N Vista Equity Partners $30.00 4/8/2024 11% 22% 23% 10% (30%) Vizio Walmart $11.50 2/20/2024 47% 56% 72% 74% 12% Everbridge Thoma Bravo $35.00 2/5/2024 47% 54% 61% 49% (0%) EngageSmart Vista Equity Partners; General Atlantic $23.00 10/23/2023 23% 30% 28% 25% 3% NextGen Healthcare Thoma Bravo $23.95 9/6/2023 46% 45% 46% 38% 15% Avid Technology STG Partners $27.05 8/9/2023 32% 13% 0% 3% (19%) Momentive Global STG Partners $9.46 3/13/2023 46% 53% 22% (20%) (62%) Sumo Logic Francisco Partners $12.05 2/9/2023 57% 50% 56% 54% (5%) Duck Creek Technologies Vista Equity Partners $19.00 1/9/2023 46% 63% 63% 33% (35%) ForgeRock Thoma Bravo $23.25 10/11/2022 53% 44% 20% 26% (32%) Billtrust EQT Partners $9.50 9/28/2022 65% 43% 64% 56% (13%) Computer Services Centerbridge; Bridgeport Partners; CFT Capital $58.00 8/20/2022 53% 54% 47% 35% (3%) Ping Identity Thoma Bravo $28.50 8/3/2022 63% 54% 29% 29% (6%) Covetrus TPG; CD&R; Covetrus $21.00 5/20/2022 17% 35% 26% 18% (26%) Plantronics HP $40.00 3/28/2022 47% 47% 44% 40% (6%) Houghton Mifflin Veritas Capital $21.00 2/22/2022 36% 35% 38% 63% 21% Vocera Communications Stryker $79.25 1/6/2022 27% 28% 43% 65% 18% Bottomline Technologies Thoma Bravo $57.00 12/17/2021 42% 41% 43% 38% 5% QAD Thoma Bravo $87.50 6/28/2021 20% 21% 24% 34% 11% Sykes Enterprises Sitel Worldwide $54.00 6/18/2021 31% 29% 25% 34% 17% NIC Tyler Technologies $34.00 2/10/2021 14% 22% 35% 44% 14% Cubic Veritas Capital; Evergreen $75.00 2/8/2021 69% 64% 67% 63% 0% Glu Mobile Electronic Arts $12.50 2/8/2021 36% 36% 44% 44% 19% Pluralsight Vista Equity; Partners Group $22.50 12/13/2020 40% 34% 22% 35% 1% MTS Systems Amphenol $58.50 12/9/2020 52% 77% 125% 176% 12% Endurance International Group Clearlake Capital $9.50 11/2/2020 79% 65% 93% 142% 45% Virtusa Corp EQT $51.35 9/10/2020 27% 29% 55% 44% 3% Forescout Technologies Advent; Crosspoint Capital $29.00 2/6/2020 14% (4%) (13%) (20%) (37%) 1st Quartile 27% 29% 24% 26% (15%) Mean 40% 40% 42% 43% (3%) Median 42% 41% 43% 38% 0% 3rd Quartile 52% 54% 56% 54% 12% 1-Day Unaffected Premium 19

------

![](ny20049415x2_exc-3image25.jpg)

($ in millions, except for per share data) Virgil Current Transaction Stock Prices of: Share Price ($) $10.37 $11.50 $12.50 $13.50 $14.50 $15.50 $16.50 $17.50 $18.50 $19.50 % Premium to Current - 11% 21% 30% 40% 49% 59% 69% 78% 88% Fully Diluted Shares (mm) 222.4 223.1 223.5 223.9 224.2 224.5 224.8 225.0 225.2 225.4 Fully Diluted Equity Value $2,306 $2,565 $2,794 $3,023 $3,252 $3,480 $3,709 $3,938 $4,167 $4,396 Add: Gross Debt(1) $72 $72 $72 $72 $72 $72 $72 $72 $72 $72 Less: Cash(1) (386) (386) (386) (386) (386) (386) (386) (386) (386) (386) Net Debt ($314) ($314) ($314) ($314) ($314) ($314) ($314) ($314) ($314) ($314) Total Enterprise Value $1,993 $2,252 $2,480 $2,709 $2,938 $3,167 $3,396 $3,625 $3,853 $4,082 Premiums Analysis: Virgil Current Price (01/22/25) $10.37 - 11% 21% 30% 40% 49% 59% 69% 78% 88% 30-Day Closing Average (01/22/25) $10.56 (2%) 9% 18% 28% 37% 47% 56% 66% 75% 85% 90-Day Closing Average (01/22/25) $9.53 9% 21% 31% 42% 52% 63% 73% 84% 94% 105% 52 Week High (02/29/24) $13.29 (22%) (13%) (6%) 2% 9% 17% 24% 32% 39% 47% 52 Week Low (09/17/24) $7.44 39% 55% 68% 81% 95% 108% 122% 135% 149% 162% Analyst Price Target - Median(2) $11.00 (6%) 5% 14% 23% 32% 41% 50% 59% 68% 77% Multiples Analysis: LRP Metric: CY2024E Revenue $439 4.5x 5.1x 5.6x 6.2x 6.7x 7.2x 7.7x 8.3x 8.8x 9.3x CY2025E Revenue $487 4.1x 4.6x 5.1x 5.6x 6.0x 6.5x 7.0x 7.5x 7.9x 8.4x CY2026E Revenue $567 3.5x 4.0x 4.4x 4.8x 5.2x 5.6x 6.0x 6.4x 6.8x 7.2x CY2024E EBITDA(3) $80 25.0x 28.3x 31.1x 34.0x 36.9x 39.7x 42.6x 45.5x 48.4x 51.2x CY2025E EBITDA(3) $104 19.1x 21.6x 23.8x 26.0x 28.2x 30.3x 32.5x 34.7x 36.9x 39.1x CY2026E EBITDA(3) $161 12.4x 14.0x 15.4x 16.9x 18.3x 19.7x 21.1x 22.6x 24.0x 25.4x Preliminary Analysis at Various Prices Source(s): Based on Company LRP. 1. Debt and cash balance as of Q1 CY25 Company LRP. 2. FactSet consensus median. 3. Unburdened with Stock-based Compensation. 20

------

![](ny20049415x2_exc-3image26.jpg)

Disclaimer The following pages contain material that was provided to the Board of Directors (the "Board") of Virgil (the "Company") by Barclays Capital Inc. ("Barclays"). The accompanying material and any Barclays presentation related to the material was compiled or prepared on a confidential basis solely for consideration by the Board and no part of it may be reproduced, distributed or transmitted without the prior written consent of Barclays. The information contained in this material was obtained from the Company[, the counterparty] and/or publicly available sources, and Barclays has relied upon such information without independent verification thereof and does not assume any liability for any such information. These materials are being provided in connection with an actual corporate engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Barclays. Moreover, any information provided herein was not prepared for or intended for use by any individual for personal, family or household purposes. Any estimates, historical financial information, projections and other information contained herein have been prepared by management of the Company [and/or the counterparty, third party experts] or were obtained from publicly available sources (approved for Barclays' use by the Company) or are based upon such estimates and projections. With respect to such estimates and projections, Barclays has assumed that they have been reasonably prepared on a basis reflecting the best currently available estimates, projections and judgment of the management of the Company [and/or the counterparty, third party experts]. The projections contained herein may or may not be achieved and differences between projected results and those actually achieved may be material. No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The analysis contained herein is based on current market conditions which are subject to change and Barclays assumes no obligation to update or otherwise revise these materials. Nothing in these materials shall be deemed to constitute a recommendation or investment, legal, tax, financial, accounting or other advice. Because these materials were prepared for use in the context of a presentation to the Board, these materials are incomplete without reference to, and should be assessed solely in conjunction with, the oral briefing provided by Barclays to the Board (in their capacity as directors and not in any individual capacity and is not for the benefit of any individual, including any individual officer, director, shareholder or any other person). These materials were not prepared for or intended for use by any individual for personal, family or household purposes nor were they prepared to comply with the disclosure standards under state and federal securities laws or any other applicable laws and, to the extent the material may be considered by readers not as familiar with the business and affairs of the Company as the Board, none of the Company, Barclays, their respective affiliates or any of their respective legal or financial advisors or accountants takes any responsibility for the accuracy or completeness of any of the material if used by persons other than the Board. These materials are not intended to provide the sole basis for evaluation of the proposed corporate transaction and do not purport to contain all information that may be required and should not be considered a recommendation with respect to the proposed corporate transaction. Barclays has not made or obtained any evaluations or appraisals of the assets or liabilities of the Company or any other party to any corporate transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained herein do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Barclays' role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company, the Board or any individual officer, director, shareholder or any other person. Barclays, its subsidiaries and affiliates engage in a wide range of businesses from investment and commercial banking, lending, asset management and other financial and non-financial services. In the ordinary course of its business, Barclays and its affiliates may actively trade and effect transactions in the equity, debt and/or other securities (and any derivatives thereof) and financial instruments (including loans and other obligations) of the Company [and [the counterparty]] for its own account and for the accounts of its customers and, accordingly, may at any time hold long or short positions and investments in such securities and financial instruments or in other financial products and instruments. Unless otherwise expressly agreed or provided for in other applicable Barclays disclosures governing such corporate transactions or required by law or regulation, Barclays conducts these activities as principal and executes its principal transactions as an arm's length counterparty. Barclays does not act as a fiduciary in relation to these corporate transactions. These materials do not constitute investment advice nor do they form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer of financing or an offer or recommendation to enter into any corporate transaction described herein. Barclays Capital Inc. is the United States investment bank of Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Registered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. Neither Barclays Bank PLC, New York Branch nor Barclays Bank Delaware is responsible for the obligations of its affiliates. Copyright Barclays Bank PLC, 2025 (all rights reserved). 21

## Ex-99.(C)(4)

Exhibit (c)(4)

![](ny20049415x2_exc-4image01.jpg)

Project Virgil January 2025 Used: 1/31/2025

------

![](ny20049415x2_exc-4image02.jpg)

Restricted - External Proposed Agenda Process Update 4 Virgil Trading Performance 8

------

![](ny20049415x2_exc-4image03.jpg)

Process Update

------

![](ny20049415x2_exc-4image04.jpg)

Restricted - External Overview of process & dialogue 4 Preliminary conversations addressing inbound interest in H2f24 led to formal process held in January 2025 12 7 4 2 Inbound Interest and Introductory Dialogue (Q3/Q4f24) Still Active Highly Active in Post- NDA Diligence (Mid/Late January 2025) Signed NDAs and Invited to Formal Process (Mid-January 2025) . In the preceding months through Q4f24, the Company engaged with inbound interest from various potential acquirers by holding introductory conversations both in person and via videocall . The Company signed NDAs with seven parties that had communicated credible preliminary interest in a potential transaction . These seven received invites to a virtual data room on or around 1/18, and they were sent process letters asking for IOIs to be submitted by 1/28 . Four parties engaged in notably active post-NDA activity that included submitting diligence requests and holding calls and meetings covering financial and business strategy diligence including with the Companyfs CEO and CFO . Bain Capital submitted a non-binding IOI on 1/28 . TPG remains highly active in finalizing their initial diligence and potentially imminently submitting a non-binding IOI

------

![](ny20049415x2_exc-4image05.jpg)

Restricted - External Pass rationale summary Selected pass rationale among post-NDA parties who elected not to submit IOIs Five Parties Passed Post-NDA(a) Did not engage in process post invitation . Clearlake . GTCR . TA Associates Passed after diligence . Silver Lake . Thoma Bravo Slowing growth in recent years and in near-term outlook . Multi-year trend of slowing topline growth across revenue, volume, and customer counts mutes interest from parties seeking to invest into businesses with stronger current growth profile Inability to offer compelling purchase price premium to public market value . Initial conversations with some parties took place in 2024 when the share price was trading at ~$8 . By January when the Companyfs share price had appreciated to $10-11, some parties indicated they could not offer a compelling premium to current public market value Lack of visibility in various cited growth opportunities underlying the Companyfs LRP model . Desire to see material traction in identified growth vectors such as Payments Accelerator, new pay modes, and Spend Management in order to more fully underwrite the growth projected in the LRP Revenue mix . Some parties cited desire to see mix and growth opportunities more heavily weighted to software revenue versus the majority of the Companyfs existing revenue coming from payment monetization Seeking transformational component of investment thesis . One party noted desire for notionally gtransformationalh opportunity, such as major imminent M&A, to form the core of their investment thesis, versus just underwriting incremental product roadmap and go-to-market growth drivers Complexities and timing associated with regulatory approvals required to close . Necessity of securing MTL license transfers add transaction complexity and significant time between signing and closing, impacting potential buyer interest 5 (a) Among the twelve parties with which the Company engaged in preliminary dialogue, five did not proceed to NDA signing. These five were Summit Partners, Vista Equity, Blackstone, Constellation, and Francisco Partners.

------

![](ny20049415x2_exc-4image06.jpg)

Restricted - External Bain Capital non-binding IOI summary Received 1/28/25 Transaction . Acquisition of 100% of AvidXchange in all-cash transaction Purchase Price . Enterprise value: $1.9-2.1bn . Purchase price per share(a): $10.75 . 11.25 o Premium vs. Closing Share Price on 1/30/25: 1-6% o Premium vs. 180-day VWAP: 16-21% Valuation Multiples . 2024 EBITDA Multiple: 22-25x . 2025E EBITDA Multiple: 18-20x . 2024 EBITDA less Capitalized Software Spend Multiple: 28-31x(b) . 2025E EBITDA less Capitalized Software Spend Multiple: 22-25x Acquisition Funding(c) . Debt: $732mm (34% of sources of cash) o ~7x Q4f24 run-rate EBITDA . Equity: $1,405mm (66% of sources of cash) Remaining Due Diligence . (i) Market & competitive landscape, (ii) recent performance and 2025 budget, (iii) ePay strategy and new payment modes, (iv) supplier-level data analysis, (v) partner-level data analysis, (vi) client and partnerships review, (vii) go-to-market, (viii) cost and operations, (ix) technology platform, product roadmap, and R&D organization, (x) accounting, and (xi) legal Timing . 4-6 weeks from IOI acceptance to signing definitive documentation . Would not occur before the Companyfs earnings announcement in late February Advisors . Have engaged Kirkland & Ellis (legal counsel), AlixPartners (cost diligence), and EY-Parthenon (technical) for post-IOI work Closing Conditions . Final approval from Bainfs investment committee prior to signing definitive documentation, with no additional approvals required Expected Legal Terms . (i) No indemnity deal, (ii) a go-shop period and a reduced go-shop termination fee, (iii) a general company termination fee and sponsor reverse termination fee, (iv) expense reimbursement by the company in limited circumstances where the required shareholder vote is not obtained, (v) and customary financing provisions for a sponsor-backed LBO (a) Bain Capital assumed FDSO of 216.7mm (b) Bain Capital specifically cited an implied 2024 EBITDA less capitalized software development spend multiple of 31-33x, using a projected 2024E metric of $62mm, which was lower than the actual full year 2024 metric was $67mm (c) Funding of sources of cash assuming midpoint of purchase price range 6

------

![](ny20049415x2_exc-4image07.jpg)

Virgil Trading Performance

------

![](ny20049415x2_exc-4image08.jpg)

Restricted - External Virgil Share Price Over Time $5 $10 $15 $20 $25 $30 Oct-21 Apr-22 Nov-22 May-23 Dec-23 Jun-24 Jan-25 Source(s): FactSet. Market data as of 1/29/2025. 1. Displaying Broker consensus NTM revenue growth, NTM Gross Profit margins and NTM EBITDA margins. Share Price Since IPO $10.76 Post-Earnings Price Reaction IPO Price $25.00 First Day Close: $24.94 Nov 2024 3Q24 earnings; Strong bottom line growth; raised EBITDA guidance from $74mm to $78.5mm Nov 2021 3Q21 earnings; Beat revenue by 6% and EBITIDA by 55%; May 2022 1Q22 earnings; Raised CY23 revenue guidance from $299mm to $305mm Jan 2023 Named Dan Drees as President Jun 2023 Virgil Investor Day CY21 CY22 CY23 CY24 Q3 Q4 CY21 Q1 Q2 Q3 Q4 CY22 Q1 Q2 Q3 Q4 CY23 Q1 Q2 Q3 NTM Rev Growth(1) 24% 20% 20% 22% 21% 20% 16% 16% 16% 18% 19% 17% 17% 17% 13% 11% NTM Gross Margin(1) 61% 63% 63% 62% 64% 65% 66% 66% 67% 68% 70% 72% 72% 73% 73% 74% NTM EBITDA Margin(1) (17%) (13%) (13%) (10%) (7%) (3%) 1% 1% 2% 6% 10% 17% 17% 18% 19% 21% NTM Rule of 40 7% 7% 7% 12% 14% 17% 17% 17% 18% 24% 29% 34% 34% 35% 32% 32% Share Price Summary High Low Avg Since IPO $26.57 $6.14 $10.44 LTM $13.29 $7.44 $10.57 Market & Operating Summary (1/29/2025) 2024E 2025E 2026E Market Cap $2,399 EV / Revenue 4.8x 4.3x 3.8x (-) Cash ($386) EV / Gross Profit 6.5x 5.8x 5.0x (+) Debt $72 EV / EBITDA 26.2x 21.0x 15.9x Enterprise Value $2,086 Jul 2024 2Q24 earnings; Lowered CY24 revenue guidance from $445mm to $437.5mm Aug 2024 Announced first ever Share Repurchase Plan of up to $100mm 30% 1-day drop $12.72 $8.94 8

------

![](ny20049415x2_exc-4image09.jpg)

Restricted - External Virgil Relative Share Price Performance vs. Peers Source(s): FactSet. Market data as of 1/29/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL. Share Price Performance Since IPO 0% 50% 100% 150% Oct-21 Apr-22 Nov-22 May-23 Dec-23 Jun-24 Jan-25 Virgil Peers (57%) (1%) (1) Performance Since IPO 3-Yr 2-Yr 1-Yr YTD Virgil (57%) 19% (6%) (6%) 5% Peers (1%) 17% 10% 28% 5% 9

------

![](ny20049415x2_exc-4image10.jpg)

Restricted - External Virgil Q2 2024 Earnings Release on CY2024E Guidance Source(s): FactSet, Broker Research, Company filings. Revenue Adj. EBITDA $441.0 $442.0 $436.0 $444.4 $447.6 $447.0 $447.5 $448.0 $439.0 Q1 '24A May Roadshow Q2 '24A Interest from customer funds $45 $45 $49 $67 $71 $73 $52 $73 $77 $71 $75 $75 Q1 '24A May Roadshow Q2 '24A ($ in millions) ($ in millions) Consensus CY24E Guidance Over Time Ä to Midpoint 0% (0.5%) (2.2%) 32% 0% (3.8%) 10

------

![](ny20049415x2_exc-4image11.jpg)

Restricted - External Virgil Q4 2024 and CY2025E Consensus vs. Guidance Q4 2024A CY2025E Source(s): Company Filings, Virgil Management Estimates, Broker Research as of 1/29/2025. 1. Calculated by taking latest FY guidance from 3Q24 disclosure and subtracting reported nine month results for 2024 (Q1 – Q3 2024). 2. Based on discussions with management. (1) (2) Consensus (Midpoint) Illustrative Guidance(2) $ Delta % Delta Revenue (Low) $480.0 $453.0 ($27.0) (5.6%) Growth 9.4% 3.2% 620bps Revenue (Midpoint) $480.0 $456.5 ($23.5) (4.9%) Growth 9.4% 4.0% (540bps) Revenue (High) $480.0 $460.0 ($20.0) (4.2%) Growth 9.4% 4.8% (460bps) EBITDA (Low) $99.5 $87.0 ($12.5) (12.6%) Margin 20.7% 19.2% (150bps) EBITDA (Midpoint) $99.5 $89.5 ($10.0) (10.1%) Margin 20.7% 19.6% (110bps) EBITDA (High) $99.5 $92.0 ($7.5) (7.5%) Margin 20.7% 20.0% (70bps) Implied Q4(1) Consensus Actuals Ä to Implied Ä to Consensus Revenue $114.5 $114.9 $115.4 0.8% 0.4% Growth 10.0% 10.3% 10.9% 90bps 60bps EBITDA $20.1 $21.2 $26.3 30.8% 24.1% Margin 17.6% 18.5% 22.8% 520bps 430bps 11

------

![](ny20049415x2_exc-4image12.jpg)

Restricted - External (9.6%) (11.2%) (14.7%) (19.3%) (7.6%) (8.2%) (14.1%) (15.5%) 0.0%-(1.5%) (1.5%)-(3.0%) (3.0%)-(4.5%) (4.5%)-(6.0%) 128 123 193 223 85 88 168 192 0.0%-(1.5%) (1.5%)-(3.0%) (3.0%)-(4.5%) (4.5%)-(6.0%) (7.6%) (13.9%) (15.9%) (5.0%) (10.2%) (17.2%) 0.0%-(1.5%) (1.5%)-(3.0%) (3.0%)-(4.5%) 65 143 213 50 105 162 0.0%-(1.5%) (1.5%)-(3.0%) (3.0%)-(4.5%) Technology Universe Guidance Analysis Over The Last 3 Years(1) Sales Guidance Revision Source(s): Company Filings, FactSet. Market data as of 1/29/2025. 1. Analysis includes Technology stocks traded on a major exchange with market caps over $500mm and who have reported full year guidance on a quarterly cadence over the past 3 years. 2. Values shown for companies that have revised sales or EBITDA guidance lower for the full year and experienced a negative stock price reaction the following day. Excludes 27 instances when firms have not recovered after 650 days or below 10 days. EBITDA Guidance Revision Average 1-Day Share Price Reaction(2) Days to Recover(2) Average Median % Guidance Revision % Guidance Revision 12

------

![](ny20049415x2_exc-4image13.jpg)

Restricted - External - 10.0x 20.0x 30.0x Oct-21 Apr-22 Nov-22 May-23 Dec-23 Jun-24 Jan-25 Virgil Peers 2.0x 6.0x 10.0x 14.0x Oct-21 Apr-22 Nov-22 May-23 Dec-23 Jun-24 Jan-25 Multiples Compared to Peers Source(s): FactSet. Market data as of 1/29/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL. 2. Excludes multiples below 7x and above 28x over period. Median EV / NTM Revenue Over Time Median EV / NTM EBITDA Over Time(2) 6.3x 4.3x 16.2x (1) Average EV / NTM EBITDA 1 Year 2 Year 3 Year Peers 13.3x 12.3x 12.5x 0.0x Average EV / NTM Revenue 1 Year 2 Year 3 Year Virgil 4.0x 4.0x 4.0x Peers 5.1x 5.4x 5.8x 13

------

![](ny20049415x2_exc-4image14.jpg)

Restricted - External 0.0x 10.0x 20.0x 30.0x 40.0x 0% 5% 10% 15% 20% 25% 30% 35% Payments Companies Regression Analysis Source(s): FactSet. Market data as of 1/29/2025. Includes 63 companies in Payments space. Values above <0.0x and >85.0x are denoted as "NM" and excluded from the regression. EV/CY25E EBITDA vs CY25E Revenue Growth 21.0x 18.0x CY25E Revenue Growth EV/CY25E EBITDA Current Consensus 10% (Implied) Multiples Guidance (Low) Guidance (Mid) Guidance (High) 12.5x 11.6x 10.6x 3% 4% 5% 14

------

![](ny20049415x2_exc-4image15.jpg)

Restricted - External 2025 EBITDA Preliminary Illustrative Guidance(1) LRP Consensus Budget(1) High Mid Low +4.9% - (3.7%) (7.5%) (10.0%) (12.5%) (19.6%) $7 . 9 9 $104 $99 $96 $92 $90 $87 $80 21.0x $11.21 $10.76 $10.42 $10.07 $9.83 $9.60 $8.95 19.0x $10.31 $9.90 $9.59 $9.27 $9.06 $8.85 $8.25 17.0x $9.38 $9.02 $8.74 $8.45 $8.26 $8.07 $7.54 15.0x $8.46 $8.13 $7.88 $7.63 $7.46 $7.29 $6.82 13.0x $7.52 $7.24 $7.02 $6.80 $6.65 $6.51 $6.10 11.0x $6.58 $6.34 $6.16 $5.97 $5.85 $5.73 $5.38 EV / 2025 EBITDA Multiple 2025 Revenue Preliminary Illustrative Guidance(1) LRP Consensus Budget(1) High Mid Low +1.4% - (3.0%) (4.2%) (4.9%) (5.6%) (10.0%) $487 $480 $465 $460 $457 $453 $432 4.8x $11.96 $11.82 $11.51 $11.39 $11.32 $11.24 $10.79 4.3x $10.88 $10.76 $10.48 $10.38 $10.31 $10.24 $9.84 3.8x $9.81 $9.70 $9.45 $9.36 $9.30 $9.24 $8.88 3.3x $8.73 $8.63 $8.42 $8.34 $8.28 $8.23 $7.92 2.8x $7.64 $7.56 $7.37 $7.31 $7.26 $7.22 $6.95 2.3x $6.55 $6.48 $6.33 $6.27 $6.23 $6.20 $5.98 EV / 2025 Revenue Multiple Illustrative Virgil Share Price Sensitivity EV / 2025 EBITDA Multiple EV / 2025 Revenue Multiple Current Multiple Implied by Consensus Preliminary Share Price Sensitivity % Delta vs. Consensus: Source(s): Company Filings, Management Estimates, Broker Research as of 1/29/2025. 1. Based on discussions with management. 1/29 close 1/29 close Current Multiple Implied by Consensus 15

------

![](ny20049415x2_exc-4image16.jpg)

Restricted - External Disclaimer The following pages contain material that was provided to the Board of Directors (the "Board") of Virgil (the "Company") by Barclays Capital Inc. ("Barclays"). The accompanying material and any Barclays presentation related to the material was compiled or prepared on a confidential basis solely for consideration by the Board and no part of it may be reproduced, distributed or transmitted without the prior written consent of Barclays. The information contained in this material was obtained from the Company[, the counterparty] and/or publicly available sources, and Barclays has relied upon such information without independent verification thereof and does not assume any liability for any such information. These materials are being provided in connection with an actual corporate engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Barclays. Moreover, any information provided herein was not prepared for or intended for use by any individual for personal, family or household purposes. Any estimates, historical financial information, projections and other information contained herein have been prepared by management of the Company [and/or the counterparty, third party experts] or were obtained from publicly available sources (approved for Barclays' use by the Company) or are based upon such estimates and projections. With respect to such estimates and projections, Barclays has assumed that they have been reasonably prepared on a basis reflecting the best currently available estimates, projections and judgment of the management of the Company [and/or the counterparty, third party experts]. The projections contained herein may or may not be achieved and differences between projected results and those actually achieved may be material. No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The analysis contained herein is based on current market conditions which are subject to change and Barclays assumes no obligation to update or otherwise revise these materials. Nothing in these materials shall be deemed to constitute a recommendation or investment, legal, tax, financial, accounting or other advice. Because these materials were prepared for use in the context of a presentation to the Board, these materials are incomplete without reference to, and should be assessed solely in conjunction with, the oral briefing provided by Barclays to the Board (in their capacity as directors and not in any individual capacity and is not for the benefit of any individual, including any individual officer, director, shareholder or any other person). These materials were not prepared for or intended for use by any individual for personal, family or household purposes nor were they prepared to comply with the disclosure standards under state and federal securities laws or any other applicable laws and, to the extent the material may be considered by readers not as familiar with the business and affairs of the Company as the Board, none of the Company, Barclays, their respective affiliates or any of their respective legal or financial advisors or accountants takes any responsibility for the accuracy or completeness of any of the material if used by persons other than the Board. These materials are not intended to provide the sole basis for evaluation of the proposed corporate transaction and do not purport to contain all information that may be required and should not be considered a recommendation with respect to the proposed corporate transaction. Barclays has not made or obtained any evaluations or appraisals of the assets or liabilities of the Company or any other party to any corporate transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained herein do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Barclays' role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company, the Board or any individual officer, director, shareholder or any other person. Barclays, its subsidiaries and affiliates engage in a wide range of businesses from investment and commercial banking, lending, asset management and other financial and non-financial services. In the ordinary course of its business, Barclays and its affiliates may actively trade and effect transactions in the equity, debt and/or other securities (and any derivatives thereof) and financial instruments (including loans and other obligations) of the Company [and [the counterparty]] for its own account and for the accounts of its customers and, accordingly, may at any time hold long or short positions and investments in such securities and financial instruments or in other financial products and instruments. Unless otherwise expressly agreed or provided for in other applicable Barclays disclosures governing such corporate transactions or required by law or regulation, Barclays conducts these activities as principal and executes its principal transactions as an arm's length counterparty. Barclays does not act as a fiduciary in relation to these corporate transactions. These materials do not constitute investment advice nor do they form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer of financing or an offer or recommendation to enter into any corporate transaction described herein. Barclays Capital Inc. is the United States investment bank of Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Registered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. Neither Barclays Bank PLC, New York Branch nor Barclays Bank Delaware is responsible for the obligations of its affiliates. Copyright Barclays Bank PLC, 2025 (all rights reserved).

## Ex-99.(C)(5)

Exhibit (c)(5)

![](ny20049415x2_exc-5image01.jpg)

Project Virgil February 2025

------

![](ny20049415x2_exc-5image02.jpg)

Situation Update

------

![](ny20049415x2_exc-5image03.jpg)

Restricted - External Overview of process & dialogue 3 Preliminary conversations addressing inbound interest in H2f24 led to formal process held in January 2025 12 7 4 2 Inbound Interest and Introductory Dialogue (Q3/Q4f24) Submitted IOI Highly Active in Post- NDA Diligence (Mid/Late January 2025) Signed NDAs and Invited to Formal Process (Mid-January 2025) . In the preceding months through Q4f24, the Company engaged with inbound interest from various potential acquirers by holding introductory conversations both in person and via videocall . The Company signed NDAs with seven parties that had communicated credible preliminary interest in a potential transaction . These seven received invites to a virtual data room on or around 1/18, and they were sent process letters asking for IOIs to be submitted by 1/28 . Four parties engaged in notably active post-NDA activity that included submitting diligence requests and holding calls and meetings covering financial and business strategy diligence including with the Companyfs CEO and CFO . Bain Capital submitted a non-binding IOI on 1/28 . TPG submitted a non-binding IOI on 1/31

------

![](ny20049415x2_exc-5image04.jpg)

Restricted - External Pass rationale summary Selected pass rationale among post-NDA parties who elected not to submit IOIs Five Parties Passed Post-NDA(1) Did not engage in process post invitation . Clearlake . GTCR . TA Associates Passed after diligence . Silver Lake . Thoma Bravo Slowing growth in recent years and in near-term outlook . Multi-year trend of slowing topline growth across revenue, volume, and customer counts mutes interest from parties seeking to invest into businesses with stronger current growth profile Inability to offer compelling purchase price premium to public market value . Initial conversations with some parties took place in 2024 when the share price was trading at ~$8 . By January when the Companyfs share price had appreciated to $10-11, some parties indicated they could not offer a compelling premium to current public market value Lack of visibility in various cited growth opportunities underlying the Companyfs LRP model . Desire to see material traction in identified growth vectors such as Payments Accelerator, new pay modes, and Spend Management in order to more fully underwrite the growth projected in the LRP Revenue mix . Some parties cited desire to see mix and growth opportunities more heavily weighted to software revenue versus the majority of the Companyfs existing revenue coming from payment monetization Seeking transformational component of investment thesis . One party noted desire for notionally gtransformationalh opportunity, such as major imminent M&A, to form the core of their investment thesis, versus just underwriting incremental product roadmap and go-to-market growth drivers Complexities and timing associated with regulatory approvals required to close . Necessity of securing MTL license transfers add transaction complexity and significant time between signing and closing, impacting potential buyer interest 4 1. Among the twelve parties with which the Company engaged in preliminary dialogue, five did not proceed to NDA signing. These five were Summit Partners, Vista Equity, Blackstone, Constellation, and Francisco Partners.

------

![](ny20049415x2_exc-5image05.jpg)

Restricted - External Offer Price • $10.75 - $11.25 / Share(1) • $12.00 - $13.00 / Share(2) Premium % • 16% - 21% premium to Virgil's 180-day VWAP of $9.26 / share • 19% - 29% premium to Virgil's 30-day VWAP Enterprise Value Valuation Methodology • 31-33x implied multiple of FY2024 Adjusted EBITDA less Capitalized Software Expenses of $62mm • 28.5x implied EV / Adjusted 2024 EBITDA Multiple Sources & Structure of Financing • All-cash transaction funded by 66% of Equity and 34% of Debt • Bain Capital to form a new acquisition vehicle • All-cash transaction funded by 72% equity and 28% debt Diligence Requirements • Key Diligence Topics Include: - Growth strategy and competitive landscape - Recent performance and 2025 budget - Suppliers, buyers-suppliers and partners - Top clients and partnerships - Go-to-market and costs - Technologies and product roadmap - Accounting & legal • Key Diligence Topics Include: - Ability to maintain 10%+ Revenue growth in the near-term - 2024 quarterly performance and predicted momentum - Assessment of software & payments whitespace - Technology diligence - Historical ERP integration timeline - Review of key partnership contracts - Detailed product roadmap - Opportunities for operating efficiency - M&A deep-dive and go-forward strategy - Accounting, legal and tax diligence Time to Completion • Four to six weeks to execute confirmatory diligence and negotiate definitive transaction documentation • Does not expect to complete diligence by the company's next quarterly earnings. • Six weeks to execute confirmatory diligence and negotiate definitive transaction documentation Advisors • Legal Diligence: Kirkland & Ellis • Cost Diligence: AlixPartners • Technical Diligence: EY-Parthenon • Commercial Diligence: TBD • Accounting Diligence: TBD • Legal Diligence: Davis Polk • Technology Diligence: West Monroe • Commercial Diligence: Bain • Accounting & Tax diligence: Deloitte • AI Diligence: Saxecap Side-by-Side of Indicative Key Terms Source(s): Bidders' Proposals 1. Bain Capital's LOI assumes FDSO of 216.7mm and net debt as of 9/30/2024 of 385.2mm, representing enterprise value between $1.9bn - $2.1bn. 2. TPG's LOI assumes that 205,517,689 common shares outstanding, 7,396,102 options outstanding with a weighted average strike price of $9.02, and 10,171,108 RSUs and ESPP shares outstanding. Per IOI, TPG's offer is based on Company LRP shared in January 2025. The midpoint of Purchase Consideration represents enterprise value of ~2.4bn. Debt and Cash balances reflect 5 Company LRP as of 12/31/2024.

------

![](ny20049415x2_exc-5image06.jpg)

Preliminary Perspectives on Valuation

------

![](ny20049415x2_exc-5image07.jpg)

Barclays' Preliminary Discounted Cash Flow Analysis Financial Performance Sensitivity Key Assumptions Preliminary Share Price - 15.0x Terminal Multiple (1) 2024E - 2029E Revenue CAGR Delta vs. LRP (%)(1) • Assumes valuation date of 03/31/2025 0.0% • Preliminary figures based on Company LRP through 2029E • Assumes 14% WACC 0.0% (2.0%) (4.0%) (6.0%) (8.0%) (9.0%) Implied 2029E EBITDA Margin (%) • Assumes 15.0x Terminal LTM EV/EBITDA Multiple (4.0%) (4.8%) 15.0% 14.0% 13.0% 12.0% 11.2% 42.0% $16.72 $16.05 $15.40 $14.78 $14.18 $13.70 40.0% $15.90 $15.27 $14.66 $14.06 $13.49 $13.04 38.0% $15.09 $14.49 $13.91 $13.34 $12.80 $12.37 36.0% $14.28 $13.71 $13.16 $12.63 $12.11 $11.70 34.0% $13.47 $12.93 $12.41 $11.91 $11.42 $11.03 33.0% $13.06 $12.54 $12.04 $11.54 $11.07 $10.84 Extrapolated Consensus Implied 2029E EBITDA ($mm) (1)(1) 2024E - 2029E Revenue CAGR Delta vs. LRP (%)(1) 0.0% • Company LRP sensitized with annual revenue growth and EBITDA margin (1.0%) (2.0%) (3.0%) (4.0%) (4.8%) 0.0% (2.0%) (4.0%) (6.0%) (8.0%) (9.0%) Implied 2029E EBITDA Margin (%) 2026E - 2029E EBITDA Margin Delta (2) vs LRP (%)(2) 2024E to 2029E Implied Revenue CAGR (%) LRP 16.0% 15.0% 14.0% 13.0% 12.0% 11.2% 42.0% $387 $371 $355 $340 $325 $313 40.0% $369 $353 $338 $323 $309 $298 38.0% $350 $335 $321 $307 $294 $283 36.0% $332 $318 $304 $291 $278 $268 34.0% $313 $300 $287 $275 $263 $254 33.0% $305 $292 $279 $267 $255 Source(s): Historicals per Filings, CY25E to CY29E based on Company LRP. 1. Revenue growth sensitized from 2025E to 2029E. 2. EBITDA margin sensitized from 2025E to 2029E. 7 (3.0%) 16.0% • Assumes mid-year discounting except for terminal value which is discounted using end-of-period discounting methodology • Assumes other key financial metrics such as CapEx, Stock-based Compensation, Depreciation and Amortization, as well as others, to be consistent with Company LRP (2.0%) 2024E to 2029E Implied Revenue CAGR (%) LRP 2026E - 2029E EBITDA Margin Delta (2) vs LRP (%)(2) • Cash and equivalents, debt and fully diluted share count as of 3/31/2025 estimated by management (1.0%) Restricted - External $246 Extrapolated Consensus

------

![](ny20049415x2_exc-5image08.jpg)

Appendix

------

![](ny20049415x2_exc-5image09.jpg)

Process Overview Buyer Outreach 14 7 4 2 Introductory Conversations Held 9 Parties Engaged with Process Letter Restricted - External Engaged in Due Diligence Sessions IOI Received

------

![](ny20049415x2_exc-5image10.jpg)

Summary of Indications of Interest Offer Price Range Current Bids Current Price (01/31/25): $10.60 Legend Implied Enterprise Value $10.75 $2.08bn 13.0x Implied EV / CY2026E EBITDA $11.25 $2.20bn 13.7x $12.00 $2.37bn 14.7x 10 $13.00 $2.60bn 16.2x $10 $11 $12 $13 $14 CY25E EBITDA ($104mm) 18.3x 20.5x 22.7x 24.9x 27.1x CY26E EBITDA ($161mm) 11.9x 13.3x 14.7x 16.2x 17.6x CY25E Revenue ($487mm) 3.9x 4.4x 4.9x 5.3x 5.8x CY26E Revenue ($567mm) 3.4x 3.8x 4.2x 4.6x 5.0x Restricted - External

------

![](ny20049415x2_exc-5image11.jpg)

Summary of Offers and Implied Multiples at Various Prices Premiums Summary Value ($ in millions, except for per share data) Share Price ($) Multiples Bain Capital (Low) Bain Capital (Midpoint) Bain Capital (High) TPG (Low) TPG (Midpoint) TPG (High) $10.60 $10.75 $11.00 $11.25 $11.50 $12.00 $12.50 $13.00 $14.00 $15.00 $16.00 % Premium to Current - 1% 4% 6% 8% 13% 18% 23% 32% 42% 51% Fully Diluted Shares (mm) 222.9 223.0 223.0 223.1 223.2 223.3 223.5 223.7 224.1 224.4 224.7 Fully Diluted Equity Value $2,363 $2,397 $2,454 $2,510 $2,567 $2,680 $2,794 $2,909 $3,137 $3,366 $3,595 $72 $72 $72 $72 $72 $72 $72 $72 $72 $72 $72 (386) (386) (386) (386) (386) (386) (386) (386) (386) (386) (386) Net Debt ($314) ($314) ($314) ($314) ($314) ($314) ($314) ($314) ($314) ($314) ($314) Total Enterprise Value $2,049 $2,083 $2,140 $2,197 $2,253 $2,367 $2,481 $2,595 $2,824 $3,053 $3,281 1% 4% 6% 8% 13% 18% 23% 32% 42% 51% Plus: Gross Debt Less: Cash (1) (1) Premiums Analysis: Virgil Current Price (01/31/25) $10.60 30-Day Closing Average (01/31/25) $10.42 2% 3% 6% 8% 10% 15% 20% 25% 34% 44% 54% 90-Day Closing Average (01/31/25) $9.76 9% 10% 13% 15% 18% 23% 28% 33% 43% 54% 64% 52 Week High (02/29/24) $13.29 (20%) (19%) (17%) (15%) (13%) (10%) (6%) (2%) 5% 13% 20% 52 Week Low (09/17/24) $7.44 42% 44% 48% 51% 55% 61% 68% 75% 88% 102% 115% Analyst Price Target - Median (2) $11.00 (4%) (2%) 0% 2% 5% 9% 14% 18% 27% 36% 45% - LRP Metric: Multiples Analysis: 11 Virgil Current CY2024E Revenue $439 4.7x 4.7x 4.9x 5.0x 5.1x 5.4x 5.6x 5.9x 6.4x 6.9x 7.5x CY2025E Revenue $487 4.2x 4.3x 4.4x 4.5x 4.6x 4.9x 5.1x 5.3x 5.8x 6.3x 6.7x CY2026E Revenue $567 3.6x 3.7x 3.8x 3.9x 4.0x 4.2x 4.4x 4.6x 5.0x 5.4x 5.8x CY2024E EBITDA(3) $80 25.7x 26.1x 26.9x 27.6x 28.3x 29.7x 31.1x 32.6x 35.4x 38.3x 41.2x (3) CY2025E EBITDA $104 19.6x 20.0x 20.5x 21.1x 21.6x 22.7x 23.8x 24.9x 27.1x 29.3x 31.4x CY2026E EBITDA(3) $161 12.8x 13.0x 13.3x 13.7x 14.0x 14.7x 15.4x 16.2x 17.6x 19.0x 20.4x CY2024E EBITDA - Capex (Software & Technology) $62 33.2x 33.7x 34.6x 35.6x 36.5x 38.3x 40.2x 42.0x 45.7x 49.4x 53.1x CY2025E EBITDA - Capex (Software & Technology) $81 25.4x 25.8x 26.5x 27.2x 27.9x 29.3x 30.7x 32.1x 35.0x 37.8x 40.6x CY2026E EBITDA - Capex (Software & Technology) $113 18.1x 18.4x 18.9x 19.4x 19.9x 20.9x 21.9x 23.0x 25.0x 27.0x 29.0x Source(s): Based on Company LRP. 1. Debt and cash balance as of Q1 CY25 Company LRP. 2. FactSet consensus median. 3. Unburdened with Stock-based Compensation. Restricted - External

------

![](ny20049415x2_exc-5image12.jpg)

Virgil Share Price Over Time Share Price Since IPO Post-Earnings Price Reaction $30 Nov 2021 3Q21 earnings; Beat revenue by 6% and EBITIDA by 55%; IPO Price $25 $25.00 First Day Close: $24.94 High Low Avg Since IPO $26.57 $6.14 $10.45 LTM $13.29 $7.44 $10.58 Jan 2023 Named Dan Drees as President May 2022 1Q22 earnings; Raised CY23 revenue guidance from $299mm to $305mm $20 Market & Operating Summary (1/31/2025) Share Price Summary 2024E 2025E 2026E 4.7x 4.3x 3.8x Market Cap $2,363 EV / Revenue (-) Cash ($386) EV / Gross Profit 6.4x 5.7x 4.9x (+) Debt $72 EV / EBITDA 25.7x 20.6x 15.7x Enterprise Value $2,049 Jul 2024 2Q24 earnings; Lowered CY24 revenue guidance from $445mm to $437.5mm Jun 2023 Virgil Investor Day $15 Nov 2024 3Q24 earnings; Strong bottom line growth; raised EBITDA guidance from $74mm to $78.5mm Aug 2024 Announced first ever Share Repurchase Plan of up to $100mm $12.72 $10.60 $10 30% 1-day drop $8.94 $5 Oct-21 Apr-22 CY21 Nov-22 May-23 Dec-23 CY22 Jun-24 Jan-25 CY23 CY24 Q3 Q4 CY21 Q1 Q2 Q3 Q4 CY22 Q1 Q2 Q3 Q4 CY23 Q1 Q2 Q3 (1) NTM Rev Growth 24% 20% 20% 22% 21% 20% 16% 16% 16% 18% 19% 17% 17% 17% 13% 11% NTM Gross Margin(1) 61% 63% 63% 62% 64% 65% 66% 66% 67% 68% 70% 72% 72% 73% 73% 74% NTM EBITDA Margin (1) (17%) (13%) (13%) (10%) (7%) (3%) 1% 1% 2% 6% 10% 17% 17% 18% 19% 21% NTM Rule of 40 7% 7% 7% 12% 14% 17% 17% 17% 18% 24% 29% 34% 34% 35% 32% 32% Source(s): FactSet. Market data as of 1/31/2025. 1. Displaying Broker consensus NTM revenue growth, NTM Gross Profit margins and NTM EBITDA margins. 12 Restricted - External

------

![](ny20049415x2_exc-5image13.jpg)

Virgil Relative Share Price Performance vs. Peers Share Price Performance Since IPO Performance 150% Since IPO 3-Yr 2-Yr 1-Yr YTD Virgil (58%) 2% (5%) (3%) 3% Peers 0% 14% 14% 31% 6% 0% 100% 50% (58%) 0% Oct-21 Apr-22 Nov-22 Virgil May-23 Jun-24 Peers(1) Source(s): FactSet. Market data as of 1/31/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL. 13 Dec-23 Restricted - External Jan-25

------

![](ny20049415x2_exc-5image14.jpg)

Virgil Q2 2024 Earnings Release on CY2024E Guidance CY24E Guidance Over Time Revenue Adj. EBITDA ($ in millions) ($ in millions) ∆ to Midpoint 0% (0.5%) (2.2%) Interest from customer funds $45 $45 $49 32% 0% (3.8%) $75 $447.0 $447.5 $73 $71 $447.6 $77 $75 $448.0 $73 $71 $67 $444.4 $441.0 $442.0 $439.0 $52 $436.0 Q1 '24A May Roadshow Source(s): FactSet, Broker Research, Company filings. 14 Q2 '24A Q1 '24A Consensus Restricted - External May Roadshow Q2 '24A

------

![](ny20049415x2_exc-5image15.jpg)

Virgil Q4 2024 and CY2025E Consensus vs. Guidance Q4 2024A CY2025E (2) Implied Q4(1) Consensus Actuals Δ to Implied Δ to Consensus Revenue $114.5 $114.9 $115.4 0.8% 0.4% Revenue (Low) Growth 10.0% 10.3% 10.9% 90bps 60bps Growth (1) Consensus (Midpoint) Illustrative Guidance(2) $ Delta % Delta $480.0 $453.0 ($27.0) (5.6%) 9.4% 3.2% $480.0 $456.5 9.4% 4.0% $480.0 $460.0 Growth 9.4% 4.8% EBITDA (Low) $99.5 $87.0 Margin 20.7% 19.2% EBITDA (Midpoint) $99.5 $89.5 Margin 20.7% 19.6% EBITDA (High) $99.5 $92.0 Margin 20.7% 20.0% Revenue (Midpoint) EBITDA $20.1 $21.2 $26.3 30.8% 24.1% Growth Margin 17.6% 18.5% 22.8% 520bps 430bps Revenue (High) 620bps ($23.5) (540bps) ($20.0) Restricted - External (4.2%) (460bps) ($12.5) (12.6%) (150bps) ($10.0) (10.1%) (110bps) ($7.5) Source(s): Company Filings, Virgil Management Estimates, Broker Research as of 1/31/2025. 1. Calculated by taking latest FY guidance from 3Q24 disclosure and subtracting reported nine month results for 2024 (Q1 – Q3 2024). 2. Based on discussions with management. 15 (4.9%) (7.5%) (70bps)

------

![](ny20049415x2_exc-5image16.jpg)

Technology Universe Guidance Analysis Over The Last 3 Years(1) Average 1-Day Share Price Reaction(2) Days to Recover(2) Average % Guidance Revision 0.0%-(1.5%) (1.5%)-(3.0%) (3.0%)-(4.5%) (4.5%)-(6.0%) Median 0.0%-(1.5%) (1.5%)-(3.0%) (3.0%)-(4.5%) (4.5%)-(6.0%) 223 193 Sales Guidance Revision (9.6%) (7.6%) (8.2%) 128 (11.2%) (14.7%) (14.1%) 192 168 123 88 85 (15.5%) (19.3%) % Guidance Revision 0.0%-(1.5%) (1.5%)-(3.0%) (3.0%)-(4.5%) 0.0%-(1.5%) (1.5%)-(3.0%) 213 (5.0%) EBITDA Guidance Revision (7.6%) 162 (10.2%) (13.9%) 143 (15.9%) (17.2%) 65 105 50 Source(s): Company Filings, FactSet. Market data as of 1/31/2025. 1. Analysis includes Technology stocks traded on a major exchange with market caps over $500mm and who have reported full year guidance on a quarterly cadence over the past 3 years. 2. Values shown for companies that have revised sales or EBITDA guidance lower for the full year and experienced a negative stock price reaction the following day. Excludes 27 instances when firms have not recovered after 650 days or below 10 days. 16 (3.0%)-(4.5%) Restricted - External

------

![](ny20049415x2_exc-5image17.jpg)

Multiples Compared to Peers Median EV / NTM Revenue Over Time 14.0x Average EV / NTM Revenue 1 Year 2 Year 3 Year Virgil 4.0x 4.0x 4.0x Peers 5.1x 5.5x 4.0x 10.0x 6.4x 6.0x 4.3x 2.0x Oct-21 Apr-22 Nov-22 May-23 Dec-23 Jun-24 Jan-25 Median EV / NTM EBITDA Over Time(2) Average EV / NTM EBITDA 30.0x Peers 1 Year 2 Year 3 Year 13.4x 12.3x 12.5x 20.0x 15.4x 10.0x - 0.0x Oct-21 Apr-22 Nov-22 May-23 Virgil Dec-23 Peers Jun-24 (1) Source(s): FactSet. Market data as of 1/31/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL. 2. Excludes multiples below 7x and above 28x over period. 17 Restricted - External Jan-25

------

![](ny20049415x2_exc-5image18.jpg)

Payments Companies Regression Analysis EV/CY25E EBITDA vs CY25E Revenue Growth 40.0x (Implied) Multiples Current Consensus Guidance (Low) Guidance (Mid) 30.0x EV/CY25E EBITDA Guidance (High) 20.0x 20.6x 18.1x 12.5x 10.0x 11.5x 10.6x 3% 0.0x 0% 4% 5% 10% 5% 10% 15% 20% 25% CY25E Revenue Growth Source(s): FactSet. Market data as of 1/31/2025. Includes 63 companies in Payments space. Values above <0.0x and >85.0x are denoted as "NM" and excluded from the regression. 18 Restricted - External 30% 35%

------

![](ny20049415x2_exc-5image19.jpg)

Illustrative Virgil Share Price Sensitivity Preliminary Share Price Sensitivity EV / 2025 EBITDA Multiple EV / 2025 Revenue Multiple 2025 EBITDA Preliminary LRP Consensus Budget High Mid Low +4.9% - (3.7%) (7.5%) (10.0%) (12.5%) (19.6%) $7.99 $104 $99 $96 $92 $90 $87 $80 20.6x $11.04 $10.60 $10.26 $9.92 $9.69 $9.46 $8.82 $9.42 $9.10 $8.90 $8.69 $8.11 % Delta vs. Consensus: Current Multiple Implied by Consensus (1) Illustrative Guidance 1/31 close EV / 2025 EBITDA Multiple 18.6x $10.12 $9.72 16.6x $9.20 $8.84 $8.57 $8.29 $8.10 $7.92 $7.39 14.6x $8.27 $7.95 $7.71 $7.46 $7.30 $7.13 $6.67 12.6x $7.33 $7.06 $6.85 $6.63 $6.49 $6.35 10.6x $6.40 $6.16 $5.99 $5.81 $5.69 $5.57 Current Multiple Implied by Consensus EV / 2025 Revenue Multiple Preliminary 2025 Revenue (1) LRP Consensus Budget High Mid Low +1.4% - (3.0%) (4.2%) (4.9%) (5.6%) (10.0%) $10 . 14 $487 $480 $465 $460 $457 $453 $432 4.8x $11.80 $11.66 $11.35 $11.24 $11.16 $11.09 $10.65 4.3x $10.72 $10.60 $10.32 $10.22 $10.16 $10.09 $9.69 1/31 close 3.8x $9.65 $9.54 $9.29 $9.20 $9.15 $9.09 $8.74 3.3x $8.57 $8.47 $8.26 $8.18 $8.13 $8.08 $7.77 $5.95 2.8x $7.48 $7.40 $7.22 $7.15 $7.11 $7.06 $6.80 $5.24 2.3x $6.39 $6.32 $6.17 $6.12 $6.08 $6.04 $5.83 Source(s): Company Filings, Management Estimates, Broker Research as of 1/31/2025. 1. Based on discussions with management. 19 (1) Illustrative Guidance (1) Restricted - External

------

![](ny20049415x2_exc-5image20.jpg)

Summary of Broker Price Targets and Recommendations Share Price Targets % vs. Current: 13% 4% Buy / Hold / Sell 42% (15%) Price $12.00 Buy 12% $15.00 $10.60 Sell Price Target History 3-Yr Max avg. price target 47% $11.00 $9.00 $14.36 $12.00 $10.60 Hold Current Mean Median Max Min 41% Price Target and Valuation Methodology by Analyst Broker Wolfe Baird Wells Fargo BMO Goldman Sachs Keefe Bruyette KeyBanc BTIG UBS Barclays Morgan Stanley JP Morgan Piper Sandler Compass Point Deutsche Bank Susquehanna BofA Date of Latest Report Price Target Recommendation Primary Valuation Methodology Secondary Valuation Methodology 1/29/2025 1/16/2025 1/16/2025 1/15/2025 1/9/2025 1/5/2025 12/18/2024 12/11/2024 12/7/2024 11/15/2024 11/7/2024 11/7/2024 11/7/2024 11/7/2024 11/7/2024 11/7/2024 11/6/2024 $13.00 $14.00 $10.00 $11.00 $9.50 $11.00 $14.00 $14.00 $10.50 $13.00 $11.00 $10.00 $10.00 $15.00 $15.00 $14.00 $9.00 Buy Buy Hold Hold Sell Hold Buy Buy Hold Buy Hold Hold Hold Buy Buy Buy Sell 14.0x CY26 EV/EBITDA 4.5x CY26 EV/Revenue 4.5x CY26 EV/Gross Profit 4.0x CY26 EV/Gross Profit DCF - Source(s): FactSet, AlphaSense, Broker Research, Press release. Market data as of 1/31/2025. 20 Restricted - External 14.0x CY26 EV/EBITDA 20.0x CY26 EV/EBITDA 12.0x CY26 EV/EBITDA 4.4x CY25 EV/Revenue 20.0x CY26 EV/EBITDA 5.0x CY26 EV/Gross Profit 7.0x CY25 EV/Gross Profit 15.0x CY26 EV/EBITDA 4.0x EV/Gross Profit DCF 2.9x CY25 EV/Revenue 0.48x CY26 P/S/G 3.0x CY26 EV/Revenue

------

![](ny20049415x2_exc-5image21.jpg)

Disclaimer The following pages contain material that was provided to the Board of Directors (the "Board") of Virgil (the "Company") by Barclays Capital Inc. ("Barclays"). The accompanying material and any Barclays presentation related to the material was compiled or prepared on a confidential basis solely for consideration by the Board and no part of it may be reproduced, distributed or transmitted without the prior written consent of Barclays. The information contained in this material was obtained from the Company[, the counterparty] and/or publicly available sources, and Barclays has relied upon such information without independent verification thereof and does not assume any liability for any such information. These materials are being provided in connection with an actual corporate engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Barclays. Moreover, any information provided herein was not prepared for or intended for use by any individual for personal, family or household purposes. Any estimates, historical financial information, projections and other information contained herein have been prepared by management of the Company [and/or the counterparty, third party experts] or were obtained from publicly available sources (approved for Barclays' use by the Company) or are based upon such estimates and projections. With respect to such estimates and projections, Barclays has assumed that they have been reasonably prepared on a basis reflecting the best currently available estimates, projections and judgment of the management of the Company [and/or the counterparty, third party experts]. The projections contained herein may or may not be achieved and differences between projected results and those actually achieved may be material. No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The analysis contained herein is based on current market conditions which are subject to change and Barclays assumes no obligation to update or otherwise revise these materials. Nothing in these materials shall be deemed to constitute a recommendation or investment, legal, tax, financial, accounting or other advice. Because these materials were prepared for use in the context of a presentation to the Board, these materials are incomplete without reference to, and should be assessed solely in conjunction with, the oral briefing provided by Barclays to the Board (in their capacity as directors and not in any individual capacity and is not for the benefit of any individual, including any individual officer, director, shareholder or any other person). These materials were not prepared for or intended for use by any individual for personal, family or household purposes nor were they prepared to comply with the disclosure standards under state and federal securities laws or any other applicable laws and, to the extent the material may be considered by readers not as familiar with the business and affairs of the Company as the Board, none of the Company, Barclays, their respective affiliates or any of their respective legal or financial advisors or accountants takes any responsibility for the accuracy or completeness of any of the material if used by persons other than the Board. These materials are not intended to provide the sole basis for evaluation of the proposed corporate transaction and do not purport to contain all information that may be required and should not be considered a recommendation with respect to the proposed corporate transaction. Barclays has not made or obtained any evaluations or appraisals of the assets or liabilities of the Company or any other party to any corporate transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained herein do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Barclays' role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company, the Board or any individual officer, director, shareholder or any other person. Barclays, its subsidiaries and affiliates engage in a wide range of businesses from investment and commercial banking, lending, asset management and other financial and non-financial services. In the ordinary course of its business, Barclays and its affiliates may actively trade and effect transactions in the equity, debt and/or other securities (and any derivatives thereof) and financial instruments (including loans and other obligations) of the Company [and [the counterparty]] for its own account and for the accounts of its customers and, accordingly, may at any time hold long or short positions and investments in such securities and financial instruments or in other financial products and instruments. Unless otherwise expressly agreed or provided for in other applicable Barclays disclosures governing such corporate transactions or required by law or regulation, Barclays conducts these activities as principal and executes its principal transactions as an arm's length counterparty. Barclays does not act as a fiduciary in relation to these corporate transactions. These materials do not constitute investment advice nor do they form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer of financing or an offer or recommendation to enter into any corporate transaction described herein. Barclays Capital Inc. is the United States investment bank of Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Registered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. Neither Barclays Bank PLC, New York Branch nor Barclays Bank Delaware is responsible for the obligations of its affiliates. Copyright Barclays Bank PLC, 2025 (all rights reserved). Restricted - External

## Ex-99.(C)(6)

Exhibit (c)(6)

![](ny20049415x2_exc-6image01.jpg)

Used: 2/3/2025 Project Virgil: Preliminary Valuation Analysis February 2025

------

![](ny20049415x2_exc-6image02.jpg)

Proposed Agenda 1. Virgil Trading Performance 1 2. Preliminary Perspectives on Valuation 6 Appendix 15

------

![](ny20049415x2_exc-6image03.jpg)

Virgil Trading Performance

------

![](ny20049415x2_exc-6image04.jpg)

Virgil Share Price Over Time Share Price Since IPO Share Price Summary High Low Post-Earnings Price Reaction $30 Nov 2021 3Q21 earnings; Beat revenue by 6% and EBITIDA by 55%; IPO Price $25 $25.00 First Day Close: $24.94 $20 Avg Since IPO $26.57 $6.14 $10.45 LTM $13.29 $7.44 $10.58 Market Cap (-) Cash (+) Debt Enterprise Value Jan 2023 Named Dan Drees as President May 2022 1Q22 earnings; Raised CY23 revenue guidance from $299mm to $305mm Market & Operating Summary (1/31/2025) 2024E $2,363 EV / Revenue 4.7x ($386) EV / Gross Profit 6.4x $72 EV / EBITDA 25.7x $2,049 2025E 4.3x 5.7x 20.6x 2026E 3.8x 4.9x 15.7x Nov 2024 3Q24 earnings; Strong bottom line growth; raised EBITDA guidance from $74mm to $78.5mm Jul 2024 2Q24 earnings; Lowered CY24 revenue guidance from $445mm to $437.5mm Aug 2024 Announced first ever Share Repurchase Plan of up to $100mm Jun 2023 Virgil Investor Day $15 $12.72 $10.60 $10 30% 1-day drop $5 Oct-21 Apr-22 Nov-22 May-23 Dec-23 Q2 Q4 CY22 Q1 Q2 CY23 Q3 Q4 CY23 Jan-25 Q3 (1) NTM Rev Growth 24% 20% 20% 22% 21% 20% 16% 16% 16% 18% 19% 17% 17% 17% 13% 11% NTM Gross Margin(1) 61% 63% 63% 62% 64% 65% 66% 66% 67% 68% 70% 72% 72% 73% 73% 74% NTM EBITDA Margin(1) (17%) (13%) (13%) (10%) (7%) (3%) 1% 1% 2% 6% 10% 17% 17% 18% 19% 21% NTM Rule of 40 7% 7% 7% 12% 14% 17% 17% 17% 18% 24% 29% 34% 34% 35% 32% 32% Source(s): FactSet. Market data as of 1/31/2025. 1. Displaying Broker consensus NTM revenue growth, NTM Gross Profit margins and NTM EBITDA margins. 1 Jun-24 CY21 Q4 CY21 Q1 CY22 Q3 $8.94 Q1 CY24 Q2 Q3

------

![](ny20049415x2_exc-6image05.jpg)

Virgil Relative Share Price Performance vs. Peers Share Price Performance Since IPO Performance 150% Since IPO 3-Yr 2-Yr 1-Yr YTD Virgil (58%) 2% (5%) (3%) 3% Peers (0%) 14% 14% 31% 6% 0% 100% 50% (58%) 0% Oct-21 Apr-22 Nov-22 May-23 Virgil Source(s): FactSet. Market data as of 1/31/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL. 2 Dec-23 Jun-24 Peers (1) Jan-25

------

![](ny20049415x2_exc-6image06.jpg)

Virgil Q2 2024 Earnings Release on CY2024E Guidance CY24E Guidance Over Time Revenue Adj. EBITDA ($ in millions) ($ in millions) ∆ to Midpoint 0% (0.5%) (2.2%) Interest from customer funds $45 $45 $49 32% 0% $448.0 $447.0 $75 $447.5 $447.6 (3.8%) $75 $73 $71 $77 $73 $71 $444.4 $67 $442.0 $441.0 Q1 '24A May Roadshow $439.0 $436.0 $52 Q2 '24A Q1 '24A Consensus Source(s): FactSet, Broker Research, Company filings. 3 May Roadshow Q2 '24A

------

![](ny20049415x2_exc-6image07.jpg)

Multiples Compared to Peers Median EV / NTM Revenue Over Time 14.0x Virgil Peers Average EV / NTM Revenue 1 Year 2 Year 4.0x 4.0x 5.1x 5.5x 3 Year 4.0x 4.0x 10.0x 6.4x 6.0x 4.3x 2.0x Oct-21 Apr-22 Nov-22 May-23 Dec-23 Jun-24 Jan-25 Median EV / NTM EBITDA Over Time(2) 30.0x Peers Average EV / NTM EBITDA 1 Year 2 Year 13.4x 12.3x 3 Year 12.5x 20.0x 15.4x 10.0x 0.0x Oct-21 Apr-22 Nov-22 Virgil May-23 Dec-23 Peers(1) Source(s): FactSet. Market data as of 1/31/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL. 2. Excludes multiples below 7x and above 28x over period. 4 Jun-24 Jan-25

------

![](ny20049415x2_exc-6image08.jpg)

Summary of Broker Price Targets and Recommendations Share Price Targets % vs. Current: 13% 4% 42% Buy / Hold / Sell (15%) Price $12.00 Buy 47% Sell 12% $15.00 $10.60 Price Target History 3-Yr Max avg. price target $11.00 $9.00 $14.36 $12.00 $10.60 Hold 41% Current Mean Median Max Min Price Target and Valuation Methodology by Analyst Broker Wolfe Baird Wells Fargo BMO Goldman Sachs Keefe Bruyette KeyBanc BTIG UBS Barclays Morgan Stanley JP Morgan Piper Sandler Compass Point Deutsche Bank Susquehanna BofA Date of Latest Report Price Target Recommendation Primary Valuation Methodology Secondary Valuation Methodology 1/29/2025 1/16/2025 1/16/2025 1/15/2025 1/9/2025 1/5/2025 12/18/2024 12/11/2024 12/7/2024 11/15/2024 11/7/2024 11/7/2024 11/7/2024 11/7/2024 11/7/2024 11/7/2024 11/6/2024 $13.00 $14.00 $10.00 $11.00 $9.50 $11.00 $14.00 $14.00 $10.50 $13.00 $11.00 $10.00 $10.00 $15.00 $15.00 $14.00 $9.00 Buy Buy Hold Hold Sell Hold Buy Buy Hold Buy Hold Hold Hold Buy Buy Buy Sell 14.0x CY26 EV/EBITDA 4.5x CY26 EV/Revenue 14.0x CY26 EV/EBITDA 20.0x CY26 EV/EBITDA 12.0x CY26 EV/EBITDA 4.4x CY25 EV/Revenue 20.0x CY26 EV/EBITDA 5.0x CY26 EV/Gross Profit 7.0x CY25 EV/Gross Profit 15.0x CY26 EV/EBITDA 4.0x EV/Gross Profit DCF 2.9x CY25 EV/Revenue 0.48x CY26 P/S/G 3.0x CY26 EV/Revenue 4.5x CY26 EV/Gross Profit 4.0x CY26 EV/Gross Profit DCF - Source(s): FactSet, AlphaSense, Broker Research, Press release. Market data as of 1/31/2025. 5

------

![](ny20049415x2_exc-6image09.jpg)

Preliminary Perspectives on Valuation

------

![](ny20049415x2_exc-6image10.jpg)

Financial Summary – Company LRP (Dec 2024) Preliminary Financial Summary ($ in millions) 2021A 2022A 2023A 2024E 2025E 2026E 2027E 2028E 2029E Total Revenue $248 $316 $381 $439 $487 $567 $668 $788 $922 % Growth 34% 27% 20% 15% 11% 16% 18% 18% 17% Total COGS ($97) ($114) ($117) ($116) ($127) ($135) ($147) ($158) ($166) 6% 7% Total Non-GAAP Gross Profit $151 $203 $264 $323 $359 $432 $521 $630 $756 29% 19% GM % 61% 64% 69% 73% 74% 76% 78% 80% 82% 10% 13% 14% 8% 9% 4% 11% 9% NA 37% NA 52% (14%) 6% 102% (16%) S&M (60) (73) (73) (79) (85) (93) (106) (126) (147) % of Revenue 24% 23% 19% 18% 18% 16% 16% 16% 16% R&D (60) (75) (86) (90) (91) (96) (99) (114) (129) % of Revenue 24% 24% 23% 20% 19% 17% 15% 15% 14% G&A (57) (70) (75) (74) (79) (82) (86) (87) (92) % of Revenue 23% 22% 20% 17% 16% 14% 13% 11% 10% ($177) ($218) ($234) ($243) ($255) ($271) ($292) ($327) ($369) 71% 69% 61% 55% 52% 48% 44% 41% 40% Non-GAAP EBITDA (Unburdened w/ SBC) ($26) ($15) $30 $80 $104 $161 $229 $303 $387 EBITDA Margin % (11%) (5%) 8% 18% 21% 28% 34% 39% 42% Depreciation & Amortization (31) (33) (36) (36) (37) (36) (32) (31) (34) % of Revenue 12% 10% 9% 8% 8% 6% 5% 4% 4% Total OpEx % of Revenue Non-GAAP EBIT ($57) ($48) ($5) $44 $67 $125 $197 $272 $353 Op Margin % (23%) (15%) (1%) 10% 14% 22% 29% 35% 38% Total CapEx ($32) ($22) ($18) ($20) ($22) ($30) ($22) ($24) ($27) % of Revenue 13% 7% 5% 5% 4% 5% 3% 3% 3% Purchase of Equipment and Facilities (15) (4) (2) (2) (3) (12) (3) (3) (3) Purchase of Software & Technology (17) (18) (16) (18) (19) (18) (18) (21) (24) Change in NWC ($2) ($3) ($22) ($20) $4 ($2) ($8) ($17) ($8) % of Revenue (1%) (1%) (6%) (5%) 1% (0%) (1%) (2%) (1%) Stock-based Compensation $21 $32 $41 $47 $54 $45 $47 $62 $69 % Revenue 9% 10% 11% 11% 11% 8% 7% 8% 7% Memo: Source(s): Based on Company LRP. 6 '21A - '24E 21% '24E - '29E 16%

------

![](ny20049415x2_exc-6image11.jpg)

Comparison of Virgil Company LRP and Consensus Financial Projections: Company LRP vs. Current Consensus vs. Extrapolated Consensus Historical ($ in millions) Current Consensus Company LRP CAGR ('24E – '26E): 14% CAGR ('24E – '29E): 16% ~$465mm 2025E preliminary budget based on discussions with Management Revenue $248 $316 $381 CY'21A CY'22A CY'23A 27% % Growth: 20% $439 $487 15% 11% CY'29E 16% 17% $80 ($15) % Margin [Budget]: CAGR ('24E – '29E): 11% $745 $545 $438 CY'24E CY'25E CY'26E 15% 10% 13% $480 $545 CY'24E CY'25E CY'26E 15% 10% CY'29E 13% 11% CAGR ('24E – '26E): 42% CAGR ('24E – '29E): 37% CAGR ('24E – '26E): (5%) 28% CAGR ('24E – '26E): 28% CAGR ('24E – '29E): 25% $387 ~$96mm 2025E budget $104 $80 $99 $246 $131 $80 $99 $131 $30 CY'21A CY'22A CY'23A 8% CY'24E CY'25E CY'26E 18% 21% 28% CY'29E 42% 21% Source(s): Company Filings, Broker Research and Company LRP.1. Unburdened by SBC. 2. Highly preliminary and not used in formal valuation. 7 $480 $161 (11%) 11% 6% NonGAAP EBITDA(1) % Margin: CAGR ('24E – '26E): ~$465mm 2025E budget $438 ~$96mm 2025E preliminary budget based on discussions with Management ($26) 11% $922 $567 CY'24E CY'25E CY'26E % Growth [Budget]: CAGR ('24E – '26E): Extrapolated Consensus(2) CY'24E CY'25E CY'26E 18% 21% 24% CY'24E CY'25E CY'26E 18% 21% 24% CY'29E 33%

------

![](ny20049415x2_exc-6image12.jpg)

Preliminary Comparable Public Companies Operating and Valuation Metrics Through CY26 Price 1/31/2025 Equity Value Enterprise Value EV/Revenue CY24E CY25E CY26E EV/EBITDA CY24E CY25E CY26E Revenue Growth '24/'23 '25/'24 '26/'25 Gross Profit Margin EBITDA Margin CY25E CY25E CY26E Capex % Float of Rev Rev Mix CY25E CY25E Virgil (Company LRP) $10.60 $2,363 $2,049 4.7x 4.2x 3.6x 25.7x 19.6x 12.8x 15.4% 10.8% 16.5% 73.8% 21.4% 28.4% 4.5% 9.4% Virgil (Consensus) $10.60 $2,363 $2,049 4.7x 4.3x 3.8x 25.7x 20.6x 15.7x 15.1% 9.5% 13.4% 75.2% 20.7% 24.0% 4.6% 9.4% Virgil (Mgmt. Budget) $10.60 $2,363 $2,049 Adyen $1,632.09 $50,918 $41,817 20.3x 16.4x 13.1x 41.7x 31.2x 23.5x 22.2% 23.9% 24.6% NA 52.5% 55.9% 5.0% NA Corpay 380.49 27,397 33,901 8.2x 7.6x 6.9x 15.3x 14.0x 12.6x 6.7% 7.4% 10.0% 79.6% 54.4% 55.1% 4.8% 1.7% Shift4 119.85 12,150 13,281 9.1x 7.7x 6.5x 19.1x 15.4x 12.9x 28.8% 18.0% 19.0% 70.8% 50.0% 50.1% 10.8% NA Bill.com 96.77 10,620 10,069 7.3x 6.4x 5.4x 48.8x 42.4x 33.6x 17.4% 14.3% 17.8% 83.7% 15.1% 16.1% 1.9% 8.5% Wex 183.89 7,577 7,970 3.0x 2.9x 2.7x 6.9x 6.6x 6.0x 3.0% 3.3% 6.9% 61.3% 44.3% 45.7% 5.4% NA Blackline 63.85 4,245 4,333 6.6x 6.1x 5.5x 26.4x 23.6x 19.9x 10.5% 9.2% 10.3% 80.1% 25.7% 27.7% 4.0% NA Payoneer 10.60 4,221 3,701 3.9x 3.6x 3.2x 14.1x 14.5x 12.7x 15.3% 7.9% 11.8% 82.0% 24.6% 25.2% 2.1% 20.3% Paymentus 31.96 4,141 3,953 12.9x 10.9x 9.2x 43.8x 34.9x 27.8x 27.0% 18.5% 18.2% 80.8% 31.2% 33.2% 8.7% NA Flywire 19.33 2,589 1,908 4.0x 3.2x 2.6x 24.5x 16.8x 11.9x 26.2% 21.9% 23.6% 64.1% 19.3% 22.1% 1.9% NA Min 3.0x 2.9x 2.6x 14.1x 14.0x 11.9x 3.0% 3.3% 6.9% 61.3% 15.1% 16.1% 1.9% 1.7% Mean 8.4x 7.2x 6.1x 19.9x 16.9x 17.3x 17.5% 13.8% 15.8% 75.3% 35.2% 36.8% 5.0% 10.1% Median 7.3x 6.4x 5.5x 19.1x 15.4x 12.9x 17.4% 14.3% 17.8% 79.8% 31.2% 33.2% 4.8% 8.5% Max 20.3x 16.4x 13.1x 26.4x 23.6x 27.8x 28.8% 23.9% 24.6% 83.7% 54.4% 55.9% 10.8% 20.3% (1) 4.4x 21.4x (2) (2) (2) (2) (2) (2) (2) (2) 6.0% (2) (2) (2) (2) 20.6% Reference Valuation Metric Selected Range Implied Equity Value Implied Share Price 2025 Revenue (LRP) $487 4.0x - 7.0x $1,946 Implied EV - $3,406 $2,260 - $3,719 $10.14 - $16.54 2026 Revenue (LRP) 567 4.0x - 6.0x 2,267 - 3,400 2,580 - 3,714 $11.56 - $16.52 2025 EBITDA (LRP) 104 14.0x - 19.0x 1,461 - 1,983 1,774 - 2,296 $7.99 - $10.31 2026 EBITDA (LRP) 161 12.5x - 17.5x 2,008 - 2,812 2,322 - 3,125 $10.42 - $13.95 Source(s): FactSet. Market data as of 1/31/2025. 1. Adyen does not report gross profit values. 2. Excludes EV / EBITDA multiples greater than 30.0x and less than 7.0x. 8 R

------

![](ny20049415x2_exc-6image13.jpg)

Preliminary Selected Comparable Transactions Preliminary Comparable Transactions Announced Date Acquiror 01/07/2025 Enterprise Value Multiple Revenue EBITDA LTM NTM LTM NTM Target Enterprise Value NTM Rev. Growth Paychex Paycor $4,087 11% 34% 34% 5.9x 5.3x 17.5x 15.8x 21% 5% 09/18/2024 Bridgepoint / General Atlantic Esker $1,727 15% 17% 19% 8.2x 7.1x 47.9x 36.6x 30% 28% 05/08/2024 Corpay Paymerang $475 20% NA NA 9.6x 8.0x NA NA NA NA 10/23/2023 Vista Equity Partners EngageSmart $3,657 20% 18% 18% 10.6x 8.8x 57.6x 48.1x 23% 3% 12/12/2022 Thoma Bravo Coupa $8,148 17% 12% 10% 10.0x 8.5x NM NM 77% (60%) 09/28/2022 EQT Billtrust $1,467 35% (14%) (4%) 10.2x 7.5x NM NM 65% (13%) 08/08/2022 Vista Equity Partners Avalara $8,418 21% 6% 6% 10.7x 8.8x NM NM 27% (51%) 12/17/2021 Thoma Bravo Bottomline $2,605 11% 20% 20% 5.4x 4.9x 26.9x 23.7x 42% 5% 07/19/2021 Bill.com Invoice2go $625 24% NA NA 16.4x 13.3x NA NA NA NA 11/08/2018 Edenred Corporate Spending Innovations $600 21% 60% 60% 14.0x 11.5x 23.1x 19.4x NA NA Median 20% 18% 19% 10.1x 8.3x 26.9x 23.7x 30% 3% Mean 19% 19% 20% 10.1x 8.4x 34.6x 28.7x 41% (12%) Metric Selected Range EBITDA Margin LTM NTM Premiums 1-Day 52-Wk High Reference Valuation Implied Equity Value Implied Share Price 2024E Revenue $439 6.0x - 10.0x $2,636 - $4,393 $2,949 - $4,706 $13.18 - $20.86 2025E Revenue 487 4.0x - 8.0x 1,946 2,260 $10.14 - $18.67 Source(s): FactSet, company filings, Broker Research and other public information. Market data as of 1/31/2025. 9 Implied EV - 3,892 - 4,206

------

![](ny20049415x2_exc-6image14.jpg)

Preliminary Discounted Cash Flow Analysis Company LRP Preliminary Discounted Cash Flow Calendar Year Ended December 31 ($ in millions) Revenue % Growth Non-GAAP EBITDA (Unburdened w/ SBC) 2024E Q1 25E Q2-Q4 25E 2026E 2027E 2028E 2029E Terminal Year $439 $116 $370 $567 $668 $788 $922 $922 15% 10% 11% 16% 18% 18% 17% 17% $80 $21 $83 $161 $229 $303 $387 $387 % Margin 18% 18% 22% 28% 34% 39% 42% 42% Less: D&A (36) (10) (28) (36) (32) (31) (34) (27) Less: Stock-based Compensation (47) (11) (43) (45) (47) (62) (69) (69) Less: Non-Recurring Items (cash impact) (4) 0 (3) (3) (4) (4) (5) - ($7) $1 $10 $76 $146 $206 $280 $291 - - - - - - - (70) $221 Non-GAAP EBIT (Burdened w/ SBC) Less: Taxes(2) NOPAT (1) ($7) $1 $10 $76 $146 $206 $280 Plus: D&A 36 10 28 36 32 31 34 27 Less: Capital Expenditures (20) (6) (16) (30) (22) (24) (27) (27) Less: Change in NWC (20) (12) 16 (2) (8) (17) (8) (8) (5) (3) (17) (68) (27) (20) (19) (19) ($16) ($10) $20 $13 $123 $176 $259 $194 (4%) (9%) 6% 2% 18% 22% 28% 21% Less: Other Cash Items (3) Unlevered Free Cash Flow (uFCF) % Margin Implied EV Calculation Implied EV Calculation – Terminal LTM EBITDA Multiple $387 Terminal EBITDA Multiple 15.0x Terminal Value Terminal EV / LTM EBITDA Multiple $5,807 PV of unlevered FCF $379 11% PV of Terminal Value 3,066 89% Enterprise Value $3,445 100% WACC Terminal EBITDA Preliminary Implied Share Price Sensitivity Analysis 1671.6% 12.0x 13.0x 14.0x 15.0x 16.0x 17.0x 18.0x 13.0% $14.56 $15.49 $16.42 $17.35 $18.29 $19.22 $20.15 14.0% $14.04 $14.93 $15.82 $16.72 $17.61 $18.50 $19.40 15.0% $13.54 $14.40 $15.25 $16.11 $16.97 $17.82 $18.68 Preliminary Implied Perpetuity Growth Rate Sensitivity Analysis Terminal EV / LTM EBITDA Multiple 314 10.4% 12.0x 13.0x 14.0x 15.0x 16.0x 17.0x 18.0x Equity Value $3,759 13.0% 8.6% 8.9% 9.2% 9.5% 9.7% 9.9% 10.0% FDSO 224.9 14.0% 9.5% 9.9% 10.2% 10.4% 10.7% 10.9% 11.0% Implied Share Price $16.72 15.0% 10.5% 10.9% 11.2% 11.4% 11.6% 11.8% 12.0% WACC Less Net Debt Source(s): Based on Company LRP. Note: Debt and cash balance as of Q1 CY25 Company LRP. Valuation date as of 3/31/2025. Assumes mid-year discounting except for terminal value which is discounted using end-of-period discounting methodology. 1. Company reports non-GAAP operating income with unburdened stock based compensation. 2. Assumes no cash taxes in forecast period and 24% normalized tax rate in Terminal Year. 3. Other cash items includes cash impact of Provision For Doubtful Accounts and Supplier Advances. 10

------

![](ny20049415x2_exc-6image15.jpg)

Preliminary Discounted Cash Flow Analysis Financial Performance Sensitivity Key Assumptions Preliminary Share Price - 15.0x Terminal Multiple 2024E - 2029E Revenue CAGR Delta vs. LRP (%)(1) • Assumes valuation date of 03/31/2025 0.0% • Preliminary figures based on Company LRP through 2029E • Assumes 14% WACC 0.0% (2.0%) (4.0%) (6.0%) (8.0%) (9.0%) Implied 2029E EBITDA Margin (%) • Assumes 15.0x Terminal LTM EV/EBITDA Multiple (4.0%) (4.8%) 16.0% 15.0% 14.0% 13.0% 12.0% 11.2% 42.0% $16.72 $16.05 $15.40 $14.78 $14.18 $13.70 40.0% $15.90 $15.27 $14.66 $14.06 $13.49 $13.04 38.0% $15.09 $14.49 $13.91 $13.34 $12.80 $12.37 36.0% $14.28 $13.71 $13.16 $12.63 $12.11 $11.70 34.0% $13.47 $12.93 $12.41 $11.91 $11.42 $11.03 33.0% $13.06 $12.54 $12.04 $11.54 $11.07 $10.84 Extrapolated Consensus Implied 2029E EBITDA ($mm) 2024E - 2029E Revenue CAGR Delta vs. LRP (%)(1) 0.0% • Company LRP sensitized with annual revenue growth and EBITDA margin (1.0%) (2.0%) (3.0%) (4.0%) (4.8%) 0.0% (2.0%) (4.0%) (6.0%) (8.0%) (9.0%) Implied 2029E EBITDA Margin (%) 2026E - 2029E EBITDA Margin Delta vs LRP (%)(2) 2024E to 2029E Implied Revenue CAGR (%) Source(s): Historicals per Filings, CY25E to CY29E based on Company LRP. 1. Revenue growth sensitized from 2025E to 2029E. 2. EBITDA margin sensitized from 2025E to 2029E. 11 (3.0%) LRP • Assumes mid-year discounting except for terminal value which is discounted using end-of-period discounting methodology • Assumes other key financial metrics such as CapEx, Stock-based Compensation, Depreciation and Amortization, as well as others, to be consistent with Company LRP (2.0%) 2024E to 2029E Implied Revenue CAGR (%) 2026E - 2029E EBITDA Margin Delta vs LRP (%)(2) • Cash and equivalents, debt and fully diluted share count as of 3/31/2025 estimated by management (1.0%) LRP 16.0% 15.0% 14.0% 13.0% 12.0% 11.2% 42.0% $387 $371 $355 $340 $325 $313 40.0% $369 $353 $338 $323 $309 $298 38.0% $350 $335 $321 $307 $294 $283 36.0% $332 $318 $304 $291 $278 $268 34.0% $313 $300 $287 $275 $263 $254 33.0% $305 $292 $279 $267 $255 $246 Extrapolated Consensus

------

![](ny20049415x2_exc-6image16.jpg)

Preliminary Leveraged Buyout Return Analysis Company LRP Key Assumptions Preliminary Sources & Uses ($ in millions) • Assumes valuation date of 03/31/2025 • Based on Company LRP through 2029E • Acquisition for $13.49 / share, a ~27% premium to the current share price • • 32.5x implied Q1 2025E LTM Adj. EBITDA Multiple on $83mm EBITDA, assuming target Sponsor return of 22.5% Preliminary financing with: • • Sources 7.5x Q1 2025E LTM Adj. EBITDA (based on LRP), consisting of 1 st Lien Term Loan of $460mm (S+325, 99.0) and 2nd Lien Term Loan of $165 mm (S+525, 99.0) • Balance sheet cash and equivalents of $236mm • $2,313mm of new equity $1st Lien $460 14.5% 2nd Lien 165 5.2% Excess Cash on B/S Sponsor Equity 236 2,313 7.4% 72.9% Total Sources: $3,174 100.0% Uses $% Purchase Common Equity & Options $2,806 88.4% RSUs / PSUs / Others 215 6.8% Repay Existing Debt 72 2.3% 80 2.5% $3,174 100.0% Illustrative Total Fees Assumes minimum cash of $50mm, interest on cash equal to 1.0% 3/31/25 1st Lien 2nd Lien Target IRR PF Adj. $386 ($236) $150 $72 - (72) 460 165 460 165 Total Debt $72 $625 Net Debt (314) 475 Key Stats: Q1 2025E LTM Revenue Q1 2025E LTM EBITDA $450 $83 $450 $83 Total Debt / EBITDA Net Debt / EBITDA 0.9x (3.8x) 7.5x 5.7x 20.0% 21.3% 22.5% 23.8% 25.0% 12.0x $12.35 $11.94 $11.55 $11.18 $10.83 13.5x $13.42 $12.96 $12.52 $12.11 $11.72 15.0x $14.49 $13.97 $13.49 $13.04 $12.61 16.5x $15.55 $14.99 $14.46 $13.96 $13.49 18.0x $16.62 $16.01 $15.43 $14.88 $14.36 $13.5 EBITDA Exit Multiple (2) Existing Debt(2) Preliminary Ability to Pay 3/31/25 SQ (1) Total Cash(1) (3) Total Uses: Preliminary Pro Forma Cap Table ($ in millions) % Source(s): Historicals per Filings. CY25E to CY29E based on Company LRP. 1. Cash and equivalents as of Q1 CY25 Company LRP. 2. Debt as of Q1 CY25 Company LRP. 3. Illustrative Total Fees include $60mm in Transaction Fees and $20mm in Financing Fees. 12

------

![](ny20049415x2_exc-6image17.jpg)

Premiums Paid for Precedent Technology Transactions Mean Premiums to 1-Day Unaffected Price Since 2020 45% 42% 42% Mean: 40% 35% 2020 31% 2021 2022 2023 Premiums to 1-Day Unaffected Stock Price 2024 Premiums to 30-Day Unaffected VWAP 54% 52% 42% 43% 40% 29% 27% First Quartile 40% Median Mean Third Quartile First Quartile Median Mean Third Quartile Source(s): FactSet, Company Filings. Transaction parameters include all US-based Technology targets with Enterprise Value between $1.0-4.0bn taken private in all-cash transactions since 2020. Specific technology verticals include Electronic Technology, Technology Services, Information Technology Services and others. 13

------

![](ny20049415x2_exc-6image18.jpg)

Preliminary Virgil Valuation Summary Price Per Share Current Price (01/31/25): $10.60 Comparable Companies Comparable Companies Preliminary Comparable Companies(1): $10.14 EV / CY2025E Revenue Valuation Methodology Notes $11.56 EV / CY2026E Revenue $7.99 EV / CY2025E EBITDA $16.52 $10.31 $10.42 EV / CY2026E EBITDA ● $16.54 $13.95 Precedent Transactions Precedent Transactions Preliminary Precedent Transactions: $13.18 EV / CY2024E Revenue ● 6.0x – 10.0x 2024 Company LRP Revenue of $439mm ● 4.0x – 8.0x 2025 Company LRP Revenue of $487mm $20.86 $10.14 EV / CY2025E Revenue $18.67 Preliminary DCF Analysis: DCF (Terminal Multiple) Preliminary 5-Year DCF $13.54 Company LRP $8.81 Extrapolated Consensus ● 13.0% - 15.0% WACC ● 12.0x - 18.0x Terminal EV / LTM EBITDA Multiple $20.15 $13.03 Preliminary DCF Analysis – Extrapolated Consensus: ● Extrapolated Consensus aligns with Broker Consensus Estimates for 2024E - 2026E, then assumes Revenue CAGR of 11% from 2026E – 2029E and annual EBITDA Margin expansion of 3% for 2026E – 2029E LBO Preliminary 5-Year LBO $10.83 Company LRP $16.62 $11.55 Company LRP PF Acquisitions Reference Only 4.0x – 7.0x Company LRP 2025 Revenue of $487mm 4.0x – 6.0x Company LRP 2026 Revenue of $567mm 14.0x – 19.0x Company LRP 2025 EBITDA of $104mm 12.5x – 17.5x Company LRP 2026 EBITDA of $161mm $7.65 Extrapolated Consensus Analyst Price Analyst PriceTargets Targets ● 13.0% - 15.0% WACC ● 12.0x - 18.0x Terminal EV / LTM EBITDA Multiple $18.33 Preliminary 5-Year LBO Analysis: $11.24 $9.00 ● Company LRP Pro Forma Acquisitions assumes two acquisitions in 2026E and 2028E, each with $20mm EBITDA for $240mm (12.0x EV / EBITDA multiple) ● Extrapolated Consensus aligns with Broker Consensus Estimates for 2024E - 2026E, then assumes Revenue CAGR of 11% from 2026E – 2029E and annual EBITDA Margin expansion of 3% for 2026E – 2029E ● 12.0x – 18.0x EBITDA Exit Multiple ● 20% - 25% Target IRR ● 7.5x (LTM EBITDA) leverage representing $625 - $630mm of debt $15.00 Recent Trading Recent Trading $7.44 52-Week Trading Range $13.29 Premiums Premiums $13.25 1-Day Unaffected $5 $10 Premiums: $16.43 $15 $20 $25 ● 1–Day premium of 25% – 55% for US-based Technology take-private transactions since 2020(2) : Individual Analyst Price Targets Source(s): Company Filings, Factset, Bloomberg and Broker Research. Market data as of 01/31/2025. Note: Calculation based on shares, options, RSUs as of 03/31/2025 based on management estimates. 1. Based on current trading of comparable companies including Adyen, Bill.com, Blackline, Corpay, Flywire, Paymentus, Payoneer, Shift4 and Wex. 2. Based on US-based Technology targets with Enterprise Value between $1.0-4.0bn taken private in all-cash transactions since 2020. 14

------

![](ny20049415x2_exc-6image19.jpg)

Appendix

------

![](ny20049415x2_exc-6image20.jpg)

Preliminary Discounted Cash Flow Analysis Extrapolated Consensus Preliminary Discounted Cash Flow Calendar Year Ended December 31 ($ in millions) Revenue % Growth Non-GAAP EBITDA (Unburdened w/ SBC) 2024E Q1 25E Q2-Q4 25E 2026E 2027E 2028E 2029E Terminal Year $438 $116 $364 $545 $605 $671 $745 $745 15% 10% 10% 13% 11% 11% 11% 11% $80 $22 $77 $131 $163 $202 $246 $246 % Margin 18% 19% 21% 24% 27% 30% 33% 33% Less: D&A (36) (10) (28) (36) (32) (31) (34) (27) Less: Stock-based Compensation (47) (11) (43) (45) (47) (62) (69) (69) Less: Non-Recurring Items (cash impact) (4) 0 (3) (3) (4) (4) (5) - ($7) $1 $4 $47 $81 $104 $139 $150 - - - - - - - (36) $114 Non-GAAP EBIT (Burdened w/ SBC) Less: Taxes(2) NOPAT (1) ($7) $1 $4 $47 $81 $104 $139 Plus: D&A 36 10 28 36 32 31 34 27 Less: Capital Expenditures (20) (6) (16) (30) (22) (24) (27) (27) Less: Change in NWC (20) (12) 16 (2) (8) (17) (8) (8) Less: Other Cash Items(3) (5) (3) (17) (68) (27) (20) (19) (19) ($16) ($10) $15 ($17) $57 $74 $118 $86 (4%) (8%) 4% (3%) 9% 11% 16% 12% Unlevered Free Cash Flow (uFCF) % Margin Implied EV Calculation Implied EV Calculation – Terminal LTM EBITDA Multiple $246 Terminal EBITDA Multiple 15.0x Terminal Value Terminal EV / LTM EBITDA Multiple $3,691 PV of unlevered FCF $156 7% PV of Terminal Value 1,948 93% Enterprise Value $2,104 100% WACC Terminal EBITDA Preliminary Implied Share Price Sensitivity Analysis 1084.3% 12.0x 13.0x 14.0x 15.0x 16.0x 17.0x 18.0x 13.0% $9.44 $10.04 $10.64 $11.24 $11.84 $12.44 $13.03 14.0% $9.12 $9.70 $10.27 $10.84 $11.42 $11.99 $12.56 15.0% $8.81 $9.36 $9.91 $10.46 $11.01 $11.56 $12.11 Preliminary Implied Perpetuity Growth Rate Sensitivity Analysis Terminal EV / LTM EBITDA Multiple 314 11.5% 12.0x 13.0x 14.0x 15.0x 16.0x 17.0x 18.0x Equity Value $2,418 13.0% 9.9% 10.1% 10.3% 10.5% 10.7% 10.8% 10.9% FDSO 223.0 14.0% 10.9% 11.1% 11.3% 11.5% 11.7% 11.8% 11.9% Implied Share Price $10.84 15.0% 11.9% 12.1% 12.3% 12.5% 12.6% 12.8% 12.9% WACC Less Net Debt Source(s): Based on Consensus Estimates and highly preliminary extrapolation and Company LRP. Debt and cash balance as of Q1 CY25 Company LRP. Valuation date as of 3/31/2025. Assumes mid-year discounting except for terminal value which is discounted using end-of-period discounting methodology. 1. Company reports non-GAAP operating income with unburdened stock based compensation. 2. Assumes no cash taxes in forecast period and 25% normalized tax rate in Terminal Year. 3. Other cash items includes cash impact of Provision For Doubtful Accounts and Supplier Advances. 15

------

![](ny20049415x2_exc-6image21.jpg)

Preliminary Leveraged Buyout Paydown Company LRP Preliminary 5-Year Paydown Summary Fiscal Year ($ in millions) 2024E Q1 25E Q2-Q4 25E 2026E 2027E 2028E '24E-'29E CAGR 2029E Revenue % Growth $439 15% $116 10% $370 11% $567 16% $668 18% $788 18% $922 17% 16.0% PF Non-GAAP EBITDA (Unburdened w/ SBC)(1) % Margin $80 18% $21 18% $87 24% $167 29% $235 35% $309 39% $393 43% 37.6% Less: CapEx Less: Change in NWC Less: Stock-based Compensation Expenses (16) 16 (43) (30) (2) (45) (22) (8) (47) (24) (17) (62) (27) (8) (69) Less: Net Cash Interest Expense (36) (45) (40) (31) (15) Less: Other Cash Items(2) (17) (68) (27) (20) (19) Less: Cash Taxes (3) Levered Free Cash Flow(4) - - - - - ($8) ($24) $92 $155 $254 1st Lien 460 457 392 300 145 - 2nd Lien Revolver 165 - 165 - 165 - 165 - 165 - 55 - Total Debt $625 $622 $557 $465 $310 $55 Cash Balance $150 $138 $50 $50 $50 $50 Total Debt / LTM EBITDA 7.5x 5.7x 3.3x 2.0x 1.0x 0.1x Net Debt / LTM EBITDA 5.7x 4.4x 3.0x 1.8x 0.8x 0.0x 1st Lien / LTM EBITDA 5.5x 4.2x 2.4x 1.3x 0.5x 0.0x 2nd Lien / LTM EBITDA 2.0x 1.5x 1.0x 0.7x 0.5x 0.1x LTM EBITDA / Interest Expense 2.3x 3.7x 5.8x 9.9x 25.9x % of Total Debt Repaid % of Cumulative Free Cash Flow / Net Debt 1% (2%) 11% (7%) 26% 13% 50% 45% 91% 99% Leverage Statistics Source(s): Historicals per Company Filings. CY25E to CY29E based on Company LRP. 1. Excludes management estimated public company costs. 2. Other cash items includes cash impact of Provision For Doubtful Accounts and Supplier Advances. 3. Assumes no cash taxes in forecast period. 4. Levered cash flow does not include non-operating item related to stock donation. 16

------

![](ny20049415x2_exc-6image22.jpg)

Preliminary Leveraged Buyout Return Analysis Company LRP Pro Forma Acquisitions Key Assumptions • • • • • • Preliminary Sources & Uses Assumes valuation date of 03/31/2025 Based on Company LRP through 2029E Acquisition for $14.66 / share, a ~38% premium to the current share price • 35.7x implied Q1 2025E LTM Adj. EBITDA Multiple on $83mm EBITDA, assuming target Sponsor return of 22.5% Preliminary financing with: • 7.5x Q1 2025E LTM Adj. EBITDA (based on LRP), consisting of 1 st Lien Term Loan of $460mm (S+325, 99.0) and 2nd Lien Term Loan of $165 mm (S+525, 99.0) • Balance sheet cash and equivalents of $236mm • $2,597mm of new equity Assumes minimum cash of $50mm, interest on cash equal to 1.0% Assumes Acquisition #1 in 2026E for $240mm (12.0x on $20mm EBITDA) and Acquisition #2 in 2028E for $240mm (12.0x on $20mm EBITDA) • Assumes synergies of $3mm in the year following the acquisition and $5mm thereafter • Assumes EBITDA Margin expansion of 5% per annum • Assumes acquisitions financed with incremental debt ($ in millions) Sources $1st Lien $460 13.4% 2nd Lien 165 4.8% Excess Cash on B/S Sponsor Equity 236 2,579 6.9% 75.0% Total Sources: $3,440 100.0% Uses $% Purchase Common Equity & Options $3,054 88.8% RSUs / PSUs / Others 233 6.8% Repay Existing Debt 72 2.1% 80 2.3% $3,440 100.0% Illustrative Total Fees 3/31/25 1st Lien 2nd Lien Target IRR PF Adj. $386 ($236) $150 $72 - (72) 460 165 460 165 Total Debt $72 $625 Net Debt (314) 475 Key Stats: Q1 2025E LTM Revenue Q1 2025E LTM EBITDA $450 $83 $450 $83 Total Debt / EBITDA Net Debt / EBITDA 0.9x (3.8x) 7.5x 5.7x 20.0% 21.3% 22.5% 23.8% 25.0% 12.0x $13.21 $12.76 $12.34 $11.93 $11.55 13.5x $14.49 $13.98 $13.50 $13.04 $12.61 15.0x $15.77 $15.20 $14.66 $14.15 $13.66 16.5x $17.05 $16.42 $15.82 $15.25 $14.72 18.0x $18.33 $17.63 $16.98 $16.36 $15.77 $14.7 EBITDA Exit Multiple (2) Existing Debt(2) Preliminary Ability to Pay 3/31/25 SQ (1) Total Cash(1) (3) Total Uses: Preliminary Pro Forma Cap Table ($ in millions) % Source(s): Historicals per Filings. CY25E to CY29E based on Company LRP. 1. Cash and equivalents as of Q1 CY25 Company LRP. 2. Debt as of Q1 CY25 Company LRP. 3. Illustrative Total Fees include $60mm in Transaction Fees and $20mm in Financing Fees. 17

------

![](ny20049415x2_exc-6image23.jpg)

Preliminary Leveraged Buyout Paydown Company LRP Pro Forma Acquisitions Preliminary 5-Year Paydown Summary Fiscal Year ($ in millions) 2024E Revenue % Growth PF Non-GAAP EBITDA (Unburdened w/ SBC) % Margin (1) Q1 25E '24E-'29E CAGR 2029E 2028E 2027E 2026E Q2-Q4 25E $439 15% $116 10% $370 11% $647 33% $756 17% $965 28% $1,116 16% 20.5% $80 18% $21 18% $87 24% $187 29% $264 35% $368 38% $470 42% 42.6% (16) (34) (24) (32) (33) Less: CapEx Less: Change in NWC 16 (2) (9) (19) (10) Less: Stock-based Compensation Expenses (43) (51) (53) (76) (83) Less: Net Cash Interest Expense (36) (54) (59) (59) (53) (17) - (68) 240 (27) - (20) 240 (19) - - (240) - - (240) - - ($8) ($24) $93 $162 $271 (2) Less: Other Cash Items (3) Plus: Incremental Borrowings Less: Acquisition (4) Less: Cash Taxes Levered Free Cash Flow (5) 1st Lien 2nd Lien Revolver Total Debt 460 165 $625 457 165 $622 567 230 $797 474 230 $704 487 295 $782 216 295 $511 Cash Balance $150 $138 $50 $50 $50 $50 7.5x 5.7x 5.5x 2.0x 5.7x 4.4x 4.2x 1.5x 2.3x 4.3x 4.0x 3.0x 1.2x 3.4x 2.7x 2.5x 1.8x 0.9x 4.5x 2.1x 2.0x 1.3x 0.8x 6.2x 1.1x 1.0x 0.5x 0.6x 8.8x 1% (2%) 8% (5%) 19% 8% 29% 23% 54% 52% Leverage Statistics Total Debt / LTM EBITDA Net Debt / LTM EBITDA 1st Lien / LTM EBITDA 2nd Lien / LTM EBITDA LTM EBITDA / Interest Expense % of Total Debt Repaid % of Cumulative Free Cash Flow / Net Debt Source(s): Historicals per Company Filings. CY25E to CY29E based on Company LRP and pro forma acquisitions. 1. Excludes management estimated public company costs. 2. Other cash items includes cash impact of Provision For Doubtful Accounts and Supplier Advances. 3. Incremental borrowings consists of 73% of 1st lien and 27% of 2nd lien, consistent with the initial re-levered debt split at the transaction date 4. Assumes no cash taxes in forecast period. 5. Levered cash flow does not include non-operating item related to stock donation. 18

------

![](ny20049415x2_exc-6image24.jpg)

Preliminary Leveraged Buyout Return Analysis Extrapolated Consensus Key Assumptions Preliminary Sources & Uses ($ in millions) • Assumes valuation date of 03/31/2025 • Based on Consensus Estimates between 2024E and 2026E and extrapolation through 2029E • Acquisition for $9.30/ share, a ~12% discount to the current share price • • Preliminary financing with: • • 20.9x implied Q1 2025E LTM Adj. EBITDA Multiple on $84mm EBITDA, assuming target Sponsor return of 22.5% 7.5x Q1 2025E LTM Adj. EBITDA, consisting of 1st Lien Term Loan of $460mm (S+325, 99.0) and 2nd Lien Term Loan of $170 mm (S+525, 99.0) • Balance sheet cash and equivalents of $236mm • $1,355mm of new equity Sources $1st Lien $460 2nd Lien 170 7.7% 236 1,355 10.6% 61.0% Total Sources: $2,221 100.0% Uses $% Purchase Common Equity & Options $1,920 86.5% RSUs / PSUs / Others 148 6.7% Repay Existing Debt 72 3.3% 80 3.6% $2,221 100.0% 3/31/25 1st Lien 2nd Lien Target IRR PF Adj. $386 ($236) $150 $72 - (72) 460 170 460 170 Total Debt $72 $630 Net Debt (314) 480 Key Stats: Q1 2025E LTM Revenue Q1 2025E LTM EBITDA $448 $84 $448 $84 Total Debt / EBITDA Net Debt / EBITDA 0.9x (3.7x) 7.5x 5.7x 20.0% 21.3% 22.5% 23.8% 25.0% 12.0x $8.49 $8.26 $8.05 $7.84 $7.65 13.5x $9.18 $8.92 $8.67 $8.44 $8.22 15.0x $9.87 $9.57 $9.30 $9.04 $8.79 16.5x $10.56 $10.23 $9.92 $9.63 $9.35 18.0x $11.24 $10.88 $10.54 $10.22 $9.92 $9.3 EBITDA Exit Multiple (2) Existing Debt(2) Preliminary Ability to Pay 3/31/25 SQ (1) Total Cash(1) (3) Total Uses: Preliminary Pro Forma Cap Table ($ in millions) 20.7% Excess Cash on B/S Sponsor Equity Illustrative Total Fees Assumes minimum cash of $50mm, interest on cash equal to 1.0% % Source(s): Historicals per Filings. Based on Consensus Estimates and highly preliminary extrapolation and Company LRP. 1. Cash and equivalents as of Q1 CY25 Company LRP. 2. Debt as of Q1 CY25 Company LRP. 3. Illustrative Total Fees include $60mm in Transaction Fees and $20mm in Financing Fees. 19

------

![](ny20049415x2_exc-6image25.jpg)

Preliminary Leveraged Buyout Paydown Extrapolated Consensus Preliminary 5-Year Paydown Summary Fiscal Year ($ in millions) 2024E Q1 25E Q2-Q4 25E 2026E 2027E 2028E '24E-'29E CAGR 2029E Revenue % Growth $438 15% $116 10% $364 10% $545 13% $605 11% $671 11% $745 11% 11.2% PF Non-GAAP EBITDA (Unburdened w/ SBC)(1) % Margin $80 18% $22 19% $82 22% $137 25% $169 28% $207 31% $252 34% 25.9% Less: CapEx Less: Change in NWC Less: Stock-based Compensation Expenses (16) 16 (43) (30) (2) (45) (22) (8) (47) (24) (17) (62) (27) (8) (69) Less: Net Cash Interest Expense (36) (47) (46) (44) (39) (17) (68) (27) (20) (19) - - - - - ($14) ($55) $21 $40 $89 Less: Other Cash Items (2) Less: Cash Taxes(3) Levered Free Cash Flow(4) 1st Lien 460 457 430 409 368 279 2nd Lien Revolver 170 - 170 - 170 - 170 - 170 - 170 - Total Debt $630 $627 $600 $579 $538 $449 Cash Balance $150 $132 $50 $50 $50 $50 Total Debt / LTM EBITDA 7.5x 6.0x 4.4x 3.4x 2.6x 1.8x Net Debt / LTM EBITDA 5.7x 4.8x 4.0x 3.1x 2.4x 1.6x 1st Lien / LTM EBITDA 5.5x 4.4x 3.1x 2.4x 1.8x 1.1x 2nd Lien / LTM EBITDA 2.0x 1.6x 1.2x 1.0x 0.8x 0.7x LTM EBITDA / Interest Expense 2.2x 2.9x 3.7x 4.7x 6.4x % of Total Debt Repaid % of Cumulative Free Cash Flow / Net Debt 1% (3%) 5% (14%) 8% (10%) 15% (2%) 29% 17% Leverage Statistics Source(s): Historicals per Company Filings. CY25E to CY29E based on Consensus Estimates and highly preliminary extrapolation and Company LRP. 1. Excludes management estimated public company costs. 2. Other cash items includes cash impact of Provision For Doubtful Accounts and Supplier Advances. 3. Assumes no cash taxes in forecast period. 4. Levered cash flow does not include non-operating item related to stock donation. 20

------

![](ny20049415x2_exc-6image26.jpg)

Premiums Paid for Precedent Technology Transactions 1-Day Unaffected Premium 30 Days 90 Days VWAP Premium Target Acquiror 180 Days 52-Week High Zuora GIC; Silver Lake $10.00 10/17/2024 18% 14% 15% 15% (15%) Model N Vista Equity Partners $30.00 4/8/2024 11% 22% 23% 10% (30%) Vizio Walmart $11.50 2/20/2024 47% 56% 72% 74% 12% (0%) Acquisition Price Date Announced Everbridge Thoma Bravo $35.00 2/5/2024 47% 54% 61% 49% EngageSmart Vista Equity Partners; General Atlantic $23.00 10/23/2023 23% 30% 28% 25% 3% NextGen Healthcare Thoma Bravo $23.95 9/6/2023 46% 45% 46% 38% 15% Avid Technology STG Partners $27.05 8/9/2023 32% 13% 0% 3% (19%) Momentive Global STG Partners $9.46 3/13/2023 46% 53% 22% (20%) (62%) Sumo Logic Francisco Partners $12.05 2/9/2023 57% 50% 56% 54% (5%) Duck Creek Technologies Vista Equity Partners $19.00 1/9/2023 46% 63% 63% 33% (35%) ForgeRock Thoma Bravo $23.25 10/11/2022 53% 44% 20% 26% (32%) Billtrust EQT Partners $9.50 9/28/2022 65% 43% 64% 56% (13%) Computer Services Centerbridge; Bridgeport Partners; CFT Capital $58.00 8/20/2022 53% 54% 47% 35% (3%) Ping Identity Thoma Bravo $28.50 8/3/2022 63% 54% 29% 29% (6%) Covetrus TPG; CD&R; Covetrus $21.00 5/20/2022 17% 35% 26% 18% (26%) (6%) Plantronics HP $40.00 3/28/2022 47% 47% 44% 40% Houghton Mifflin Veritas Capital $21.00 2/22/2022 36% 35% 38% 63% 21% Vocera Communications Stryker $79.25 1/6/2022 27% 28% 43% 65% 18% Bottomline Technologies Thoma Bravo $57.00 12/17/2021 42% 41% 43% 38% 5% QAD Thoma Bravo $87.50 6/28/2021 20% 21% 24% 34% 11% Sykes Enterprises Sitel Worldwide $54.00 6/18/2021 31% 29% 25% 34% 17% NIC Tyler Technologies $34.00 2/10/2021 14% 22% 35% 44% 14% Cubic Veritas Capital; Evergreen $75.00 2/8/2021 69% 64% 67% 63% 0% Glu Mobile Electronic Arts $12.50 2/8/2021 36% 36% 44% 44% 19% Pluralsight Vista Equity; Partners Group $22.50 12/13/2020 40% 34% 22% 35% 1% MTS Systems Amphenol $58.50 12/9/2020 52% 77% 125% 176% 12% Endurance International Group Clearlake Capital $9.50 11/2/2020 79% 65% 93% 142% 45% Virtusa Corp EQT $51.35 9/10/2020 27% 29% 55% 44% 3% Forescout Technologies Advent; Crosspoint Capital $29.00 2/6/2020 14% (4%) (13%) (20%) (37%) 1st Quartile 27% 29% 24% 26% (15%) Mean 40% 40% 42% 43% (3%) Median 42% 41% 43% 38% 0% 3rd Quartile 52% 54% 56% 54% 12% Source(s): FactSet, Company Filings, Barclays Technology Transaction Study of 29 peers since 2020 for US domiciled targets with Enterprise Value between $1.0-4.0bn and all-cash consideration. 21

------

![](ny20049415x2_exc-6image27.jpg)

Preliminary Analysis at Various Prices Virgil Current ($ in millions, except for per share data) Share Price ($) $10.60 Transaction Stock Prices of: $11.50 $12.50 $13.50 $14.50 $15.50 $16.50 $17.50 $18.50 $19.50 - 8% 18% 27% 37% 46% 56% 65% 75% 84% Fully Diluted Shares (mm) 222.9 223.2 223.5 223.9 224.3 224.6 224.8 225.0 225.2 225.4 Fully Diluted Equity Value $2,363 $2,567 $2,794 $3,023 $3,252 $3,481 $3,709 $3,938 $4,167 $4,396 $72 $72 $72 $72 $72 $72 $72 $72 $72 $72 Less: Cash (386) (386) (386) (386) (386) (386) (386) (386) (386) (386) Net Debt ($314) ($314) ($314) ($314) ($314) ($314) ($314) ($314) ($314) ($314) Total Enterprise Value $2,049 $2,253 $2,481 $2,709 $2,938 $3,167 $3,396 $3,625 $3,853 $4,082 % Premium to Current Add: Gross Debt (1) (1) Premiums Analysis: Virgil Current Price (01/31/25) $10.60 - 8% 18% 27% 37% 46% 56% 65% 75% 84% 30-Day Closing Average (01/31/25) $10.42 2% 10% 20% 30% 39% 49% 58% 68% 78% 87% 90-Day Closing Average (01/31/25) $9.76 9% 18% 28% 38% 49% 59% 69% 79% 90% 100% 52 Week High (02/29/24) $13.29 (20%) (13%) (6%) 2% 9% 17% 24% 32% 39% 47% $7.44 42% 55% 68% 81% 95% 108% 122% 135% 149% 162% $11.00 (4%) 5% 14% 23% 32% 41% 50% 59% 68% 77% 52 Week Low (09/17/24) Analyst Price Target - Median (2) LRP Metric: Multiples Analysis: CY2024E Revenue $439 4.7x 5.1x 5.6x 6.2x 6.7x 7.2x 7.7x 8.3x 8.8x 9.3x CY2025E Revenue $487 4.2x 4.6x 5.1x 5.6x 6.0x 6.5x 7.0x 7.5x 7.9x 8.4x CY2026E Revenue $567 3.6x 4.0x 4.4x 4.8x 5.2x 5.6x 6.0x 6.4x 6.8x 7.2x CY2024E EBITDA(3) $80 25.7x 28.3x 31.1x 34.0x 36.9x 39.7x 42.6x 45.5x 48.4x 51.2x (3) $104 19.6x 21.6x 23.8x 26.0x 28.2x 30.4x 32.5x 34.7x 36.9x 39.1x (3) $161 12.8x 14.0x 15.4x 16.9x 18.3x 19.7x 21.1x 22.6x 24.0x 25.4x CY2025E EBITDA CY2026E EBITDA Source(s): Based on Company LRP. 1. Debt and cash balance as of Q1 CY25 Company LRP. 2. FactSet consensus median. 3. Unburdened with Stock-based Compensation. 22

------

![](ny20049415x2_exc-6image28.jpg)

Disclaimer The following pages contain material that was provided to the Board of Directors (the "Board") of Virgil (the "Company") by Barclays Capital Inc. ("Barclays"). The accompanying material and any Barclays presentation related to the material was compiled or prepared on a confidential basis solely for consideration by the Board and no part of it may be reproduced, distributed or transmitted without the prior written consent of Barclays. The information contained in this material was obtained from the Company[, the counterparty] and/or publicly available sources, and Barclays has relied upon such information without independent verification thereof and does not assume any liability for any such information. These materials are being provided in connection with an actual corporate engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Barclays. Moreover, any information provided herein was not prepared for or intended for use by any individual for personal, family or household purposes. Any estimates, historical financial information, projections and other information contained herein have been prepared by management of the Company [and/or the counterparty, third party experts] or were obtained from publicly available sources (approved for Barclays' use by the Company) or are based upon such estimates and projections. With respect to such estimates and projections, Barclays has assumed that they have been reasonably prepared on a basis reflecting the best currently available estimates, projections and judgment of the management of the Company [and/or the counterparty, third party experts]. The projections contained herein may or may not be achieved and differences between projected results and those actually achieved may be material. No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The analysis contained herein is based on current market conditions which are subject to change and Barclays assumes no obligation to update or otherwise revise these materials. Nothing in these materials shall be deemed to constitute a recommendation or investment, legal, tax, financial, accounting or other advice. Because these materials were prepared for use in the context of a presentation to the Board, these materials are incomplete without reference to, and should be assessed solely in conjunction with, the oral briefing provided by Barclays to the Board (in their capacity as directors and not in any individual capacity and is not for the benefit of any individual, including any individual officer, director, shareholder or any other person). These materials were not prepared for or intended for use by any individual for personal, family or household purposes nor were they prepared to comply with the disclosure standards under state and federal securities laws or any other applicable laws and, to the extent the material may be considered by readers not as familiar with the business and affairs of the Company as the Board, none of the Company, Barclays, their respective affiliates or any of their respective legal or financial advisors or accountants takes any responsibility for the accuracy or completeness of any of the material if used by persons other than the Board. These materials are not intended to provide the sole basis for evaluation of the proposed corporate transaction and do not purport to contain all information that may be required and should not be considered a recommendation with respect to the proposed corporate transaction. Barclays has not made or obtained any evaluations or appraisals of the assets or liabilities of the Company or any other party to any corporate transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained herein do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Barclays' role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company, the Board or any individual officer, director, shareholder or any other person. Barclays, its subsidiaries and affiliates engage in a wide range of businesses from investment and commercial banking, lending, asset management and other financial and non-financial services. In the ordinary course of its business, Barclays and its affiliates may actively trade and effect transactions in the equity, debt and/or other securities (and any derivatives thereof) and financial instruments (including loans and other obligations) of the Company [and [the counterparty]] for its own account and for the accounts of its customers and, accordingly, may at any time hold long or short positions and investments in such securities and financial instruments or in other financial products and instruments. Unless otherwise expressly agreed or provided for in other applicable Barclays disclosures governing such corporate transactions or required by law or regulation, Barclays conducts these activities as principal and executes its principal transactions as an arm's length counterparty. Barclays does not act as a fiduciary in relation to these corporate transactions. These materials do not constitute investment advice nor do they form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer of financing or an offer or recommendation to enter into any corporate transaction described herein. Barclays Capital Inc. is the United States investment bank of Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Registered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. Neither Barclays Bank PLC, New York Branch nor Barclays Bank Delaware is responsible for the obligations of its affiliates. Copyright Barclays Bank PLC, 2025 (all rights reserved). 23

## Ex-99.(C)(7)

Exhibit (c)(7)

![](ny20049415x2_exc-7image01.jpg)

Project Virgil – Due Diligence Summary Advisors Topic TPG Business / Commercial Request List Questions Bain TBD Submitted Open (incl. partial) Done Potential Expansion of Team 35 Open: 14 Critical: 12 21 60% --- • Likely not needed but could include: o S. Collins (Controller) o John Emrich (Sr Dir Acct) • Not started yet – post-bid workstream • Likely to require buyer QoE work • ~3 weeks to gather data and finalize, assuming no issues • Sales/Rev Ops: o Nate Liss (VP Rev Ops) o Matt McCammon Comments • Main focus to date for all buyers and management team • Majority of ground covered and a lot of data provided • Data and analysis-heavy questions with multiple follow-ups • Nearing completion of this workstream Financial Accounting TBD -- Open: -Critical: -- Tax TBD -- Open: -Critical: -- --- • E&Y • Cameron Ingram (Dir. Tax) • Not Started – Post-bid workstream • Can be cumbersome with multiple jurisdictions involved Technology / Cyber / AI 10 Open: 8 Critical: 0 2 20% • Sean White • Alan Fox • Manu Sood • Krish Shetty • Very little done on this topic with no involvement from West Monroe or EY Parthenon • Technical discussions and data requests that will require significant expertise from Virgil's tech team Legal -- Open: -Critical: -- --- • Stacey Stone • Jen Sadoff • Not Started – Post-bid workstream • Public company disclosure is helpful • Likely ~2 weeks needed to complete 81 Open: 73 Critical: 20 8 10% • TBD based on questions & Dan's preference • J. Feldman (COO) • Cameron White (SVP Cust) • Rajeev • Not Started – Post-bid workstream • Some questions already submitted and addressed as part of responses to other topics • Likely a couple of calls and supporting data required 6 Open: 4 Critical: 0 2 33% •TBD based on questions •Doug Anderson • Typical PE diligence likely to include a couple of additional topics with data requests and calls • Subject Matter Experts from Virgil will need to be involved Operations Others (HR, Prod., Insurance, etc.) 1 TBD TBD Restricted - External

------

![](ny20049415x2_exc-5image21.jpg)

Disclaimer The following pages contain material that was provided to the Board of Directors (the "Board") of Virgil (the "Company") by Barclays Capital Inc. ("Barclays"). The accompanying material and any Barclays presentation related to the material was compiled or prepared on a confidential basis solely for consideration by the Board and no part of it may be reproduced, distributed or transmitted without the prior written consent of Barclays. The information contained in this material was obtained from the Company[, the counterparty] and/or publicly available sources, and Barclays has relied upon such information without independent verification thereof and does not assume any liability for any such information. These materials are being provided in connection with an actual corporate engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Barclays. Moreover, any information provided herein was not prepared for or intended for use by any individual for personal, family or household purposes. Any estimates, historical financial information, projections and other information contained herein have been prepared by management of the Company [and/or the counterparty, third party experts] or were obtained from publicly available sources (approved for Barclays' use by the Company) or are based upon such estimates and projections. With respect to such estimates and projections, Barclays has assumed that they have been reasonably prepared on a basis reflecting the best currently available estimates, projections and judgment of the management of the Company [and/or the counterparty, third party experts]. The projections contained herein may or may not be achieved and differences between projected results and those actually achieved may be material. No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The analysis contained herein is based on current market conditions which are subject to change and Barclays assumes no obligation to update or otherwise revise these materials. Nothing in these materials shall be deemed to constitute a recommendation or investment, legal, tax, financial, accounting or other advice. Because these materials were prepared for use in the context of a presentation to the Board, these materials are incomplete without reference to, and should be assessed solely in conjunction with, the oral briefing provided by Barclays to the Board (in their capacity as directors and not in any individual capacity and is not for the benefit of any individual, including any individual officer, director, shareholder or any other person). These materials were not prepared for or intended for use by any individual for personal, family or household purposes nor were they prepared to comply with the disclosure standards under state and federal securities laws or any other applicable laws and, to the extent the material may be considered by readers not as familiar with the business and affairs of the Company as the Board, none of the Company, Barclays, their respective affiliates or any of their respective legal or financial advisors or accountants takes any responsibility for the accuracy or completeness of any of the material if used by persons other than the Board. These materials are not intended to provide the sole basis for evaluation of the proposed corporate transaction and do not purport to contain all information that may be required and should not be considered a recommendation with respect to the proposed corporate transaction. Barclays has not made or obtained any evaluations or appraisals of the assets or liabilities of the Company or any other party to any corporate transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained herein do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Barclays' role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company, the Board or any individual officer, director, shareholder or any other person. Barclays, its subsidiaries and affiliates engage in a wide range of businesses from investment and commercial banking, lending, asset management and other financial and non-financial services. In the ordinary course of its business, Barclays and its affiliates may actively trade and effect transactions in the equity, debt and/or other securities (and any derivatives thereof) and financial instruments (including loans and other obligations) of the Company [and [the counterparty]] for its own account and for the accounts of its customers and, accordingly, may at any time hold long or short positions and investments in such securities and financial instruments or in other financial products and instruments. Unless otherwise expressly agreed or provided for in other applicable Barclays disclosures governing such corporate transactions or required by law or regulation, Barclays conducts these activities as principal and executes its principal transactions as an arm's length counterparty. Barclays does not act as a fiduciary in relation to these corporate transactions. These materials do not constitute investment advice nor do they form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer of financing or an offer or recommendation to enter into any corporate transaction described herein. Barclays Capital Inc. is the United States investment bank of Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Registered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. Neither Barclays Bank PLC, New York Branch nor Barclays Bank Delaware is responsible for the obligations of its affiliates. Copyright Barclays Bank PLC, 2025 (all rights reserved). Restricted - External

## Ex-99.(C)(8)

Exhibit (c)(8)

![](ny20049415x2_exc-8image01.jpg)

Used: 3/26/2025 Project Virgil March 2025

------

![](ny20049415x2_exc-8image02.jpg)

Virgil Share Price Over Time Share Price Since IPO IPO Price $25.00 First Day Close: $24.94 Since IPO Nov 2021 $30 LTM 3Q21 earnings; Beat revenue by 6% and EBITIDA by 55% High Low Avg $26.57 $6.14 $10.38 $13.15 $6.89 $10.11 Unaffected Share Price $25 Jan 2023 May 2022 Unaffected Current $∆ %∆ $6.89 $8.42 $1.53 22.2% 2024E 2025E Market Cap $1,866 EV / Revenue 3.5x 3.4x 3.0x (-) Cash ($402) EV / Gross Profit 4.8x 4.5x 4.0x EV / EBITDA 18.1x 17.3x 13.4x (+) Debt $72 Enterprise Value $1,536 2Q24 earnings; Lowered CY24 revenue guidance from $445mm to $437.5mm Jun 2023 Virgil Investor Day $15 Key Process Dates Bain Bid: 1/28/2025 TPG Bid: 1/31/2025 Leak: 3/13/2025 $5 Oct-21 CY21 Feb 2025 4Q24 & FY24 earnings; Weaker CY25 revenue guidance Jun-22 CY22 Feb-23 Nov-23 CY23 30% 1-day drop $8.94 Jul-24 $8.42 Unaffected Price $6.89 Mar-25 CY24 Q3 Q4 CY21 Q1 Q2 Q3 Q4 CY22 Q1 Q2 Q3 Q4 CY23 Q1 Q2 Q3 Q4 CY24 NTM Rev Growth (1) 24% 20% 20% 22% 21% 20% 16% 16% 16% 18% 19% 17% 17% 17% 13% 11% 11% 11% NTM Gross Margin(1) 61% 63% 63% 62% 64% 65% 66% 66% 67% 68% 70% 72% 72% 73% 73% 74% 74% 74% (1) (17%) (13%) (13%) (10%) (7%) (3%) 1% 1% 2% 6% 10% 17% 17% 18% 19% 21% 22% 22% 7% 7% 7% 12% 14% 17% 17% 17% 18% 24% 29% 34% 34% 35% 32% 32% 32% 32% NTM EBITDA Margin NTM Rule of 40 2 3Q24 earnings; Strong bottom line growth; raised EBITDA guidance from $74mm to $78.5mm $12.72 $10 2026E Nov 2024 Aug 2024 Announced first ever Share Repurchase Plan of up to $100mm Jul 2024 Named Dan Drees as President 1Q22 earnings; Raised CY23 revenue guidance from $299mm to $305mm $20 Market & Operating Summary (3/19/2025) Share Price Summary Post-Earnings Price Reaction Source(s): FactSet. Market data as of 3/19/2025. 1. Displaying Broker consensus NTM revenue growth, NTM Gross Profit margins and NTM EBITDA margins. Restricted - External

------

![](ny20049415x2_exc-8image03.jpg)

Virgil Relative Share Price Performance vs. Peers Share Price Performance Since IPO Performance 150% Since IPO 3-Yr 2-Yr 1-Yr YTD Virgil (66%) (0%) 12% (35%) (18%) Peers (16%) (11%) 12% 7% (15%) Performance Since Leak (Unaffected as of 3/12/2025) Virgil 22% Peers 3% 100% (16%) 50% (66%) 0% Oct-21 Jun-22 Feb-23 Nov-23 Virgil 3 Peers Source(s): FactSet. Market data as of 3/19/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL. Restricted - External (1) Jul-24 Mar-25

------

![](ny20049415x2_exc-8image04.jpg)

Virgil CY2024E Guidance Over Time CY2024E Guidance Over Time Revenue Adj. EBITDA ($ in millions) ($ in millions) ($ in millions) ∆ to Midpoint (0.1%) (0.6%) (2.2%) 0.3% Interest from customer funds $45 $45 $49 $50 $447.0 $448.0 33.5% 0.0% (4.0%) $50 5.9% $84.7 $79 $447.5 $75 $73 $447.6 $71 $75 $77 $78 $74 $73 $71 $444.4 $67 $442.0 $441.0 $439.0 $439.0 $436.5 $436.0 Market Reaction 4 $438.9 $437.0 $52 Q1 '24A May Roadshow Q2 '24A Q3 '24A Q4 '24A Actuals Q1 '24A May Roadshow Q2 '24A Q3 '24A Q4 '24A Actuals (3.3%) 0.8% (29.7%) 13.9% (20.6%) (3.3%) 0.8% (29.7%) 13.9% (20.6%) Source(s): FactSet, Broker Research, Company filings. Consensus Restricted - External

------

![](ny20049415x2_exc-8image05.jpg)

CY2025E Virgil Guidance vs Consensus CY2025E Guidance Revenue Growth 10% EBITDA 4% Margin 21% 19% $481 $101 $460 $91 $453 $86 5 Consensus Guidance Range Consensus Guidance Range (Pre-Q4'24 Earnings) (As of Q4'24 Earnings) (Pre-Q4'24 Earnings) (As of Q4'24 Earnings) Source(s): FactSet, Broker Research, Company filings. Restricted - External

------

![](ny20049415x2_exc-8image06.jpg)

Multiples Compared to Peers Median EV / NTM Revenue Over Time Average EV / NTM Revenue 14.0x 1 Year 2 Year 3 Year Virgil 3.8x 4.0x 3.9x Peers 5.2x 5.4x 3.9x 10.0x 6.0x 5.2x 3.1x 2.0x Oct-21 Jun-22 Feb-23 Nov-23 Virgil 6 (1) Peers Source(s): FactSet. Market data as of 3/19/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL. Restricted - External Jul-24 Mar-25

------

![](ny20049415x2_exc-8image07.jpg)

Summary of Broker Price Targets and Recommendations Share Price Targets % vs. Current: 10% (5%) 54% Buy / Hold / Sell (17%) Sell $13.00 $8.42 $9.30 Price Target History 12% Hold 53% $8.00 $7.00 $9.30 $8.42 Buy Current Mean Median Max 35% Min Price Target and Valuation Methodology by Analyst Broker Wolfe BTIG KBW Baird Wells Fargo Compass Point Barclays BMO Deutsche Bank Goldman Sachs J.P. Morgan KeyBanc Morgan Stanley Piper Sandler Susquehanna UBS Bank of America 7 Date of Latest Report Previous Price Target Price Target % Δ in Price Target Recommendation Primary Valuation Methodology Secondary Valuation Methodology 3/19/2025 3/17/2025 3/13/2025 3/13/2025 3/13/2025 3/11/2025 3/4/2025 2/26/2025 2/26/2025 2/26/2025 2/27/2025 2/26/2025 2/27/2025 2/28/2025 2/28/2025 2/26/2025 2/26/2025 $13.00 $14.00 $11.00 $14.00 $10.00 $15.00 $13.00 $11.00 $15.00 $9.50 $10.00 $14.00 $11.00 $10.00 $14.00 $10.50 $9.00 NA $11.00 $8.00 $12.00 $8.00 $13.00 $8.00 $7.50 $11.00 $7.00 $9.00 NA $8.00 $8.00 $13.00 $8.00 $8.00 (21%) (27%) (14%) (20%) (13%) (38%) (32%) (27%) (26%) (10%) NA (27%) (20%) (7%) (24%) (11%) Hold Buy Hold Buy Hold Buy Hold Hold Buy Sell Hold Hold Hold Hold Buy Buy Sell 11.0-13.0x CY26 EV/EBITDA 15.0x CY26 EV/EBITDA 4.0x CY26 EV/Gross Profit 5.0x CY26 Mkt Cap/Revenue 6.0x CY26 EV/Gross Profit 15.0x CY26 EV/EBITDA-CapEx 19.0x CY26 EV/EBITDA 9.0x CY26 EV/EBITDA 4.0x CY26 EV/Gross Profit 2.6x CY25 EV/Revenue 13.0x CY26 EV/EBITDA DCF 11.0x CY26 EV/EBITDA 4.0x CY26 EV/Gross Profit 3.0x CY26 EV/Revenue DCF 0.4x CY26 EV/Rev/Growth Avg: $12.00 Avg: $9.30 Avg: (21%) Source(s): FactSet, Bloomberg, AlphaSense, Broker Research, Press release. Market data as of 3/19/2025. Restricted - External

------

![](ny20049415x2_exc-8image08.jpg)

Select Investor Feedback Post-Leak Investor 1 10.7mm shares(1) 5% of Total(2) ● "If it were me, I would be looking to go private. But only if the sponsors would be more focused on exit multiple than near term cash generation." ● "As such, while we wouldn't view any price sub $10 as appropriate in a sale, something in the low doubles that discounts both the risks and the time it would take seems reasonable." ● "… if you choose to remain independent, that would be a clear signal that you think value is underestimated. I'd personally like to see a significant buyback once your stock falls back to $6-7 where it probably goes in a "no-sale" scenario." Multiple Investors ● Investor 2 (8.0mm shares, 4% of total) and Investor 3 (4.4mm shares, 2% of total) shared the same sentiment as Investor 1: 12.3mm shares (1) 6% of Total(2) ● "…while we wouldn't view any price sub $10 as appropriate in a sale, something in the low doubles that discounts both the risks and the time it would take seems reasonable" Investor 4 690k shares (1) 0.3% of Total(2) 8 ● "... Don't sell! Throwing a number out there but at least not for less than $12... public markets are short term stupid and long term efficient!" Source: Company. 1. Shareholdings in Virgil as per latest 13F filings. 2. Fully Diluted Shares Outstanding as of 12/31/24 per company model. Restricted - External

------

![](ny20049415x2_exc-8image09.jpg)

Investor Cost Basis Summary – Management View Investor Cost Basis Summary ● The below table sets out the investor cost basis based on the latest available data from the latest 13F filings (which lag by 45 days) ● Management believes that the estimates below should be reasonable plus/minus $0.50 to $1.00 per share ● Management believes that the basis will be lower now since Q4'24 results, and believes the current cost basis is more likely in the $7 - $9 range ● The data in the table below is calculated as a % of float, i.e. the table excludes all insider ownership 9 Investor Type Share Count % Float Basis Min. Price Max Price Index 44,684,691 29% $9.85 $8.05 $12.07 Growth & Hedge 59,048,409 38% $9.97 $7.99 $17.55 GARP 24,001,921 15% $9.98 $8.05 $12.62 Value & Other 24,050,873 15% $9.92 $7.81 $16.86 Total 151,785,894 % of Float 97% Float(1) 156,100,000 Source: Company. 1. The 4.3mm delta in share count between the Total and Float reflects shares held by retail investors. Restricted - External

------

![](ny20049415x2_exc-8image10.jpg)

Comparison of Virgil Company LRP and Consensus Financial Projections: Company LRP vs. Current Consensus vs. Extrapolated Consensus ($ in millions) (Updated) February LRP December LRP CAGR ('24E – '27E): 15% CAGR ('24A – '27E): 12% CAGR ('27E – '29E): 17% CAGR ('27E – '29E): 18% $922 Revenue $439 CY'24E % Growth: 15% $487 $567 $668 $439 $470 $537 $625 $458 CY'24E • • • 10 CAGR ('24A – '27E): 9% CAGR ('27E – '29E): 9% $505 $565 $458 $505 $565 $668 CY'26E CY'27E CY'29E CY'24A CY'25E CY'26E CY'27E CY'29E CY'25E CY'26E CY'27E CY'25E CY'26E CY'27E CY'29E 11% 16% 18% 17% 15% 7% 14% 16% 17% 4% 10% 12% 4% 10% 12% 9% CAGR ('24E – '27E): 42% CAGR ('24A – '27E): 36% CAGR ('27E – '29E): 30% CAGR ('27E – '29E): 29% CAGR ('24A – '27E): 18% CAGR ('24A – '27E): 18% CAGR ('27E – '29E): 20% $358 $214 $161 % Margin: 18% 9% CY'25E $229 $80 CAGR ('24A – '27E): Extrapolated Consensus(2) $867 $387 NonGAAP EBITDA(1) Current Consensus $202 $150 $104 $85 $100 $89 $115 $140 $89 $115 $140 CY'25E CY'26E CY'27E CY'29E CY'24A CY'25E CY'26E CY'27E CY'29E CY'25E CY'26E CY'27E CY'25E CY'26E CY'27E CY'29E 21% 28% 34% 42% 19% 21% 28% 34% 41% 19% 23% 25% 19% 23% 25% 30% FY24 Revenue missed original Management Guidance but beat EBITDA guidance Updated February LRP revised '25E Revenue and '25E EBITDA down 3.4% and 3.9%, respectively Based on discussions with management, Q1'25 Revenue and EBITDA expected to miss vs. LRP Source(s): Company Filings, Broker Research and Company December and February LRP. 1. Unburdened by SBC. 2. Highly preliminary and not used in formal valuation. Restricted - External

------

![](ny20049415x2_exc-8image11.jpg)

Risks to Company LRP ● The Company LRP is a growth plan and does not account for major risk factors that may meaningfully impact company performance over time, including: ● Macro environment risks ● Execution risk ● Monetization timing of new wins The current LRP assumes significant growth acceleration in the near term, which is dependent on a number of KPIs that need to improve in the current year: ● Increasing retention rates back to 104-105% vs the 99% in 2024 ● Increasing TSV ● Yield expansion Over the longer term, growth is also highly dependent on successful and timely launch of three brand new products that need to ramp quickly ● Payment Accelerator ● Spend Management ● Pay Platform ● Other risks that Management is observing are new technology offerings driven by AI, increased pricing competition from existing and new entrants and Interchange contraction, among others ● Margin expansion, in particular unit-cost reduction, may become more challenging as the high-impact levers have been addressed ● Historically, the Company has typically underperformed LRPs by c. 20% in year 3 and 4 9 Restricted - External

------

![](ny20049415x2_exc-8image12.jpg)

Preliminary Discounted Cash Flow Analysis Financial Performance Sensitivity Key Assumptions Preliminary Implied Share Price - 13.0x Terminal Multiple 2024A - 2029E Revenue CAGR Delta vs. LRP (%) • Assumes valuation date of 03/31/2025 0.0% • Preliminary figures based on Company LRP through 2029E • Assumes 14.5% WACC 0.0% (2.0%) (4.0%) (6.0%) (8.0%) (10.0%) Implied 2029E EBITDA Margin (%) • Assumes 13.0x Terminal LTM EV/EBITDA Multiple (11.0%) (4.0%) (5.8%) 14.6% 13.6% 12.6% 11.6% 10.6% 8.8% 41.3% $13.51 $12.98 $12.46 $11.96 $11.47 $10.63 39.3% $12.87 $12.36 $11.87 $11.39 $10.93 $10.12 37.3% $12.23 $11.74 $11.27 $10.82 $10.38 $9.62 35.3% $11.58 $11.12 $10.67 $10.24 $9.82 $9.10 33.3% $10.93 $10.50 $10.07 $9.66 $9.27 $8.58 31.3% $10.28 $9.86 $9.47 $9.08 $8.70 $8.05 30.3% $9.92 $9.52 $9.13 $8.76 $8.40 $7.97 (4.0%) (5.8%) Extrapolated Consensus Implied 2029E EBITDA ($mm) 2024A - 2029E Revenue CAGR Delta vs. LRP (%) 0.0% (1.0%) (2.0%) (3.0%) (1) 2024A to 2029E Implied Revenue CAGR (%) 0.0% (2.0%) (4.0%) (6.0%) (8.0%) (10.0%) (11.0%) Implied 2029E EBITDA Margin (%) 2026E - 2029E EBITDA Margin Delta vs LRP (%)(2) • Company LRP sensitized with annual revenue growth and EBITDA margin 11 (3.0%) LRP • Assumes mid-year discounting except for terminal value which is discounted using end-of-period discounting methodology • Assumes other key financial metrics such as CapEx, Stockbased Compensation, Depreciation and Amortization, as well as others, to be consistent with Company LRP (2.0%) 2024A to 2029E Implied Revenue CAGR (%) 2026E - 2029E EBITDA Margin Delta vs LRP (%)(2) • Cash and equivalents, debt and fully diluted share count as of 3/31/2025 estimated by management (1.0%) (1) LRP 14.6% 13.6% 12.6% 11.6% 10.6% 8.8% 41.3% $358 $343 $328 $313 $299 $275 (2.0%) $341 $326 $312 $298 $284 $261 (4.0%) $324 $309 $296 $283 $270 $248 (6.0%) $306 $293 $280 $267 $255 $235 (8.0%) $289 $276 $264 $252 $241 $221 (10.0%) $272 $260 $248 $237 $226 $208 (11.0%) $263 $251 $240 $230 $219 $202 Source(s): Historicals per Filings. CY25E to CY29E based on Feb Company LRP. Revenue growth sensitized from 2025E to 2029E. EBITDA margin sensitized from 2025E to 2029E. Restricted - External Preliminary, subject to further review and diligence Extrapolated Consensus

------

![](ny20049415x2_exc-8image13.jpg)

Preliminary Virgil Valuation Summary Price Per Share Unaffected Price (3/12/25): $6.89 Notes Current Price (3/19/25): $8.42 Valuation Methodology Comparable Companies Comparable Companies Preliminary Comparable Companies(1): EV / CY2025E Revenue $7.85 EV / CY2026E Revenue $7.55 EV / CY2025E EBITDA $7.38 EV / CY2026E EBITDA ● 3.0x – 6.0x Company LRP 2025E Revenue of $470mm $14.09 ● 2.5x – 5.0x Company LRP 2026E Revenue of $537mm $13.50 ● 13.0x – 18.0x Company LRP 2025E EBITDA of $100mm $9.62 $8.92 ● 11.0x – 15.0x Company LRP 2026E EBITDA of $150mm, incl. Public Company Costs $11.57 Precedent Transactions Precedent Transactions Preliminary Precedent Transactions: EV / CY2024A Revenue $11.34 EV / CY2025E Revenue ● 5.0x – 7.5x 2024A Company Revenue of $439mm $16.16 $9.95 ● 4.0x – 6.5x 2025E Company LRP Revenue of $470mm $15.11 Preliminary DCF Analysis: DCF (Terminal Multiple) Preliminary 5-Year DCF ● 13.5% - 15.5% WACC Company LRP Incl. NOLs Extrapolated Consensus Incl. NOLs $10.69 $6.35 ● 10.0x - 16.0x Terminal EV / LTM EBITDA Multiple $16.55 $9.71 Preliminary DCF Analysis – Extrapolated Consensus: ● Extrapolated Consensus aligns with Broker Consensus Estimates for 2024E - 2026E, then assumes Revenue CAGR of 9% from 2026E – 2029E and annual EBITDA Margin expansion of ~3% for 2026E – 2029E LBO Preliminary 5-Year LBO Reference Only Company LRP $9.15 Company LRP PF Acquisitions Extrapolated Consensus $14.36 $9.59 $6.01 Analyst Price Targets Analyst Price Targets ● 13.5% - 15.5% WACC ● 10.0x - 16.0x Terminal EV / LTM EBITDA Multiple $15.73 Preliminary 5-Year LBO Analysis: $8.78 $7.00 $13.00 $6.89 $13.15 ● Company LRP Pro Forma Acquisitions assumes two acquisitions in 2026E and 2028E, each with $20mm EBITDA for $240mm (12.0x EV / EBITDA multiple) ● Extrapolated Consensus aligns with Broker Consensus Estimates for 2025E - 2027E, then assumes Revenue CAGR of 9% from 2026E – 2029E and annual EBITDA Margin expansion of ~3% for 2026E – 2029E ● 10.0x - 16.0x EBITDA Exit Multiple ● 20% - 25% Target IRR ● 7.5x (LTM EBITDA) leverage representing $640mm - $650mm of debt Recent Trading Recent Trading 52-Week Trading Range Premiums Premiums 1-Day Unaffected : Individual Analyst Price Targets $8.61 $5 Premiums: $10.34 $10 $15 $20 ● 1–Day unaffected premium of 25% – 50% for US-based Technology take-private transactions since 2020(2) Source(s): Company LRP, Company, Factset, Bloomberg and Broker Research. Market data as of 03/19/2025. Note: Calculation based on shares, options, RSUs as of 03/31/2025 based on management estimates. 1. Based on current trading of comparable companies including Adyen, Bill.com, Blackline, Corpay, Flywire, Paymentus, Payoneer, Shift4 and Wex. 2. Based on US-based Technology targets with Enterprise Value between $1.0-4.0bn taken private in all-cash transactions since 2020. Restricted - External

------

![](ny20049415x2_exc-8image14.jpg)

Process Overview Buyer Outreach 14 7 4 Introductory Conversations Held Parties Engaged with Process Engaged in Due Diligence Letter Sessions 12 Restricted - External 2 2 IOI Received (1/31) Updated IOI (3/24)

------

![](ny20049415x2_exc-8image15.jpg)

Summary of Indications of Interest Offer Price Range Current Bids 1/31 Bids Current Price (3/19/25): $8.42 $10.75 $2.06bn 13.8x Legend $11.25 $2.17bn 14.5x Implied Enterprise Value Implied EV / CY2026E EBITDA 3/24 Bids $12.00 $2.34bn 15.6x $9.50 $10.00 $1.79bn 11.9x $1.89bn 12.6x $13.00 $2.57bn 17.2x $10.00 $1.89bn 12.6x $9 $10 $11 $12 $13 $14 CY25E EBITDA ($100mm) 16.6x 18.9x 21.1x 23.4x 25.6x 27.9x CY26E EBITDA ($150mm) 11.1x 12.6x 14.1x 15.6x 17.2x 18.7x 0.0x CY25E Revenue ($470mm) 3.5x 4.0x 4.5x 5.0x 5.5x 6.0x CY26E Revenue ($537mm) 3.1x 3.5x 3.9x 4.4x 4.8x 5.2x 13 Restricted - External

------

![](ny20049415x2_exc-8image16.jpg)

Summary of Offers and Implied Multiples at Various Prices 3/12/25 3/19/25 Virgil Unaffected Virgil Current Bain Cap (Low) Bain Cap (High) TPG (Low) TPG (High) FP (Low) FP (High) TPG Share Price ($) $6.89 $8.42 $10.75 $11.25 $12.00 $13.00 $9.50 $10.00 $10.00 $11.00 $12.00 % Premium / (Discount) to Current (18%) - 28% 34% 43% 54% 13% 19% 19% 31% 43% - 22% 56% 63% 74% 89% 38% 45% 45% 60% 74% Fully Diluted Shares (mm) 221.4 221.6 222.4 222.5 222.7 223.1 221.9 222.1 222.1 222.4 222.7 Fully Diluted Equity Value $1,526 $1,866 $2,390 $2,503 $2,673 $2,901 $2,108 $2,221 $2,221 $2,447 $2,673 Plus: Gross Debt(1) $72 $72 $72 $72 $72 $72 $72 $72 $72 $72 $72 Less: Cash(1) (402) (402) (402) (402) (402) (402) (402) (402) (402) (402) (402) Net Debt ($330) ($330) ($330) ($330) ($330) ($330) ($330) ($330) ($330) ($330) ($330) Total Enterprise Value $1,196 $1,536 $2,061 $2,174 $2,343 $2,571 $1,779 $1,891 $1,891 $2,117 $2,343 Multiples Premiums Summary Value ($ in millions, except for per share data) 14 % Premium / (Discount) to Unaffected 1/31 Bid 3/24 Bid Premiums Analysis: Virgil 30-Day Closing Average (03/19/25) $8.68 (21%) (3%) 24% 30% 38% 50% 9% 15% 15% 27% 38% 90-Day Closing Average (03/19/25) $9.96 (31%) (16%) 8% 13% 20% 30% (5%) 0% 0% 10% 20% 52 Week High (03/28/24) $13.15 (48%) (36%) (18%) (14%) (9%) (1%) (28%) (24%) (24%) (16%) (9%) 52 Week Low (03/12/25) $6.89 - 22% 56% 63% 74% 89% 38% 45% 45% 60% 74% Analyst Price Target - Median(2) $8.00 (14%) 5% 34% 41% 50% 63% 19% 25% 25% 38% 50% Multiples Analysis: LRP Metric: CY2024A Revenue $439 2.7x 3.5x 4.7x 5.0x 5.3x 5.9x 4.1x 4.3x 4.3x 4.8x 5.3x CY2025E Revenue $470 2.5x 3.3x 4.4x 4.6x 5.0x 5.5x 3.8x 4.0x 4.0x 4.5x 5.0x CY2024A EBITDA(3) $85 14.1x 18.1x 24.3x 25.7x 27.7x 30.3x 21.0x 22.3x 22.3x 25.0x 27.7x CY2025E EBITDA(3) $100 11.9x 15.3x 20.5x 21.7x 23.4x 25.6x 17.7x 18.9x 18.9x 21.1x 23.4x Source(s): Based on Company LRP. 1. Debt and cash balance as of Q1 CY25 Company LRP. 2. FactSet consensus median. 3. Unburdened with Stock-based Compensation. Restricted - External

------

![](ny20049415x2_exc-8image17.jpg)

Side-by-Side of Indicative Key Terms Offer Price • $9.50-10.00 / Share(1) • $10.00 / Share(2) Premium % • • 38-45% premium to Virgil's unaffected share price of $6.89 as of March 12th 9-15% premium to Virgil's one-day closing price of $8.68 as of March 24th • • 54% premium to Virgil's unaffected Enterprise Value as of March 12th 45% premium to its unaffected share price of $6.89 as of March 12th Valuation Methodology • Undisclosed • • • Assumed company will not pay any dividends between sign and close Cash and debt figures reflect 12/31/24 balance sheet Deceleration of revenue growth since 2021 has weighed on view of valuation • 27% debt financing and 57% new equity and 16% existing cash on Balance Sheet Equity to be funded from TPG IX Additional debt from third-party debt financing Valuation includes management incentive plan • Assumes 10% fully diluted ownership in stock options including 40% time-vested options and 60% performance-vested options Sources & Structure of Financing • • • Advisors 15 • • • • Key Diligence Topics Include: • Financial and operational trends • Go-forward growth drivers • Market position and competitive differentiation • Go-to-Market • Confirmatory • Key Diligence Topics Include: • Management meetings • Top-line commercial & pricing packaging data • Operations data • Technology and AI diligence • Confirmatory • Three weeks to execute diligence and negotiation definitive transaction documentation • Three-Four weeks to execute diligence and negotiation definitive transaction documentation • • To be engaged in Round 2 Would include external market consultants, accounting, tax, legal advisors and other additional specialists • • • • • Bain (Business / Commercial) Deloitte (Financial / Accounting) Saxe Cap / West Monroe (Technology/Cyber/AI) David Polk (Legal) Alvarez Marsal (Operations) Diligence Requirements Time to Completion Combination of equity and debt; capital structure to be determined in next phase Equity capital provided by Francisco Partners VII, L.P. Debt financing through previous relationships with lenders Source(s): Bidders' Proposals 1. FP LOI assumes FDSO of 205,517,689 common shares, 10,098,649 outstanding RSUs, 7,396,102 vested and unvested options with a weighted average strike price of $9.02 and 72,459 ESPP shares. 2. TPG IOI assumes FDSO of 228,399,524 as of 2/28/25. Restricted - External

------

![](ny20049415x2_exc-8image18.jpg)

Buyers Engaged in R2 – Diligence Summary Buyer Advisors Hired Expert Sessions Key Discussion Topics EY Parthenon (Technology/Cyber/AI) Kirkland and Ellis (Legal) Alex Partners (Operations) • Financial Diligence • Corporate Strategy • Revenue drivers • Pricing • Price / volume breakdown of revenue • TSV • Margins on payment • Historical vs. projected performance • Go-to-Market by business type NA • To date only had a 4hour management meeting on 3/18 • Normalized growth • Structural profitability • Channel positioning, competitive landscape, and unit economics • Margin expansion opportunity • Retention and bookings rebound Bain (Business / Commercial) Deloitte (Financial / Accounting) Saxe Cap / West Monroe (Technology/Cyber/AI) David Polk (Legal) Alvarez Marsal (Operations) • Growth drivers • Understanding the reacceleration in growth • Financial Diligence • Relationships with ERP • Corporate Strategy • Sales strategies and marketing techniques • Product and Technology • TSV / TSV by vertical • Go-to-Market • VCC • AI • NetSuite Partnership • R&D / Technology • Macroeconomic trends 16 Restricted - External

------

![](ny20049415x2_exc-8image19.jpg)

Diligence Overview – TPG Date Session Advisors 1/22/2025 Financial Due Diligence - 1/24/2025 Corporate Strategy - 1/27/2025 Product & Technology 1/30/2025 Key Diligence Areas • • New Logo / Retention Software & Payments KPIs • • Top-line Momentum & Growth Levers (Retention, Pricing) Management Plan West Monroe • • • Product Roadmap Automation Process AI & Disruption Risks Revenue Bridge - • Revenue Visibility 2/14/2025 On-Site Alvarez & Marsal, Bain, SaxeCap, Deloitte • • • Retention & New Paymodes ERP Partnerships (Appfolio, Netsuite) M&A Pipeline 2/18/2025 Financial Due Diligence Deloitte • • VCC Volume Trends Payment Accelerator & New Paymodes 2/18/2025 Go-to-Market Alvarez & Marsal • • Customer Journey & Segmentation Sales Organization, Compensation, and Process 2/21/2025 2/27/2025 GenAI Diligence SaxeCap, Bain • • • AI Opportunities, Proprietary Data Assets, AI Roadmap Operational Augmentation Opportunities using AI Volume Trends and Growth Inflection 3/13/2025 Additional Due Diligence - • • • GTM by Vertical Growth Trajectory and Inflection High Visibility Upside Nodes 3/21/2025 Product, R&D & Technology Alvarez & Marsal, West Monroe, Deloitte • • • Product Roadmap & Infrastructure Technology Org Technology Spend 17 Restricted - External

------

![](ny20049415x2_exc-8image20.jpg)

Other Inbounds Received Party Inbounding Contact(s) Status Notes Inbounds in response to 3/13 Bloomberg article Advent / Medius • • • Eric North, Partner Bo Huang, Partner Sebastian Garcia, Principal • • 3/19: Scheduling call with Advent for later in March 3/14: Advent inbounded asking about Virgil, mentioning their investment in Medius American Express • Scott Callard, VP Corporate Development • • 3/24: Upcoming call with Scott 3/17: Scott inquired about Virgil and asked for call to learn more about "initial process considerations" Hg Capital • Farouk Hussein, Patner • • 3/20: Call held with Farouk 3/13: Farouk inbounded asking about Virgil, among other topics Norwest Venture Partners • • • Chris Sondej, Principal Sameer Kapur, VP Aidan Greenstein, Investor • 3/17: Chris inbounded regarding Virgil; mentioned that deal would likely be too large for them but would potentially be interested to co-invest with larger sponsor; Chris notes other NVP investments in the supplier management space including Supplier.io and SourceDay Vista • • Monti Saroya, Senior Managing Director Adrian Alonso, Managing Director • 3/17: Adrian inbounded asking if it makes sense to re-engage, FT Partners said we are sorting through inbounds from the leak and would revert back on any relevant update, if any • 3/24: Upcoming in-person meeting between Mike and Rene in SF to discuss network-of-network initiative and potentially processing BILL transactions on AvidPay Network 3/5: Rene sent follow-up note saying it was a misunderstanding from his team that Virgil was evaluating strategic options; Rene confirmed he would be available to connect with Mike in person over dinner on 3/24 2/27: Rene reached out to Mike asking to catch up. Rene said he has heard from another investment bank that Virgil was evaluating strategic options Inbounds prior to 3/13 Bloomberg article BILL • Rene Lacerte, CEO • • Corpay • Ron Clarke, CEO • Non-specific ongoing dialogue 18 Restricted - External

------

![](ny20049415x2_exc-8image21.jpg)

Appendix

------

![](ny20049415x2_exc-8image22.jpg)

Preliminary Comparable Public Companies Operating and Valuation Metrics Through CY26 Gross Profit Margin Capex % of Rev Float Rev Mix CY26E CY25E CY25E 21.4% 29.0% 4.7% 9.7% 74.6% 21.4% 29.0% 4.7% 9.7% 10.3% 74.6% 19.4% 22.7% 4.8% 9.8% 4.3% 10.3% 74.6% 19.4% 22.7% 4.8% 9.8% 22.7% 24.5% 25.3% NA 53.0% 56.0% 4.8% NA 12.0x 6.2% 6.6% 10.5% 78.6% 53.4% 54.6% 4.6% 1.7% 11.8x 9.9x 28.9% 16.5% 18.4% 69.4% 49.7% 50.0% 10.3% NA 21.4x 17.5x 13.1x 17.4% 14.0% 16.9% 84.2% 16.9% 19.3% 1.8% 8.5% 3.6x 8.7x 9.1x 8.6x 3.1% (0.1%) 5.4% 61.1% 42.3% 42.5% 6.2% NA 2.4x 2.2x 9.4x 9.7x 8.4x 17.6% 6.7% 11.6% 82.5% 25.1% 25.8% 2.1% 20.7% 10.9x 9.3x 8.0x 36.1x 29.0x 23.2x 29.4% 16.6% 16.4% 86.1% 32.1% 34.6% 8.6% NA 3,380 5.2x 4.8x 4.4x 20.6x 18.2x 15.7x 10.7% 7.4% 9.5% 80.0% 26.4% 27.9% 4.3% NA 687 1.4x 1.2x 1.1x 8.8x 6.4x 4.8x 24.3% 17.0% 17.6% 64.0% 19.2% 22.0% 1.5% NA Price Chg. Since Equity Enterprise 3/19/2025 1/22/2025 Value Value CY24E CY25E CY26E CY24E CY25E CY26E '24/'23 '25/'24 '26/'25 CY25E CY25E Virgil (Feb LRP) $8.42 (19%) $1,866 $1,536 3.5x 3.3x 2.9x 18.1x 15.3x 9.9x 15.3% 7.0% 14.3% 74.6% Virgil (Feb LRP - Unaffected) $6.89 (34%) $1,526 $1,196 2.7x 2.5x 2.2x 14.1x 11.9x 7.7x 15.3% 7.0% 14.3% Virgil (Consensus) $8.42 (19%) $1,866 $1,536 3.5x 3.4x 3.0x 18.1x 17.3x 13.4x 15.3% 4.3% Virgil (Consensus Unaffected) $6.89 (34%) $1,526 $1,196 2.7x 2.6x 2.4x 14.1x 13.4x 10.4x 15.3% Adyen (1) $1,693.11 8% $53,475 $42,610 19.6x 15.8x 12.6x 39.6x 29.8x 22.5x Corpay 352.34 (6%) 25,312 31,778 7.7x 7.2x 6.5x 14.6x 13.5x Shift4 88.25 (24%) 8,811 9,993 6.8x 5.9x 4.9x 14.5x Bill.com 48.04 (48%) 5,119 4,645 3.4x 3.0x 2.5x Wex 154.73 (15%) 6,223 10,071 3.8x 3.8x Payoneer 7.64 (26%) 3,028 2,531 2.6x Paymentus 27.82 (11%) 3,603 3,397 Blackline 50.16 (16%) 3,324 Flywire 10.29 (46%) 1,348 EV/EBITDA Revenue Growth EBITDA Margin Min 1.4x 1.2x 1.1x 8.7x (2) 9.1x (2) 8.4x (2) 3.1% (0.1%) 5.4% 61.1% 16.9% 19.3% 1.5% 1.7% Mean 6.8x 5.9x 5.1x 14.9x 13.3x 11.3x 17.8% 12.1% 14.6% 75.7% 35.4% 37.0% 4.9% 10.3% Median 5.2x 4.8x 4.4x 14.5x Max 19 EV/Revenue 19.6x 15.8x 12.6x 21.4x (2) (2) (2) 12.6x 18.2x (2) (2) (2) 10.9x 15.7x (2) (2) (2) 17.6% 14.0% 16.4% 79.3% 32.1% 34.6% 4.6% 8.5% 29.4% 24.5% 25.3% 86.1% 53.4% 56.0% 10.3% 20.7% Source(s): FactSet, Broker Research and Company LRP. Market data as of 3/19/2025. 1. Adyen does not report gross profit. 2. Excludes Adyen, Paymentus and Flywire EV/ EBITDA multiples. Restricted - External Preliminary, subject to further review and diligence

------

![](ny20049415x2_exc-8image23.jpg)

Preliminary Selected Comparable Transactions Enterprise Value Multiple Announced 20 Enterprise NTM EBITDA Margin Revenue Premiums Date Acquiror Target Value Rev. Growth LTM NTM LTM NTM 1-Day 52-Wk High 01/07/2025 Paychex Paycor $4,108 10% 35% 33% 5.9x 5.3x 21% 5% 09/18/2024 Bridgepoint / General Atlantic Esker $1,748 15% 17% 19% 8.3x 7.2x 30% 28% 05/08/2024 Corpay Paymerang $475 20% NA NA 9.6x 8.0x NA NA 10/23/2023 Vista Equity Partners EngageSmart $3,644 21% 19% 19% 10.0x 8.2x 23% 3% 12/12/2022 Thoma Bravo Coupa $8,122 17% 15% 23% 9.9x 8.5x 77% (60%) 09/28/2022 EQT Billtrust $1,477 27% (12%) (3%) 9.6x 7.5x 65% (13%) 08/08/2022 Vista Equity Partners Avalara $8,401 22% 3% 2% 10.6x 8.7x 27% (51%) 12/17/2021 Thoma Bravo Bottomline $2,632 11% 20% 20% 5.3x 4.8x 42% 5% 07/19/2021 Bill.com Invoice2go $625 25% NA NA 20.6x 16.4x NA NA 11/08/2018 Edenred Corporate Spending Innovations $600 21% 60% 60% 14.0x 11.5x NA NA Virgil (Company Feb LRP) $1,536 7% 19% 21% - - - - Median 20% 18% 20% 9.8x 8.1x 30% 3% Mean 19% 20% 22% 10.4x 8.6x 41% (12%) Median (Growth <20%) 13% 18% 22% 7.1x 6.3x 36% 5% Mean (Growth <20%) 13% 22% 24% 7.3x 6.4x 43% (5%) Source(s): FactSet, company filings, Broker Research and other public information. Market data as of 3/19/2025. Restricted - External Preliminary, subject to further review and diligence

------

![](ny20049415x2_exc-8image24.jpg)

Premiums Paid for Precedent Technology Transactions Mean Premiums to 1-Day Unaffected Price Since 2020 45% 42% 42% 35% Mean: 39% 31% 21% 2020 2021 2022 2023 Premiums to 1-Day Unaffected Stock Price 2024 2025 Premiums to 30-Day Unaffected VWAP 54% 51% 39% 41% 21 39% Mean Median 28% 24% First Quartile 39% Mean Median Third Quartile First Quartile Source(s): FactSet, Company Filings. Transaction parameters include all US-based Technology targets with Enterprise Value between $1.0-4.0bn taken private in allcash transactions since 2020. Specific technology verticals include Electronic Technology, Technology Services, Information Technology Services and others. Restricted - External Preliminary, subject to further review and diligence Third Quartile

------

![](ny20049415x2_exc-8image25.jpg)

Disclaimer The following pages contain material that was provided to the Board of Directors (the "Board") of Virgil (the "Company") by Barclays Capital Inc. ("Barclays"). The accompanying material and any Barclays presentation related to the material was compiled or prepared on a confidential basis solely for consideration by the Board and no part of it may be reproduced, distributed or transmitted without the prior written consent of Barclays. The information contained in this material was obtained from the Company and/or publicly available sources, and Barclays has relied upon such information without independent verification thereof and does not assume any liability for any such information. These materials are being provided in connection with an actual corporate engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Barclays. Moreover, any information provided herein was not prepared for or intended for use by any individual for personal, family or household purposes. Any estimates, historical financial information, projections and other information contained herein have been prepared by management of the Company or were obtained from publicly available sources (approved for Barclays' use by the Company) or are based upon such estimates and projections. With respect to such estimates and projections, Barclays has assumed that they have been reasonably prepared on a basis reflecting the best currently available estimates, projections and judgment of the management of the Company. The projections contained herein may or may not be achieved and differences between projected results and those actually achieved may be material. No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The analysis contained herein is based on current market conditions which are subject to change and Barclays assumes no obligation to update or otherwise revise these materials. Nothing in these materials shall be deemed to constitute a recommendation or investment, legal, tax, financial, accounting or other advice. Because these materials were prepared for use in the context of a presentation to the Board, these materials are incomplete without reference to, and should be assessed solely in conjunction with, the oral briefing provided by Barclays to the Board (in their capacity as directors and not in any individual capacity and is not for the benefit of any individual, including any individual officer, director, shareholder or any other person). These materials were not prepared for or intended for use by any individual for personal, family or household purposes nor were they prepared to comply with the disclosure standards under state and federal securities laws or any other applicable laws and, to the extent the material may be considered by readers not as familiar with the business and affairs of the Company as the Board, none of the Company, Barclays, their respective affiliates or any of their respective legal or financial advisors or accountants takes any responsibility for the accuracy or completeness of any of the material if used by persons other than the Board. These materials are not intended to provide the sole basis for evaluation of the proposed corporate transaction and do not purport to contain all information that may be required and should not be considered a recommendation with respect to the proposed corporate transaction. Barclays has not made or obtained any evaluations or appraisals of the assets or liabilities of the Company or any other party to any corporate transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained herein do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Barclays' role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company, the Board or any individual officer, director, shareholder or any other person. Barclays, its subsidiaries and affiliates engage in a wide range of businesses from investment and commercial banking, lending, asset management and other financial and non-financial services. In the ordinary course of its business, Barclays and its affiliates may actively trade and effect transactions in the equity, debt and/or other securities (and any derivatives thereof) and financial instruments (including loans and other obligations) of the Company for its own account and for the accounts of its customers and, accordingly, may at any time hold long or short positions and investments in such securities and financial instruments or in other financial products and instruments. Unless otherwise expressly agreed or provided for in other applicable Barclays disclosures governing such corporate transactions or required by law or regulation, Barclays conducts these activities as principal and executes its principal transactions as an arm's length counterparty. Barclays does not act as a fiduciary in relation to these corporate transactions. These materials do not constitute investment advice nor do they form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer of financing or an offer or recommendation to enter into any corporate transaction described herein. Barclays Capital Inc. is the United States investment bank of Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Registered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. Neither Barclays Bank PLC, New York Branch nor Barclays Bank Delaware is responsible for the obligations of its affiliates. Copyright Barclays Bank PLC, 2025 (all rights reserved). Discussion Material

## Ex-99.(C)(9)

Exhibit (c)(9)

![](ny20049415x2_exc-9image01.jpg)

Discussion Material March 2025

------

![](ny20049415x2_exc-9image02.jpg)

Process Overview 2 Buyer Outreach 14 7 4 2 2 Introductory Conversations Held Parties Engaged with Process Letter Engaged in Due Diligence Sessions IOI Received (1/31) Updated IOI (3/24)

------

![](ny20049415x2_exc-9image03.jpg)

Relevant Potential Financial / Strategic Partners for Virgil Parties Engaged With Process Letter Inbounded 3 Others Financial Sponsors Strategics Considered EV \| Market Cap: $150.5 \| $126.1bn EV / CY25E EBITDA: 14.8x EV \| Market Cap: $39.5 \| $25.0bn EV / CY25E EBITDA: 8.4x EV \| Market Cap: $9.9 \| $8.1bn EV / CY25E EBITDA: 6.8x (or) (or) () Others (or) () EV \| Market Cap: $72.0bn \| $69.1bn EV / CY25E EBITDA: 22.3x 3/24 Bids EV \| Market Cap: $32.1 \| $25.7bn EV / CY25E EBITDA: 13.7x EV \| Market Cap: $205.7 \| $195.2bn CY25E P/E(1): 18.1x EV \| Market Cap: $4.7 \| $5.2bn EV / CY25E Rev: 17.7x Strategic Inbounds Source(s): FactSet, Broker Research. Market data as of 03/26/2025. 1. P/E is primary valuation methodology used by Wall Street analysts.

------

![](ny20049415x2_exc-9image04.jpg)

Other Inbounds Received 4 Party Inbounding Contact(s) Status Notes Inbounds in response to 3/13 Bloomberg article Advent / Medius • Eric Noeth, Partner • Bo Huang, Partner • Sebastian Garcia, Principal • 3/26: Upcoming call with Sebastian • 3/14: Advent inbounded asking about Virgil, mentioning their investment in Medius American Express • Scott Callard, VP Corporate Development • 3/24: Upcoming call with Scott • 3/17: Scott inquired about Virgil and asked for call to learn more about "initial process considerations" Harvest Partners • Alex Tofel, VP • 3/24: Alex inbounded regarding Virgil; mentioned that they would likely be exploring as a junior capital / co-invest opportunity and/or partnering with a large sponsor Hg Capital • Farouk Hussein, Partner • 3/20: Call held with Farouk • 3/13: Farouk inbounded asking about Virgil, among other topics Insight Partners • Kevin Hurth, Managing Director • Andrew Starker, VP • 3/31: Upcoming call with Kevin • 3/25: Kevin inbounded asking about Virgil to get an update on the process; call scheduled Norwest Venture Partners • Chris Sondej, Principal • Sameer Kapur, VP • Aidan Greenstein, Investor • 3/26: Upcoming call with Aidan • 3/17: Chris inbounded regarding Virgil; mentioned that deal would likely be too large for them but would potentially be interested to co-invest with larger sponsor; Chris notes other NVP investments in the supplier management space including Supplier.io and SourceDay Silver Point • Alyssa Vandris, Director • 3/25: Alyssa shared private credit fund overview materials • 3/24: Alyssa inbounded regarding Virgil noting they could be constructive in providing debt financing packages for buyers to consider Veritas Capital • Todd Herlihy, Partner • 3/27: Upcoming call with Todd • 3/25: Todd inbounded regarding Virgil to get an update on the process Vista • Monti Saroya, Senior Managing Director • Adrian Alonso, Managing Director • 3/17: Adrian inbounded asking if it makes sense to re-engage, FT Partners said we are sorting through inbounds from the leak and would revert back on any relevant update, if any Inbounds prior to 3/13 Bloomberg article BILL • Rene Lacerte, CEO • Mid-April: Mike and Rene to discuss network-of-network initiative and potentially processing BLL transactions on AvidPay Network • 3/5: Rene sent follow-up note saying it was a misunderstanding from his team that Virgil was evaluating strategic options; Rene confirmed he would be available to connect with Mike in person over dinner on 3/24 • 2/27: Rene reached out to Mike asking to catch up. Rene said he has heard from another investment bank that Virgil was evaluating strategic options Corpay • Ron Clarke, CEO • Non-specific ongoing dialogue

------

![](ny20049415x2_exc-9image05.jpg)

Appendix

------

![](ny20049415x2_exc-9image06.jpg)

Overview of Potential Financial Partners for Virgil Considered Parties Engaged with Process Letter (Minority) 6 Others

------

![](ny20049415x2_exc-9image07.jpg)

Disclaimer This document has been prepared by Barclays Capital Inc. ("Barclays") for information purposes only. This document is confidential and for the sole and exclusive benefit and internal use of the Recipient in connection with the matter or possible transaction to which this document relates, and no part of it may be reproduced, distributed or transmitted without the prior written permission of Barclays. This document is an indicative summary of the terms and conditions of the transaction described herein and may be amended, superseded or replaced by subsequent summaries. The final terms and conditions of the transaction will be set out in full in the applicable binding transaction document(s). This document is incomplete without reference to, and should be assessed solely in conjunction with, the oral briefing provided by Barclays. Neither Barclays nor any of its subsidiaries or affiliates shall be obliged by having made this document available to you to provide any financial advisory services (whether in relation to the matter or possible transaction to which this document relates or otherwise) or to sell, acquire, place or underwrite any securities or to lend moneys or to provide any other commitment, facility, product, risk management solution or service, nor does Barclays represent by providing this document to the Recipient that it will be possible for Barclays to provide, arrange or undertake any of the aforementioned services, activities, products or solutions. Any commitment by Barclays to provide, arrange or undertake any of the aforementioned services, activities, products or solutions would be subject to Barclays signing appropriate documentation, obtaining all necessary internal approvals and completing due diligence, in each case in a manner satisfactory to Barclays. This document was prepared on the basis of information and data, obtained from publicly available sources and, where applicable, from the Recipient and/or any other entity that may be involved in any transaction or matter contemplated by this document (and/or any of the Recipient's or the aforementioned entities' affilaiates), in each case prior to or on the date hereof. Barclays makes no warranty or representation, express or implied, as to the accuracy or completeness of information which is contained in this document and which is stated to have been obtained from or is based upon trade and statistical services or other third party sources. The information in this document has not been independently verified by Barclays and Barclays does not assume any liability for any such information. Any data on past performance, modeling or back-testing contained herein is no indication as to future performance. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any modeling or back-testing or any other information contained herein. All opinions and estimates are given as of the date hereof and are subject to change and Barclays assumes no obligation to update this document to reflect any such changes. The value of any investment may fluctuate as a result of market changes. The information herein is not intended to predict actual results and no assurances are given with respect thereto. Nothing herein shall be deemed to constitute investment, legal, tax, financial, accounting or other advice. The Recipient is responsible for making its own independent investigation and appraisal of the risks, benefits, appropriateness and suitability of any transaction or matter contemplated by this document and Barclays is not making any recommendation (personal or otherwise) or giving any investment advice and will have no liability with respect thereto. The decision to proceed with any transaction or action contemplated by this document must be made by the Recipient in the light of its own commercial assessments and Barclays will not be responsible for such assessments. Neither Barclays nor any of its subsidiaries or affiliates, nor any of their respective directors, officers, employees, advisors or other representatives (Barclays together with such persons being the "Barclays Group") accepts any liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this document or its contents or any reliance on the information contained herein. Barclays Group is not responsible for any specialized advice (including financial, tax, legal and accounting, among other advice). This document does not constitute nor does it form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer or recommendation to enter into any transaction described herein nor does this document constitute an offer or commitment to provide, arrange or underwrite any financing. Members of the Barclays Group are involved in a wide range of commercial banking, investment banking and other activities out of which conflicting interests or duties may arise. In the ordinary course of its business, the Barclays Group may provide services to any other entity or person whether or not a member of the same group as the Recipient (a "Third Party"), engage in any transaction (whether on its own account, on behalf of any Third Party or otherwise, and including any transaction or matter contemplated by this document), notwithstanding that such services, transactions or actions may be adverse to the Recipient or any member of the Recipient's group, and the Barclays Group may retain for its own benefit any related remuneration or profit. The Barclays Group operates in accordance with a conflicts of interest policy which identifies conflicts of interest it faces in the ordinary course of its business, and establishes organisational and procedural measures to manage those conflicts where it is reasonably able to do so. Neither Barclays nor any other part of the Barclays Group shall have any duty to disclose to the Recipient or utilise for the Recipient's benefit any non-public information acquired in the course of providing services to any other person, engaging in any transaction (on its own account or otherwise) or otherwise carrying on its business. The Barclays Group's research analysts and research departments are independent from its banking business and are subject to certain regulations and internal policies. The Barclays Group's research analysts may hold opinions and make statements or investment recommendations and/or publish research reports with respect to any company referred to herein, the transactions contemplated herein or any person or entity involved therein or related thereto that differ from or are inconsistent with the views or advice communicated by the Barclays Group's banking business. Barclays is a full service securities firm and as such from time to time may effect transactions for its own account or the account of its clients and hold long or short positions in debt, equity or other securities of the companies referred to herein. THIS DOCUMENT DOES NOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ISSUES RELATED TO AN INVESTMENT IN THE SECURITIES, FINANCIAL INSTRUMENTS OR TRANSACTIONS DESCRIBED HEREIN. PRIOR TO TRANSACTING, YOU SHOULD ENSURE THAT YOU FULLY UNDERSTAND THE TERMS OF THE TRANSACTION AND ANY APPLICABLE RISKS. The information contained herein is not intended to be distributed to any prospective or actual investors and, accordingly, may not be shown or given to any person other than the recipient, and is not to be forwarded to any other person (including any retail investor or customer), copied or otherwise reproduced or distributed to any such person in any manner whatsoever. FAILURE TO COMPLY WITH THIS DIRECTIVE CAN RESULT IN A VIOLATION OF THE SECURITIES ACT OF 1933, AS AMENDED. These materials have not been produced by the Barclays Group's research department and do not constitute investment research or a research recommendation for the purposes of the Financial Conduct Authority rules or a research report under applicable U.S. law. Barclays Capital Inc. is the United States investment bank of Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Registered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. Copyright Barclays Bank PLC, 2025 (all rights reserved). 7

## Ex-99.(C)(10)

Exhibit (c)(10)

![](ny20049415x2_exc-10image01.jpg)

DRAFT Project Virgil – Discussion Materials April 2025

------

![](ny20049415x2_exc-10image02.jpg)

DRAFT ($ in millions, except for per share data) Virgil Unaffected Close Virgil Current CPAY BILL Share Price ($) $6.89 $8.48 $10.00 $10.50 $11.00 $11.50 $12.00 $348.72 $45.89 % Premium / (Discount) to Current (19%) - 18% 24% 30% 36% 42% - - % Premium / (Discount) to Unaffected Close - 23% 45% 52% 60% 67% 74% - - % Premium / (Discount) to 5-Day Unaffected VWAP $7.03 (2%) 21% 42% 49% 56% 64% 71% - - Fully Diluted Shares (mm) 221.4 221.6 222.1 222.3 222.4 222.6 222.7 71.8 106.5 Fully Diluted Equity Value $1,526 $1,879 $2,221 $2,334 $2,447 $2,560 $2,673 $25,047 $4,889 Plus: Gross Debt(1) $72 $72 $72 $72 $72 $72 $72 $7,996 $1,737 Less: Cash and Cash Equivalents(1) (402) (402) (402) (402) (402) (402) (402) (1,554) (2,211) Plus: Minority Interest - - - - - - - 24 - Total Enterprise Value $1,196 $1,550 $1,891 $2,004 $2,117 $2,230 $2,343 $31,513 $4,416 Premiums Analysis: Virgil 30-Day Closing Average (03/31/25) $8.23 (16%) 3% 22% 28% 34% 40% 46% (2%) (9%) 90-Day Closing Average (03/31/25) $9.83 (30%) (14%) 2% 7% 12% 17% 22% (3%) (39%) 52 Week High (07/23/24) $12.86 (46%) (34%) (22%) (18%) (14%) (11%) (7%) (10%) (53%) 52 Week Low (03/12/25) $6.89 - 23% 45% 52% 60% 67% 74% 40% 5% Analyst Price Target - Median(2) $8.00 (14%) 6% 25% 31% 38% 44% 50% (16%) (47%) Multiples Analysis: LRP Metric: CY2024A Revenue $439 2.7x 3.5x 4.3x 4.6x 4.8x 5.1x 5.3x 7.6x 3.2x CY2025E Revenue $470 2.5x 3.3x 4.0x 4.3x 4.5x 4.7x 5.0x 7.2x 2.8x CY2024A EBITDA(3) $85 14.1x 18.3x 22.3x 23.7x 25.0x 26.3x 27.7x 14.5x 20.3x CY2025E EBITDA(3) $100 11.9x 15.4x 18.9x 20.0x 21.1x 22.2x 23.4x 13.4x 16.6x Total Debt / CY2024A EBITDA 0.9x 0.9x 3.7x 8.0x Net Debt / CY2024A EBITDA (3.9x) (3.9x) 3.0x (2.2x) Total Debt / CY2025E EBITDA 0.7x 0.7x 3.4x 6.5x Net Debt / CY2025E EBITDA (3.3x) (3.3x) 2.7x (1.8x) Preliminary Analysis at Various Prices Source(s): Based on Company LRP, FactSet, Company information. Market data as of 3/31/2025. 1. Debt, cash and cash equivalents for Virgil as of Q1 CY25 Company LRP and latest public disclosure for Corpay and BILL. 2. FactSet consensus median. 3. Unburdened with Stock-based Compensation. 3/12/25 3/31/25 Strategics 2

------

![](ny20049415x2_exc-10image03.jpg)

Illustrative Combination with Bill.com

------

![](ny20049415x2_exc-10image04.jpg)

DRAFT Bill.com Overview Source(s): Company filings, press release. Market data as of 3/31/2025. Strategic Priorities & Observations P&L and Current Multiples Key Decision Maker $20 $120 $220 $320 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Stock Price ¡V Last 5 Years Enterprise Value Build $45.89 Rene Lacerte (CEO) BILL¡¦s Strategic Priorities 1. Payments: focusing on better adoption of virtual cards, international payments, and working capital 2. Improving the experience and value prop for large suppliers 3. Expansion of embedded solutions (partnership large banks, other software companies get the longer tail of SMBs) 4. Deepening relationships with Accounting firms Select Observations „H BILL has built significant liquidity on the B/S anticipating challenging macroeconomic conditions; recently completed offering of ~$1.4bn of convertible notes in December 2024 (~$500mm of the net proceeds to repurchase existing converts, ~$200mm for share buybacks) „H In 2020-2021 timeframe, BILL made aggressive M&A moves to acquire Divvy (spend management) and Invoice2Go (A/R) at significant multiples ¡V but has been less active on M&A since then Share Price (3/31/2025) $45.89 Basic Shares Oustanding 101.9 Dilution from Options Outstanding 4.6 Fully Diluted Shares (mm) 106.5 Fully Diluted Equity Value $4,889 Plus: Total Debt $180 Plus: Total Convertible Debt $1,557 Less: Cash & Equivalents $2,211 Net Debt ($474) Fully Diluted Enterprise Value $4,416 Total Debt / CY2024A EBITDA 8.0x Net Debt / CY2024A EBITDA (2.2x) Total Debt / CY2025E EBITDA 6.5x Net Debt / CY2025E EBITDA (1.8x) 2023A 2024A 2025E 2026E Revenue $1,173 $1,378 $1,572 $1,837 % Growth 17% 14% 17% Gross Profit $1,011 $1,176 $1,324 $1,545 Gross Margin % 86% 85% 84% 84% Adj. EBITDA $165 $217 $266 $355 EBITDA Margin % 14% 16% 17% 19% Net Income $219 $234 $241 $299 Net Income Margin % 19% 17% 15% 16% EV / Revenue 3.8x 3.2x 2.8x 2.4x EV / EBITDA 26.8x 20.3x 16.6x 12.4x 4

------

![](ny20049415x2_exc-10image05.jpg)

DRAFT Bill.com - Pro Forma Financial Overview – February LRP Source: Company Feb LRP, public information, Broker Consensus and FactSet. 1. Adjusted EBITDA excludes $6mm of public company costs estimated by Management. Revenue Revenue Revenue $439 $470 $537 2024A 2025E 2026E $1,378 $1,572 $1,837 2024A 2025E 2026E $1,817 $2,042 $2,374 2024A 2025E 2026E Gross Margin Gross Margin Gross Margin 74% 75% 76% 2024A 2025E 2026E 85% 84% 84% 2024A 2025E 2026E 83% 82% 82% 2024A 2025E 2026E Adj. EBITDA Adj. EBITDA Adj. EBITDA $85 $100 $156 2024A 2025E 2026E $217 $266 $355 2024A 2025E 2026E $302 $366 $511 2024A 2025E 2026E Pro Forma (ex-synergies) % Growth 7% 14% 14% 17% 12% 16% % Margin 19% 21% 29% 16% 17% 19% 17% 18% 22% (1) (LRP) 5 83% 82% 82%

------

![](ny20049415x2_exc-10image06.jpg)

DRAFT $85 $89 $115 2024A 2025E 2026E Bill.com - Pro Forma Financial Overview – Consensus Source: Public information, Broker Consensus and FactSet. 1. Adjusted EBITDA excludes $6mm of public company costs estimated by Management. Revenue Revenue Revenue $1,378 $1,572 $1,837 2024A 2025E 2026E $1,817 $2,030 $2,343 2024A 2025E 2026E Gross Margin Gross Margin Gross Margin 85% 84% 84% 2024A 2025E 2026E 83% 82% 82% 2024A 2025E 2026E Adj. EBITDA Adj. EBITDA Adj. EBITDA $217 $266 $355 2024A 2025E 2026E $302 $355 $470 2024A 2025E 2026E Pro Forma (ex-synergies) % Growth 4% 10% 14% 17% 12% 15% % Margin 19% 19% 23% 16% 17% 19% 17% 17% 20% (1) $439 $458 $505 2024A 2025E 2026E 74% 75% 76% 2024A 2025E 2026E (Consensus) 6 83% 82% 82%

------

![](ny20049415x2_exc-10image07.jpg)

DRAFT Deal Type All Cash 50% Cash / 50% Stock Consideration PF Ownership CY2026E Accretion / Dilution (Ex-Synergies) Preliminary Accretion / Dilution Analysis – Bill.com / Virgil Pre-Tax Synergies to Break Even: as a % of Virgil's Cost- Basis(2): Source(s): Based on Company Feb LRP, FactSet, Public Company information. Market data as of 3/31/2025. Assumes Virgil Balance Sheet as of Q1 2025. Assumes interest rate of 9.9% on new debt. Assumes minimum PF cash of $250mm for Bill.com; acquirer's balance sheet cash does not include cash generated during 2025. 1. Includes debt repayment and assumes illustrative $100mm transaction fees paid with cash on balance sheet. 2. Assumes leverageable 2025E EBITDA includes $20mm run-rate synergies. 3. Cost base includes Virgil's total of 2025E COGS and Opex of ~$370mm. ($88) ($6) $76 Offer Price $10 $11 $12 $13 $14 $10 $11 $12 $13 $14 Premium to Unaffected Price 45% 60% 74% 89% 103% 45% 60% 74% 89% 103% Sources: Virgil Balance Sheet Cash 402 402 402 402 402 402 402 402 402 402 Acquiror Balance Sheet Cash 1,961 1,961 1,961 1,961 1,961 881 994 1,107 1,221 1,335 New Debt 30 256 482 710 938 - - - - - Acquiror Stock - - - - - 1,111 1,223 1,336 1,450 1,564 Total Sources $2,393 $2,619 $2,845 $3,073 $3,301 $2,393 $2,619 $2,845 $3,073 $3,301 Uses: Cash Consideration 2,221 2,447 2,673 2,901 3,129 1,111 1,223 1,336 1,450 1,564 Stock Consideration - - - - - 1,111 1,223 1,336 1,450 1,564 Debt Repayment and Other (1) 172 172 172 172 172 172 172 172 172 172 Total Uses $2,393 $2,619 $2,845 $3,073 $3,301 $2,393 $2,619 $2,845 $3,073 $3,301 SQ Cash & Equivalents - Acquiror $2,211 SQ Net Leverage - Acquiror (1.8x) PF Net Leverage(2) 3.9x 4.5x 5.1x 5.7x 6.3x 1.1x 1.3x 1.6x 1.9x 2.2x $158 $241 Acquiror Shareholders 100% 100% 100% 100% 100% 83% 82% 80% 79% 78% Virgil Shareholders - - - - - 17% 18% 20% 21% 22% - - 20% 43% 65% - 5% 16% 27% 38% ($23) $17 $57 $98 $139 8% 1% (7%) (14%) (21%) 2% (1%) (4%) (7%) (9%) 7

------

![](ny20049415x2_exc-10image08.jpg)

DRAFT Bill.com M&A Activity Source(s): Company filings, press release, broker research. Ann. Date Target EV ($ in mm) EV / Revenue EV / EBITDA Deal LTM NTM LTM NTM Consideration 11/3/2022 - - - - - - 7/19/2021 $625 20.6x 16.4x - - 75% Stock / 25% Cash 5/6/2021 2,500 25.0x 19.0x - - 75% Stock / 25% Cash 8

------

![](ny20049415x2_exc-10image09.jpg)

Illustrative Combination with Corpay

------

![](ny20049415x2_exc-10image10.jpg)

DRAFT Corpay Overview Source(s): Company filings, press release. Market data as of 3/31/2025. 1. Excludes restricted cash of $2,903mm representing customer deposits, customer funds held for benefit of others, and collateral for cross-currency transactions 2. Historical financials pro forma adjusted for acquisitions of Paymerang and GPS. Strategic Priorities P&L and Current Multiples(2) $348.72 Ron Clarke (CEO) Corpay¡¦s Strategic Priorities 1. Add scale in Corporate Payment 2. Position payables business upmarket to the enterprise segment, in addition to core middle market focus 3. Cross-Border ¡V expand multi-currency account product Select Observations „H Active M&A strategy with focus on operational synergies and EPS accretion „H Significant efforts on diligence across commercial, financial and legal aspects „H Enduring patience around M&A processes to drive best value outcomes Key Decision Maker Share Price (3/31/2025) $348.72 Basic Shares Oustanding 70.2 Dilution from Options Outstanding 1.6 Fully Diluted Shares (mm) 71.8 Fully Diluted Equity Value $25,047 Plus: Total Debt $7,996 Less: Cash & Equivalents(1) $1,554 Net Debt $6,442 Plus: Non-Controlling Interest $24 Fully Diluted Enterprise Value $31,513 Total Debt / CY2024A EBITDA 3.7x Net Debt / CY2024A EBITDA 3.0x Total Debt / CY2025E EBITDA 3.4x Net Debt / CY2025E EBITDA 2.7x Stock Price ¡V Last 5 Years Enterprise Value Build $140 $230 $320 $410 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 2023A 2024A 2025E 2026E Revenue $3,888 $4,131 $4,402 $4,863 % Growth 6% 7% 10% Gross Profit $2,938 $3,106 $3,461 $3,858 Gross Margin % 76% 75% 79% 79% Adj. EBITDA $2,034 $2,177 $2,353 $2,656 EBITDA Margin % 52% 53% 53% 55% Net Income $982 $1,004 $1,206 $1,438 Net Income Margin % 25% 24% 27% 30% EV / Revenue 8.1x 7.6x 7.2x 6.5x EV / EBITDA 15.5x 14.5x 13.4x 11.9x 10

------

![](ny20049415x2_exc-10image11.jpg)

DRAFT $2,177 $2,353 $2,656 2024A 2025E 2026E $85 $100 $156 2024A 2025E 2026E Corpay - Pro Forma Financial Overview – February LRP Source: Public information, Broker Consensus and FactSet. 1. Adjusted EBITDA excludes $6mm of public company costs estimated by Management. 2. Based on median broker estimates. Adj. EBITDA Adj. EBITDA Adj. EBITDA (1) 74% 75% 76% 2024A 2025E 2026E 75% 79% 79% 2024A 2025E 2026E 75% 78% 2024A 2025E 2026E $2,262 $2,453 $2,812 2024A 2025E 2026E Pro Forma (ex-synergies) 19% 21% 29% 53% 53% 55% 50% 50% 52% (LRP) $439 $470 $537 2024A 2025E 2026E $4,131 $4,402 $4,863 2024A 2025E 2026E $4,570 $4,872 $5,400 2024A 2025E 2026E % Growth Revenue Revenue Revenue 7% 14% 7% 10% 7% 11% Gross Margin Gross Margin Gross Margin $1,661 $2,028 $2,346 2024A 2025E 2026E $1,222 $1,558 $1,809 2024A 2025E 2026E Revenue Revenue Revenue % Growth 7% 14% 28% 16% 22% 16% $439 $470 $537 2024A 2025E 2026E Payments Business % Margin (2) 11 75% 78% 79%

------

![](ny20049415x2_exc-10image12.jpg)

DRAFT $2,177 $2,353 $2,656 2024A 2025E 2026E $85 $89 $115 2024A 2025E 2026E Corpay - Pro Forma Financial Overview – Consensus Source: Public information, Broker Consensus and FactSet. 1. Adjusted EBITDA excludes $6mm of public company costs estimated by Management. 2. Based on median broker estimates. Gross Margin Gross Margin Gross Margin Adj. EBITDA Adj. EBITDA Adj. EBITDA % Margin (1) 74% 75% 76% 2024A 2025E 2026E 75% 79% 79% 2024A 2025E 2026E 75% 78% 2024A 2025E 2026E $2,262 $2,442 $2,771 2024A 2025E 2026E Pro Forma (ex-synergies) 19% 19% 23% 53% 53% 55% 50% 50% 52% (Consensus) $439 $458 $505 2024A 2025E 2026E $4,131 $4,402 $4,863 2024A 2025E 2026E $4,570 $4,860 $5,369 2024A 2025E 2026E % Growth Revenue Revenue Revenue 4% 10% 7% 10% 6% 10% $439 $458 $505 2024A 2025E 2026E $1,661 $2,016 $2,314 2024A 2025E 2026E $1,222 $1,558 $1,809 2024A 2025E 2026E Revenue Revenue Revenue (2) % Growth 4% 10% 28% 16% 21% 15% Payments Business 12 75% 78% 79%

------

![](ny20049415x2_exc-10image13.jpg)

DRAFT Deal Type All Cash 50% Cash / 50% Stock Consideration PF Ownership CY2026E Accretion / Dilution (Ex-Synergies) Preliminary Accretion / Dilution Analysis – Corpay / Virgil 0% (0%) (1%) (2%) (3%) Pre-Tax Synergies to Break Even: as a % of Virgil's Cost- Basis(2): Source(s): Based on Company Feb LRP, FactSet, Public Company information. Market data as of 3/31/2025. Assumes Virgil Balance Sheet as of Q1 2025. Assumes interest rate of 6.2% on new debt. Assumes minimum PF cash of $500mm for Corpay; acquirer balance sheet cash does not include cash generated during 2025. 1. Includes debt repayment and assumes illustrative $100mm transaction fees paid with cash on balance sheet. 2. Assumes leverageable 2025E EBITDA includes $20mm run-rate synergies. 3. Cost base includes Virgil's total of 2025E COGS and Opex of ~$370mm. 2% (1%) (4%) (7%) (9%) ($19) Offer Price $10 $11 $12 $13 $14 $10 $11 $12 $13 $14 Premium to Unaffected Price 45% 60% 74% 89% 103% 45% 60% 74% 89% 103% Sources: Virgil Balance Sheet Cash 402 402 402 402 402 402 402 402 402 402 Acquiror Balance Sheet Cash 1,054 1,054 1,054 1,054 1,054 881 994 1,054 1,054 1,054 New Debt 938 1,164 1,390 1,617 1,845 - - 53 167 281 Acquiror Stock - - - - - 1,111 1,223 1,336 1,450 1,564 Total Sources $2,393 $2,619 $2,845 $3,073 $3,301 $2,393 $2,619 $2,845 $3,073 $3,301 Uses: Cash Consideration 2,221 2,447 2,673 2,901 3,129 1,111 1,223 1,336 1,450 1,564 Stock Consideration - - - - - 1,111 1,223 1,336 1,450 1,564 Debt Repayment and Other (1) 172 172 172 172 172 172 172 172 172 172 Total Uses $2,393 $2,619 $2,845 $3,073 $3,301 $2,393 $2,619 $2,845 $3,073 $3,301 SQ Cash & Equivalents - Acquiror $1,554 SQ Net Leverage - Acquiror 2.7x PF Net Leverage(2) 3.4x 3.5x 3.6x 3.7x 3.8x 3.0x 3.0x 3.1x 3.1x 3.1x $32 $83 $135 $187 Acquiror Shareholders 100% 100% 100% 100% 100% 96% 95% 95% 94% 94% Virgil Shareholders - - - - - 4% 5% 5% 6% 6% - 9% 23% 37% 51% 12% 25% 39% 54% 70% $45 $93 $144 $201 $258 13

------

![](ny20049415x2_exc-10image14.jpg)

DRAFT Corpay M&A Activity Ann. Date Target EV ($ in mm) EV / Revenue EV / EBITDA Deal LTM NTM LTM NTM Consideration 1/20/2025 $140 - 4.0x - - Cash 6/19/2024 725 - 7.3x - 16.1x Cash 5/8/2024 475 9.6x 8.0x - - Cash 3/6/2024 85 - - - - - 11/6/2023 300 7.5x 6.0x - - - 2/1/2023 - - - - - - 10/20/2022 57 - - - - Cash 9/1/2022 76 - Cash 8/3/2022 41 - - - - - 6/9/2022 103 2.4x - - - - 3/3/2022 24 - - - - - 8/2/2021 460 - - - - - 1/28/2021 39 - - - - - 9/17/2020 450 4.5x - 22.5x 20.5x - 10/2/2019 110 - - - - - 7/8/2019 74 - - - - - 3/5/2019 220 7.3x - - - Cash 11/1/2017 109 - - - - Cash 5/1/2017 675 3.7x - 17.0x - Cash 8/4/2016 - - - - - - 3/14/2016 1,050 5.6x 5.5x 11.3x 12.5x Cash 8/12/2014 3,400 5.9x 5.6x 12.0x 11.2x 30% Stock / 70% Cash STP Source(s): Company filings, press release, broker research. 14

------

![](ny20049415x2_exc-10image15.jpg)

DRAFT Day of week Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Date 3/31 4/1 4/2 4/3 4/4 4/5 4/6 4/7 4/8 4/9 4/10 4/11 4/12 4/13 4/14 4/15 4/16 4/17 4/18 4/19 4/20 4/21 4/22 4/23 4/24 4/25 4/26 4/27 4/28 4/29 4/30 5/1 5/2 5/3 5/4 5/5 5/6 2nd Round Due Diligence Full Round 2 VDR Diligence Calls and Meetings Provide SPA to Buyers Buyers Mark Up SPA Receive Round 2 Bids & SPA Mark Up Board Meeting to Assess Bids and Choose Winner Transaction Documents Negotiation Deal Communications Workstream Draft Disclosure Schedules Board Meeting to Approve Deal Sign and Announce Q1 2025 Results Illustrative Transaction Timeline „H Ramping up new potential parties could extend the timetable by a number of weeks „H The due diligence phase may have to be extended before we get to SPA negotiations „H New strategic parties may take 3-5 days to negotiate NDAs „H For publicly listed parties, there are additional considerations „R An HSR assessment may be undertaken before they commit full resources ¡V ~1-2 weeks „R Need to account for potential additional board meetings, reporting requirements and buyer internal alignment „R Need internal alignment around additional clean team procedures Additional Considerations Share disclosure schedules with winning bidder Buyers share mark-up with Virgil 1 week buffer to finalize deal if needed Can start early depending on management capacity = 2nd Round Diligence = Key Documents Received & Board Meetings = Document Negotiation = Document Drafting = Key Document To Be Shared = Results 15

------

![](ny20049415x2_exc-10image16.jpg)

Disclaimer This document has been prepared by Barclays Capital Inc. ("Barclays") for information purposes only. This document is confidential and for the sole and exclusive benefit and internal use of the Recipient in connection with the matter or possible transaction to which this document relates, and no part of it may be reproduced, distributed or transmitted without the prior written permission of Barclays. This document is an indicative summary of the terms and conditions of the transaction described herein and may be amended, superseded or replaced by subsequent summaries. The final terms and conditions of the transaction will be set out in full in the applicable binding transaction document(s). This document is incomplete without reference to, and should be assessed solely in conjunction with, the oral briefing provided by Barclays. Neither Barclays nor any of its subsidiaries or affiliates shall be obliged by having made this document available to you to provide any financial advisory services (whether in relation to the matter or possible transaction to which this document relates or otherwise) or to sell, acquire, place or underwrite any securities or to lend moneys or to provide any other commitment, facility, product, risk management solution or service, nor does Barclays represent by providing this document to the Recipient that it will be possible for Barclays to provide, arrange or undertake any of the aforementioned services, activities, products or solutions. Any commitment by Barclays to provide, arrange or undertake any of the aforementioned services, activities, products or solutions would be subject to Barclays signing appropriate documentation, obtaining all necessary internal approvals and completing due diligence, in each case in a manner satisfactory to Barclays. This document was prepared on the basis of information and data, obtained from publicly available sources and, where applicable, from the Recipient and/or any other entity that may be involved in any transaction or matter contemplated by this document (and/or any of the Recipient's or the aforementioned entities' affilaiates), in each case prior to or on the date hereof. Barclays makes no warranty or representation, express or implied, as to the accuracy or completeness of information which is contained in this document and which is stated to have been obtained from or is based upon trade and statistical services or other third party sources. The information in this document has not been independently verified by Barclays and Barclays does not assume any liability for any such information. Any data on past performance, modeling or back-testing contained herein is no indication as to future performance. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any modeling or back-testing or any other information contained herein. All opinions and estimates are given as of the date hereof and are subject to change and Barclays assumes no obligation to update this document to reflect any such changes. The value of any investment may fluctuate as a result of market changes. The information herein is not intended to predict actual results and no assurances are given with respect thereto. Nothing herein shall be deemed to constitute investment, legal, tax, financial, accounting or other advice. The Recipient is responsible for making its own independent investigation and appraisal of the risks, benefits, appropriateness and suitability of any transaction or matter contemplated by this document and Barclays is not making any recommendation (personal or otherwise) or giving any investment advice and will have no liability with respect thereto. The decision to proceed with any transaction or action contemplated by this document must be made by the Recipient in the light of its own commercial assessments and Barclays will not be responsible for such assessments. Neither Barclays nor any of its subsidiaries or affiliates, nor any of their respective directors, officers, employees, advisors or other representatives (Barclays together with such persons being the "Barclays Group") accepts any liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this document or its contents or any reliance on the information contained herein. Barclays Group is not responsible for any specialized advice (including financial, tax, legal and accounting, among other advice). This document does not constitute nor does it form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer or recommendation to enter into any transaction described herein nor does this document constitute an offer or commitment to provide, arrange or underwrite any financing. Members of the Barclays Group are involved in a wide range of commercial banking, investment banking and other activities out of which conflicting interests or duties may arise. In the ordinary course of its business, the Barclays Group may provide services to any other entity or person whether or not a member of the same group as the Recipient (a "Third Party"), engage in any transaction (whether on its own account, on behalf of any Third Party or otherwise, and including any transaction or matter contemplated by this document), notwithstanding that such services, transactions or actions may be adverse to the Recipient or any member of the Recipient's group, and the Barclays Group may retain for its own benefit any related remuneration or profit. The Barclays Group operates in accordance with a conflicts of interest policy which identifies conflicts of interest it faces in the ordinary course of its business, and establishes organisational and procedural measures to manage those conflicts where it is reasonably able to do so. Neither Barclays nor any other part of the Barclays Group shall have any duty to disclose to the Recipient or utilise for the Recipient's benefit any non-public information acquired in the course of providing services to any other person, engaging in any transaction (on its own account or otherwise) or otherwise carrying on its business. The Barclays Group's research analysts and research departments are independent from its banking business and are subject to certain regulations and internal policies. The Barclays Group's research analysts may hold opinions and make statements or investment recommendations and/or publish research reports with respect to any company referred to herein, the transactions contemplated herein or any person or entity involved therein or related thereto that differ from or are inconsistent with the views or advice communicated by the Barclays Group's banking business. Barclays is a full service securities firm and as such from time to time may effect transactions for its own account or the account of its clients and hold long or short positions in debt, equity or other securities of the companies referred to herein. THIS DOCUMENT DOES NOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ISSUES RELATED TO AN INVESTMENT IN THE SECURITIES, FINANCIAL INSTRUMENTS OR TRANSACTIONS DESCRIBED HEREIN. PRIOR TO TRANSACTING, YOU SHOULD ENSURE THAT YOU FULLY UNDERSTAND THE TERMS OF THE TRANSACTION AND ANY APPLICABLE RISKS. The information contained herein is not intended to be distributed to any prospective or actual investors and, accordingly, may not be shown or given to any person other than the recipient, and is not to be forwarded to any other person (including any retail investor or customer), copied or otherwise reproduced or distributed to any such person in any manner whatsoever. FAILURE TO COMPLY WITH THIS DIRECTIVE CAN RESULT IN A VIOLATION OF THE SECURITIES ACT OF 1933, AS AMENDED. These materials have not been produced by the Barclays Group's research department and do not constitute investment research or a research recommendation for the purposes of the Financial Conduct Authority rules or a research report under applicable U.S. law. Barclays Capital Inc. is the United States investment bank of Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Registered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. Copyright Barclays Bank PLC, 2025 (all rights reserved). 16

## Ex-99.(C)(11)

Exhibit (c)(11)

![](ny20049415x2_exc-11image01.jpg)

Project Virgil: Preliminary Valuation Analysis April 2025

------

![](ny20049415x2_exc-11image02.jpg)

1. Virgil Trading Performance 1 2. Update on Valuation Perspectives 8 Appendix 17 Agenda

------

![](ny20049415x2_exc-11image03.jpg)

Virgil Trading Performance

------

![](ny20049415x2_exc-11image04.jpg)

Virgil Share Price Over Time Source(s): FactSet. Market data as of 04/15/2025. 1. Multiples based on Broker consensus values. 2. Displaying Broker consensus NTM revenue growth, NTM Gross Profit margins and NTM Adj. EBITDA margins. Share Price Since IPO $7.91 Post-Earnings Price Reaction IPO Price $25.00 First Day Close: $24.94 Nov 2021 3Q21 earnings; Beat revenue by 6% and Adj. EBITDA by 55% May 2022 1Q22 earnings; Raised CY23 revenue guidance from $299mm to $305mm Jun 2023 Virgil Investor Day Jul 2024 2Q24 earnings; Lowered CY24 revenue guidance from $445mm to $437.5mm Share Price Summary High Low Avg Since IPO $26.57 $6.14 $10.33 LTM $12.86 $6.89 $9.78 Market & Operating Summary (4/15/2025)(1) 2024E 2025E 2026E Market Cap $1,753 EV / Revenue 3.3x 3.1x 2.8x (-) Cash ($398) EV / Gross Profit 4.4x 4.2x 3.8x (+) Debt $72 EV / Adj. EBITDA 16.8x 16.0x 12.5x Enterprise Value $1,427 CY21 CY22 CY23 CY24 CY25 Q3 Q4 CY21 Q1 Q2 Q3 Q4 CY22 Q1 Q2 Q3 Q4 CY23 Q1 Q2 Q3 Q4 CY24 Curr. NTM Rev Growth(2) 24% 20% 20% 22% 21% 20% 16% 16% 16% 18% 19% 17% 17% 17% 13% 11% 11% 11% 6% NTM Gross Margin(2) 61% 63% 63% 62% 64% 65% 66% 66% 67% 68% 70% 72% 72% 73% 73% 74% 74% 74% 75% NTM Adj. EBITDA Margin(2) (17%) (13%) (13%) (10%) (7%) (3%) 1% 1% 2% 6% 10% 17% 17% 18% 19% 21% 22% 22% 21% NTM Rule of 40 7% 7% 7% 12% 14% 17% 17% 17% 18% 24% 29% 34% 34% 35% 32% 32% 32% 32% 27% Aug 2024 Announced first ever Share Repurchase Plan of up to $100mm 30% 1-day drop $12.72 $8.94 Unaffected Share Price Unaffected Current $£G %£G $6.89 $7.91 $1.02 14.8% Feb 2025 4Q24 & FY24 earnings; Weaker CY25 revenue guidance Key Process Dates „\Bain Bid: 1/28/2025 „\TPG Bid: 1/31/2025 „\Leak: 3/13/2025 Jan 2023 Named Dan Drees as President Unaffected Closing Price $6.89 1 Nov 2024 3Q24 earnings; Strong bottom line growth; raised Adj. EBITDA guidance from $74mm to $78.5mm

------

![](ny20049415x2_exc-11image05.jpg)

Virgil Relative Share Price Performance vs. Peers Source(s): FactSet. Market data as of 04/15/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL. Share Price Performance Since IPO 0% 50% 100% 150% Oct-21 Jun-22 Mar-23 Nov-23 Jul-24 Apr-25 Virgil Peers (69%) (32%) (1) Performance Since Leak (Unaffected as of 3/12/2025) Virgil 15% Peers (8%) Performance Up Until Leak on 3/13/2025 Since IPO 3-Yr 2-Yr 1-Yr YTD Virgil (72%) (5%) (16%) (47%) (33%) Peers (19%) (2%) 16% 4% (14%) 2

------

![](ny20049415x2_exc-11image06.jpg)

Virgil CY2024E Guidance Over Time Source(s): FactSet, Broker Research, Company filings. 1. Based on Company and Broker adjustments. CY2024E Guidance Over Time Revenue Adj. EBITDA(1) Consensus ($ in millions) Interest from customer funds $45 $45 $49 ($ in millions) Ä to Midpoint (0.1%) (0.6%) (2.2%) 33.5% 0.0% (4.0%) Q1 '24A May Roadshow Q2 '24A Q3 '24A 0.3% $50 5.9% 3 Q4 '24A Actuals Q1 '24A May Roadshow Q2 '24A Q3 '24A $50 Q4 '24A Actuals Market Reaction (3.3%) 0.8% (29.7%) 13.9% (20.6%) (3.3%) 0.8% (29.7%) 13.9% (20.6%) Guidance Actuals

------

![](ny20049415x2_exc-11image07.jpg)

Virgil Guidance vs Consensus – Q1 and FY2025E Source(s): FactSet, Broker Research, Company Risk Adjusted Projections. Current market data as of 04/15/2025. FY2025E (Pre-Q4'24 Earnings) Growth 4 Q1'25E $101 Consensus Revenue Adj. EBITDA 10% 4% 21% 19% (As of Q4'24 Earnings) Guidance Range Guidance Range (Pre-Q4'24 Earnings) (As of Q4'24 Earnings) Margin $453 $460 Guidance High End Guidance Low End $86 $91 $108 Risk Adj. Proj. $18 Risk Adj. Proj. Margin (Current) Revenue (Current) (Mgmt. Provided) $20 Consensus Adj. EBITDA Growth (Mgmt. Provided) $110 Consensus

------

![](ny20049415x2_exc-11image08.jpg)

TPG View of Virgil Pro Forma Growth 5 TPG Slide Source(s): TPG diligence presentation provided on 4/13/2025.

------

![](ny20049415x2_exc-11image09.jpg)

Multiples Compared to Peers Median EV / NTM Revenue Over Time 4.7x 2.8x Source(s): FactSet. Market data as of 04/15/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL. 2.0x 6.0x 10.0x 14.0x Oct-21 Jun-22 Mar-23 Nov-23 Jul-24 Apr-25 Average EV / NTM Revenue 1 Year 2 Year 3 Year Virgil 3.6x 3.9x 3.9x Peers 5.2x 5.3x 3.9x Virgil Peers(1) 6

------

![](ny20049415x2_exc-11image10.jpg)

Summary of Broker Price Targets and Recommendations Source(s): FactSet, Bloomberg, AlphaSense, Broker Research, Press release. Market data as of 04/15/2025. 1. Price targets as of 1/31 Board Presentation. Share Price Targets Price % vs. Current: 18% 1% $7.91 $9.37 $8.00 $13.00 $6.50 Current Mean Median Max Min (18%) Hold 53% Buy 35% Sell 12% Buy / Hold / Sell Price Target and Valuation Methodology by Analyst Price Target History 64% Broker Date of Latest Report Jan Price Target(1) Price Target % Ä in Price Target Recommendation Primary Valuation Methodology Secondary Valuation Methodology Wolfe 4/15/2025 $13.00 NA NA Hold 11.0-13.0x CY26 EV/Adj. EBITDA - BMO 4/9/2025 $11.00 $8.00 (27%) Hold 15.0x CY26 EV/Adj. EBITDA-CapEx - Goldman Sachs 4/8/2025 $9.50 $6.50 (32%) Sell 17.0x CY26 EV/Adj. EBITDA-SBC - Baird 4/3/2025 $14.00 $12.00 (14%) Buy - - KBW 3/30/2025 $11.00 $9.00 (18%) Hold - - BTIG 3/17/2025 $14.00 $11.00 (21%) Buy 15.0x CY26 EV/Adj. EBITDA - Wells Fargo 3/13/2025 $10.00 $8.00 (20%) Hold 4.0x CY26 EV/Gross Profit - Compass Point 3/11/2025 $15.00 $13.00 (13%) Buy 5.0x CY26 Mkt Cap/Revenue - Barclays 3/4/2025 $13.00 $8.00 (38%) Hold 6.0x CY26 EV/Gross Profit DCF Deutsche Bank 2/26/2025 $15.00 $11.00 (27%) Buy 19.0x CY26 EV/Adj. EBITDA - J.P. Morgan 2/27/2025 $10.00 $9.00 (10%) Hold 4.0x CY26 EV/Gross Profit - KeyBanc 2/26/2025 $14.00 NA NA Hold 2.6x CY25 EV/Revenue - Morgan Stanley 2/27/2025 $11.00 $8.00 (27%) Hold 13.0x CY26 EV/Adj. EBITDA - Piper Sandler 2/28/2025 $10.00 $8.00 (20%) Hold DCF - Susquehanna 2/28/2025 $14.00 $13.00 (7%) Buy 11.0x CY26 EV/Adj. EBITDA - UBS 2/26/2025 $10.50 $8.00 (24%) Buy 4.0x CY26 EV/Gross Profit - Bank of America 2/26/2025 $9.00 $8.00 (11%) Sell 3.0x CY26 EV/Revenue 0.4x CY26 EV/Rev/Growth Avg: $12.00 Avg: $9.37 Avg: (21%) $7.91 $9.37 Avg. Post Leak Date Avg: $9.08 Avg: (22%) 7

------

![](ny20049415x2_exc-11image11.jpg)

Update on Valuation Perspectives

------

![](ny20049415x2_exc-11image12.jpg)

Financial Summary – Company Risk Adjusted Projections Preliminary Financial Summary Source(s): Company filings and Company Risk Adjusted Projections. CAGR CAGR ($ in millions) 2021A 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E '21A - '24A '24A - '29E Total Revenue $248 $316 $381 $439 $462 $508 $556 $631 $707 21% 10% % Growth 34% 27% 20% 15% 5% 10% 9% 14% 12% Total COGS ($97) ($114) ($117) ($116) ($119) ($126) ($132) ($142) ($149) 6% 5% Total Non-GAAP Gross Profit $151 $203 $264 $323 $342 $383 $423 $489 $558 29% 12% Gross Margin % 61% 64% 69% 74% 74% 75% 76% 77% 79% S&M (60) (73) (73) (77) (85) (87) (90) (94) (101) 9% 6% % of Revenue 24% 23% 19% 17% 18% 17% 16% 15% 14% R&D (60) (75) (86) (88) (91) (93) (95) (97) (100) 13% 2% % of Revenue 24% 24% 23% 20% 20% 18% 17% 15% 14% G&A (57) (70) (75) (74) (75) (75) (76) (77) (79) 9% 1% % of Revenue 23% 22% 20% 17% 16% 15% 14% 12% 11% Total OpEx ($177) ($218) ($234) ($239) ($251) ($255) ($261) ($268) ($280) 10% 3% % of Revenue 71% 69% 61% 54% 54% 50% 47% 42% 40% Adj. EBITDA w/o PubCo Costs (Unburdened w/ SBC) ($26) ($15) $30 $85 $91 $128 $163 $221 $278 NA 27% Adj. EBITDA Margin % (11%) (5%) 8% 19% 20% 25% 29% 35% 39% Less: Public Company Costs - - - - - (6) (6) (6) (6) Adj. EBITDA Incl. PubCo Costs (Unburdened w/ SBC) ($26) ($15) $30 $85 $91 $122 $157 $215 $272 NA 26% Adj. EBITDA Margin % (11%) (5%) 8% 19% 20% 24% 28% 34% 38% Depreciation & Amortization (31) (33) (36) (36) (35) (34) (30) (28) (29) % of Revenue 12% 10% 9% 8% 8% 7% 5% 4% 4% Non-GAAP EBIT (Unburdened w/ SBC) ($57) ($48) ($5) $48 $55 $87 $126 $187 $243 NA 38% Op Margin % (23%) (15%) (1%) 11% 12% 17% 23% 30% 34% Total CapEx ($32) ($22) ($18) ($20) ($22) ($20) ($20) ($21) ($22) (15%) 2% % of Revenue 13% 7% 5% 4% 5% 4% 4% 3% 3% Change in NWC ($2) ($3) ($22) ($25) $5 ($2) ($5) ($10) ($6) 116% (25%) % of Revenue (1%) (1%) (6%) (6%) 1% (0%) (1%) (2%) (1%) 8

------

![](ny20049415x2_exc-11image13.jpg)

Comparison of Virgil LRP, Company Risk Adjusted Projections and Consensus Source(s): Company Filings, Broker Research and Company February LRP and Company Risk Adjusted Projections. 1. Unburdened by SBC and includes Management estimated Public Company Costs. 2. Highly illustrative and for information purposes only – not to be used for valuation purposes. % Margin: CAGR ('24A – '27E): 17% 41% 20% 24% 28% 38% 19% 23% 14% 16% 21% 28% 34% CAGR ('24A – '27E): 9% 30% CAGR ('27E – '29E): 13% CAGR ('27E – '29E): 9% February LRP Company Risk Adjusted Projections Current Consensus Extrapolated Consensus(2) CAGR ('24A – '27E): 9% 25% 19% 23% 7% 5% 10% 9% 12% 4% 10% 12% 4% 10% 12% 9% CAGR ('24E – '27E): 12% CAGR ('27E – '29E): 18% 25% CAGR ('24A – '27E): 23% CAGR ('24A – '27E): 18% CAGR ('27E – '29E): 32% CAGR ('27E – '29E): 20% CAGR ('24E – '27E): 36% CAGR ('24A – '27E): 18% CAGR ('27E – '29E): 29% 15% 15% 19% 19% • FY24 Revenue missed original Management Guidance but beat Adj. EBITDA guidance • Based on discussions with management, Q1'25 Revenue and Adj. EBITDA expected to miss vs. Feb LRP • Company Risk Adjusted Projections reflect 4% higher '27E – '29E Revenue CAGR and 8% higher 2029E Adj. EBITDA Margin versus Extrapolated Consensus(2) 19% 38% 14% 34% 9% 28% 9

------

![](ny20049415x2_exc-11image14.jpg)

Preliminary Comparable Public Companies Operating and Valuation Metrics Through CY26 Source(s): FactSet, Broker Research, Company Feb LRP and Company Risk Adjusted Projections. Market data as of 04/15/2025. 1. Adyen does not report gross profit. 2. Unburdened by SBC and includes Management estimated Public Company Costs. Gross Profit Capex % Float Price Equity Enterprise EV/Revenue EV/Adj. EBITDA Revenue Growth Margin Adj. EBITDA Margin of Rev Rev Mix 4/15/2025 Value Value CY24A CY25E CY26E CY24A CY25E CY26E '24/'23 '25/'24 '26/'25 CY25E CY25E CY26E CY25E CY25E Reported Virgil (Risk Adjusted Projections) $7.91 $1,753 $1,427 3.3x 3.1x 2.8x 16.8x 15.7x 11.2x 15.3% 5.2% 10.1% 74.1% 19.7% 25.1% 4.7% 9.9% Virgil (Company Feb LRP) $7.91 $1,753 $1,427 3.2x 3.0x 2.6x 16.8x 14.2x 9.5x 15.3% 7.0% 14.3% 74.6% 21.4% 27.9% 4.5% 9.7% Virgil (Consensus) $7.91 $1,753 $1,427 3.3x 3.1x 2.8x 16.8x 16.0x 12.5x 15.3% 4.3% 10.3% 74.1% 19.4% 22.7% 4.8% 9.8% Virgil (Consensus - Unaffected) $6.89 $1,526 $1,201 2.7x 2.6x 2.4x 14.2x 13.5x 10.5x 15.3% 4.3% 10.3% 74.1% 19.4% 22.7% 4.8% 9.8% Adyen $1,639.61 $51,786 $40,470 17.9x 14.4x 11.6x 36.1x 27.4x 20.7x 22.7% 24.0% 24.9% NA 52.8% 55.8% 4.6% NA Corpay $312.84 22,421 28,887 7.0x 6.6x 5.9x 13.3x 12.3x 10.9x 6.2% 6.5% 10.6% 78.0% 53.5% 54.7% 4.6% 1.7% Shift4 $78.07 7,125 8,997 6.1x 5.3x 4.5x 13.0x 10.7x 9.0x 28.9% 15.7% 17.8% 69.1% 49.6% 49.9% 10.3% NA Bill.com $42.21 4,497 4,023 2.9x 2.6x 2.2x 18.5x 15.3x 11.6x 17.4% 13.8% 16.6% 84.4% 16.8% 18.9% 1.8% 8.5% Wex $127.24 5,117 8,965 3.4x 3.4x 3.2x 7.7x 8.1x 7.6x 3.1% (0.2%) 5.4% 60.6% 42.3% 42.6% 6.2% NA Payoneer $6.43 2,543 2,047 2.1x 2.0x 1.8x 7.6x 7.8x 7.0x 17.6% 6.5% 11.1% 82.5% 25.0% 25.4% 2.1% 20.7% Paymentus $30.07 3,897 3,691 11.8x 10.2x 8.7x 39.2x 31.9x 25.5x 29.4% 15.8% 17.2% 86.7% 32.0% 34.2% 8.7% NA Blackline $45.24 2,998 3,054 4.7x 4.4x 4.0x 18.6x 16.5x 14.3x 10.7% 7.0% 8.9% 79.8% 26.4% 28.1% 4.3% NA Flywire $8.61 1,120 459 1.0x 0.8x 0.7x 5.9x 4.3x 3.2x 24.3% 16.5% 16.8% 64.2% 19.2% 21.9% 1.5% NA Min 1.0x 0.8x 0.7x 5.9x 4.3x 3.2x 3.1% (0.2%) 5.4% 60.6% 16.8% 18.9% 1.5% 1.7% Mean 6.3x 5.5x 4.7x 17.8x 14.9x 12.2x 17.8% 11.7% 14.4% 75.7% 35.3% 36.8% 4.9% 10.3% Median 4.7x 4.4x 4.0x 13.3x 12.3x 10.9x 17.6% 13.8% 16.6% 78.9% 32.0% 34.2% 4.6% 8.5% Max 17.9x 14.4x 11.6x 39.2x 31.9x 25.5x 29.4% 24.0% 24.9% 86.7% 53.5% 55.8% 10.3% 20.7% Reference Valuation Metric Selected Range Implied EV Implied Equity Value Implied Share Price 2025 Revenue (Risk Adj. Proj.) $462 3.0x - 6.0x $1,385 - $2,770 $1,710 - $3,096 $7.72 - $13.85 2026 Revenue (Risk Adj. Proj.) 508 2.5x - 5.0x 1,271 - 2,541 1,596 - 2,866 $7.20 - $12.84 2025 Adj. EBITDA (Risk Adj. Proj.) 91 13.0x - 18.0x 1,181 - 1,635 1,506 - 1,960 $6.80 - $8.84 2026 Adj. EBITDA (Risk Adj. Proj.) 122 11.0x - 15.0x 1,337 - 1,823 1,662 - 2,148 $7.50 - $9.67 (1) 10 (2)

------

![](ny20049415x2_exc-11image15.jpg)

Change in Comparable Public Companies Trading Source(s): FactSet, Company December LRP, Company Risk Adjusted Projections, Company Filings. Market data as of 04/15/2025. 1. 01/31/2025 multiples adjusted to exclude Investment Securities and be consistent with the 04/15/2025 multiples. Share Price EV/Revenue EV/Adj. EBITDA EV/Revenue EV/Adj. EBITDA EV/Revenue EV/Adj. EBITDA Delta CY24E CY25E CY26E CY24E CY25E CY26E CY24E CY25E CY26E CY24E CY25E CY26E CY24E CY25E CY26E CY24E CY25E CY26E Adyen (8%) 20.3x 16.4x 13.1x 41.7x 31.2x 23.5x 17.9x 14.4x 11.6x 36.1x 27.4x 20.7x (2.4x) (1.9x) (1.6x) (5.6x) (3.8x) (2.8x) Corpay (20%) 8.2x 7.6x 6.9x 15.3x 14.0x 12.6x 7.0x 6.6x 5.9x 13.3x 12.3x 10.9x (1.2x) (1.0x) (1.0x) (2.1x) (1.7x) (1.7x) Shift4 (35%) 9.1x 7.7x 6.5x 19.1x 15.4x 12.9x 6.1x 5.3x 4.5x 13.0x 10.7x 9.0x (2.9x) (2.4x) (2.0x) (6.1x) (4.7x) (3.9x) Bill.com (57%) 7.3x 6.4x 5.4x 48.8x 42.4x 33.6x 2.9x 2.6x 2.2x 18.5x 15.3x 11.6x (4.4x) (3.8x) (3.2x) (30.3x) (27.1x) (22.0x) Wex (32%) 4.5x 4.3x 4.0x 10.1x 9.7x 8.8x 3.4x 3.4x 3.2x 7.7x 8.1x 7.6x (1.0x) (0.9x) (0.8x) (2.4x) (1.7x) (1.2x) Payoneer (40%) 3.9x 3.6x 3.2x 14.1x 14.5x 12.7x 2.1x 2.0x 1.8x 7.6x 7.8x 7.0x (1.8x) (1.6x) (1.4x) (6.5x) (6.7x) (5.8x) Paymentus (13%) 12.9x 10.9x 9.2x 43.8x 34.9x 27.8x 11.8x 10.2x 8.7x 39.2x 31.9x 25.5x (1.1x) (0.7x) (0.5x) (4.6x) (3.0x) (2.3x) Blackline (29%) 6.6x 6.1x 5.5x 26.4x 23.6x 19.9x 4.7x 4.4x 4.0x 18.6x 16.5x 14.3x (2.0x) (1.7x) (1.5x) (7.8x) (7.1x) (5.6x) Flywire (56%) 4.0x 3.2x 2.6x 24.5x 16.8x 11.9x 1.0x 0.8x 0.7x 5.9x 4.3x 3.2x (3.0x) (2.4x) (1.9x) (18.6x) (12.5x) (8.7x) Mean (32%) 8.5x 7.4x 6.3x 27.1x 22.5x 18.2x 6.3x 5.5x 4.7x 17.8x 14.9x 12.2x (2.2x) (1.8x) (1.5x) (9.3x) (7.6x) (6.0x) 4/15 vs 1/31 Company Dec LRP (1/31 Close) Risk Adjusted Projections (4/15 Close) Virgil (25%) 4.7x 4.2x 3.6x 25.7x 19.6x 12.8x 3.3x 3.1x 2.8x 16.8x 15.7x 11.7x (1.4x) (1.1x) (0.8x) (8.9x) (3.9x) (1.0x) Initial Board Presentation 4/15 Close Change Trading Comparable Public Companies Across Periods Selected Range as of Initial Board Presentation 2025 Revenue (Dec LRP) 4.0x - 7.0x 2026 Revenue (Dec LRP) 4.0x - 6.0x 2025 Adj. EBITDA (Dec LRP) 14.0x - 19.0x 2026 Adj. EBITDA (Dec LRP) 12.5x - 17.5x Current Selected Range (Unchanged vs. 3/26 Board Presentation) 2025 Revenue (Risk Adj. Proj.) 3.0x - 6.0x 2026 Revenue (Risk Adj. Proj.) 2.5x - 5.0x 2025 Adj. EBITDA (Risk Adj. Proj.) 13.0x - 18.0x 2026 Adj. EBITDA (Risk Adj. Proj.) 11.0x - 15.0x Reference Valuation (1) 11

------

![](ny20049415x2_exc-11image16.jpg)

Preliminary Selected Comparable Transactions Preliminary Comparable Transactions Source(s): FactSet, Company Filings, Company Risk Adjusted Projections, Broker Research and other public information. Market data as of 04/15/2025. Enterprise Value Multiple Announced Enterprise NTM Adj. EBITDA Margin Revenue Premiums Date Acquiror Target Value Rev. Growth LTM NTM LTM NTM 1-Day 52-Wk High 01/07/2025 Paychex Paycor $4,108 10% 35% 33% 5.9x 5.3x 21% 5% 09/18/2024 Bridgepoint / General Atlantic Esker $1,748 15% 17% 19% 8.3x 7.2x 30% 28% 05/08/2024 Corpay Paymerang $475 20% NA NA 9.6x 8.0x NA NA 10/23/2023 Vista Equity Partners EngageSmart $3,644 21% 19% 19% 10.0x 8.2x 23% 3% 12/12/2022 Thoma Bravo Coupa $8,122 17% 15% 23% 9.9x 8.5x 77% (60%) 09/28/2022 EQT Billtrust $1,477 27% (12%) (3%) 9.6x 7.5x 65% (13%) 08/08/2022 Vista Equity Partners Avalara $8,401 22% 3% 2% 10.6x 8.7x 27% (51%) 12/17/2021 Thoma Bravo Bottomline $2,632 11% 20% 20% 5.3x 4.8x 42% 5% 07/19/2021 Bill.com Invoice2go $625 25% NA NA 20.6x 16.4x NA NA 11/08/2018 Edenred Corporate Spending Innovations $600 21% 60% 60% 14.0x 11.5x NA NA Virgil (Risk Adj. Proj.) $1,427 5% 19% 20% - - - - Median 20% 18% 20% 9.8x 8.1x 30% 3% Mean 19% 20% 22% 10.4x 8.6x 41% (12%) Median (Growth <20%) 13% 18% 22% 7.1x 6.3x 36% 5% Mean (Growth <20%) 13% 22% 24% 7.3x 6.4x 43% (5%) Reference Valuation Metric Selected Range Implied EV Implied Equity Value Implied Share Price 2024A Revenue $439 5.0x - 7.5x $2,195 - $3,292 $2,520 - $3,617 $11.32 - $16.13 2025E Revenue (Risk Adj. Proj.) 462 4.0x - 6.5x 1,847 - 3,001 2,172 - 3,326 $9.78 - $14.86 12

------

![](ny20049415x2_exc-11image17.jpg)

Preliminary Discounted Cash Flow Analysis Company Risk Adjusted Projections Terminal EV / LTM EBITDA Multiple Terminal EV / LTM EBITDA Multiple $10.31 10.0x 11.0x 12.0x 13.0x 14.0x 15.0x 16.0x 13.5% $8.69 $9.35 $10.02 $10.68 $11.34 $11.99 $12.65 14.0% $8.55 $9.20 $9.84 $10.49 $11.14 $11.78 $12.43 14.5% $8.40 $9.04 $9.68 $10.31 $10.94 $11.58 $12.21 15.0% $8.27 $8.89 $9.51 $10.13 $10.75 $11.37 $11.99 15.5% $8.13 $8.74 $9.35 $9.96 $10.57 $11.18 $11.78 WACC PV of NOL Share Price 13.5% $0.26 14.0% $0.25 14.5% $0.25 15.0% $0.24 15.5% $0.24 WACC Terminal EV / LTM EBITDA Multiple #REF! 10.0x 11.0x 12.0x 13.0x 14.0x 15.0x 16.0x 13.5% $8.95 $9.61 $10.27 $10.93 $11.59 $12.25 $12.91 14.0% $8.80 $9.45 $10.10 $10.74 $11.39 $12.04 $12.68 14.5% $8.65 $9.29 $9.92 $10.56 $11.19 $11.82 $12.46 15.0% $8.51 $9.13 $9.76 $10.38 $11.00 $11.62 $12.24 15.5% $8.37 $8.98 $9.59 $10.20 $10.81 $11.42 $12.02 WACC DCF Value per Share DCF NOL Value per DCF Value per Share Incl. NOL Impact Share 13 Source(s): Based on Company Risk Adjusted Projections. Note: Debt and cash balance as of Q1 CY25 Company Risk Adjusted Projections. Virgil's capitalization based on Company Management information. Valuation date as of 03/31/2025. Assumes midyear discounting except for terminal value which is discounted using end-of-period discounting methodology. Assumes 25.9% tax rate per Company Management.

------

![](ny20049415x2_exc-11image18.jpg)

Premiums Paid for Precedent Technology Transactions Source(s): FactSet data as of 04/15/2025, Company Filings. Transaction parameters include all US-based Technology targets with Enterprise Value between $1.0-4.0bn taken private in all-cash transactions since 2020. Specific technology verticals include Electronic Technology, Technology Services, Information Technology Services and others. Premiums Premiums to 1-Day Unaffected Stock Price to 30-Day Unaffected VWAP 42% 35% 45% 42% 31% 21% 2020 2021 2022 2023 2024 2025 Mean Premiums to 1-Day Unaffected Price Since 2020 Mean: 39% 14

------

![](ny20049415x2_exc-11image19.jpg)

Preliminary Virgil Valuation Summary Preliminary DCF Analysis: „H 13.5% - 15.5% WACC „H 10.0x - 16.0x Terminal EV / LTM Adj. EBITDA Multiple Premiums Recent Trading Precedent Transactions Comparable Companies Source(s): Company Risk Adjusted Projections, Company Data, Factset, Bloomberg and Broker Research. Market data as of 04/15/2025. Note: Calculation based on shares, options, RSUs as of 03/31/2025 based on management estimates excluding ESPP impact. Virgil's capitalization based on company management information. Analyst Price Targets Preliminary 5-Year LBO Analysis: „H Company Risk Adjusted Projections Pro Forma Acquisitions assumes two acquisitions in 2026E and 2028E, each with $20mm Adj. EBITDA for $240mm (12.0x EV / Adj. EBITDA multiple) „H Extrapolated Consensus aligns with Broker Consensus Estimates for 2025E - 2027E, then assumes Revenue CAGR of 9% from 2027E ¡V 2029E and annual Adj. EBITDA Margin expansion of ~3% for 2027E ¡V 2029E „H 10.0x - 16.0x Adj. EBITDA Exit Multiple „H 20% - 25% Target IRR „H 7.5x (LTM Adj. EBITDA) leverage representing $635mm - $645mm of debt Preliminary 5-Year DCF Preliminary 5-Year LBO : Individual Analyst Price Targets Preliminary DCF Analysis ¡V Extrapolated Consensus: „H Extrapolated Consensus aligns with Broker Consensus Estimates for 2025E - 2027E, then assumes Revenue CAGR of 9% from 2027E ¡V 2029E and annual Adj. EBITDA Margin expansion of ~3% for 2027E ¡V 2029E „H 13.5% - 15.5% WACC „H 10.0x - 16.0x Terminal EV / LTM Adj. EBITDA Multiple Current Price (4/15/25): $7.91 Unaffected Close (3/12/25): $6.89 Preliminary and Subject to Significant Diligence 15

------

![](ny20049415x2_exc-11image20.jpg)

(High) TPG Share Price ($) $6.89 $7.91 $10.75 $11.25 $12.00 $13.00 $9.50 $10.00 $10.00 $10.50 $11.00 $11.50 $12.00 % Premium / (Discount) to Current (13%) - 36% 42% 52% 64% 20% 26% 26% 33% 39% 45% 52% % Premium / (Discount) to Unaffected - 15% 56% 63% 74% 89% 38% 45% 45% 52% 60% 67% 74% Fully Diluted Shares (mm) 221.5 221.6 222.5 222.6 222.8 223.2 222.0 222.2 222.2 222.4 222.5 222.7 221.0 Fully Diluted Equity Value $1,526 $1,753 $2,391 $2,504 $2,674 $2,902 $2,109 $2,222 $2,222 $2,335 $2,448 $2,561 $2,652 Plus: Gross Debt(1) $72 $72 $72 $72 $72 $72 $72 $72 $72 $72 $72 $72 $72 Less: Cash(1) (398) (398) (398) (398) (398) (398) (398) (398) (398) (398) (398) (398) (398) Total Enterprise Value $1,201 $1,427 $2,066 $2,179 $2,349 $2,577 $1,784 $1,897 $1,897 $2,010 $2,123 $2,236 $2,326 Premiums Analysis: Virgil 30-Day Closing Average (04/15/25) $7.91 (13%) 0% 36% 42% 52% 64% 20% 26% 26% 33% 39% 45% 52% 90-Day Closing Average (04/15/25) $9.44 (27%) (16%) 14% 19% 27% 38% 1% 6% 6% 11% 17% 22% 27% 52 Week High (07/23/24) $12.86 (46%) (38%) (16%) (13%) (7%) 1% (26%) (22%) (22%) (18%) (14%) (11%) (7%) 52 Week Low (03/12/25) $6.89 - 15% 56% 63% 74% 89% 38% 45% 45% 52% 60% 67% 74% Analyst Price Target - Median(2) $8.00 (14%) (1%) 34% 41% 50% 63% 19% 25% 25% 31% 38% 44% 50% Multiples Analysis: Metric: CY2024A Revenue $439 2.7x 3.3x 4.7x 5.0x 5.4x 5.9x 4.1x 4.3x 4.3x 4.6x 4.8x 5.1x 5.3x CY2025E Revenue $462 2.6x 3.1x 4.5x 4.7x 5.1x 5.6x 3.9x 4.1x 4.1x 4.4x 4.6x 4.8x 5.0x CY2024A Adj. EBITDA(3) $85 14.2x 16.8x 24.4x 25.7x 27.7x 30.4x 21.1x 22.4x 22.4x 23.7x 25.1x 26.4x 27.5x CY2025E Adj. EBITDA(3) $91 13.2x 15.7x 22.7x 24.0x 25.9x 28.4x 19.6x 20.9x 20.9x 22.1x 23.4x 24.6x 25.6x Preliminary Analysis at Various Prices Source(s): FactSet, Company filings, Company Risk Adjusted Projections and Market Data as of 4/15/2025. Fully diluted shares outstanding based on ~206.1mm common shares, ~14.8mm RSUs and ~7.3mm stock options outstanding, per Company Management information. 1. Debt and cash balance as of Q1 CY25 per Company Risk Adjusted Projections. 2. FactSet consensus median. 3. Unburdened with Stock-based Compensation.

------

![](ny20049415x2_exc-11image21.jpg)

Appendix

------

![](ny20049415x2_exc-11image22.jpg)

Management¡¦s Discussion of Risks to Company Feb LRP „H The Company LRP is a growth plan and does not account for major risk factors that may meaningfully impact company performance over time, including: „H Macro environment risks „H Execution risk „H Monetization timing of new wins „H The current LRP assumes significant growth acceleration in the near term, which is dependent on a number of KPIs that need to improve in the current year: „H Increasing retention rates back to 104-105% vs the 99% in 2024 „H Increasing TSV „H Yield expansion „H Over the longer term, growth is also highly dependent on successful and timely launch of three brand new products that need to ramp quickly: „H Payment Accelerator „H Spend Management „H Pay Platform „H Other risks that Management is observing are new technology offerings driven by AI, increased pricing competition from existing and new entrants and Interchange contraction, among others „H Margin expansion, in particular unit-cost reduction, may become more challenging as the high-impact levers have been addressed „H Historically, the Company has typically underperformed LRPs by c. 20% in year 3 and 4 Source: Company Management. 17 Select Investor Feedback Post-Leak Investor 1 10.7mm shares(

------

![](ny20049415x2_exc-11image23.jpg)

Select Investor Feedback Post-Leak Investor 1 10.7mm shares(1) 5% of Total(2) „H ¡§If it were me, I would be looking to go private. But only if the sponsors would be more focused on exit multiple than near term cash generation.¡¨ „H ¡§As such, while we wouldn¡¦t view any price sub $10 as appropriate in a sale, something in the low doubles that discounts both the risks and the time it would take seems reasonable.¡¨ „H ¡§¡K if you choose to remain independent, that would be a clear signal that you think value is underestimated. I¡¦d personally like to see a significant buyback once your stock falls back to $6-7 where it probably goes in a ¡§no-sale¡¨ scenario.¡¨ Multiple Investors 12.3mm shares (1) 6% of Total(2) Investor 4 690k shares (1) 0.3% of Total(2) „H Investor 2 (8.0mm shares, 4% of total) and Investor 3 (4.4mm shares, 2% of total) shared the same sentiment as Investor 1: „H ¡§¡Kwhile we wouldn¡¦t view any price sub $10 as appropriate in a sale, something in the low doubles that discounts both the risks and the time it would take seems reasonable¡¨ „H ¡§... Don¡¦t sell! Throwing a number out there but at least not for less than $12... public markets are short term stupid and long term efficient!¡¨ Source: Company Information. 1. Shareholdings in Virgil as per latest 13F filings. 2. Fully Diluted Shares Outstanding as of 12/31/24. 18

------

![](ny20049415x2_exc-11image24.jpg)

Investor Cost Basis Summary ¡V Management View Source: Company, Company public filings. 1. The 4.3mm delta in share count between the Total and Float reflects shares held by retail investors. Investor Type Share Count % Float Basis Min. Price Max Price Index 44,684,691 29% $9.85 $8.05 $12.07 Growth & Hedge 59,048,409 38% $9.97 $7.99 $17.55 GARP 24,001,921 15% $9.98 $8.05 $12.62 Value & Other 24,050,873 15% $9.92 $7.81 $16.86 Total 151,785,894 % of Float 97% Float(1) 156,100,000 Investor Cost Basis Summary „H The below table sets out the investor cost basis based on the latest available data from the latest 13F filings (which lag by 45 days) „H Management believes that the estimates below should be reasonable plus/minus $0.50 to $1.00 per share „H Management believes that the basis will be lower now since Q4¡¦24 results, and believes the current cost basis is more likely in the $7 - $9 range „H The data in the table below is calculated as a % of float, i.e. the table excludes all insider ownership 19

------

![](ny20049415x2_exc-11image25.jpg)

Preliminary Discounted Cash Flow Analysis Company Risk Adjusted Projections, Excluding NOL Impact Implied EV Calculation Implied EV Calculation – Terminal LTM Adj. EBITDA Multiple Preliminary Implied Share Price Sensitivity Analysis Source(s): Company Management, Company filings, Company Risk Adjusted Projections. Note: Debt and cash balance as of Q1 CY25 Company Risk Adjusted Projections. Fully diluted shares outstanding based on ~206.1mm common shares, ~14.8mm RSUs and ~7.3mm stock options outstanding, per Company Management information. Valuation date as of 03/31/2025. Assumes mid-year discounting except for terminal value which is discounted using end-of-period discounting methodology. 1. Includes amortization for Goodwill, Intangible Assets and Capitalized Section 174 Costs. 2. Assumes 25.9% tax rate per Company Management. 3. Other cash items includes cash impact of Provision For Doubtful Accounts and Supplier Advances. Terminal Adj. EBITDA $272 Terminal Adj. EBITDA Multiple 13.0x Terminal Value $3,537 PV of Unlevered FCF $108 5% PV of Terminal Value 1,859 95% Enterprise Value $1,967 100% Less: Net Debt 325 Equity Value $2,292 FDSO 222.3 Implied Share Price $10.31 Preliminary Enterprise Value Sensitivity Analysis Preliminary Discounted Cash Flow Terminal EV / LTM Adj. EBITDA Multiple 1031.0% 10.0x 11.0x 12.0x 13.0x 14.0x 15.0x 16.0x 13.5% $8.69 $9.35 $10.02 $10.68 $11.34 $11.99 $12.65 14.5% $8.40 $9.04 $9.68 $10.31 $10.94 $11.58 $12.21 15.5% $8.13 $8.74 $9.35 $9.96 $10.57 $11.18 $11.78 WACC 20

------

![](ny20049415x2_exc-11image26.jpg)

Company Risk Adjusted Projections EV 13.5% $57 14.0% $56 14.5% $55 15.0% $54 15.5% $53 WACC Source(s): Company Management. • Cash flows discounted to 03/31/2025 • Discounted at Company's WACC rate • Assumed remaining $187mm 2029 NOL Balance used up fully in 2030 • Assumed 80% EBIT usage limitation • Assumed 25.9% tax rate ($ in millions) Q2-Q4 25E 2026E 2027E 2028E 2029E Extrapolated 2030 Non-GAAP EBIT (Burdened w/ SBC) ($39) ($39) ($5) $87 $169 Less: NOLs used - - - (70) (135) (187) Taxable Income (post-NOLs) ($39) ($39) ($5) $18 $34 Marginal Tax Rate 26% 26% 26% 26% 26% 26% Cash Tax Expenses (Post-NOLs) - - - ($5) ($9) Plus: Pre-NOL Tax Expense - - - 23 44 Cash Savings from NOLs - - - $18 $35 $48 Memo: Beginning NOL Balance 309 348 387 392 322 187 Less: NOLs Used (Additions) 39 39 5 (70) (135) (187) Ending NOL Balance $348 $387 $392 $322 $187 $0 Allowable Usage 80% 80% 80% 80% 80% 80% Assumptions Preliminary Present Value of NOLs EV and Share Price Impact Sensitivities 21

------

![](ny20049415x2_exc-11image27.jpg)

Preliminary Discounted Cash Flow Analysis Extrapolated Consensus, Excluding NOL Impact Implied EV Calculation Implied EV Calculation – Terminal LTM Adj. EBITDA Multiple Preliminary Implied Share Price Sensitivity Analysis Source(s): Company Management, Company filings, Street Consensus, Company Risk Adjusted Projections. Note: Debt and cash balance as of Q1 CY25 Company Risk Adj. Proj. Fully diluted shares outstanding based on ~206.1mm common shares, ~14.8mm RSUs and ~7.3mm stock options outstanding, per Company Management information. Valuation date as of 3/31/2025. Assumes mid-year discounting except for terminal value which is discounted using end-of-period discounting methodology. 1. Includes amortization for Goodwill, Intangible Assets and Capitalized Section 174 Costs. 2. Assumes 25.9% tax rate per Company Management. 3. Other cash items includes cash impact of Provision For Doubtful Accounts and Supplier Advances. Terminal Adj. EBITDA $202 Terminal Adj. EBITDA Multiple 13.0x Terminal Value $2,626 PV of Unlevered FCF $36 3% PV of Terminal Value 1,380 97% Enterprise Value $1,416 100% Less: Net Debt 325 Equity Value $1,742 FDSO 221.6 Implied Share Price $7.86 Preliminary Enterprise Value Sensitivity Analysis Preliminary Discounted Cash Flow Terminal EV / LTM Adj. EBITDA Multiple 786.0% 10.0x 11.0x 12.0x 13.0x 14.0x 15.0x 16.0x 13.5% $6.64 $7.13 $7.63 $8.13 $8.62 $9.12 $9.61 14.5% $6.43 $6.90 $7.38 $7.86 $8.34 $8.81 $9.28 15.5% $6.23 $6.68 $7.14 $7.60 $8.06 $8.52 $8.97 WACC Preliminary and Subject to Significant Diligence 22

------

![](ny20049415x2_exc-11image28.jpg)

Preliminary Virgil NOL Valuation Extrapolated Consensus EV 13.5% $56 14.0% $55 14.5% $53 15.0% $52 15.5% $51 WACC Source(s): Company Management. • Cash flows discounted to 03/31/2025 • Discounted at Company's WACC rate • Assumed remaining $306mm 2029 NOL Balance used up equally across 2030 and 2031 • Assumed 80% EBIT usage limitation • Assumed 25.9% tax rate ($ in millions) Q2-Q4 25E 2026E 2027E 2028E 2029E Extrapolated 2030 Extrapolated 2031 Non-GAAP EBIT (Burdened w/ SBC) ($42) ($45) ($22) $41 $99 Less: NOLs used - - - (33) (79) (153) (153) Taxable Income (post-NOLs) ($42) ($45) ($22) $8 $20 Marginal Tax Rate 26% 26% 26% 26% 26% 26% 26% Cash Tax Expenses (Post-NOLs) - - - ($2) ($5) Plus: Pre-NOL Tax Expense - - - 11 26 Cash Savings from NOLs - - - $9 $20 $40 $40 Memo: Beginning NOL Balance 309 351 396 418 385 306 153 Less: NOLs Used (Additions) 42 45 22 (33) (79) (153) (153) Ending NOL Balance $351 $396 $418 $385 $306 $153 $0 Allowable Usage 80% 80% 80% 80% 80% 80% 80% Assumptions Preliminary Present Value of NOLs EV and Share Price Impact Sensitivities Preliminary and Subject to Significant Diligence 23

------

![](ny20049415x2_exc-11image29.jpg)

Preliminary Discounted Cash Flow Analysis Extrapolated Consensus Terminal EV / LTM EBITDA Multiple Terminal EV / LTM EBITDA Multiple $7.86 10.0x 11.0x 12.0x 13.0x 14.0x 15.0x 16.0x 13.5% $6.64 $7.13 $7.63 $8.13 $8.62 $9.12 $9.61 14.0% $6.53 $7.02 $7.51 $7.99 $8.48 $8.96 $9.44 14.5% $6.43 $6.90 $7.38 $7.86 $8.34 $8.81 $9.28 15.0% $6.32 $6.79 $7.26 $7.73 $8.20 $8.66 $9.12 15.5% $6.23 $6.68 $7.14 $7.60 $8.06 $8.52 $8.97 WACC PV of NOL Share Price 13.5% $0.25 14.0% $0.25 14.5% $0.24 15.0% $0.24 15.5% $0.23 WACC Terminal EV / LTM EBITDA Multiple #REF! 10.0x 11.0x 12.0x 13.0x 14.0x 15.0x 16.0x 13.5% $6.89 $7.39 $7.89 $8.38 $8.88 $9.37 $9.86 14.0% $6.78 $7.26 $7.75 $8.24 $8.73 $9.21 $9.69 14.5% $6.67 $7.15 $7.62 $8.10 $8.58 $9.05 $9.52 15.0% $6.56 $7.03 $7.50 $7.97 $8.43 $8.90 $9.36 15.5% $6.46 $6.92 $7.37 $7.83 $8.29 $8.75 $9.20 WACC DCF Value per Share DCF NOL Value per DCF Value per Share Incl. NOL Impact Share Preliminary and Subject to Significant Diligence 24

------

![](ny20049415x2_exc-11image30.jpg)

Preliminary Illustrative Leveraged Buyout Return Analysis Company Risk Adjusted Projections Source(s): Market data as of 04/15/2025. Historicals per Filings. CY25E to CY29E based on Company Risk Adjusted Projections. Virgil's capitalization based on company management information. Debt pricing reflects a "normalized" market condition. 1. Cash and equivalents as of Q1 CY25 Company Risk Adjusted Projections 2. Debt as of Q1 CY25 Company Risk Adjusted Projections. 3. Illustrative Total Fees include $60mm in Transaction Fees and $27mm in Financing Fees. Target IRR $9.5 20.0% 21.3% 22.5% 23.8% 25.0% 10.0x $8.50 $8.27 $8.06 $7.85 $7.66 11.5x $9.28 $9.02 $8.77 $8.53 $8.31 13.0x $10.07 $9.76 $9.48 $9.21 $8.96 14.5x $10.85 $10.51 $10.19 $9.88 $9.60 16.0x $11.62 $11.25 $10.89 $10.56 $10.24 Adj. EBITDA Exit Multiple Preliminary Sources & Uses • Assumes valuation date of 03/31/2025 • Based on Company Risk Adjusted Projections through 2029E • Acquisition for $9.48 / share, a ~20% premium to the current share price • 21.0x implied Q1 2025E LTM Adj. EBITDA Multiple on $85mm Adj. EBITDA, assuming target Sponsor return of 22.5% • Preliminary financing with: • 7.5x Q1 2025E LTM Adj. EBITDA (based on Company Risk-Adjusted Projections), consisting of new debt of $635mm (S+475, 98) • Balance sheet cash and equivalents of $248mm • $1,381mm of new equity • Assumes minimum cash of $50mm, interest on cash equal to 1.0% 25

------

![](ny20049415x2_exc-11image31.jpg)

in millions) Fiscal Year '24A-'29E 2024A Q1 25E Q2-Q4 25E 2026E 2027E 2028E 2029E CAGR Revenue $439 $108 $354 $508 $556 $631 $707 10.0% % Growth 15% 2% 6% 10% 9% 14% 12% Adj. EBITDA (Unburdened w/ SBC)(1) $85 $18 $73 $128 $163 $221 $278 26.8% % Margin 19% 16% 21% 25% 29% 35% 39% Less: CapEx (16) (20) (20) (21) (22) Less: Change in NWC 10 (2) (5) (10) (6) Less: Stock-based Compensation Expenses(2) (26) (40) (45) (37) (36) Less: Net Cash Interest Expense (41) (51) (47) (42) (33) Less: Other Cash Items(3) (18) (15) (18) (21) (28) Less: Cash Taxes - - - (3) (22) Levered Free Cash Flow(4) ($17) $1 $28 $86 $132 Total Debt $635 $630 $551 $523 $437 $305 Cash Balance $150 $128 $50 $50 $50 $50 Leverage Statistics Total Debt / LTM Adj. EBITDA 7.5x 6.9x 4.3x 3.2x 2.0x 1.1x Net Debt / LTM Adj. EBITDA 5.7x 5.5x 3.9x 2.9x 1.8x 0.9x LTM Adj. EBITDA / Interest Expense 1.7x 2.5x 3.5x 5.3x 8.6x % of Total Debt Repaid 1% 13% 18% 31% 52% % of Cumulative Free Cash Flow / Net Debt (3%) (3%) 2% 20% 47% Source(s): Market data as of 04/15/2025. Historicals per Company Filings. CY25E to CY29E based on Company Risk Adjusted Projections. 1. Excludes management estimated public company costs. 2. Assumes 50% reduction of stock-based compensation expenses post transaction. 3. Other cash items includes cash impact of Provision For Doubtful Accounts and Supplier Advances. 4. Levered cash flow does not include non-operating item related to stock donation. Preliminary Illustrative Leveraged Buyout Paydown

------

![](ny20049415x2_exc-11image32.jpg)

Ability to Pay Key Assumptions Preliminary Illustrative Leveraged Buyout Return Analysis Company Risk Adjusted Projections PF Acquisitions Source(s): Market data as of 04/15/2025. Historicals per Filings. CY25E to CY29E based on Company Risk Adjusted Projections. Virgil's capitalization based on company management information. Debt pricing reflects a "normalized" market condition. 1. Cash and equivalents as of Q1 CY25 Company Risk Adjusted Projections. 2. Debt as of Q1 CY25 Company Risk Adjusted Projections. 3. Illustrative Total Fees include $60mm in Transaction Fees and $27mm in Financing Fees. Target IRR $10.4 20.0% 21.3% 22.5% 23.8% 25.0% 10.0x $9.07 $8.81 $8.57 $8.34 $8.13 11.5x $10.07 $9.77 $9.48 $9.21 $8.96 13.0x $11.06 $10.71 $10.39 $10.07 $9.78 14.5x $12.06 $11.66 $11.29 $10.93 $10.60 16.0x $13.05 $12.60 $12.19 $11.79 $11.42 Adj. EBITDA Exit Multiple Preliminary Sources & Uses • Assumes valuation date of 03/31/2025 • Based on Company Risk Adjusted Projections through 2029E • Acquisition for $10.39 / share, a ~31% premium to the current share price • 23.5x implied Q1 2025E LTM Adj. EBITDA Multiple on $85mm Adj. EBITDA, assuming target Sponsor return of 22.5% • Preliminary financing with: • 7.5x Q1 2025E LTM Adj. EBITDA (based on Company Risk-Adjusted Projections), consisting of new debt of $635mm (S+475, 98) • Balance sheet cash and equivalents of $248mm • $1,586mm of new equity • Assumes minimum cash of $50mm, interest on cash equal to 1.0% • Assumes Acquisition #1 in 2026E for $240mm (12.0x on $20mm Adj. EBITDA) and Acquisition #2 in 2028E for $240mm (12.0x on $20mm Adj. EBITDA) • Assumes synergies of $3mm in the year following the acquisition and $5mm thereafter • Assumes Adj. EBITDA Margin expansion of 5% per annum • Assumes acquisitions financed with incremental debt ($ in millions) Sources $% New Debt 635 25.7% Excess Cash on B/S 248 10.0% Sponsor Equity 1,586 64.2% Total Sources: $2,468 100.0% Uses $% Purchase Common Equity & Options $2,155 87.3% RSUs / PSUs / Others 154 6.2% Repay Existing Debt 72 2.9% Illustrative Total Fees(3) 87 3.5% Total Uses: $2,468 100.0% ($ in millions) 3/31/25 3/31/25 SQ Adj. PF Total Cash(1) $398 ($248) $150 Existing Debt(2) $72 (72) - New Debt - 635 Total Debt $72 $635 Net Debt (325) 485 Key Stats: Q1 2025E LTM Revenue $441 $441 Q1 2025E LTM Adj. EBITDA $85 $85 Total Debt / Adj. EBITDA 0.9x 7.5x Net Debt / Adj. EBITDA (3.8x) 5.7x Preliminary and Subject to Significant Diligence 27

------

![](ny20049415x2_exc-11image33.jpg)

Preliminary 5-Year Paydown Summary ($ in millions) Fiscal Year '24A-'29E 2024A Q1 25E Q2-Q4 25E 2026E 2027E 2028E 2029E CAGR Revenue $439 $108 $354 $588 $644 $808 $902 15.5% % Growth 15% 2% 6% 27% 9% 26% 12% Adj. EBITDA (Unburdened w/ SBC)(1) $85 $18 $73 $148 $192 $280 $355 33.2% % Margin 19% 16% 21% 25% 30% 35% 39% Less: CapEx (16) (23) (24) (27) (28) Less: Change in NWC 10 (2) (6) (12) (7) Less: Stock-based Compensation Expenses(2) (26) (46) (52) (49) (48) Less: Net Cash Interest Expense (41) (61) (68) (74) (74) Less: Other Cash Items(3) (18) (15) (18) (21) (28) Plus: Incremental Borrowings(4) - 240 - 240 - Less: Acquisition - (240) - (240) - Less: Cash Taxes - - (1) (5) (23) Levered Free Cash Flow(5) ($17) $1 $24 $91 $146 Total Debt $635 $630 $791 $767 $916 $770 Cash Balance $150 $128 $50 $50 $50 $50 Leverage Statistics Total Debt / LTM Adj. EBITDA 7.5x 6.9x 5.4x 4.0x 3.3x 2.2x Net Debt / LTM Adj. EBITDA 5.7x 5.5x 5.0x 3.7x 3.1x 2.0x LTM Adj. EBITDA / Interest Expense 1.7x 2.4x 2.8x 3.8x 4.8x % of Total Debt Repaid 1% 10% 12% 18% 31% % of Cumulative Free Cash Flow / Net Debt (3%) (2%) 1% 10% 25% Preliminary Illustrative Leveraged Buyout Paydown Company Risk Adjusted Projections PF Acquisitions Source(s): Historicals per Company Filings. CY25E to CY29E based on Company Risk Adjusted Projections and pro forma acquisitions. 1. Excludes management estimated public company costs. 2. Assumes 50% reduction of stock-based compensation expenses post transaction. 3. Other cash items includes cash impact of Provision For Doubtful Accounts and Supplier Advances. 4. Incremental borrowings consists of 73% of 1st lien and 27% of 2nd lien, consistent with the initial re-levered debt split at the transaction date. 5. Levered cash flow does not include non-operating item related to stock donation. Preliminary and Subject to Significant Diligence 28

------

![](ny20049415x2_exc-11image34.jpg)

of 03/31/2025 • Based on Consensus Estimates between 2025E and 2027E and extrapolation through 2029E • Acquisition for $7.57/ share, a ~4% discount to the current share price • 15.8x implied Q1 2025E LTM Adj. EBITDA Multiple on $86mm Adj. EBITDA, assuming target Sponsor return of 22.5% • Preliminary financing with: • 7.5x Q1 2025E LTM Adj. EBITDA, consisting of new debt of $645mm (S+475, 98.0) • Balance sheet cash and equivalents of $248mm • $945mm of new equity • Assumes minimum cash of $50mm, interest on cash equal to 1.0% ($ in millions) Sources $% New Debt 645 35.1% Excess Cash on B/S 248 13.5% Sponsor Equity 945 51.4% Total Sources: $1,838 100.0% Uses $% Purchase Common Equity & Options $1,565 85.2% RSUs / PSUs / Others 112 6.1% Repay Existing Debt 72 3.9% Illustrative Total Fees(3) 87 4.8% Total Uses: $1,838 100.0% ($ in millions) 3/31/25 3/31/25 SQ Adj. PF Total Cash(1) $398 ($248) $150 Existing Debt(2) $72 (72) - New Debt - 645 Total Debt $72 $645 Net Debt (325) 495 Key Stats: Q1 2025E LTM Revenue $444 $444 Q1 2025E LTM Adj. EBITDA $86 $86 Total Debt / Adj. EBITDA 0.8x 7.5x Net Debt / Adj. EBITDA (3.8x) 5.8x Source(s): Historicals per Filings. CY25E to CY27E based on Consensus Estimates then CY28E-CY29E based on highly preliminary extrapolation. Virgil's capitalization based on company management information. Debt pricing reflects a "normalized" market condition. 1. Cash and equivalents as of Q1 CY25 Company Risk Adjusted Projections. 2. Debt as of Q1 CY25 Company Risk Adjusted Projections. 3. Illustrative Total Fees include $60mm in Transaction Fees and $27mm in Financing Fees. Target IRR $7.6 20.0% 21.3% 22.5% 23.8% 25.0% 10.0x $6.81 $6.67 $6.53 $6.40 $6.27 11.5x $7.39 $7.21 $7.05 $6.90 $6.75 13.0x $7.97 $7.76 $7.57 $7.39 $7.22 14.5x $8.54 $8.31 $8.09 $7.89 $7.70 16.0x $9.10 $8.85 $8.61 $8.38 $8.17 Adj. EBITDA Exit Multiple Preliminary Sources & Uses Preliminary Illustrative Leveraged Buyout Return Analysis Extrapolated Consensus Preliminary and Subject to Significant Diligence 29

------

![](ny20049415x2_exc-11image35.jpg)

Fiscal Year '24A-'29E 2024A Q1 25E Q2-Q4 25E 2026E 2027E 2028E 2029E CAGR Revenue $439 $110 $348 $505 $565 $614 $668 8.8% % Growth 15% 4% 4% 10% 12% 9% 9% Adj. EBITDA (Unburdened w/ SBC)(1) $85 $19 $70 $121 $146 $175 $208 19.7% % Margin 19% 17% 20% 24% 26% 29% 31% Less: CapEx (16) (20) (20) (21) (22) Less: Change in NWC 10 (2) (5) (10) (6) Less: Stock-based Compensation Expenses(2) (26) (40) (45) (37) (36) Less: Net Cash Interest Expense (41) (52) (50) (48) (43) Less: Other Cash Items(3) (18) (15) (18) (21) (28) Less: Cash Taxes - - - (2) (5) Levered Free Cash Flow(4) ($21) ($7) $9 $36 $68 Total Debt $645 $640 $573 $564 $528 $460 Cash Balance $150 $125 $50 $50 $50 $50 Leverage Statistics Total Debt / LTM Adj. EBITDA 7.5x 7.2x 4.7x 3.9x 3.0x 2.2x Net Debt / LTM Adj. EBITDA 5.8x 5.8x 4.3x 3.5x 2.7x 2.0x LTM Adj. EBITDA / Interest Expense 1.6x 2.3x 2.9x 3.7x 4.8x % of Total Debt Repaid 1% 11% 13% 18% 29% % of Cumulative Free Cash Flow / Net Debt (4%) (6%) (4%) 3% 17% Source(s): Historicals per Company Filings. CY25E to CY27E based on Consensus Estimates then CY28E-CY29E based on highly preliminary extrapolation. 1. Excludes management estimated public company costs. 2. Assumes 50% reduction of stock-based compensation expenses post transaction. 3. Other cash items includes cash impact of Provision For Doubtful Accounts and Supplier Advances. 4. Levered cash flow does not include non-operating item related to stock donation. Preliminary Illustrative Leveraged Buyout Paydown

------

![](ny20049415x2_exc-11image36.jpg)

Premiums Paid for Precedent Technology Transactions Source(s): FactSet, Company Filings, and Market Data since 2020 for US domiciled targets with Enterprise Value between $1.0-4.0bn and all-cash consideration. VWAP Premium Target Acquiror Acquisition Price Date Announced 30 Days 90 Days 180 Days 52-Week High Paycor HCM, Inc. Paychex, Inc. $22.50 1/7/2025 21% 19% 38% 55% 5% Zuora GIC; Silver Lake $10.00 10/17/2024 18% 14% 15% 15% (15%) Model N Vista Equity Partners $30.00 4/8/2024 11% 22% 23% 10% (30%) Vizio Walmart $11.50 2/20/2024 47% 56% 72% 74% 12% Everbridge Thoma Bravo $35.00 2/5/2024 47% 54% 61% 49% (0%) EngageSmart Vista Equity Partners; General Atlantic $23.00 10/23/2023 23% 30% 28% 25% 3% NextGen Healthcare Thoma Bravo $23.95 9/6/2023 46% 45% 46% 38% 15% Avid Technology STG Partners $27.05 8/9/2023 32% 13% 0% 3% (19%) Momentive Global STG Partners $9.46 3/13/2023 46% 53% 22% (20%) (62%) Sumo Logic Francisco Partners $12.05 2/9/2023 57% 50% 56% 54% (5%) Duck Creek Technologies Vista Equity Partners $19.00 1/9/2023 46% 63% 63% 33% (35%) ForgeRock Thoma Bravo $23.25 10/11/2022 53% 44% 20% 26% (32%) Billtrust EQT Partners $9.50 9/28/2022 65% 43% 64% 56% (13%) Computer Services Centerbridge; Bridgeport Partners; CFT Capital $58.00 8/20/2022 53% 54% 47% 35% (3%) Ping Identity Thoma Bravo $28.50 8/3/2022 63% 54% 29% 29% (6%) Covetrus TPG; CD&R; Covetrus $21.00 5/20/2022 17% 35% 26% 18% (26%) Plantronics HP $40.00 3/28/2022 47% 47% 44% 40% (6%) Houghton Mifflin Veritas Capital $21.00 2/22/2022 36% 35% 38% 63% 21% Vocera Communications Stryker $79.25 1/6/2022 27% 28% 43% 65% 18% Bottomline Technologies Thoma Bravo $57.00 12/17/2021 42% 41% 43% 38% 5% QAD Thoma Bravo $87.50 6/28/2021 20% 21% 24% 34% 11% Sykes Enterprises Sitel Worldwide $54.00 6/18/2021 31% 29% 25% 34% 17% NIC Tyler Technologies $34.00 2/10/2021 14% 22% 35% 44% 14% Cubic Veritas Capital; Evergreen $75.00 2/8/2021 69% 64% 67% 63% 0% Glu Mobile Electronic Arts $12.50 2/8/2021 36% 36% 44% 44% 19% Pluralsight Vista Equity; Partners Group $22.50 12/13/2020 40% 34% 22% 35% 1% MTS Systems Amphenol $58.50 12/9/2020 52% 77% 125% 176% 12% Endurance International Group Clearlake Capital $9.50 11/2/2020 79% 65% 93% 142% 45% Virtusa Corp EQT $51.35 9/10/2020 27% 29% 55% 44% 3% Forescout Technologies Advent; Crosspoint Capital $29.00 2/6/2020 14% (4%) (13%) (20%) (37%) 1st Quartile 24% 28% 24% 27% (15%) Mean 39% 39% 42% 43% (3%) Median 41% 39% 40% 38% 0% 3rd Quartile 51% 54% 56% 54% 12%

------

![](ny20049415x2_exc-11image37.jpg)

Summary of Changes in Selected Comparable Transactions and DCF 1. Unchanged compared to the multiples used in 3/26 Board Presentation. Preliminary Precedented Transaction Multiples DCF Initial Board Meeting Selected Range 2024E Revenue (Dec LRP) 6.0x - 10.0x 2025E Revenue (Dec LRP) 4.0x - 8.0x 4/17 Selected Range(1) 2024A Revenue (Risk Adj. Proj.) 5.0x - 7.5x 2025E Revenue (Risk Adj. Proj.) 4.0x - 6.5x Initial Board Meeting Selected Range Terminal EV / LTM Adj. EBITDA (Dec LRP) 12.0x - 18.0x WACC Range 13.0% - 15.0% 4/17 Selected Range(1) Terminal EV / LTM Adj. EBITDA (Risk Adj. Proj.) 10.0x - 16.0x WACC Range 13.5% - 15.5% 32

------

![](ny20049415x2_exc-11image38.jpg)

Disclaimer The following pages contain material that was provided to the Board of Directors (the "Board") of Virgil (the "Company") by Barclays Capital Inc. ("Barclays"). The accompanying material and any Barclays presentation related to the material was compiled or prepared on a confidential basis solely for consideration by the Board and no part of it may be reproduced, distributed or transmitted without the prior written consent of Barclays. The information contained in this material was obtained from the Company and/or publicly available sources, and Barclays has relied upon such information without independent verification thereof and does not assume any liability for any such information. These materials are being provided in connection with an actual corporate engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Barclays. Moreover, any information provided herein was not prepared for or intended for use by any individual for personal, family or household purposes. Any estimates, historical financial information, projections and other information contained herein have been prepared by management of the Company or were obtained from publicly available sources (approved for Barclays' use by the Company) or are based upon such estimates and projections. With respect to such estimates and projections, Barclays has assumed that they have been reasonably prepared on a basis reflecting the best currently available estimates, projections and judgment of the management of the Company. The projections contained herein may or may not be achieved and differences between projected results and those actually achieved may be material. No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The analysis contained herein is based on current market conditions which are subject to change and Barclays assumes no obligation to update or otherwise revise these materials. Nothing in these materials shall be deemed to constitute a recommendation or investment, legal, tax, financial, accounting or other advice. Because these materials were prepared for use in the context of a presentation to the Board, these materials are incomplete without reference to, and should be assessed solely in conjunction with, the oral briefing provided by Barclays to the Board (in their capacity as directors and not in any individual capacity and is not for the benefit of any individual, including any individual officer, director, shareholder or any other person). These materials were not prepared for or intended for use by any individual for personal, family or household purposes nor were they prepared to comply with the disclosure standards under state and federal securities laws or any other applicable laws and, to the extent the material may be considered by readers not as familiar with the business and affairs of the Company as the Board, none of the Company, Barclays, their respective affiliates or any of their respective legal or financial advisors or accountants takes any responsibility for the accuracy or completeness of any of the material if used by persons other than the Board. These materials are not intended to provide the sole basis for evaluation of the proposed corporate transaction and do not purport to contain all information that may be required and should not be considered a recommendation with respect to the proposed corporate transaction. Barclays has not made or obtained any evaluations or appraisals of the assets or liabilities of the Company or any other party to any corporate transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained herein do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Barclays' role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company, the Board or any individual officer, director, shareholder or any other person. Barclays, its subsidiaries and affiliates engage in a wide range of businesses from investment and commercial banking, lending, asset management and other financial and non-financial services. In the ordinary course of its business, Barclays and its affiliates may actively trade and effect transactions in the equity, debt and/or other securities (and any derivatives thereof) and financial instruments (including loans and other obligations) of the Company for its own account and for the accounts of its customers and, accordingly, may at any time hold long or short positions and investments in such securities and financial instruments or in other financial products and instruments. Unless otherwise expressly agreed or provided for in other applicable Barclays disclosures governing such corporate transactions or required by law or regulation, Barclays conducts these activities as principal and executes its principal transactions as an arm's length counterparty. Barclays does not act as a fiduciary in relation to these corporate transactions. These materials do not constitute investment advice nor do they form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer of financing or an offer or recommendation to enter into any corporate transaction described herein. Barclays Capital Inc. is the United States investment bank of Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Registered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. Neither Barclays Bank PLC, New York Branch nor Barclays Bank Delaware is responsible for the obligations of its affiliates. Copyright Barclays Bank PLC, 2025 (all rights reserved). 33

## Ex-99.(C)(12)

Exhibit (c)(12)

![](ny20049415x2_exc-12image01.jpg)

Project Virgil: Valuation Analysis May 2025

------

![](ny20049415x2_exc-12image02.jpg)

Cap (High) Share Price ($) $6.89 $8.33 $10.00 $10.00 $10.00 $9.50 $10.00 $12.00 $13.00 $10.75 $11.25 % Premium / (Discount) to Current (17%) - 20% 20% 20% 14% 20% 44% 56% 29% 35% % Premium / (Discount) to Unaffected Close - 21% 45% 45% 45% 38% 45% 74% 89% 56% 63% % Premium / (Discount) to Price at Bid Date - - 22% 32% 15% 9% 15% 12% 21% 0% 5% Implied Equity Value $1,527 $1,847 $2,222 $2,222 $2,222 $2,110 $2,222 $2,674 $2,902 $2,392 $2,505 Plus: Gross Debt(1) $72 $72 $72 $72 $72 $72 $72 $72 $72 $72 $72 Less: Cash(1) (389) (389) (389) (389) (389) (389) (389) (389) (389) (389) (389) Total Enterprise Value $1,210 $1,530 $1,906 $1,906 $1,906 $1,793 $1,906 $2,357 $2,585 $2,075 $2,188 Premiums Analysis: Virgil 30-Day Closing Average (05/02/25) $8.05 (14%) 3% 24% 24% 24% 18% 24% 49% 62% 34% 40% 90-Day Closing Average (05/02/25) $9.00 (23%) (7%) 11% 11% 11% 6% 11% 33% 44% 19% 25% 52 Week High (07/23/24) $12.86 (46%) (35%) (22%) (22%) (22%) (26%) (22%) (7%) 1% (16%) (13%) 52 Week Low (03/12/25) $6.89 - 21% 45% 45% 45% 38% 45% 74% 89% 56% 63% Analyst Price Target - Median(2) $8.00 (14%) 4% 25% 25% 25% 19% 25% 50% 63% 34% 41% Multiples Analysis: Metric: CY2024A Revenue $439 2.8x 3.5x 4.3x 4.3x 4.3x 4.1x 4.3x 5.4x 5.9x 4.7x 5.0x CY2025E Revenue(4) $462 2.6x 3.3x 4.1x 4.1x 4.1x 3.9x 4.1x 5.1x 5.6x 4.5x 4.7x CY2024A Adj. EBITDA(3) $85 14.3x 18.1x 22.5x 22.5x 22.5x 21.2x 22.5x 27.8x 30.5x 24.5x 25.8x CY2025E Adj. EBITDA(3)(4) $91 13.3x 16.8x 21.0x 21.0x 21.0x 19.7x 21.0x 26.0x 28.5x 22.8x 24.1x Summary of Offers Source(s): FactSet, Company filings, Company Risk Adjusted Projections and Market Data as of 05/02/2025. Fully diluted shares outstanding based on ~206.4mm common shares, ~14.6mm RSUs and ~7.2mm stock options outstanding, per Company Management information. 1. Debt, debt-like items, cash and cash equivalents as of Q1 CY25 per Company Risk Adjusted Projections. 2. FactSet consensus median. 3. Unburdened by Stock-based Compensation. 4. Company Risk Adjusted Projections.

------

![](ny20049415x2_exc-12image03.jpg)

Virgil Share Price Over Time Source(s): FactSet. Market data as of 05/02/2025. 1. Multiples based on Broker consensus forecasts. 2. Displaying Broker consensus NTM revenue growth, NTM Gross Profit margins and NTM Adj. EBITDA margins. Share Price Since Virgil IPO $8.33 Post-Earnings Price Reaction IPO Price $25.00 First Day Close: $24.94 Nov 2021 3Q21 earnings; Beat revenue by 6% and Adj. EBITDA by 55% May 2022 1Q22 earnings; Raised CY23 revenue guidance from $299mm to $305mm Jun 2023 Virgil Investor Day Jul 2024 2Q24 earnings; Lowered CY24 revenue guidance from $445mm to $437.5mm Market & Operating Summary (5/2/2025)(1) 2024E 2025E 2026E Market Cap $1,847 EV / Revenue 3.5x 3.3x 3.0x (-) Cash ($389) EV / Gross Profit 4.7x 4.5x 4.0x (+) Debt $72 EV / Adj. EBITDA 18.1x 17.2x 13.4x Enterprise Value $1,530 CY21 CY22 CY23 CY24 CY25 Q3 Q4 CY21 Q1 Q2 Q3 Q4 CY22 Q1 Q2 Q3 Q4 CY23 Q1 Q2 Q3 Q4 CY24 Curr. NTM Rev Growth(2) 24% 20% 20% 22% 21% 20% 16% 16% 16% 18% 19% 17% 17% 17% 13% 11% 11% 11% 6% NTM Gross Margin(2) 61% 63% 63% 62% 64% 65% 66% 66% 67% 68% 70% 72% 72% 73% 73% 74% 74% 74% 75% NTM Adj. EBITDA Margin(2) (17%) (13%) (13%) (10%) (7%) (3%) 1% 1% 2% 6% 10% 17% 17% 18% 19% 21% 22% 22% 20% NTM "Rule of 40" 7% 7% 7% 12% 14% 17% 17% 17% 18% 24% 29% 34% 34% 35% 32% 32% 32% 32% 27% Share Price Summary High Low Avg Since IPO $26.57 $6.14 $10.30 LTM $12.86 $6.89 $9.60 Aug 2024 Announced first ever Share Repurchase Plan of up to $100mm 30% 1-day drop $12.72 $8.94 Unaffected Share Price Unaffected Current $Ä %Ä $6.89 $8.33 $1.44 20.9% Feb 2025 4Q24 & FY24 earnings; Weaker CY25 revenue guidance • Leak: 3/13/2025 • Unaffected Closing Price: $6.89 Jan 2023 Named Dan Drees as President Nov 2024 3Q24 earnings; Strong bottom line growth; raised Adj. EBITDA guidance from $74mm to $78.5mm 2

------

![](ny20049415x2_exc-12image04.jpg)

Virgil Relative Share Price Performance vs. Peers Source(s): FactSet. Market data as of 05/02/2025. 1. Peers include BILL, FLYW, PAY, ADYEN, PAYO, FOUR, WEX, CPAY, and BL. Share Price Performance Since Virgil IPO 0% 50% 100% 150% Oct-21 May-22 Dec-22 Jul-23 Feb-24 Sep-24 May-25 Virgil Peers (67%) (33%) (1) Performance Since Leak (Unaffected as of 3/12/2025) Virgil 21% Peers (2%) Performance Up Until Leak on 3/13/2025 Since IPO 3-Yr 2-Yr 1-Yr YTD Virgil (72%) (5%) (16%) (47%) (33%) Peers (19%) (2%) 16% 4% (14%) 3

------

![](ny20049415x2_exc-12image05.jpg)

Summary of Broker Price Targets and Recommendations Source(s): FactSet, Bloomberg, AlphaSense, Broker Research. Market data as of 05//02/2025. Share Price Targets Price % vs. Current: 12% (4%) $8.33 $9.37 $8.00 $13.00 $6.50 Current Mean Median Max Min (22%) Hold 53% Buy 35% Sell 12% Buy / Hold / Sell Price Target and Valuation Methodology by Analyst Price Target History 56% Broker Date of Latest Report Price Target Recommendation Primary Valuation Methodology Secondary Valuation Methodology KeyBanc 4/29/2025 NA Buy 2.6x CY25 EV / Revenue - Wolfe 4/23/2025 NA Hold 11.0-13.0x CY26 EV / Gross Profit - Wells Fargo 4/22/2025 $8.00 Hold 15.0x CY26 EV / FCF 4.0x CY26 EV / Gross Profit BTIG 4/21/2025 $11.00 Buy 15.0x CY26 EV / Adj. EBITDA - BMO 4/9/2025 $8.00 Hold 15.0x CY26 EV / Adj. EBITDA-Capex - Goldman Sachs 4/8/2025 $6.50 Sell 17.0x CY26 EV / Adj. EBITDA-SBC - Baird 4/3/2025 $12.00 Buy 4.5x FY26 EV / Revenue - KBW 3/30/2025 $9.00 Hold - - Compass Point 3/11/2025 $13.00 Buy 15.0x CY26 Mkt Cap / Revenue - Barclays 3/4/2025 $8.00 Hold 6.0x CY26 EV / Gross Profit DCF Piper Sandler 2/28/2025 $8.00 Hold - - Susquehanna 2/28/2025 $13.00 Buy 11.0x CY26 EV / Adj. EBITDA - J.P. Morgan 2/27/2025 $9.00 Hold 4.0x CY26 EV / Gross Profit - Morgan Stanley 2/27/2025 $8.00 Hold 13.0x CY26 EV / Adj. EBITDA - Deutsche Bank 2/26/2025 $11.00 Buy 19.0x CY26 EV / Adj. EBITDA - UBS 2/26/2025 $8.00 Hold 4.0x CY26 EV / Gross Profit - Bank of America 2/26/2025 $8.00 Sell 3.0x CY26 EV / Revenue 0.4x CY26 EV/Rev/Growth Avg: $9.37 $8.33 $9.37 4

------

![](ny20049415x2_exc-12image06.jpg)

Financial Summary – Company Risk Adjusted Projections Source(s): Company filings and Company Risk Adjusted Projections. CAGR CAGR ($ in millions) 2021A 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E '21A - '24A '24A - '29E Total Revenue $248 $316 $381 $439 $462 $508 $556 $631 $707 21% 10% % Growth 34% 27% 20% 15% 5% 10% 9% 14% 12% Total COGS ($97) ($114) ($117) ($116) ($119) ($126) ($132) ($142) ($149) 6% 5% Total Non-GAAP Gross Profit $151 $203 $264 $323 $342 $383 $423 $489 $558 29% 12% Gross Margin % 61% 64% 69% 74% 74% 75% 76% 77% 79% S&M (60) (73) (73) (77) (85) (87) (90) (94) (101) 9% 6% % of Revenue 24% 23% 19% 17% 18% 17% 16% 15% 14% R&D (60) (75) (86) (88) (91) (93) (95) (97) (100) 13% 2% % of Revenue 24% 24% 23% 20% 20% 18% 17% 15% 14% G&A (57) (70) (75) (74) (75) (75) (76) (77) (79) 9% 1% % of Revenue 23% 22% 20% 17% 16% 15% 14% 12% 11% Total OpEx ($177) ($218) ($234) ($239) ($251) ($255) ($261) ($268) ($280) 10% 3% % of Revenue 71% 69% 61% 54% 54% 50% 47% 42% 40% Adj. EBITDA w/o PubCo Costs (Unburdened w/ SBC) ($26) ($15) $30 $85 $91 $128 $163 $221 $278 NA 27% Adj. EBITDA Margin % (11%) (5%) 8% 19% 20% 25% 29% 35% 39% Less: Public Company Costs - - - - - (6) (6) (6) (6) Adj. EBITDA Incl. PubCo Costs (Unburdened w/ SBC) ($26) ($15) $30 $85 $91 $122 $157 $215 $272 NA 26% Adj. EBITDA Margin % (11%) (5%) 8% 19% 20% 24% 28% 34% 38% Depreciation & Amortization (31) (33) (36) (36) (36) (34) (30) (28) (29) % of Revenue 12% 10% 9% 8% 8% 7% 5% 4% 4% Non-GAAP EBIT (Unburdened w/ SBC) ($57) ($48) ($5) $48 $55 $87 $126 $187 $243 NA 38% Op Margin % (23%) (15%) (1%) 11% 12% 17% 23% 30% 34% Total CapEx ($32) ($22) ($18) ($20) ($21) ($20) ($20) ($21) ($22) (15%) 2% % of Revenue 13% 7% 5% 4% 5% 4% 4% 3% 3% Change in NWC ($2) ($3) ($22) ($25) $1 ($2) ($5) ($10) ($6) 116% (25%) % of Revenue (1%) (1%) (6%) (6%) 0% (0%) (1%) (2%) (1%) 5

------

![](ny20049415x2_exc-12image07.jpg)

Comparison of Virgil LRP, Company Risk Adjusted Projections and Consensus Source(s): Company Filings, Broker Research, Company February LRP and Company Risk Adjusted Projections. 1. Unburdened by SBC and includes Management estimated Public Company Costs. % Margin: 17% 41% 14% 28% 16% 34% February LRP Company Risk Adjusted Projections Consensus 38% 12% 24% 10% 28% 9% 20% 5% 23% 10% 24% 11% 19% 4% 21% 7% CAGR ('24A – '27E): 8% CAGR ('27E – '29E): 13% CAGR ('24A – '27E): 23% CAGR ('27E – '29E): 32% CAGR ('24A – '27E): 8% CAGR ('24A – '27E): 17% CAGR ('24E – '27E): 12% CAGR ('27E – '29E): 18% CAGR ('24E – '27E): 36% CAGR ('27E – '29E): 29% 15% 19% 15% 19% 19% 38% 14% 34% 6

------

![](ny20049415x2_exc-12image08.jpg)

Comparable Public Companies Analysis Source(s): FactSet, Broker Research, Company Risk Adjusted Projections. Market data as of 05/02/2025. 1. Adyen does not report gross profit. 2. Includes Management estimated Public Company Costs. Gross Profit Capex % Float Price Equity Enterprise EV/Revenue EV/Adj. EBITDA Revenue Growth Margin Adj. EBITDA Margin of Rev Rev Mix 5/2/2025 Value Value CY24A CY25E CY26E CY24A CY25E CY26E '24/'23 '25/'24 '26/'25 CY25E CY25E CY26E CY25E CY25E Reported Virgil (Risk Adjusted Projections) $8.33 $1,847 $1,530 3.5x 3.3x 3.0x 18.1x 16.8x 12.6x 15.3% 5.2% 10.1% 74.1% 19.7% 23.9% 4.5% 9.9% Virgil (Consensus) $8.33 $1,847 $1,530 3.5x 3.3x 3.0x 18.1x 17.2x 13.4x 15.3% 4.3% 10.1% 74.1% 19.4% 22.6% 4.8% 9.8% Virgil (Consensus - Unaffected) $6.89 $1,527 $1,210 2.8x 2.6x 2.4x 14.3x 13.6x 10.6x 15.3% 4.3% 10.1% 74.1% 19.4% 22.6% 4.8% 9.8% Adyen $1,668.97 $52,713 $41,356 18.2x 14.8x 11.9x 36.7x 28.2x 21.4x 22.7% 23.1% 24.5% NA 52.6% 55.7% 4.6% NA Corpay $330.33 23,701 30,167 7.3x 6.9x 6.2x 13.9x 12.8x 11.4x 6.2% 6.6% 10.3% 77.9% 53.4% 54.4% 4.6% 1.7% Shift4 $82.36 8,187 9,413 6.4x 5.5x 4.7x 13.6x 11.1x 9.3x 28.9% 15.8% 19.2% 68.4% 50.1% 50.2% 10.3% NA Bill.com $45.30 4,827 4,353 3.1x 2.8x 2.4x 16.6x 16.5x 14.0x 16.5% 11.7% 15.2% 84.9% 17.0% 17.4% 1.8% 8.6% Wex $124.46 4,436 9,494 3.6x 3.6x 3.5x 8.1x 8.7x 8.3x 3.1% (1.0%) 5.0% 59.5% 41.7% 42.1% 6.2% NA Payoneer $7.21 2,855 2,359 2.4x 2.3x 2.0x 8.7x 9.0x 8.0x 17.6% 6.5% 11.2% 82.5% 25.0% 25.4% 2.1% 20.7% Paymentus $34.56 4,484 4,278 13.7x 11.8x 10.0x 45.4x 36.8x 29.3x 29.4% 16.6% 17.4% 86.2% 32.0% 34.2% 8.6% NA Blackline $47.27 3,133 3,188 4.9x 4.6x 4.2x 20.3x 17.3x 14.9x 10.7% 6.9% 8.8% 79.9% 26.4% 28.1% 4.3% NA Flywire $9.57 1,250 589 1.2x 1.1x 0.9x 7.6x 5.6x 4.2x 24.3% 15.7% 16.0% 64.5% 19.1% 21.8% 1.6% NA Min 1.2x 1.1x 0.9x 7.6x 5.6x 4.2x 3.1% (1.0%) 5.0% 59.5% 17.0% 17.4% 1.6% 1.7% Mean 6.8x 5.9x 5.1x 19.0x 16.2x 13.4x 17.7% 11.3% 14.2% 75.5% 35.3% 36.6% 4.9% 10.3% Median 4.9x 4.6x 4.2x 13.9x 12.8x 11.4x 17.6% 11.7% 15.2% 78.9% 32.0% 34.2% 4.6% 8.6% Max 18.2x 14.8x 11.9x 45.4x 36.8x 29.3x 29.4% 23.1% 24.5% 86.2% 53.4% 55.7% 10.3% 20.7% Reference Valuation Metric Selected Range Implied EV Implied Equity Value Implied Share Price 2025 Revenue (Risk Adj. Proj.) $462 3.0x - 6.0x $1,385 - $2,770 $1,702 - $3,087 $7.68 - $13.81 2026 Revenue (Risk Adj. Proj.) 508 2.5x - 5.0x 1,271 - 2,541 1,588 - 2,858 $7.16 - $12.81 2025 Adj. EBITDA (Risk Adj. Proj.) 91 13.0x - 18.0x 1,181 - 1,635 1,498 - 1,952 $6.76 - $8.80 2026 Adj. EBITDA (Risk Adj. Proj.) 122 11.0x - 15.0x 1,337 - 1,823 1,654 - 2,140 $7.46 - $9.63 (1) (2) 7

------

![](ny20049415x2_exc-12image09.jpg)

Selected Comparable Transactions Analysis Comparable Transactions Source(s): FactSet, Company Filings, Company Risk Adjusted Projections, Broker Research and other public information. 1. Virgil LTM and NTM as of Q1'25, based on Company Risk Adjusted Projections and Company Filings, includes Management estimated Public Company Costs. Enterprise Value Multiple Announced Enterprise NTM Adj. EBITDA Margin Revenue Premiums Date Acquiror Target Value Rev. Growth LTM NTM LTM NTM 1-Day 52-Wk High 01/07/2025 Paychex Paycor $4,106 10% 35% 33% 5.9x 5.3x 21% 5% 09/18/2024 Bridgepoint / General Atlantic Esker $1,748 15% 17% 19% 8.3x 7.2x 30% 28% 05/08/2024 Corpay Paymerang $475 20% NA NA 9.6x 8.0x NA NA 10/23/2023 Vista Equity Partners EngageSmart $3,646 21% 19% 19% 10.0x 8.2x 23% 3% 12/12/2022 Thoma Bravo Coupa $8,122 17% 15% 23% 9.9x 8.5x 77% (60%) 09/28/2022 EQT Billtrust $1,477 27% (12%) (3%) 9.6x 7.5x 65% (13%) 08/08/2022 Vista Equity Partners Avalara $8,401 22% 3% 2% 10.6x 8.7x 27% (51%) 12/17/2021 Thoma Bravo Bottomline $2,633 11% 20% 20% 5.3x 4.8x 42% 5% 07/19/2021 Bill.com Invoice2go $625 25% NA NA 20.6x 16.4x NA NA 11/08/2018 Edenred Corporate Spending Innovations $600 21% 60% 60% 14.0x 11.5x NA NA Virgil (Risk Adj. Proj.) 7% 19% 21% - - - - Median 20% 18% 20% 9.8x 8.1x 30% 3% Mean 19% 20% 22% 10.4x 8.6x 41% (12%) Median (Growth <20%) 13% 18% 22% 7.1x 6.3x 36% 5% Mean (Growth <20%) 13% 22% 24% 7.3x 6.4x 43% (5%) Reference Valuation Metric Selected Range Implied EV Implied Equity Value Implied Share Price LTM Q1'25 Revenue $441 5.0x - 7.5x $2,206 - $3,310 $2,523 - $3,627 $11.33 - $16.17 NTM Q1'25 Revenue 473 4.0x - 6.5x 1,893 - 3,077 2,210 - 3,394 $9.95 - $15.15 (1) 8

------

![](ny20049415x2_exc-12image10.jpg)

Discounted Cash Flow Analysis Company Risk Adjusted Projections Terminal EV / LTM EBITDA Multiple Terminal EV / LTM EBITDA Multiple $10.27 10.0x 11.0x 12.0x 13.0x 14.0x 15.0x 16.0x 13.5% $8.65 $9.32 $9.98 $10.64 $11.30 $11.96 $12.61 14.0% $8.51 $9.16 $9.81 $10.45 $11.10 $11.74 $12.39 14.5% $8.37 $9.00 $9.64 $10.27 $10.90 $11.54 $12.17 15.0% $8.23 $8.85 $9.47 $10.10 $10.72 $11.34 $11.95 15.5% $8.09 $8.70 $9.31 $9.92 $10.53 $11.14 $11.75 WACC PV of NOLs Share Price 13.5% $0.27 14.0% $0.26 14.5% $0.26 15.0% $0.25 15.5% $0.25 WACC Terminal EV / LTM EBITDA Multiple #REF! 10.0x 11.0x 12.0x 13.0x 14.0x 15.0x 16.0x 13.5% $8.92 $9.58 $10.24 $10.90 $11.56 $12.22 $12.88 14.0% $8.77 $9.42 $10.07 $10.71 $11.36 $12.00 $12.65 14.5% $8.62 $9.26 $9.89 $10.53 $11.16 $11.79 $12.42 15.0% $8.48 $9.10 $9.72 $10.35 $10.97 $11.59 $12.21 15.5% $8.34 $8.95 $9.56 $10.17 $10.78 $11.38 $11.99 WACC DCF Value per Share DCF NOL Value per DCF Value per Share Incl. NOL Impact Share 9

------

![](ny20049415x2_exc-12image11.jpg)

Virgil Valuation Summary DCF Analysis: „H 13.5% - 15.5% WACC „H 10.0x - 16.0x Terminal EV / LTM Adj. EBITDA Multiple Premiums Company Trading Precedent Transactions Comparable Companies Source(s): Company Risk Adjusted Projections, Company Data, Factset, Bloomberg and Broker Research. Market data as of 05/02/2025. based on Company Management information. Analyst Price Targets Illustrative LBO Analysis: „H Company Risk Adjusted Projections Pro Forma Acquisitions assumes two illustrative acquisitions in 2026E and 2028E, each with $20mm Adj. EBITDA for $240mm (12.0x EV / Adj. EBITDA multiple) „H 10.0x - 16.0x Adj. EBITDA Exit Multiple „H 20% - 25% Target IRR „H 7.5x (LTM Adj. EBITDA) leverage representing $635mm of debt DCF Illustrative LBO : Individual Analyst Price Targets Current Price (5/2/25): $8.33 Unaffected Close (3/12/25): $6.89 10 Offer Price $10.00 Comparable Companies Analysis: „H 3.0x ¡V 6.0x Company Risk Adjusted Projections 2025E Revenue of $462mm „H 2.5x ¡V 5.0x Company Risk Adjusted Projections 2026E Revenue of $508mm „H 13.0x ¡V 18.0x Company Risk Adjusted Projections 2025E Adj. EBITDA of $91mm „H 11.0x ¡V 15.0x Company Risk Adjusted Projections 2026E Adj. EBITDA of $122mm, incl. Public Company Costs Premiums: „H 1¡VDay unaffected premium of 25% ¡V 55% Precedent Transactions Analysis: „H 5.0x ¡V 7.5x Q1¡¦25 LTM Company Risk Adjusted Projections Revenue of $441mm „H 4.0x ¡V 6.5x Q1¡¦25 NTM Company Risk Adjusted Projections Revenue of $473mm Reference Only Valuation Methodology Virgil Valuation Summary DCF Analysis: „H 13.5% - 15.5% WACC „H 10.0x - 16.0x Terminal EV / LTM Adj. EBITDA Multiple

------

![](ny20049415x2_exc-12image12.jpg)

Appendix

------

![](ny20049415x2_exc-12image13.jpg)

in millions) Calendar Year Ended December 31 2024A Q1 25E Q2-Q4 25E 2026E 2027E 2028E 2029E Terminal Year '24-'29 CAGR Revenue $439 $108 $354 $508 $556 $631 $707 $707 10% % Growth 15% 2% 6% 10% 9% 14% 12% 12% Adj. EBITDA w/o PubCo Costs (Unburdened w/ SBC) $85 $18 $73 $128 $163 $221 $278 $278 % Margin 19% 16% 21% 25% 29% 35% 39% 39% Less: Public Company Costs - - - (6) (6) (6) (6) (6) Adj. EBITDA Incl. PubCo Costs (Unburdened w/ SBC) $85 $18 $73 $122 $157 $215 $272 $272 26% % Margin 19% 16% 21% 24% 28% 34% 38% 38% Less: Depreciation (2) (3) (2) (2) (2) (2) Less: Amortization (26) (32) (28) (25) (27) (20) Less: Adj. to GAAP Amort.(1) (31) (44) (39) (22) 2 - Less: Stock-based Compensation (51) (79) (89) (74) (72) (72) Less: Non-Recurring Items (cash impact) (3) (3) (4) (4) (5) - Non-GAAP EBIT ($39) ($39) ($5) $87 $169 $179 Less: Taxes(2) - - - (23) (44) (46) NOPAT ($39) ($39) ($5) $64 $125 $132 Plus: Depreciation 2 3 2 2 2 2 Plus: Amortization 26 32 28 25 27 20 Plus: Adj. to GAAP Amort.(1) 31 44 39 22 (2) - Less: Capital Expenditures (16) (20) (20) (21) (22) (22) Less: Change in NWC 10 (2) (5) (10) (6) (6) Less: Other Cash Items(3) (18) (15) (18) (21) (28) (28) Unlevered Free Cash Flow (uFCF) ($4) $3 $21 $62 $97 $98 % Margin (1%) 1% 4% 10% 14% 14% Terminal EV / LTM Adj. EBITDA Multiple $1,967 10.0x 11.0x 12.0x 13.0x 14.0x 15.0x 16.0x 13.5% $1,602 $1,751 $1,900 $2,049 $2,199 $2,348 $2,497 14.5% $1,538 $1,681 $1,824 $1,967 $2,110 $2,253 $2,396 15.5% $1,477 $1,614 $1,751 $1,888 $2,025 $2,163 $2,300 WACC Discounted Cash Flow Analysis Company Risk Adjusted Projections, Excluding NOLs Implied EV Calculation Implied EV Calculation – Terminal LTM Adj. EBITDA Multiple Implied Share Price Sensitivity Analysis Source(s): Company Management, Company filings, Company Risk Adjusted Projections. Note: Debt, debt-like items, cash and cash equivalents as of Q1 CY25 Company Risk Adjusted Projections. Fully diluted shares outstanding based on ~206.4mm common shares, ~14.6mm RSUs and ~7.2mm stock options outstanding, per Company Management information. Valuation date of 03/31/2025. Assumes mid-year discounting except for terminal value which is discounted using end-of-period discounting methodology. 1. Includes adjustment for amortization for Goodwill, Intangible Assets and Capitalized Section 174 Costs. 2. Assumes 25.9% tax rate per Company Management. 3. Other cash items includes cash impact of Provision For Doubtful Accounts and Supplier Advances. Terminal Adj. EBITDA $272 Terminal Adj. EBITDA Multiple 13.0x Terminal Value $3,537 PV of Unlevered FCF $108 5% PV of Terminal Value 1,859 95% Enterprise Value $1,967 100% Less: Net Debt 317 Equity Value $2,284 FDSO 222.3 Implied Share Price $10.27 Enterprise Value Sensitivity Analysis Discounted Cash Flow Terminal EV / LTM Adj. EBITDA Multiple 1027.2% 10.0x 11.0x 12.0x 13.0x 14.0x 15.0x 16.0x 13.5% $8.65 $9.32 $9.98 $10.64 $11.30 $11.96 $12.61 14.5% $8.37 $9.00 $9.64 $10.27 $10.90 $11.54 $12.17 15.5% $8.09 $8.70 $9.31 $9.92 $10.53 $11.14 $11.75 WACC 11

------

![](ny20049415x2_exc-12image14.jpg)

Share Price 13.5% $0.27 14.0% $0.26 14.5% $0.26 15.0% $0.25 15.5% $0.25 WACC Virgil NOL Valuation Company Risk Adjusted Projections EV 13.5% $59 14.0% $58 14.5% $57 15.0% $56 15.5% $55 WACC Source(s): Company Management. • Cash flows discounted to 03/31/2025 • Discounted at Company's WACC rate • Assumes remaining $200mm 2029 NOL Balance used up fully in 2030 • Assumed 80% EBIT usage limitation • Assumed 25.9% tax rate ($ in millions) Q2-Q4 25E 2026E 2027E 2028E 2029E Extrapolated 2030 Non-GAAP EBIT (Burdened w/ SBC) ($39) ($39) ($5) $87 $169 Less: NOLs used - - - (70) (135) (200) Taxable Income (post-NOLs) ($39) ($39) ($5) $17 $34 Marginal Tax Rate 26% 26% 26% 26% 26% 26% Cash Tax Expenses (Post-NOLs) - - - ($5) ($9) Plus: Pre-NOL Tax Expense - - - 23 44 Cash Savings from NOLs - - - $18 $35 $52 Memo: Beginning NOL Balance 322 361 400 405 335 200 Less: NOLs Used / (Additions) 39 39 5 (70) (135) (200) Ending NOL Balance $361 $400 $405 $335 $200 $0 Allowable Usage 80% 80% 80% 80% 80% 80% Assumptions Present Value of NOLs EV and Share Price Impact Sensitivities 12

------

![](ny20049415x2_exc-12image15.jpg)

($ in millions) Sources $% New Debt 635 28.1% Excess Cash on B/S 239 10.6% Sponsor Equity 1,386 61.3% Total Sources: $2,260 100.0% Uses $% Purchase Common Equity & Options $1,962 86.8% RSUs / PSUs / Others 139 6.1% Repay Existing Debt 72 3.2% Illustrative Total Fees(2) 87 3.8% Total Uses: $2,260 100.0% ($ in millions) 3/31/25 3/31/25 SQ Adj. PF Total Cash(1) $389 ($239) $150 Existing Debt(1) $72 (72) - New Debt - 635 635 Total Debt $72 $635 Net Debt (317) 485 Key Stats: Q1 2025E LTM Revenue $441 $441 Q1 2025E LTM Adj. EBITDA $85 $85 Total Debt / Adj. EBITDA 0.9x 7.5x Net Debt / Adj. EBITDA (3.7x) 5.7x Illustrative Leveraged Buyout Return Analysis Company Risk Adjusted Projections Source(s): Market data as of 05/02/2025. Company Filings, Company Risk Adjusted Projections. Capitalization based on Company Management information. Debt pricing reflects "normalized" market conditions.1. Existing debt, debt-like items, cash and cash equivalents as of Q1 CY25 per Company Risk Adjusted Projections. 2. Illustrative Total Fees include $60mm in Transaction Fees and $27mm in Financing Fees. Target IRR $9.5 20.0% 21.3% 22.5% 23.8% 25.0% 10.0x $8.48 $8.25 $8.04 $7.83 $7.64 11.5x $9.27 $9.00 $8.75 $8.51 $8.29 13.0x $10.05 $9.75 $9.46 $9.19 $8.94 14.5x $10.83 $10.49 $10.17 $9.87 $9.58 16.0x $11.61 $11.23 $10.88 $10.54 $10.22 Adj. EBITDA Exit Multiple Sources & Uses • Assumes valuation date of 03/31/2025 • Based on Company Risk Adjusted Projections through 2029E • Acquisition for $9.46 / share, a ~14% premium to the current share price • 21.1x implied Q1 2025E LTM Adj. EBITDA Multiple on $85mm Adj. EBITDA, assuming target Sponsor return of 22.5% • Illustrative financing with: • 7.5x Q1 2025E LTM Adj. EBITDA (based on Company Risk Adjusted Projections), consisting of new debt of $635mm (S+475, 98) • Balance sheet cash and equivalents of $239mm • $1,386mm of new equity • Assumes minimum cash of $50mm, interest on cash equal to 1.0% 13

------

![](ny20049415x2_exc-12image16.jpg)

5-Year Paydown Summary ($ in millions) Calendar Year '24A-'29E 2024A Q1 25E Q2-Q4 25E 2026E 2027E 2028E 2029E CAGR Revenue $439 $108 $354 $508 $556 $631 $707 10.0% % Growth 15% 2% 6% 10% 9% 14% 12% Adj. EBITDA (Unburdened w/ SBC)(1) $85 $18 $73 $128 $163 $221 $278 26.8% % Margin 19% 16% 21% 25% 29% 35% 39% Less: CapEx (16) (20) (20) (21) (22) Less: Change in NWC 10 (2) (5) (10) (6) Less: Stock-based Compensation Expenses(2) (26) (40) (45) (37) (36) Less: Net Cash Interest Expense (40) (47) (42) (38) (29) Less: Other Cash Items(3) (18) (15) (18) (21) (28) Less: Cash Taxes - - - (3) (27) Levered Free Cash Flow(4) ($17) $5 $33 $90 $130 Total Debt $635 $630 $546 $514 $423 $293 Cash Balance $150 $129 $50 $50 $50 $50 Leverage Statistics Total Debt / LTM Adj. EBITDA 7.5x 6.9x 4.3x 3.2x 1.9x 1.1x Net Debt / LTM Adj. EBITDA 5.7x 5.5x 3.9x 2.8x 1.7x 0.9x LTM Adj. EBITDA / Interest Expense 1.7x 2.7x 3.9x 5.8x 9.4x % of Total Debt Repaid 1% 14% 19% 33% 54% % of Cumulative Free Cash Flow / Net Debt (3%) (2%) 4% 23% 50% Source(s): Company Filings, Company Risk Adjusted Projections. 1. Excludes management estimated public company costs. 2. Assumes 50% reduction of stock-based compensation expenses post transaction. 3. Other cash items includes cash impact of Provision For Doubtful Accounts and Supplier Advances. 4. Levered cash flow does not include non-operating item related to stock donation. Illustrative Leveraged Buyout Paydown Company Risk Adjusted Projections 14

------

![](ny20049415x2_exc-12image17.jpg)

Illustrative Leveraged Buyout PF for Acquisitions Company Risk Adjusted Projections Source(s): Market data as of 05/02/2025. Company Filings and Company Risk Adjusted Projections. Capitalization based on Company Management Information. Debt pricing reflects "normalized" market conditions. 1. Existing debt, debt-like items, cash and cash equivalents as of Q1 CY25 per Company Risk Adjusted Projections. 2. Illustrative Total Fees include $60mm in Transaction Fees and $27mm in Financing Fees. Target IRR $10.4 20.0% 21.3% 22.5% 23.8% 25.0% 10.0x $9.07 $8.81 $8.57 $8.34 $8.12 11.5x $10.07 $9.77 $9.48 $9.21 $8.95 13.0x $11.07 $10.72 $10.39 $10.07 $9.78 14.5x $12.06 $11.66 $11.29 $10.93 $10.60 16.0x $13.05 $12.61 $ Key Assumptions Illustrative Leveraged Buyout PF for Acquisitions Company Risk Adjusted Projections Source(s): Market data as of 05/02/2025. Company Filings and Company Risk Adjusted Projections. Capitalization based on Company Management Information. Debt pricing reflects "normalized" market conditions. 1. Existing debt, debt-like items, cash and cash equivalents as of Q1 CY25 per Company Risk Adjusted Projections. 2. Illustrative Total Fees include $60mm in Transaction Fees and $27mm in Financing Fees. Target IRR $10.4 20.0% 21.3% 22.5% 23.8% 25.0% 10.0x $9.07 $8.81 $8.57 $8.34 $8.12 11.5x $10.07 $9.77 $9.48 $9.21 $8.95 13.0x $11.07 $10.72 $10.39 $10.07 $9.78 14.5x $12.06 $11.66 $11.29 $10.93 $10.60 16.0x $13.05 $12.61 $12.19 $11.79 $11.42 Adj. EBITDA Exit Multiple Sources & Uses • Assumes valuation date of 03/31/2025 • Based on Company Risk Adjusted Projections through 2029E • Illustrative acquisition for $10.39 / share, a ~25% premium to the current share price • 23.6x implied Q1 2025E LTM Adj. EBITDA Multiple on $85mm Adj. EBITDA, assuming target Sponsor return of 22.5% • Illustrative financing with: • 7.5x Q1 2025E LTM Adj. EBITDA (based on Company Risk Adjusted Projections), consisting of new debt of $635mm (S+475, 98) • Balance sheet cash and equivalents of $239mm • $1,594mm of new equity • Assumes minimum cash of $50mm, interest on cash equal to 1.0% • Assumes Acquisition #1 in 2026E for $240mm (12.0x on $20mm Adj. EBITDA) and Acquisition #2 in 2028E for $240mm (12.0x on $20mm Adj. EBITDA) • Assumes synergies of $3mm in the year following the acquisition and $5mm thereafter • Assumes Adj. EBITDA Margin expansion of 5% per annum • Assumes acquisitions financed with incremental debt ($ in millions) Sources $% New Debt 635 25.7% Excess Cash on B/S 239 9.7% Sponsor Equity 1,594 64.6% Total Sources: $2,469 100.0% Uses $% Purchase Common Equity & Options $2,157 87.4% RSUs / PSUs / Others 152 6.2% Repay Existing Debt 72 2.9% Illustrative Total Fees(2) 87 3.5% Total Uses: $2,469 100.0%

------

![](ny20049415x2_exc-12image18.jpg)

5-Year Paydown Summary ($ in millions) Calendar Year '24A-'29E 2024A Q1 25E Q2-Q4 25E 2026E 2027E 2028E 2029E CAGR Revenue $439 $108 $354 $588 $644 $808 $902 15.5% % Growth 15% 2% 6% 27% 9% 26% 12% Adj. EBITDA (Unburdened w/ SBC)(1) $85 $18 $73 $148 $192 $280 $355 33.2% % Margin 19% 16% 21% 25% 30% 35% 39% Less: CapEx (16) (23) (24) (27) (28) Less: Change in NWC 10 (2) (6) (12) (7) Less: Stock-based Compensation Expenses(2) (26) (46) (52) (49) (48) Less: Net Cash Interest Expense (40) (56) (62) (67) (68) Less: Other Cash Items(3) (18) (15) (18) (21) (28) Plus: Incremental Borrowings(4) - 240 - 240 - Less: Acquisition - (240) - (240) - Less: Cash Taxes - - (1) (5) (25) Levered Free Cash Flow(5) ($17) $6 $31 $98 $149 Total Debt $635 $630 $786 $755 $897 $747 Cash Balance $150 $129 $50 $50 $50 $50 Leverage Statistics Total Debt / LTM Adj. EBITDA 7.5x 6.9x 5.3x 3.9x 3.2x 2.1x Net Debt / LTM Adj. EBITDA 5.7x 5.5x 5.0x 3.7x 3.0x 2.0x LTM Adj. EBITDA / Interest Expense 1.7x 2.6x 3.1x 4.2x 5.2x % of Total Debt Repaid 1% 10% 14% 20% 33% % of Cumulative Free Cash Flow / Net Debt (3%) (1%) 3% 12% 28% Illustrative Leveraged Buyout PF Acquisitions Paydown Company Risk Adjusted Projections Source(s): Company Filings, Company Risk Adjusted Projections. 1. Excludes management estimated public company costs. 2. Assumes 50% reduction of stock-based compensation expenses post transaction. 3. Other cash items includes cash impact of Provision For Doubtful Accounts and Supplier Advances. 4. Incremental borrowings consist of unitranche lien, consistent with the initial re-levered debt split at the transaction date. 5. Levered cash flow does not include non-operating item related to stock donation. 16

------

![](ny20049415x2_exc-12image19.jpg)

Premiums Paid for Precedent Technology Transactions Source(s): FactSet, Company Filings, and Market Data since 2020 for US-based targets with Enterprise Value between $1.0-4.0bn, all-cash consideration and completed. VWAP Premium Target Acquiror Acquisition Price Announced 30 Days 90 Days 180 Days 52-Week High Paycor HCM, Inc. Paychex, Inc. $22.50 Jan-2025 21% 19% 38% 55% 5% Zuora GIC; Silver Lake $10.00 Oct-2024 18% 14% 15% 15% (15%) Model N Vista Equity Partners $30.00 Apr-2024 11% 22% 23% 10% (30%) Vizio Walmart $11.50 Feb-2024 47% 56% 72% 74% 12% Everbridge Thoma Bravo $35.00 Feb-2024 47% 54% 61% 49% (0%) EngageSmart Vista Equity Partners; General Atlantic $23.00 Oct-2023 23% 30% 28% 25% 3% NextGen Healthcare Thoma Bravo $23.95 Sep-2023 46% 45% 46% 38% 15% Avid Technology STG Partners $27.05 Aug-2023 32% 13% 0% 3% (19%) Momentive Global STG Partners $9.46 Mar-2023 46% 53% 22% (20%) (62%) Sumo Logic Francisco Partners $12.05 Feb-2023 57% 50% 56% 54% (5%) Duck Creek Technologies Vista Equity Partners $19.00 Jan-2023 46% 63% 63% 33% (35%) ForgeRock Thoma Bravo $23.25 Oct-2022 53% 44% 20% 26% (32%) Billtrust EQT Partners $9.50 Sep-2022 65% 43% 64% 56% (13%) Computer Services Centerbridge; Bridgeport Partners; CFT Capital $58.00 Aug-2022 53% 54% 47% 35% (3%) Ping Identity Thoma Bravo $28.50 Aug-2022 63% 54% 29% 29% (6%) Covetrus TPG; CD&R; Covetrus $21.00 May-2022 17% 35% 26% 18% (26%) Plantronics HP $40.00 Mar-2022 47% 47% 44% 40% (6%) Houghton Mifflin Veritas Capital $21.00 Feb-2022 36% 35% 38% 63% 21% Vocera Communications Stryker $79.25 Jan-2022 27% 28% 43% 65% 18% Bottomline Technologies Thoma Bravo $57.00 Dec-2021 42% 41% 43% 38% 5% QAD Thoma Bravo $87.50 Jun-2021 20% 21% 24% 34% 11% Sykes Enterprises Sitel Worldwide $54.00 Jun-2021 31% 29% 25% 34% 17% ORBCOMM GI DI Orion Acquisition $11.50 Apr-2021 52% 22% 35% 44% 2981% NIC Tyler Technologies $34.00 Feb-2021 14% 22% 35% 44% 14% Cubic Veritas Capital; Evergreen $75.00 Feb-2021 69% 64% 67% 63% 0% Glu Mobile Electronic Arts $12.50 Feb-2021 36% 36% 44% 44% 19% Pluralsight Vista Equity; Partners Group $22.50 Dec-2020 40% 34% 22% 35% 1% MTS Systems Amphenol $58.50 Dec-2020 52% 77% 125% 176% 12% Endurance International Group Clearlake Capital $9.50 Nov-2020 79% 65% 93% 142% 45% Virtusa Corp EQT $51.35 Sep-2020 27% 29% 55% 44% 3% Forescout Technologies Advent; Crosspoint Capital $29.00 Feb-2020 14% (4%) (13%) (20%) (37%) 1st Quartile 25% 25% 25% 27% (14%) Mean 40% 39% 42% 43% 93% Median 42% 36% 38% 38% 1% 3rd Quartile 52% 54% 55% 54% 13% 1-Day Unaffected Premium 17

------

![](ny20049415x2_exc-12image20.jpg)

Premiums Paid for Precedent Technology Transactions Source(s): FactSet, Company Filings, public information. Market data as of 05/02/2025. Transactions include all US-based Technology targets with Enterprise Value between $1.0-4.0bn taken private in all-cash and completed transactions since 2020. Premiums Premiums to 1-Day Unaffected Stock Price to 30-Day Unaffected VWAP 42% 38% 45% 42% 31% 21% 2020 2021 2022 2023 2024 2025 Mean Premiums to 1-Day Unaffected Price Since 2020 Mean: 40% 18

------

![](ny20049415x2_exc-12image21.jpg)

Disclaimer The following pages contain material that was provided to the Board of Directors (the "Board") of Virgil (the "Company") by Barclays Capital Inc. ("Barclays"). The accompanying material and any Barclays presentation related to the material was compiled or prepared on a confidential basis solely for consideration by the Board and no part of it may be reproduced, distributed or transmitted without the prior written consent of Barclays. The information contained in this material was obtained from the Company and/or publicly available sources, and Barclays has relied upon such information without independent verification thereof and does not assume any liability for any such information. These materials are being provided in connection with an actual corporate engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Barclays. Moreover, any information provided herein was not prepared for or intended for use by any individual for personal, family or household purposes. Any estimates, historical financial information, projections and other information contained herein have been prepared by management of the Company or were obtained from publicly available sources (approved for Barclays' use by the Company) or are based upon such estimates and projections. With respect to such estimates and projections, Barclays has assumed that they have been reasonably prepared on a basis reflecting the best currently available estimates, projections and judgment of the management of the Company. The projections contained herein may or may not be achieved and differences between projected results and those actually achieved may be material. No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The analysis contained herein is based on current market conditions which are subject to change and Barclays assumes no obligation to update or otherwise revise these materials. Nothing in these materials shall be deemed to constitute a recommendation or investment, legal, tax, financial, accounting or other advice. Because these materials were prepared for use in the context of a presentation to the Board, these materials are incomplete without reference to, and should be assessed solely in conjunction with, the oral briefing provided by Barclays to the Board (in their capacity as directors and not in any individual capacity and is not for the benefit of any individual, including any individual officer, director, shareholder or any other person). These materials were not prepared for or intended for use by any individual for personal, family or household purposes nor were they prepared to comply with the disclosure standards under state and federal securities laws or any other applicable laws and, to the extent the material may be considered by readers not as familiar with the business and affairs of the Company as the Board, none of the Company, Barclays, their respective affiliates or any of their respective legal or financial advisors or accountants takes any responsibility for the accuracy or completeness of any of the material if used by persons other than the Board. These materials are not intended to provide the sole basis for evaluation of the proposed corporate transaction and do not purport to contain all information that may be required and should not be considered a recommendation with respect to the proposed corporate transaction. Barclays has not made or obtained any evaluations or appraisals of the assets or liabilities of the Company or any other party to any corporate transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained herein do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Barclays' role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company, the Board or any individual officer, director, shareholder or any other person. Barclays, its subsidiaries and affiliates engage in a wide range of businesses from investment and commercial banking, lending, asset management and other financial and non-financial services. In the ordinary course of its business, Barclays and its affiliates may actively trade and effect transactions in the equity, debt and/or other securities (and any derivatives thereof) and financial instruments (including loans and other obligations) of the Company for its own account and for the accounts of its customers and, accordingly, may at any time hold long or short positions and investments in such securities and financial instruments or in other financial products and instruments. Unless otherwise expressly agreed or provided for in other applicable Barclays disclosures governing such corporate transactions or required by law or regulation, Barclays conducts these activities as principal and executes its principal transactions as an arm's length counterparty. Barclays does not act as a fiduciary in relation to these corporate transactions. These materials do not constitute investment advice nor do they form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer of financing or an offer or recommendation to enter into any corporate transaction described herein. Barclays Capital Inc. is the United States investment bank of Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Registered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. Neither Barclays Bank PLC, New York Branch nor Barclays Bank Delaware is responsible for the obligations of its affiliates. Copyright Barclays Bank PLC, 2025 (all rights reserved). 19

## Ex-99.(C)(13)

Exhibit (c)(13)

![](ny20049415x2_exc-13image01.jpg)

Copyright 2024. Confidential & Proprietary. DRAFT Valuation Datapoints & Considerations December 2024

------

![](ny20049415x2_exc-13image02.jpg)

DRAFT Valuation Considerations

------

![](ny20049415x2_exc-13image03.jpg)

3 AvidXchange \| Private & Confidential DRAFT 3 AVDX current capitalization Source: CapIQ as of 12/16/24; figures in millions of dollars except price per share figures or unless otherwise stated AvidXchange Enterprise Value Walk Share Price (12/16/24) $11.29 FDSO 217mm Equity Value $2,454 Cash and Equivalents $394 Debt $14 Net Debt ($380) Enterprise Value $2,074 Maturity Coupon Seniority Date Principal Due Type ($000s) Promissory Note Payable for Land Acquisition 1,000 Nov '25 6.75% Senior Promissory Note Payable for Land Acquisition 12,900 May '26 6.75% Senior Revolving Commitment ($10mm facility) N/A Dec '27 N/A Senior Total $13,900 Capitalization Detail Current Debt Facilities 52-week high (02/29/24) $13.29 52-week low (09/17/24) $7.44 Current Price (12/16/24) $11.29 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 $11.00 $12.00 $13.00 $14.00 $15.00 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 AVDX 1-Yr Share Price Chart

------

![](ny20049415x2_exc-13image04.jpg)

4 AvidXchange \| Private & Confidential DRAFT 4 $80 $104 $161 $229 $303 $387 18% 21% 28% 34% 39% 42% 2024E 2025E 2026E 2027E 2028E 2029E $439 $487 $567 $668 $788 $922 2024E 2025E 2026E 2027E 2028E 2029E Five-year outlook of LRP(1) estimates revenue growth of 11% in 2025E rebounding to 16-18% in 2026E-29E and EBITDA margin more than doubling from 17% in 2024E to 42% in 2029E Total Revenue ($mm) Gross Profit ($mm) EBITDA ($mm) $323 $359 $432 $521 $630 $756 73% 74% 76% 78% 80% 82% 2024E 2025E 2026E 2027E 2028E 2029E Gross Profit Margin % EBITDA Margin % YoY Growth % 15% 11% 16% 18% 18% 17% YoY Growth % 162% 31% 54% 43% 32% 28% YoY Growth % 22% 11% 20% 21% 21% 20% (1) AvidXchange forecasted financials reflect estimates from Current LRP shared with FT Partners on 11/14/24

------

![](ny20049415x2_exc-13image05.jpg)

5 AvidXchange \| Private & Confidential DRAFT 5 AvidXchange's valuation multiples are notably different depending on whether or not float income is included in the earnings denominator, though the magnitude of the impact dissipates over time (1) Share price as of 12/16/24 (2) AvidXchange forecasted financials reflect estimates from Current LRP shared with FT Partners on 11/14/24 Implied Valuation Metrics ($ in mm) Current (1) Enterprise Value $1,583 $2,074 $2,564 $3,055 $3,546 $4,037 $4,528 Illustrative Share Price $9.03 $11.29 $13.55 $15.81 $18.06 $20.32 $22.58 % Premium / (Discount) (20%) - 20% 40% 60% 80% 100% EV / Revenue Revenue Growth (%) 2024E $439 15% 3.6x 4.7x 5.8x 7.0x 8.1x 9.2x 10.3x 2025E $487 11% 3.3 4.3 5.3 6.3 7.3 8.3 9.3 2026E $567 16% 2.8 3.7 4.5 5.4 6.3 7.1 8.0 EV / Gross Profit Gross Profit Margin (%) 2024E $323 73% 4.9x 6.4x 7.9x 9.5x 11.0x 12.5x 14.0x 2025E $359 74% 4.4 5.8 7.1 8.5 9.9 11.2 12.6 2026E $432 76% 3.7 4.8 5.9 7.1 8.2 9.4 10.5 EV / EBITDA EBITDA Margin (%) 2024E $80 18% 19.9x 26.0x 32.2x 38.3x 44.5x 50.7x 56.8x 2025E $104 21% 15.2 19.9 24.6 29.3 34.0 38.7 43.4 2026E $161 28% 9.9 12.9 16.0 19.0 22.1 25.1 28.2 EV / Revenue Revenue Growth (%) 2024E $389 13% 4.1x 5.3x 6.6x 7.8x 9.1x 10.4x 11.6x 2025E $441 13% 3.6 4.7 5.8 6.9 8.0 9.2 10.3 2026E $533 21% 3.0 3.9 4.8 5.7 6.6 7.6 8.5 EV / Gross Profit Gross Profit Margin (%) 2024E $273 70% 5.8x 7.6x 9.4x 11.2x 13.0x 14.8x 16.6x 2025E $314 71% 5.0 6.6 8.2 9.7 11.3 12.9 14.4 2026E $398 75% 4.0 5.2 6.4 7.7 8.9 10.1 11.4 EV / EBITDA EBITDA Margin (%) 2024E $30 8% 53.3x 69.8x 86.3x 102.9x 119.4x 135.9x 152.4x 2025E $59 13% 27.0 35.4 43.8 52.1 60.5 68.9 77.3 2026E $127 24% 12.4 16.3 20.1 24.0 27.8 31.7 35.5 Metrics (2) AvidXchange incl. Float Income AvidXchange excl. Float Income

------

![](ny20049415x2_exc-13image06.jpg)

6 AvidXchange \| Private & Confidential DRAFT 6 Valuation Description Analyses Methodology ? Public company multiples – B2B payments & office of the CFO sectors – Financial profile peers – Rule of X ? Precedent transaction multiples – Selected recent software and FinTech M&A ? Useful for understanding market sentiment to sectors and performance profiles ? Provides context for where peer companies (for reasons such as general business profile and financial profile, among others) trade in current markets vs. their respective financial metrics Market Multiples ? 5-year DCF ? 5-year LBO ? "Truest" form of valuation, the precision for which depends on visibility of long-term drivers of growth, margin, and cashflow ? Combines the present values of projected cashflows over a defined period of time with the "terminal value" of the business estimated using a range of multiples on terminal period financials Intrinsic Cashflow FT Partners applied LRP figures to market multiples and intrinsic cashflow-based valuation methodologies Insights from these valuation analyses are fundamentally dependent on visibility of the LRP forecast. If an individual investor or the market more broadly has more bearish expectations for AvidXchange's future performance compared to the LRP, then perception of value will be negatively impacted versus the figures presented here.

------

![](ny20049415x2_exc-13image07.jpg)

7 AvidXchange \| Private & Confidential DRAFT 7 $19.44 $20.18 $21.08 $22.12 $13.99 $14.43 $15.00 $15.67 $11.29 $11.29 $11.59 $11.99 $12.48 Current Share Price Dec-24 Dec-26 Dec-27 Dec-28 PV of Share Price at Median of Select 2022-24 Precedent LBO Transactions (10.7x NTM) PV of Share Price at 2-yr Median of B2B / Office of the CFO Trading Multiples (7.4x NTM) PV of Share Price at Current Gross Profit Multiple (5.8x NTM) $19.44 $23.00 $27.40 $32.78 $13.99 $16.46 $19.50 $23.22 $11.29 $11.29 $13.21 $15.58 $18.49 Current Share Price Dec-24 Dec-26 Dec-27 Dec-28 Share Price at Median of Select 2022-24 Precedent LBO Transactions (10.7x NTM) Share Price at 2-yr Median of B2B / Office of the CFO Trading Multiples (7.4x NTM) Share Price at Current Gross Profit Multiple (5.8x NTM) Assuming LRP results, AVDX share price outlook requires material future rerating in order for the implied PV of future share price to be substantially different than today's actual share price Share Price Outlook w/ Current LRP Forecast (1) Implied Present Value of Share Price Outlook (2) NTM Gross Profit ($mm) (4) $323 $359 $432 $521 $630 (1) Implied share price calculated based on $380mm net cash balance and 217.4mm FDSO. (2) Share price discounted using a 14.0% discount rate (WACC). (3) Current gross profit multiple based on AvidXchange NTM gross profit. (4) NTM gross profit forecast based on Current LRP. (5) Current share price as of 12/16/24 ($11.29) % Premium to Current Share Price (5) Precedents Multiple +72% +79% +87% +96% 5-Yr Comps Multiple +24% +28% +33% +39% Current Multiple - +3% +6% +11% (3) (3)

------

![](ny20049415x2_exc-13image08.jpg)

8 AvidXchange \| Private & Confidential DRAFT 8 FT Partners applied a broad set of analyses to assess valuation context for AvidXchange (1) Implied valuation range based on min / max implied valuation from the 25th and 75th percentile of the selected peer group's 2024E / 2025E EV / Revenue and EV / Gross Profit Multiples (2) Financial profile peers implied valuation range based on the min / max of the median multiples of Vertex, Intapp, and Blackline (3) Rule of X implied valuation based on rule of X score of 47.6% / 41.9% for 2024E / 2025E metrics respectively with a 2x multiplier on revenue growth (4) Precedent transactions implied valuation range based on the min implied valuation from notable 2024 precedents and the max from Smartsheet's deal multiples (5) DCF-implied value per share range presented here reflects WACC range of 13-15% and terminal value EBITDA multiple range of 16-20x (6) LBO implied valuation range based on 20% - 25% target IRR assuming 18.0x Exit EBITDA Multiple (7) Share price premium / discount % based on AvidXchange share price of $11.29 as of 12/16/24 ? Companies selected are representative of the broad range of companies referenced by equity research analysts for AVDX sector trading comparables Public Companies: B2B Payments & Office of the CFO(1) $8.53 to $17.69 -24% to +57% Implied Value per Share Public Companies: Financial Profile Peers (2) ? FT Partners referenced a set of publicly traded technology companies that demonstrate a financial profile and trajectory similar to AVDX $24.17 to $30.14 +114% to +167% ? 5-year LBO based on LRP forecast that estimates implied AVDX value today based on a required equity rate of return of 20-25% for a prospective PE buyer $13.10 to $15.30 +16% to +36% LBO (6) ? 5-year discounted cash flow using LRP forecast, with sensitivity analyses for a range of WACC, terminal multiple, and future performance assumptions DCF (5) $17.11 to $22.35 +52% to +98% ? A variation of Rule of 40 (traditionally calculated as revenue growth rate + profit margin) that increases the weighting of revenue growth in the efficiency score Public Companies: Rule of X(3) $12.93 to $14.94 Implied Value vs. +15% to +32% Current Share Price (7) Market Multiples Intrinsic Cashflow Precedent LBO Transactions (4) ? Selected LBO precedent transactions occurring within the past few years within the FinTech and broader software sectors that provide valuation data points $9.20 to $17.68 -19% to +57% 1 2 3 4 5 6

------

![](ny20049415x2_exc-13image09.jpg)

9 AvidXchange \| Private & Confidential DRAFT 9 Sector public comparables referenced in selected AVDX equity research Source: CapIQ as of 12/16/24 (1) AvidXchange forward multiples reflect Current LRP (shared with FT Partners on 11/14/24) (2) Bill.com multiples excluding float income reflect float income estimates from Deutsche Bank (3) Paymentus revenue presented here reflects their reported "contribution profit" metric, effectively an estimate of net revenue, calculated from as-reported gross revenue less interchange and assessment fees (4) Payoneer multiples excluding float income reflect float income 2024E estimates from Jefferies (5) AvidXchange implied share price calculated using revenue estimates including float income 2025E EV / Revenue 2024E EV / Revenue Multiple incl. Float Income Multiple excl. Float Income YoY Growth % Excl. Float 13% 14% na na na na na na na na na na Incl. Float 11% 12% 9% 12% 4% 24% 15% 17% 8% 7% 4% 16% 4.7x 6.2x 6.4x 7.9x 3.9x 4.0x 7.7x 14.5x 3.4x 3.3x 2.8x 8.1x 5.3x 6.7x 4.1x YoY Growth % Excl. Float 13% 21% na na na na na na 26% na na na Incl. Float 15% 16% 10% 5% 3% 27% 13% 27% 15% 7% 4% 17% 4.3x 5.5x 5.9x 7.1x 3.7x 3.2x 6.7x 12.4x 3.1x 3.1x 2.7x 7.0x 5.9x 4.7x 1 Median (excl. AVDX): 6.2x Median (excl. AVDX): 5.5x AVDX implied valuation (5) ? Multiple excl. AVDX Top Quartile / Median / Bottom Quartile: 7.9x / 6.2x / 3.4x ? AVDX Implied Share Price at Top Quartile / Median / Bottom Quartile: $17.69 / $14.22 / $8.53 ? AVDX Current Price Premium (Discount) at Top Quartile / Median / Bottom Quartile: +57% / +26% / -23% AVDX implied valuation (5) ? Multiple excl. AVDX Top Quartile / Median / Bottom Quartile: 7.0x / 5.5x / 3.1x ? AVDX Implied Share Price at Top Quartile / Median / Bottom Quartile: $17.39 / $14.09 / $8.71 ? AVDX Current Price Premium (Discount) at Top Quartile / Median / Bottom Quartile: +54% / +25% / -23% (1) (2) (3) (4) (1) (2) (3) (4)

------

![](ny20049415x2_exc-13image10.jpg)

10 AvidXchange \| Private & Confidential DRAFT 10 Sector public comparables referenced in selected AVDX equity research (cont.) Source: CapIQ as of 12/16/24 (1) AvidXchange forward multiples reflect Current LRP (shared with FT Partners on 11/14/24) (2) Bill.com multiples excluding float income reflect float income estimates from Deutsche Bank (3) Paymentus gross margin is calculated here using Paymentus' as-reported contribution profit as the net revenue denominator (4) Payoneer multiples excluding float income reflect float income 2024E estimates from Jefferies (5) AvidXchange implied share price calculated using gross profit estimates including float income 2025E EV / Gross Profit 2024E EV / Gross Profit Gross Margin % Excl. Float 71% 84% na na na na na na na na na na Incl. Float 74% 85% 80% 79% 67% 64% 68% 82% 82% 78% 62% 79% 6.4x 7.2x 8.1x 10.0x 5.8x 6.2x 11.6x 19.0x 4.0x 4.3x 4.6x 10.3x 7.6x 8.0x 5.1x Gross Margin % Excl. Float 70% 84% na na na na na na 80% na na na Incl. Float 73% 86% 81% 79% 67% 65% 69% 76% 84% 78% 61% 79% 5.8x 6.5x 7.4x 9.0x 5.5x 5.1x 9.9x 15.3x 3.8x 4.0x 4.4x 8.8x 6.6x 7.1x 1 Median (excl. AVDX): 7.2x Median (excl. AVDX): 6.5x AVDX implied valuation (5) ? Multiple excl. AVDX Top Quartile / Median / Bottom Quartile: 10.3x / 7.2x / 4.6x ? AVDX Implied Share Price at Top Quartile / Median / Bottom Quartile: $17.09 / $12.45 / $8.61 ? AVDX Current Price Premium (Discount) at Top Quartile / Median / Bottom Quartile: +51% / +10% / -24% AVDX implied valuation (5) ? Multiple excl. AVDX Top Quartile / Median / Bottom Quartile: 9.0x / 6.5x / 4.4x ? AVDX Implied Share Price at Top Quartile / Median / Bottom Quartile: $16.55 / $12.51 / $8.98 ? AVDX Current Price Premium (Discount) at Top Quartile / Median / Bottom Quartile: +47% / +11% / -20% Multiple incl. Float Income Multiple excl. Float Income (1) (2) (1) (2) (3) (4) (3) (4)

------

![](ny20049415x2_exc-13image11.jpg)

11 AvidXchange \| Private & Confidential DRAFT 11 - 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Source: CapIQ as of 12/16/24 Historical NTM EV / Gross Profit Multiples 15.3x \| Paymentus 5.1x \| Flywire 6.5x \| Bill.com 4.0x \| Repay 5.8x \| AvidXchange 3.8x \| Payoneer B2B Payments and Office of the CFO sectors have demonstrated mixed trading performance over the past two years with valuation multiples trending based on individual company sentiment and performance 7.4x \| Blackline 9.0x \| Corpay 5.5x \| EverCommerce 9.9x \| nCino 4.4x \| Wex 8.8x \| Workiva AvidXchange Paymentus nCino Corpay Workiva Blackline Bill.com EverCommerce Flywire Wex Repay Payoneer Median Latest NTM Gross Profit Multiple 5.8x 15.3x 9.9x 9.0x 8.8x 7.4x 6.5x 5.5x 5.1x 4.4x 4.0x 3.8x 6.5x 2-Yr Median Gross Profit Multiple 6.1x 8.3x 9.7x 7.8x 9.2x 7.4x 7.0x 5.0x 7.5x 4.9x 4.7x 2.1x 7.4x Current vs. Median Gross Profit Multiple -5% +84% +2% +15% -4% -0% -7% +10% -32% -11% -15% +80% -12% 1

------

![](ny20049415x2_exc-13image12.jpg)

12 AvidXchange \| Private & Confidential DRAFT 12 AVDX today is trading below the median of other technology companies with similar financial profiles, though differences in revenue model (subscription vs. volume-based) may explain some of the variance Screening Criteria ? FT screened for financial performance peers of AvidXchange to assess general market sentiment toward publicly traded technology businesses that demonstrate financial profile and trends similar to AvidXchange: ? Enterprise value >$1.0bn ? 2025E Revenue: <$1.0bn ? 2025E Revenue Growth: 9-15% ? 2025E Gross Margin: 70-80% ? 2025E EBITDA Margin: 15% - 26% ? Software or technology-enabled businesses ? These performance filters produced a list of 3 companies with financial profiles generally similar to AvidXchange, including: ? Vertex – Enterprise tax software ? Intapp – Productivity & CRM software for accounting, financial services, and legal professionals ? Blackline – Finance & accounting software Select Publicly Listed Financial Performance Peers Enterprise Share Value Price EV / Revenue EV / Gross Profit Revenue Growth Gross Margin EBITDA Margin Company Name ($ mm) 12/16/24 2024E 2025E 2024E 2025E 2024E 2025E 2024E 2025E 2024E 2025E Financial Performance Peers Vertex $8,598 $53.30 12.9x 11.3x 21.0x 17.6x 16 % 15 % 73 % 74 % 22 % 22 % Intapp 5,341 68.36 11.5 10.0 19.1 15.7 19 15 73 76 13 16 Blackline 4,185 64.94 6.4 5.9 9.0 8.1 10 9 79 80 25 26 Financial Performance Peers Highest Multiple 12.9 x 11.3 x 21.0 x 17.6 x 19 % 15 % 79 % 80 % 25 % 26 % Financial Performance Peers Median 11.5 10.0 19.1 15.7 16 15 73 76 22 22 Financial Performance Peers Lowest Multiple 6.4 5.9 9.0 8.1 10 9 73 74 13 16 AVDX Metrics $2,074 $11.29 4.7x 4.3x 6.4x 5.8x 15 % 11 % 73 % 74 % 18 % 21 % AVDX Implied EV At Highest Multiple $5,678 $5,477 $6,794 $6,336 At Median $5,046 $4,872 $6,172 $5,630 At Lowest Multiple $2,820 $2,864 $2,902 $2,907 AVDX Implied Share Price At Highest Multiple $27.87 $26.95 $33.01 $30.90 At Median $24.97 $24.17 $30.14 $27.65 At Lowest Multiple $14.72 $14.93 $15.10 $15.12 AVDX Implied Share Price vs. Current At Highest Multiple +147% +139% +192% +174% At Median +121% +114% +167% +145% At Lowest Multiple +30% +32% +34% +34% Source: CapIQ as of 12/16/24 AVDX multiples reflect LRP projections for revenue and gross profit 2

------

![](ny20049415x2_exc-13image13.jpg)

13 AvidXchange \| Private & Confidential Equity market data as of 12/16/24 for 52 publicly traded primarily enterprise software companies DRAFT 13 Rule of X efficiency score is defined here as YoY revenue growth rate times 2.0 plus EBITDA margin AvidXchange current multiples and revenue estimates from Current LRP for 2024E / 2025E of $439mm / $487mm respectively AVDX implied valuation assuming Current LRP 2025E ? Rule of X efficiency components ? 2025E Revenue Growth: 10.8% o Growth at 2.0x multiplier: 21.5% ? 2025E EBITDA Margin: 20.3% ? Rule of X Efficiency Score: 41.9% ? Implied EV & 2025E revenue multiple: $2.4bn (5.0x) ? Implied share price & premium vs. AVDX today : $12.93 (+15%) What is Rule of X? Rule of X analysis is a variation of Rule of 40 that increases the weighting of revenue growth in the efficiency score because this modified score demonstrates higher correlation to public companies' valuations versus traditional Rule of 40. The classic rule of 40 efficiency score (calculated as revenue growth rate + profit margin) assumes an equal weighting of profitability to revenue growth. The Rule of X efficiency score gives 2.0x weighting to revenue growth in the calculations shown here. AVDX is currently trading at a 15% - 32% discount to the share price implied by the LRP's 2024E and 2025E revenue growth and EBITDA margin and Rule of X market value correlation 10.0x 15.0x 20.0x 25% 50% 75% 100% 2025E Revenue Multiple vs. 2025E Efficiency 5.0x 42% AVDX Current LRP Rule of X efficiency AVDX Multiple at Rule of X Valuation AVDX Current Multiple Implied 2025E Revenue Multiple Curve vs. Rule of X Efficiency 4.3x AVDX implied valuation assuming Current LRP 2024E ? Rule of X efficiency components ? 2024E Revenue Growth: 15.4% o Growth at 2.0x multiplier: 30.8% ? 2024E EBITDA Margin: 16.8% ? Rule of X Efficiency Score: 47.6% ? Implied EV & 2024E revenue multiple: $2.9bn (6.5x) ? Implied share price & premium vs. AVDX today: $14.94 (+32%) 5.0x 10.0x 15.0x 20.0x 25% 50% 75% 100% 2024E Revenue Multiple vs. 2024E Efficiency 6.5x 48% AVDX Current LRP Rule of X efficiency AVDX Multiple at Rule of X Valuation AVDX Current Multiple Implied 2024E Revenue Multiple Curve vs. Rule of X Efficiency 4.7x 3

------

![](ny20049415x2_exc-13image14.jpg)

14 AvidXchange \| Private & Confidential DRAFT 14 Valuation Multiples KPIs EV / Revenue EV / Gross Profit EV/ EBITDA Revenue Growth % Gross Margin EBITDA Margin Target Acquirer Description Date (1) EV Premium Paid (2) LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM Notable 2024 Precedents & Implied AvidXchange Valuation Metrics Smartsheet Vista, Blackstone • Work mgmt. software Sep-24 8,400 25% 7.8x 6.8x 9.3x 8.0x 41.9x 33.2x 18% 15% 84% 84% 19% 20% Zuora Silver Lake, GIC • Subscription billing software Oct-24 1,700 18% 3.8x 3.5x 5.1x 4.7x 17.5x 15.0x 9% 7% 73% 74% 21% 23% Jaggaer Vista • Spend & procurement management Aug-24 2,850 N/A 9.5x 8.5x N/A N/A 22.8x 21.9x ~9% ~9% N/A N/A 42% 39% Everbridge Thoma Bravo • Crisis mgmt. software Feb-24 1,500 20% 3.4x 3.2x 4.5x 4.4x 17.8x 14.6x N/A 3% 74% 74% 19% 22% Median 20% 5.8x 5.1x 5.1x 4.7x 20.3x 18.5x 9% 8% 74% 74% 20% 23% AVDX Implied Valuation from Median AvidXchange Metrics ($mm) $11.29 $439 $487 $323 $359 $80 $104 15% 11% 73% 74% 18% 21% AVDX Implied Enterprise Value ($mm) $2,570 $2,534 $2,500 $1,661 $1,697 $1,619 $1,928 AVDX Implied Share Price $13.57 $13.41 $13.25 $9.39 $9.56 $9.20 $10.62 % Premium to Current Share Price 20% 19% 17% (17%) (15%) (19%) (6%) AVDX Implied Valuation from Smartsheet Only AVDX Implied Enterprise Value ($mm) $2,678 $3,416 $3,290 $3,003 $2,880 $3,339 $3,462 AVDX Implied Share Price $14.07 $17.47 $16.88 $15.57 $15.00 $17.11 $17.68 % Premium to Current Share Price 25% 55% 50% 38% 33% 52% 57% Notable 2022-23 Precedents & Implied AvidXchange Valuation Metrics EngageSmart Vista • Customer engagement software & payments Oct-23 3,500 23% 9.7x 8.4x 12.2x 10.7x 53.6x 42.0x 29% 24% 79% 79% 18% 19% Coupa Thoma Bravo • Spend & procurement management Dec-22 8,000 77% 10.0x 9.0x 13.7x 12.2x 35.4x 55.4x 18% 20% 74% 74% 28% 15% Billtrust EQT • AR automation & payments Sep-22 1,700 65% 11.0x 8.7x 14.8x 11.7x N/A N/A 28% 22% 74% 74% N/A N/A Avalara Vista • Sales tax compliance automation Aug-22 8,400 27% 10.6x 8.8x 14.4x 12.0x N/A N/A 33% 25% 74% 74% 6% 3% Median 46% 10.3x 8.8x 14.0x 11.8x 44.5x 48.7x 28% 23% 74% 74% 18% 15% AvidXchange Metrics ($mm) $11.29 $439 $487 $323 $359 $80 $104 15% 11% 73% 74% 18% 21% AVDX Implied Enterprise Value ($mm) $3,202 $4,543 $4,259 $4,526 $4,257 $3,545 $5,079 AVDX Implied Share Price $16.48 $22.65 $21.34 $22.57 $21.34 $18.06 $25.11 % Premium to Current Share Price 46% 101% 89% 100% 89% 60% 122% Since 2022, there have been few meaningfully direct LBO precedent transactions for assessing AVDX's value in a full sale but among selected precedents, valuation multiples are generally correlated with growth Sources: Pitchbook, Cap IQ, public press releases; AvidXchange share price as of 12/16/24; share price implied from 217.4mm FDSO; estimates for AvidXchange reflect Current LRP estimates for 2024E-25E (1) Represents date of transaction announcement (2) Represents percent premium of acquisition price to unaffected share price one day before transaction announcement (3) Purchase price premium calculated from Coupa's closing share price as of November 22nd, 2022, the last trading day prior to media reports regarding a potential transaction (4) Purchase price premium calculated from Avalara's closing share price as of July 6, 2022, the last trading day prior to media reports regarding a potential transaction (3) (4) Valuation multiples were higher in the selected 2022-23 LBO precedents versus the selected 2024 LBOs due to generally higher growth rates demonstrated by the acquired businesses in the 2022-23 group at the time of their acquisitions. 4

------

![](ny20049415x2_exc-13image15.jpg)

15 AvidXchange \| Private & Confidential DRAFT 15 Acquisitions of publicly traded technology companies in 2024 YTD exhibited a median control premium of 18%, below the 10-year median of 30% 27% 29% 26% 19% 19% 22% 23% 27% 36% 28% 25% 30% 28% 33% 7% 32% 27% 30% 22% 32% 30% 18% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 All Acquired US Public Companies Information Technology Deal Count – All Acquired U.S. Public Companies 14 17 23 15 20 21 55 138 46 33 20 Deal Count – Technology Sector 5 3 9 2 7 8 6 9 13 9 8 Source: CapIQ as of 12/16/2024. (1) Implied share price calculated by applying median control premiums to AVDX's current share price as of 12/16/24 ($11.29). (2) Median for 2014-23 Screening Criteria ? FT screened for all closed acquisitions of U.S. publicly traded companies since 2014 with total transaction size of >$1bn ? Publicly listed technologies companies acquired since 2014 have demonstrated median control premium of 30%, slightly above the total universe of U.S. publicly traded companies across all sectors, which have demonstrated median of 27% US Public Company Median Share Price Control Premium by Year All Sectors Technology Sector Control Premium 10-Year Median 27% 30% 2024 YTD Median 25% 18% Implied AVDX Share Price (1) 10-Year Median $14.29 $14.67 2024 YTD Median $14.15 $13.28 Summary 10-Yr Tech Sector Median: 30% (2) FT has not directly assumed or applied control premiums in any of the cashflow-based or public company valuation data points referenced in this presentation 4

------

![](ny20049415x2_exc-13image16.jpg)

16 AvidXchange \| Private & Confidential DRAFT 16 Total Enterprise Value Implied EV / 2024E G5ross Profit Terminal Year EBITDA Margin % Terminal Year EBITDA Margin % 34% 36% 38% 40% 42% 34% 36% 38% 40% 42% 8.0% $1,948 $2,067 $2,186 $2,305 $2,424 6.0x 6.4x 6.8x 7.1x 7.5x 10.0% 2,212 2,345 2,478 2,611 2,744 6.9 7.3 7.7 8.1 8.5 12.0% 2,500 2,649 2,797 2,945 3,093 7.7 8.2 8.7 9.1 9.6 14.0% 2,814 2,979 3,143 3,308 3,473 8.7 9.2 9.7 10.2 10.8 16.0% 3,156 3,338 3,521 3,703 3,886 9.8 10.3 10.9 11.5 12.0 Implied Share Price Premium to Current Price ($11.29) 8.0% $10.71 $11.26 $11.81 $12.35 $12.90 (5%) (0%) 5% 9% 14% 10.0% 11.93 12.54 13.15 13.76 14.37 6% 11% 16% 22% 27% 12.0% 13.25 13.94 14.62 15.30 15.98 17% 23% 29% 35% 42% 14.0% 14.70 15.45 16.21 16.97 17.73 30% 37% 44% 50% 57% 16.0% 16.27 17.11 17.95 18.79 19.63 44% 52% 59% 66% 74% 2024E-29E Revenue CAGR 2024E-29E Revenue CAGR Total Enterprise Value Implied EV / 2024E Gross Profit Terminal EBITDA Multiple (2029E) Terminal EBITDA Multiple (2029E) 14.0x 16.0x 18.0x 20.0x 22.0x 14.0x 16.0x 18.0x 20.0x 22.0x 12.0% $3,359 $3,799 $4,238 $4,677 $5,117 10.4x 11.8x 13.1x 14.5x 15.9x 13.0% 3,217 3,637 4,057 4,478 4,898 10.0 11.3 12.6 13.9 15.2 14.0% 3,082 3,484 3,886 4,288 4,690 9.5 10.8 12.0 13.3 14.5 15.0% 2,953 3,338 3,723 4,108 4,493 9.1 10.3 11.5 12.7 13.9 16.0% 2,831 3,200 3,569 3,937 4,306 8.8 9.9 11.1 12.2 13.3 Implied Share Price Premium to Current Price ($11.29) 12.0% $17.20 $19.23 $21.25 $23.27 $25.29 52% 70% 88% 106% 124% 13.0% 16.55 18.48 20.42 22.35 24.28 47% 64% 81% 98% 115% 14.0% 15.93 17.78 19.63 21.48 23.33 41% 57% 74% 90% 107% 15.0% 15.34 17.11 18.88 20.65 22.42 36% 52% 67% 83% 99% 16.0% 14.78 16.47 18.17 19.86 21.56 31% 46% 61% 76% 91% WACC WACC DCF analysis on 5-year forecast from LRP implies AVDX value per share today of $17.11-22.35 at WACC range of 13-15% and terminal EBITDA multiple range of 16-20x DCF Sensitivity: WACC & Exit Multiple DCF Sensitivity: Revenue Growth and Terminal EBITDA Margin (1) (1) Revenue growth and terminal EBITDA margin sensitivity analysis based on 14.0% WACC and 18.0x LTM EBITDA exit multiple 5 LRP Assumptions & Output

------

![](ny20049415x2_exc-13image17.jpg)

17 AvidXchange \| Private & Confidential DRAFT 17 DCF-implied AVDX value per share at various 2029E terminal value LTM EBITDA multiples Source: Equity market data per CapIQ as of 12/16/24; Comparable company sector medians presented on this page reflect their respective EV / 2024E EBITDA multiples (1) Implied share price calculated based on WACC of 14.0%, $380mm net cash balance, and 217.4mm FDSO (2) AVDX Future State Peers reflect the current valuation multiples of companies with the growth and margin of AvidXchange in 2029E from Current LRP AVDX's share price implied via DCF today depends fundamentally on the market's perception of visibility of long-term performance, both in terms of long-term financial profile (growth rates, margins, etc.) and valuation multiple at future scale 5 $7.60 $9.91 $12.23 $14.54 $16.85 $19.17 $21.48 $23.79 $26.10 - $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 5.0x 7.5x 10.0x 12.5x 15.0x 17.5x 20.0x 22.5x 25.0x Mature FinTech / Payments Processors 13.5x Mature B2B Payments 11.1x Card Networks 26.6x AVDX Future State Peers (2) 33.1x Terminal Multiple Implied at 3.5% Perpetuity Growth (1) 4.8x $11.29 AVDX Current Share Price High-Growth Cloud Payroll 17.0x AVDX DCF-Implied Share Price at Various Terminal Value Year (2029E) LTM EBITDA Multiples (Current LRP)

------

![](ny20049415x2_exc-13image18.jpg)

18 AvidXchange \| Private & Confidential DRAFT 18 5-Year LBO analysis based on LRP operating forecast Assumptions Sources & Uses ($ mm) 2025E 2026E 2027E 2028E 2029E Income Statement Total Revenue $487 $567 $668 $788 $922 Growth % 11% 16% 18% 18% 17% Gross Profit $359 $432 $521 $630 $756 Margin % 74% 76% 78% 80% 82% Adj. EBITDA $104 $161 $229 $303 $387 Margin % 21% 28% 34% 39% 42% Less: D&A ($35) ($37) ($31) ($31) ($33) Less: OID Amortization ($2) ($2) ($2) ($2) ($2) Adj. EBIT $67 $122 $196 $271 $352 Margin % 14% 22% 29% 34% 38% Less: Interest Expense ($77) ($76) ($72) ($60) ($39) Plus: Interest Income $1 $1 $1 $1 $1 EBT ($8) $47 $125 $211 $314 Taxes 25% - ($12) ($31) ($53) ($79) Net Income ($8) $35 $94 $158 $235 Cash Flow Adj. EBITDA $104 $161 $229 $303 $387 Net Movement in Working Capital ($27) ($41) ($31) ($43) ($33) Interest Income $1 $1 $1 $1 $1 Cash Taxes Paid - ($12) ($31) ($53) ($79) Operating Cash Flow $79 $109 $167 $208 $277 CapEx ($20) ($31) ($22) ($23) ($24) Operating Cash Flow Available for Debt Service $58 $78 $145 $185 $253 Acquisition Term Loan Cash Interest Expense ($77) ($76) ($72) ($60) ($39) Acquisition Incremental Debt Cash Interest Expense - - - - - Acquisition Term Loan Principal Repayment - ($1) ($73) ($125) ($213) Refinancing - - - - - Cash Flow Available for Equity ($18) - - ($0) ($0) Sources of Cash Private Equity $2,792 73.8% New Debt 598 15.8% Cash on Balance Sheet 394 10.4% Total Sources of Cash $3,784 100.0% Uses of Cash Consideration to Sellers $3,558 94.0% Existing Term Loan Payoff 14 0.4% Debt Fees (OID) 18 0.5% Other Advisory Costs 71 1.9% Cash on Balance Sheet 123 3.3% Total Uses of Cash $3,784 100.0% ¦ LBO analysis entry enterprise value of $3.2bn ($16.37 entry share price) reflects 45% premium to AVDX share price as of December 16th, 2024, and implies 18% five-year IRR ¦ Offer price premium: 45% (implied forward gross profit multiple of 12.0x) ¦ Exit multiple: 18.0x trailing EBITDA ¦ LBO acquisition close: December 2024 ¦ LBO exit: December 2029 ¦ Acquisition debt financing of $598mm assuming 7.5x LTM EBITDA leverage ¦ Debt financing fees assumptions: ? Cash Interest rate: 11.35% (SOFR + 650); applicable to 50% of principal for the first 18 months of the term loan and applicable to 100% of the principal thereafter ? PIK interest rate of 12.10% (SOFR + 725); applicable to 50% of principal for the first 18 months of the term loan and not applicable thereafter ? OID: 3.0% 6

------

![](ny20049415x2_exc-13image19.jpg)

19 AvidXchange \| Private & Confidential DRAFT 19 5-Year LBO returns are notably sensitive to assumptions for exit multiple and financial performance; expected LBO returns are materially impacted to the downside if assuming underperformance versus LRP IRR Sensitivity MoM Sensitivity Terminal Year EBITDA Margin 34.0% 36.0% 38.0% 40.0% 42.0% 8.0% 1.1x 1.2x 1.3x 1.3x 1.4x 10.0% 1.3x 1.4x 1.4x 1.5x 1.6x 12.0% 1.4x 1.5x 1.6x 1.7x 1.8x 14.0% 1.6x 1.7x 1.8x 1.9x 2.0x 16.0% 1.8x 1.9x 2.1x 2.2x 2.3x 2024E-29E Revenue CAGR Terminal Year EBITDA Margin 34.0% 36.0% 38.0% 40.0% 42.0% 8.0% 2.4% 3.6% 4.9% 6.0% 7.1% 10.0% 5.0% 6.3% 7.6% 8.7% 9.9% 12.0% 7.7% 9.0% 10.2% 11.4% 12.6% 14.0% 10.3% 11.6% 12.9% 14.1% 15.3% 16.0% 12.9% 14.3% 15.5% 16.8% 17.9% 2024E-29E Revenue CAGR Entry GP Multiple, Acquisition EV, and Premium EV ($mm) $2,442 $2,810 $3,178 $3,546 $3,914 Share Price $12.98 $14.68 $16.37 $18.06 $19.76 Acquisition Premium 15.0% 30.0% 45.0% 60.0% 75.0% Entry GP Multiple 7.0x 8.0x 9.1x 10.1x 11.2x EBITDA GP 14.0x 7.2x 2.4x 2.0x 1.8x 1.6x 1.4x 16.0x 8.2x 2.7x 2.3x 2.0x 1.8x 1.6x 18.0x 9.2x 3.1x 2.6x 2.3x 2.0x 1.8x 20.0x 10.2x 3.4x 2.9x 2.5x 2.2x 2.0x 22.0x 11.3x 3.8x 3.2x 2.8x 2.5x 2.2x Exit LTM Multiples Entry GP Multiple, Acquisition EV, and Premium EV ($mm) $2,442 $2,810 $3,178 $3,546 $3,914 Share Price $12.98 $14.68 $16.37 $18.06 $19.76 Acquisition Premium 15.0% 30.0% 45.0% 60.0% 75.0% Entry GP Multiple 7.0x 8.0x 9.1x 10.1x 11.2x EBITDA GP 14.0x 7.2x 19.2% 15.4% 12.3% 9.6% 7.4% 16.0x 8.2x 22.4% 18.5% 15.2% 12.5% 10.2% 18.0x 9.2x 25.3% 21.3% 17.9% 15.1% 12.7% 20.0x 10.2x 27.9% 23.8% 20.4% 17.5% 15.1% 22.0x 11.3x 30.4% 26.2% 22.7% 19.8% 17.2% Exit LTM Multiples (1) (1) (1) Assumes entry acquisition valuation as follows: acquisition share price of $16.37 (45% premium to share price as of 12/16/24), and enterprise value of $3.178bn Debt Leverage Multiple of EBITDA EBITDA GP 5.5x 6.5x 7.5x 7.8x 8.0x 14.0x 7.2x 1.8x 1.8x 1.8x 1.8x 1.8x 16.0x 8.2x 2.0x 2.0x 2.0x 2.0x 2.0x 18.0x 9.2x 2.3x 2.3x 2.3x 2.3x 2.3x 20.0x 10.2x 2.5x 2.5x 2.5x 2.5x 2.5x 22.0x 11.3x 2.7x 2.8x 2.8x 2.8x 2.8x Exit LTM Multiples Debt Leverage Multiple of EBITDA EBITDA GP 5.5x 6.5x 7.5x 7.8x 8.0x 14.0x 7.2x 12.3% 12.4% 12.3% 12.2% 12.2% 16.0x 8.2x 15.2% 15.3% 15.2% 15.2% 15.2% 18.0x 9.2x 17.8% 17.9% 17.9% 17.9% 18.0% 20.0x 10.2x 20.2% 20.3% 20.4% 20.4% 20.4% 22.0x 11.3x 22.4% 22.6% 22.7% 22.7% 22.7% Exit LTM Multiples (1) (1) 6

------

![](ny20049415x2_exc-13image20.jpg)

DRAFT Appendix

------

![](ny20049415x2_exc-13image21.jpg)

21 AvidXchange \| Private & Confidential DRAFT 21 Unlevered Cash Flow Projection(1) DCF Assumptions ($ mm) 2024E 2025E 2026E 2027E 2028E 2029E Revenue $439 $487 $567 $668 $788 $922 YoY Growth % 15% 11% 16% 18% 18% 17% Gross Profit $323 $359 $432 $521 $630 $756 Margin % 73% 74% 76% 78% 80% 82% EBITDA (excl. SBC) $80 $104 $161 $229 $303 $387 Margin % 18% 21% 28% 34% 39% 42% Stock-Based Comp (47) (54) (45) (47) (62) (69) EBITDA (incl. SBC) $33 $50 $115 $182 $241 $318 Margin % 7% 10% 20% 27% 31% 35% EBIT ($4) $15 $79 $151 $210 $285 Cash Taxes Paid ($2) ($5) ($20) ($38) ($53) ($72) % of EBIT (46%) 32% 25% 25% 25% 25% EBIAT ($6) $10 $59 $113 $157 $213 Addback D&A $37 $35 $37 $31 $31 $33 Cash from NWC (24) (27) (41) (31) (43) (33) Capex (19) (20) (31) (22) (23) (24) UFCF ($13) ($1) $24 $91 $122 $190 Margin % (3%) (0%) 4% 14% 16% 21% Discounted UFCF - ($1) $19 $66 $77 $105 ¦ WACC: 14.0% ¦ Investment Date: December 31, 2024 ¦ Exit Date: December 31, 2029 ¦ 18.0x trailing EBITDA multiple for terminal value ¦ 42% long-term EBITDA margin ¦ Mid-point method discounting for annual UFCF ¦ For calculating share price from enterprise value, the calculation adds $380mm net cash balance and divides aggregate equity value by 217.4mm FDSO DCF Summary EBITDA (2029E) $387 Terminal Value Multiple 18.0x Terminal Value $6,969 Discounted Terminal Value $3,619 Discounted Cash Flows 266 Total Enterprise Value $3,886 Share Price $19.63 Summary (1) AvidXchange forecasted financials shown here through 2029E reflect estimates from Current LRP shared with FT Partners on 11/14/24 5-Year DCF analysis: Current LRP

------

![](ny20049415x2_exc-13image22.jpg)

22 AvidXchange \| Private & Confidential DRAFT 22 WACC calculation methodology WACC Formulation WACC Sensitivity Analysis WACC Assumptions Note: $ in mm. (1) Source: CNBC 10-Year Treasury Rate (2) Source: Kroll equity risk premium (3) Source: Two-year beta from CapIQ as of 12/16/2024 WACC AVDX Actual Unlevered Beta 1.770 AVDX Target Leverage Ratio (8.3%) Tax Rate 27.7% AVDX Target Levered Beta 1.664 Multiplied by: Market Risk Premium 5.5% Adjusted Market Risk Premium 9.2% Add: Risk-free Rate of Return (Rf) 4.4% Cost of Equity 13.6% Multiply by: Target E/(D+E+C) 109.0% Cost of Equity Portion 14.8% Target Cost of Debt (Rd) 8.6% Tax Rate 27.7% Post-Tax Cost of Debt 6.2% Multiply by: Target D/(D+E+C) 6.0% Cost of Debt Portion 0.4% Risk-free Rate of Return (Rf) 4.4% Tax Rate 27.7% Post-Tax Cash Return 3.2% Multiply by: Target C/(D+E+C) 15.0% Cost of Cash Portion 0.5% WACC 14.7% Date of Analysis 12/16/24 Risk-free Rate of Return (Rf)1 4.4% Market Risk Premium (Rm - Rf)2 5.5% Target Cost of Debt (Kd) 8.6% Tax Rate 27.7% AvidXchange Capitalization Equity $2,454 Total Debt 14 Cash and Equivalents (394) Enterprise Value $2,074 % Mix E/(D+E+C) 118% D/(D+E+C) 1% C/(D+E+C) (19%) Unlevered Beta Analysis Company Levered Beta Total Debt Cash & Equiv. Equity Value Net Debt / Equity Unlevered Beta Bill.com 1.377 $915 $1,473 $9,105 (6%) 1.440 Flywire 0.669 - 681 2,629 (26%) 0.824 Paymentus 0.861 - 188 4,456 (4%) 0.888 AVDX Actual Unlevered Beta 1.770 AVDX Actual Leverage Ratio (Net Debt/Equity) (15.5%) Statutory Tax Rate 27.7% AVDX Actual Levered Beta3 1.571 Target Levered Beta 1.56 1.61 1.66 1.71 1.76 4.0% 11.5% 11.7% 11.9% 12.2% 12.4% 4.5% 12.4% 12.6% 12.9% 13.1% 13.3% 5.0% 13.2% 13.5% 13.8% 14.0% 14.3% 5.5% 14.1% 14.4% 14.7% 15.0% 15.3% 6.0% 14.9% 15.2% 15.6% 15.9% 16.2% 6.5% 15.8% 16.1% 16.5% 16.8% 17.2% 7.0% 16.6% 17.0% 17.4% 17.8% 18.1% Market Risk Premium Pre-Tax Cost of Debt 3% 6% 9% 12% 15% (12.8%) 14.1% 14.2% 14.3% 14.4% 14.6% (11.3%) 14.2% 14.3% 14.4% 14.6% 14.7% (9.8%) 14.3% 14.4% 14.5% 14.7% 14.8% (8.3%) 14.4% 14.5% 14.7% 14.8% 14.9% (6.8%) 14.5% 14.6% 14.8% 14.9% 15.0% (5.3%) 14.6% 14.8% 14.9% 15.0% 15.2% (3.8%) 14.7% 14.9% 15.0% 15.1% 15.3% AVDX Target Leverage Ratio

------

![](ny20049415x2_exc-13image23.jpg)

Highly confidential and proprietary information. Unauthorized distribution without prior consent from Financial Technology Partners LP is strictly prohibited. This communication should not be regarded as an offer to sell or as a solicitation of an offer to buy any financial product or service. Financial Technology Partners LP itself is not a FINRA registered broker-dealer and as such does not perform any securities related transactions, such as initial public offerings, PIPE transactions or other related sales or purchases of securities. FTP Securities LLC is a member of the FINRA and SIPC and any securities related transactions contemplated or acted upon by hereunder are conducted solely by FTP Securities LLC, unless otherwise stated. Financial Technology Partners LP & FTP Securities LLC DRAFT

## Ex-99.(C)(14)

Exhibit (c)(14)

![](ny20049415x2_exc-14image01.jpg)

Copyright 2025. Confidential & Proprietary. DRAFT P.Virgil – Process Timeline 1/8/25

------

![](ny20049415x2_exc-14image02.jpg)

DRAFT2 2 P.Virgil – considerations for deal timeline Optimal timing for deal announcement would be concurrent to AvidXchange's Q4'24 earnings release on 2/26 ? FT Partners and AvidXchange are preparing data room and plan to send data room invites to interested parties by Tuesday, 1/14 ? FT Partners also plans to send process letter to interested parties on 1/14, communicating that non-binding bids will be due by Tuesday, 1/28 ? Bidders will have two weeks from opening of data room to complete initial diligence and submit non-binding bid ? Bid deadline of 1/28 allows for four weeks between bid submission to formal transaction signing, targeted for 2/24 ? In this four-week period, the winning bidder will arrange debt financing and complete confirmatory diligence and legal negotiations After deal signing, transaction close may require up to 12 months in order to satisfy customary closing conditions and regulatory approvals ? Various state regulators' formal approvals for transfer of AvidXchange's MTL licenses will require a review filing and review process as short as 4-6 months but potentially up to 9-12 months

------

![](ny20049415x2_exc-14image03.jpg)

DRAFT3 3 P.Virgil – illustrative timeline to purchase agreement signing January February 6 7 8 9 10 13 14 15 16 17 20 21 22 23 24 27 28 29 30 31 3 4 5 6 7 10 11 12 13 14 17 18 19 20 21 24 25 26 27 28 M T W Th F M T W Th F M T W Th F M T W Th F M T W Th F M T W Th F M T W Th F M T W Th F Timeline Through Submission of Non-Binding Bid Finalize Initial Diligence Materials Bid Letter Sent to Buyers (1/14) Data Room Access Provided (1/14) Buyers' Pre-IOI Due Diligence Purchase Agreement Posted to VDR (1/20) Indications of Interest Due (1/28) Timeline to Purchase Agreement Signing & Deal Signing Announcement Final Bidder(s) Selected Final Bidder(s) Secure Debt Financing Confirmatory Diligence & Legal Negotiations Purchase Agreement Signed (2/24) AVDX Q4'24 Earnings Call (2/26) Deal Agreement Announced (2/26)

## Ex-99.(C)(15)

Exhibit (c)(15)

![](ny20049415x2_exc-15image01.jpg)

P.Virgil – Process Update January 24, 2025

------

![](ny20049415x2_exc-15image02.jpg)

2 Process dialogue summary Party(1) Key Contacts Advisors Call Financial DD Call Strategy DD Call Product / Tech DD Call Follow-Up Info Requests? VDR Consultants / Advisors Status Notes - 1/23 1/24 - 1/23 Active - ? Held financial diligence calls on 1/23 and shared brief set of follow-up data clarification questions - - - - No Active - ? accessed dataroom for first time on 1/21 ? called Mike (1/21 or 1/22) saying that is active doing work in the background even if they have not yet been highly visible as it relates to diligence of VDR files or follow-up management calls - - - - No Active - ? Advisors followed up on 1/21 regarding scheduling DD sessions 1/22 1/23 1/24 - 1/20, 1/22 Active - ? Held financial diligence call with CFO (1/23) and strategy diligence call with CEO (1/24) ? Advisors held data Q&A call on 1/22 ? Advisors and the Company are actively working on responses to open information requests - 1/22 - - 1/18 Active - ? Held financial diligence call on 1/22 ? Advisors provided responses on 1/20 to follow-up questions / requests submitted on 1/18 TPG ? John Flynn, Partner ? Ankush Sharda, Principal 1/20 1/22 1/24 1/27 1/18, 1/20, 1/23 Active ? Bain – market, growth ? Deloitte – acct / tax ? West Monroe – IT ? Upcoming calls / meetings include Product / Tech call scheduled for 1/27 and then in-person meetings in Charlotte on 1/29 ? TPG provided list of high-priority requests on 1/23 that Advisors and the Company are actively working to address (1) Parties shown excludes who communicated on 1/22 that they are passing. REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED REDACTE REDACTED REDACTED REDACT

## Ex-99.(C)(16)

Exhibit (c)(16)

![](ny20049415x2_exc-16image01.jpg)

DRAFT1 1 P.Virgil – Selected deal workstreams and assignments General Workstream Specific Workstream / Task Management FT Partners Barclays Notes Due Diligence Initial Materials & VDR Preparation R R C ? Management & FT Partners finalized VDR; Barclays reviewed all VDR files and provided comments that were reflected in the VDR content available at launch Ongoing Diligence Management R R R ? Management, FT Partners, and Barclays collaborating for efficient diligence responses General VDR Management A R R ? FT Partners and Barclays manage finalizing of files for diligence, posting to VDR, and access / permission of external parties to VDR Process for Soliciting & Selecting Non- Binding Bids Send Bid Letters I R R ? FT Partners sent, copying Barclays Management Meetings R A A ? FT Partners and Barclays attending all calls / meetings Ongoing Process Communications w/ Buyers I R R ? FT Partners and Barclays share lead of buyer communications, calls, email correspondence, etc. Receiving & Reviewing Bids I R R ? Bidders have been asked to send bids to FT Partners and Barclays ? FT Partners & Barclays to review proposals and advise Company BoD, including independently providing valuation data points and context Supporting Negotiations of Non-Binding Bids I R R ? FT Partners and Barclays to share lead of communication directly with bidder(s) regarding non-binding bids Advising on Selection of Buyer(s) to Advance C R R ? FT Partners and Barclays to advise Company BoD on selection of buyer(s) to advance Confirmatory Diligence & Negotiation of Final Deal Terms Negotiating Final Deal Terms A A A ? FT Partners and Barclays to negotiate directly with final bidder(s) with script agreed upon with the Company BoD Definitive Documentation A C C ? FT Partners and Barclays to support legal counsel regarding definitive documentation where relevant Responsible Accountable Consulted Informed RACI Matrix Legend

## Ex-99.(C)(17)

Exhibit (c)(17)

![](ny20049415x2_exc-17image01.jpg)

------

![](ny20049415x2_exc-17image02.jpg)

------

![](ny20049415x2_exc-17image03.jpg)

------

![](ny20049415x2_exc-17image04.jpg)

------

![](ny20049415x2_exc-17image05.jpg)

------

![](ny20049415x2_exc-17image06.jpg)

------

![](ny20049415x2_exc-17image07.jpg)

Summary P&L ($mm) 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E Net Revenue by Type Payments $116 $158 $214 $265 $313 $349 $410 $487 $581 $686 Software 68 88 100 112 121 133 151 174 199 227 Services 2 3 3 3 4 5 6 7 8 9 Total Net Revenue $186 $248 $316 $381 $439 $487 $567 $668 $788 $922 YoY Growth % Payments 36% 35% 24% 18% 11% 18% 19% 19% 18% Software 29% 13% 13% 8% 10% 14% 16% 14% 14% Services 22% 14% 15% 26% 13% 14% 15% 18% 17% Total Net Revenue 34% 27% 20% 15% 11% 16% 18% 18% 17% Total Revenue excl. Float & Political 34% 22% 14% 13% 15% 20% 21% 18% 18% Gross Profit by Type Payments $73 $108 $152 $201 $249 $276 $330 $398 $486 $586 Software 37 51 58 69 79 89 106 127 148 173 Services (8) (8) (7) (7) (5) (5) (5) (4) (4) (3) Total Gross Profit $102 $151 $203 $264 $323 $359 $432 $521 $630 $756 Margin % Payments 63% 68% 71% 76% 79% 79% 81% 82% 84% 85% Software 54% 58% 58% 62% 65% 67% 70% 73% 74% 76% Services - - - - - - - - - - Total Gross Profit 55% 61% 64% 69% 73% 74% 76% 78% 80% 82% Opex by Function Sales & Mktg. ($48) ($60) ($73) ($73) ($77) ($85) ($93) ($106) ($126) ($147) R&D (44) (60) (75) (86) (88) (91) (96) (99) (114) (129) G&A (43) (57) (70) (75) (74) (79) (82) (86) (87) (92) Total Opex ($135) ($177) ($218) ($234) ($239) ($255) ($271) ($292) ($327) ($369) % of Net Revenue 73% 71% 69% 61% 54% 52% 48% 44% 42% 40% EBITDA ($33) ($26) ($15) $30 $85 $104 $161 $229 $303 $387 Margin % - - - 8% 19% 21% 28% 34% 39% 42% EBITDA less Software Capex ($44) ($43) ($33) $14 $67 $86 $143 $211 $282 $363 Margin % - - - 4% 15% 18% 25% 32% 36% 39% Source: AvidXchange forecasted financials reflect estimates from Current LRP shared 7 with FT Partners on 11/14/24

------

![](ny20049415x2_exc-17image08.jpg)

AVDX current capitalization Source: AVDX share price from CapIQ as of 01/31/25; figures in millions of dollars except price per share figures or unless otherwise stated (1) FDSO estimates exclude unvested shares AvidXchange Enterprise Value Walk Share Price (01/31/25) $10.60 FDSO (1) 219mm Equity Value $2,325 Cash and Equivalents $389 Debt $9 Net Debt ($380) Enterprise Value $1,945 Type Principal Due ($000s) Maturity Date Coupon Seniority Promissory Note Payable for Land Acquisition 1,000 Nov '25 6.75% Senior Promissory Note Payable for Land Acquisition 8,100 May '26 6.75% Senior Revolving Commitment ($10mm facility) N/A Dec '27 N/A Senior Total $9,100 Capitalization Detail Current Debt Facilities 8

------

![](ny20049415x2_exc-17image09.jpg)

valuation considerations

------

![](ny20049415x2_exc-17image10.jpg)

------

![](ny20049415x2_exc-17image11.jpg)

------

![](ny20049415x2_exc-17image12.jpg)

------

![](ny20049415x2_exc-17image13.jpg)

------

![](ny20049415x2_exc-17image14.jpg)

------

![](ny20049415x2_exc-17image15.jpg)

------

![](ny20049415x2_exc-17image16.jpg)

Source: CapIQ as of 01/31/25 (1) AvidXchange forward multiples reflect Current LRP (shared with FT Partners on 11/14/24) (2) Paymentus gross margin is calculated here using Paymentus' as-reported contribution profit as the net revenue denominator 2025E EV / Gross Profit 2024E EV / Gross Profit 6.0x 8.0x 8.0x 10.5x 5.5x 11.0x 17.0x 9.6x 5.4x 7.2x 7.2x 9.4x 4.5x 9.4x 13.7x 8.2x 1 Median (excl. AVDX): 9.6x Median (excl. AVDX): 8.2x AVDX implied valuation(1) ? Multiple excl. AVDX Top Quartile / Median / Bottom Quartile: 11.0x / 9.6x / 8.0x ? AVDX Implied Share Price at Top Quartile / Median / Bottom Quartile: $17.77 / $15.80 / $13.39 ? AVDX Current Price Premium (Discount) at Top Quartile / Median / Bottom Quartile: +68% / +49% / +26% AVDX implied valuation (1) ? Multiple excl. AVDX Top Quartile / Median / Bottom Quartile: 9.4x / 8.2x / 7.2x ? AVDX Implied Share Price at Top Quartile / Median / Bottom Quartile: $17.03 / $15.08 / $13.45 ? AVDX Current Price Premium (Discount) at Top Quartile / Median / Bottom Quartile: +61% / +42% / +27% Sector public comparables referenced in selected AVDX equity research (cont.) 16 (1) (2) (1) (2) Gross Margin % 74% 85% 80% 79% 67% 68% 81% 79% Gross Margin % 73% 86% 79% 79% 66% 67% 76% 79%

------

![](ny20049415x2_exc-17image17.jpg)

- 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x Jan 2023 Apr 2023 Jul 2023 Oct 2023 Jan 2024 Apr 2024 Jul 2024 Oct 2024 Jan 2025 Source: CapIQ as of 01/31/24 Historical NTM EV / Gross Profit Multiples 13.7x \| Paymentus 4.5x \| Flywire 7.2x \| Bill.com 5.4x \| AvidXchange 7.2x \| Blackline 9.4x \| Corpay 9.4x \| nCino 8.2x \| Workiva AvidXchange Paymentus Corpay nCino Workiva Bill.com Blackline Flywire Median Latest NTM Gross Profit Multiple 5.4x 13.7x 9.4x 9.4x 8.2x 7.2x 7.2x 4.5x 8.2x 2-Yr Median Gross Profit Multiple 5.9x 8.8x 7.9x 9.7x 9.2x 6.8x 7.3x 7.1x 7.9x Current vs. Median Gross Profit Multiple (9%) +56% +19% (3%) (11%) +6% (2%) (36%) +4% 1 17 B2B Payments and Office of the CFO sectors have demonstrated mixed trading performance over the past two years with valuation multiples trending based on individual company sentiment and performance

------

![](ny20049415x2_exc-17image18.jpg)

------

![](ny20049415x2_exc-17image19.jpg)

Valuation Multiples KPIs EV / Revenue EV / Gross Profit EV/ EBITDA Revenue Growth % Gross Margin EBITDA Margin Target Acquirer Description Date (1) EV Premium Paid (2) LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM Notable 2024-25 Precedents & Implied AvidXchange Valuation Metrics Paycor Paychex • HCM software Jan-25 4,100 21% 5.6x 5.4x 8.1x 7.9x 17.1x 15.7x 22% 4% 68% 68% 32% 34% Smartsheet Vista, Blackstone • Work mgmt. software Sep-24 8,400 25% 7.8x 6.8x 9.3x 8.0x 41.9x 33.2x 18% 15% 84% 84% 19% 20% Zuora Silver Lake, GIC • Subscription billing software Oct-24 1,700 18% 3.8x 3.5x 5.1x 4.7x 17.5x 15.0x 9% 7% 73% 74% 21% 23% Jaggaer Vista • Spend & procurement management Aug-24 2,850 N/A 9.5x 8.5x N/A N/A 22.8x 21.9x ~9% ~9% N/A N/A 42% 39% Everbridge Thoma Bravo • Crisis mgmt. software Feb-24 1,500 20% 3.4x 3.2x 4.5x 4.4x 17.8x 14.6x N/A 3% 74% 74% 19% 22% Median 21% 5.6x 5.4x 6.6x 6.3x 17.8x 15.7x 14% 7% 74% 74% 21% 23% AVDX Implied Valuation from Median Using Current LRP Metrics AvidXchange Metrics ($mm) $10.60 $439 $487 $323 $359 $85 $104 15% 11% 74% 74% 19% 21% AVDX Implied Enterprise Value ($mm) $2,431 $2,438 $2,603 $2,147 $2,269 $1,511 $1,640 AVDX Implied Share Price $12.78 $12.82 $13.57 $11.49 $12.05 $8.60 $9.19 % Premium to Current Share Price 21% 21% 28% 8% 14% (19%) (13%) AVDX Implied Valuation from Smartsheet Only AVDX Implied Enterprise Value ($mm) $2,526 $3,413 $3,290 $3,007 $2,880 $3,549 $3,462 AVDX Implied Share Price $13.21 $17.18 $16.62 $15.36 $14.79 $17.79 $17.40 % Premium to Current Share Price 25% 62% 57% 45% 40% 68% 64% Older, Less Relevant Precedents & Implied AvidXchange Valuation Metrics EngageSmart Vista • Customer engagement software & payments Oct-23 3,500 23% 9.7x 8.4x 12.2x 10.7x 53.6x 42.0x 29% 24% 79% 79% 18% 19% Coupa Thoma Bravo • Spend & procurement management Dec-22 8,000 77% 10.0x 9.0x 13.7x 12.2x 35.4x 55.4x 18% 20% 74% 74% 28% 15% Billtrust EQT • AR automation & payments Sep-22 1,700 65% 11.0x 8.7x 14.8x 11.7x N/A N/A 28% 22% 74% 74% N/A N/A Avalara Vista • Sales tax compliance automation Aug-22 8,400 27% 10.6x 8.8x 14.4x 12.0x N/A N/A 33% 25% 74% 74% 6% 3% Median 46% 10.3x 8.8x 14.0x 11.8x 44.5x 48.7x 28% 23% 74% 74% 18% 15% Since 2022, there have been few meaningfully direct precedent transactions for AVDX involving acquisition of a public company, but among selected precedents, multiples are generally correlated with growth Sources: Pitchbook, Cap IQ, public press releases; AvidXchange share price as of 01/31/25; share price implied from FDSO excluding unvested shares (1) Represents date of transaction announcement (2) Represents percent premium of acquisition price to unaffected share price one day before transaction announcement (3) Purchase price premium calculated from Coupa's closing share price as of November 22nd, 2022, the last trading day prior to media reports regarding a potential transaction (4) Purchase price premium calculated from Avalara's closing share price as of July 6, 2022, the last trading day prior to media reports regarding a potential transaction (3) (4) Valuation multiples were higher in the selected 2022-23 precedents versus the selected 2024-25 precedents due to generally higher growth rates demonstrated by the acquired businesses in the 2022-23 group at the time of their acquisitions. 3 19

------

![](ny20049415x2_exc-17image20.jpg)

------

![](ny20049415x2_exc-17image21.jpg)

------

![](ny20049415x2_exc-17image22.jpg)

------

![](ny20049415x2_exc-17image23.jpg)

(1) Assumes entry acquisition valuation as follows: acquisition share price of $11.00 (4% premium to share price as of 01/31/25), and enterprise value of $2.034bn IRR Sensitivity MoM Sensitivity Entry GP Multiple, Acquisition EV, and Premium EV ($mm) $2,034 $2,200 $2,367 $2,926 $3,485 Share Price $11.00 $11.75 $12.50 $15.00 $17.50 Acquisition Premium 3.8% 10.8% 17.9% 41.5% 65.1% Entry GP Multiple 5.8x 6.3x 6.7x 8.3x 9.9x EBITDA GP 14.0x 7.2x 3.1x 2.8x 2.6x 2.0x 1.6x 16.0x 8.2x 3.6x 3.3x 3.0x 2.3x 1.8x 18.0x 9.2x 4.1x 3.7x 3.3x 2.6x 2.1x 20.0x 10.2x 4.6x 4.1x 3.7x 2.8x 2.3x 22.0x 11.3x 5.1x 4.6x 4.1x 3.1x 2.5x Exit LTM Multiples Entry GP Multiple, Acquisition EV, and Premium EV ($mm) $2,034 $2,200 $2,367 $2,926 $3,485 Share Price $11.00 $11.75 $12.50 $15.00 $17.50 Acquisition Premium 3.8% 10.8% 17.9% 41.5% 65.1% Entry GP Multiple 5.8x 6.3x 6.7x 8.3x 9.9x EBITDA GP 14.0x 7.2x 30.6% 27.2% 24.3% 16.7% 11.3% 16.0x 8.2x 34.4% 30.9% 28.0% 20.2% 14.6% 18.0x 9.2x 37.7% 34.2% 31.2% 23.3% 17.6% 20.0x 10.2x 40.7% 37.2% 34.1% 26.1% 20.2% 22.0x 11.3x 43.4% 39.8% 36.7% 28.6% 22.7% Exit LTM Multiples Debt Leverage Multiple of EBITDA EBITDA GP 8.1x 8.4x 8.6x 8.9x 9.1x 14.0x 7.2x 30.4% 30.5% 30.6% 30.7% 30.9% 16.0x 8.2x 34.1% 34.2% 34.4% 34.5% 34.7% 18.0x 9.2x 37.4% 37.5% 37.7% 37.8% 38.0% 20.0x 10.2x 40.3% 40.5% 40.7% 40.9% 41.0% 22.0x 11.3x 43.0% 43.2% 43.4% 43.6% 43.8% Exit LTM Multiples 5 23 5-Year LBO returns sensitivity for IOI Sources & Uses assuming LRP forecast Given the strong return profile implied by the LRP at a wide range of purchase price premiums, it is clear that is discounting the LRP assumptions meaningfully in the investment case underlying its proposed purchase price range Debt Leverage Multiple of EBITDA EBITDA GP 8.1x 8.4x 8.6x 8.9x 9.1x 14.0x 7.2x 3.1x 3.1x 3.1x 3.2x 3.2x 16.0x 8.2x 3.6x 3.6x 3.6x 3.7x 3.7x 18.0x 9.2x 4.0x 4.1x 4.1x 4.1x 4.2x 20.0x 10.2x 4.5x 4.6x 4.6x 4.6x 4.7x 22.0x 11.3x 5.0x 5.0x 5.1x 5.1x 5.2x Exit LTM Multiples (1) (1) REDACTED REDACTED

------

![](ny20049415x2_exc-17image24.jpg)

5 24 5-Year LBO returns sensitivity for IOI Sources & Uses at different entry prices and a range of investment period growth CAGR and margin assumptions IRR Sensitivity (1) MoM Sensitivity (1) Terminal Year EBITDA Margin 30.0% 35.0% 40.0% 42.0% 45.0% 8.0% 1.6x 1.9x 2.3x 2.4x 2.6x 10.0% 1.8x 2.2x 2.6x 2.8x 3.0x 12.0% 2.1x 2.6x 3.0x 3.2x 3.4x 14.0% 2.4x 2.9x 3.4x 3.6x 3.9x 16.0% 2.8x 3.3x 3.9x 4.1x 4.4x 2024-29E Revenue CAGR Terminal Year EBITDA Margin 30.0% 35.0% 40.0% 42.0% 45.0% 8.0% 11.2% 16.0% 20.3% 21.7% 23.8% 10.0% 15.1% 20.1% 24.2% 25.7% 27.7% 12.0% 19.2% 24.2% 28.2% 29.7% 31.7% 14.0% 23.2% 28.2% 32.2% 33.7% 35.7% 16.0% 27.4% 32.2% 36.2% 37.7% 39.7% 2024-29E Revenue CAGR $11.00 per share / $2.0bn EV Terminal Year EBITDA Margin 30.0% 35.0% 40.0% 42.0% 45.0% 8.0% 1.2x 1.5x 1.8x 1.9x 2.0x 10.0% 1.4x 1.7x 2.0x 2.1x 2.3x 12.0% 1.6x 2.0x 2.3x 2.4x 2.6x 14.0% 1.9x 2.3x 2.6x 2.8x 3.0x 16.0% 2.1x 2.6x 3.0x 3.1x 3.4x 2024-29E Revenue CAGR Terminal Year EBITDA Margin 30.0% 35.0% 40.0% 42.0% 45.0% 8.0% 5.1% 9.6% 13.5% 14.9% 16.9% 10.0% 8.6% 13.2% 17.1% 18.5% 20.5% 12.0% 12.2% 16.9% 20.7% 22.1% 24.1% 14.0% 15.9% 20.5% 24.3% 25.7% 27.7% 16.0% 19.5% 24.1% 28.0% 29.4% 31.3% 2024-29E Revenue CAGR Terminal Year EBITDA Margin 30.0% 35.0% 40.0% 42.0% 45.0% 8.0% 1.0x 1.2x 1.5x 1.5x 1.7x 10.0% 1.2x 1.4x 1.7x 1.8x 1.9x 12.0% 1.3x 1.6x 1.9x 2.0x 2.2x 14.0% 1.5x 1.8x 2.1x 2.3x 2.4x 16.0% 1.7x 2.1x 2.4x 2.6x 2.8x 2024-29E Revenue CAGR Terminal Year EBITDA Margin 30.0% 35.0% 40.0% 42.0% 45.0% 8.0% 0.7% 4.9% 8.6% 9.9% 11.8% 10.0% 3.9% 8.2% 11.9% 13.3% 15.1% 12.0% 7.2% 11.6% 15.2% 16.6% 18.5% 14.0% 10.5% 14.9% 18.6% 19.9% 21.8% 16.0% 13.8% 18.2% 21.9% 23.3% 25.2% 2024-29E Revenue CAGR $13.00 per share / $2.4bn EV $15.00 per share / $2.9bn EV (1) Assumes exit multiple of 18.0x 2029E EBITDA REDACTED

------

![](ny20049415x2_exc-17image25.jpg)

------

![](ny20049415x2_exc-17image26.jpg)

(1) Assumes entry acquisition valuation as follows: acquisition share price of $12.50 (18% premium to share price as of 01/31/25), and enterprise value of $2.367bn IRR Sensitivity MoM Sensitivity Entry GP Multiple, Acquisition EV, and Premium EV ($mm) $2,034 $2,200 $2,367 $2,926 $3,485 Share Price $11.00 $11.75 $12.50 $15.00 $17.50 Acquisition Premium 3.8% 10.8% 17.9% 41.5% 65.1% Entry GP Multiple 5.8x 6.3x 6.7x 8.3x 9.9x EBITDA GP 14.0x 7.2x 3.2x 2.9x 2.6x 2.0x 1.6x 16.0x 8.2x 3.7x 3.3x 3.0x 2.3x 1.9x 18.0x 9.2x 4.2x 3.8x 3.4x 2.6x 2.1x 20.0x 10.2x 4.7x 4.2x 3.8x 2.9x 2.4x 22.0x 11.3x 5.2x 4.7x 4.2x 3.2x 2.6x Exit LTM Multiples Entry GP Multiple, Acquisition EV, and Premium EV ($mm) $2,034 $2,200 $2,367 $2,926 $3,485 Share Price $11.00 $11.75 $12.50 $15.00 $17.50 Acquisition Premium 3.8% 10.8% 17.9% 41.5% 65.1% Entry GP Multiple 5.8x 6.3x 6.7x 8.3x 9.9x EBITDA GP 14.0x 7.2x 31.3% 27.9% 25.0% 17.4% 11.9% 16.0x 8.2x 35.0% 31.6% 28.6% 20.8% 15.2% 18.0x 9.2x 38.3% 34.9% 31.8% 23.9% 18.2% 20.0x 10.2x 41.3% 37.8% 34.7% 26.7% 20.8% 22.0x 11.3x 44.1% 40.5% 37.4% 29.2% 23.3% Exit LTM Multiples Debt Leverage Multiple of EBITDA EBITDA GP 7.6x 7.9x 8.1x 8.4x 8.6x 14.0x 7.2x 2.6x 2.6x 2.6x 2.7x 2.7x 16.0x 8.2x 3.0x 3.0x 3.0x 3.1x 3.1x 18.0x 9.2x 3.4x 3.4x 3.4x 3.5x 3.5x 20.0x 10.2x 3.8x 3.8x 3.8x 3.9x 3.9x 22.0x 11.3x 4.2x 4.2x 4.2x 4.3x 4.3x Exit LTM Multiples Debt Leverage Multiple of EBITDA EBITDA GP 7.6x 7.9x 8.1x 8.4x 8.6x 14.0x 7.2x 24.9% 24.9% 25.0% 25.1% 25.1% 16.0x 8.2x 28.4% 28.5% 28.6% 28.7% 28.8% 18.0x 9.2x 31.6% 31.7% 31.8% 31.9% 32.0% 20.0x 10.2x 34.5% 34.6% 34.7% 34.8% 35.0% 22.0x 11.3x 37.1% 37.2% 37.4% 37.5% 37.6% Exit LTM Multiples (1) (1) 6 26 5-Year LBO returns sensitivity for TPG's IOI Sources & Uses assuming LRP forecast Given the strong return profile implied by the LRP at a wide range of purchase price premiums, it is clear that TPG is discounting the LRP assumptions meaningfully in the investment case underlying its proposed purchase price range

------

![](ny20049415x2_exc-17image27.jpg)

6 27 5-Year LBO returns sensitivity for TPG's IOI Sources & Uses at different entry prices and a range of investment period growth CAGR and margin assumptions Terminal Year EBITDA Margin 30.0% 35.0% 40.0% 42.0% 45.0% 8.0% 1.6x 2.0x 2.4x 2.5x 2.7x 10.0% 1.9x 2.3x 2.7x 2.9x 3.1x 12.0% 2.2x 2.7x 3.1x 3.3x 3.6x 14.0% 2.5x 3.0x 3.5x 3.7x 4.0x 16.0% 2.9x 3.4x 4.0x 4.2x 4.6x 2024-29E Revenue CAGR Terminal Year EBITDA Margin 30.0% 35.0% 40.0% 42.0% 45.0% 8.0% 12.1% 17.0% 21.1% 22.5% 24.6% 10.0% 16.1% 21.0% 25.1% 26.5% 28.6% 12.0% 20.1% 25.1% 29.0% 30.5% 32.5% 14.0% 24.2% 29.0% 33.0% 34.4% 36.5% 16.0% 28.3% 32.9% 36.9% 38.3% 40.4% 2024-29E Revenue CAGR $11.00 per share / $2.0bn EV Terminal Year EBITDA Margin 30.0% 35.0% 40.0% 42.0% 45.0% 8.0% 1.3x 1.6x 1.8x 1.9x 2.1x 10.0% 1.5x 1.8x 2.1x 2.2x 2.4x 12.0% 1.7x 2.1x 2.4x 2.5x 2.7x 14.0% 1.9x 2.3x 2.7x 2.9x 3.1x 16.0% 2.2x 2.6x 3.1x 3.2x 3.5x 2024-29E Revenue CAGR Terminal Year EBITDA Margin 30.0% 35.0% 40.0% 42.0% 45.0% 8.0% 5.9% 10.4% 14.3% 15.7% 17.6% 10.0% 9.5% 14.1% 17.9% 19.3% 21.2% 12.0% 13.1% 17.7% 21.5% 22.9% 24.8% 14.0% 16.7% 21.2% 25.0% 26.4% 28.4% 16.0% 20.3% 24.8% 28.6% 30.0% 32.0% 2024-29E Revenue CAGR Terminal Year EBITDA Margin 30.0% 35.0% 40.0% 42.0% 45.0% 8.0% 1.1x 1.3x 1.5x 1.6x 1.7x 10.0% 1.2x 1.5x 1.7x 1.8x 2.0x 12.0% 1.4x 1.7x 1.9x 2.1x 2.2x 14.0% 1.6x 1.9x 2.2x 2.3x 2.5x 16.0% 1.8x 2.1x 2.5x 2.6x 2.8x 2024-29E Revenue CAGR Terminal Year EBITDA Margin 30.0% 35.0% 40.0% 42.0% 45.0% 8.0% 1.4% 5.7% 9.3% 10.6% 12.5% 10.0% 4.7% 9.0% 12.6% 14.0% 15.8% 12.0% 7.9% 12.3% 15.9% 17.3% 19.2% 14.0% 11.3% 15.6% 19.3% 20.6% 22.5% 16.0% 14.6% 18.9% 22.6% 23.9% 25.8% 2024-29E Revenue CAGR $13.00 per share / $2.4bn EV $15.00 per share / $2.9bn EV IRR Sensitivity (1) MoM Sensitivity (1) (1) Assumes exit multiple of 18.0x 2029E EBITDA

------

![](ny20049415x2_exc-17image28.jpg)

Appendix - DCF Reference Materials

------

![](ny20049415x2_exc-17image29.jpg)

------

![](ny20049415x2_exc-17image30.jpg)

## Ex-99.(C)(18)

Exhibit (c)(18)

![](ny20049415x2_exc-18image01.jpg)

------

![](ny20049415x2_exc-18image02.jpg)

------

![](ny20049415x2_exc-18image03.jpg)

Process overview Executive summary Review of potential buyer dialogue and activity to date ▪ The Company held various preliminary conversations with 12 potential buyers in H2'24, and of these, 8 signed NDAs and were provided initial data room access as early as mid-January 2025 ▪ REDACTED and TPG submitted initial bids in late January and were asked to conduct additional diligence and submit revised bits by 3/24 ▪ During this revised bid period, REDACTED removed itself from the process while ▪ Bids were submitted again on 3/24 by TPG (offer price per share of $10.00) and REDACTED REDACTED was invited to join the process (offer price per share of $9.50-$10.00) Business and equity price fact pattern during Q1'25 initial and revised bid period ▪ LRP provided to bidders was revised downward (annual EBITDA revised down 9% adjusted for pubco costs), below consensus at the time ▪ Prior and Updated LRP both assumed material resumption of growth beginning in 2025E that would be clear directional change from pre-2025E trends ▪ After earnings release and initial 2025E public guidance provided on 2/26, share price fell 25% from $9.15 pre-earnings eventually down to $6.89 (closing price on 3/12 prior to Bloomberg article) ▪ Share price had already started to decline since REDACTED earnings release on 2/6; AVDX's price decline from 2/5 ($10.81) to 3/12 ($6.89) was 36% Next steps ▪ Assess context for valuation ▪ Consider how to maximize value of current active parties ▪ Discuss inbounds and credibility to determine parties to invite as part of the process

------

![](ny20049415x2_exc-18image04.jpg)

------

![](ny20049415x2_exc-18image05.jpg)

------

![](ny20049415x2_exc-18image06.jpg)

Summary of recent inbound communications Party Inbounding Contact(s) Status Notes Inbounds in response to 3/13 Bloomberg article REDACTED ▪ 3/26: Upcoming call with REDACTED ▪ 3/14: REDACTED inbounded asking about AvidXchange, mentioning their investment in REDACTED ▪ 3/24: Call held w/ ▪ 3/17: ▪ 3/24: inbounded regarding AvidXchange; mentioned that they would likely be exploring as a junior capital / co-invest opportunity and/or partnering with a larger sponsor ▪ 3/20: Call held w/ REDACTED ▪ 3/13: REDACTED inbounded asking about AvidXchange, among other topics ▪ 3/31: Upcoming call w/ ▪ 3/25: ▪ 3/26: Upcoming call w/ ▪ 3/17: inbounded regarding AvidXchange; mentioned that deal would likely be too large for them but would potentially be interested to co-invest with REDACTE REDACTED larger sponsor; noted other investments in the supplier management space including REDACTED ▪ 3/25: REDACTED shared private credit fund overview materials ▪ 3/24: REDACTED inbounded regarding AvidXchange noting they could be constructive in providing debt financing packages for buyers to consider ▪ 3/27: Upcoming call w/ ▪ 3/25: ▪ 3/17: REDACTED inbounded asking if it makes sense to re-engage; FT Partners said we are sorting through inbounds from the leak and would revert back on any relevant update, if any ▪ Mid-April: Mike and ▪ 3/5: sent follow-up note saying it was a misunderstanding from his team that AvidXchange was evaluating strategic options; would be available to connect with Mike in person over dinner on 3/24 ▪ 2/27: options ▪ Non-specific ongoing dialogue REDACTED REDACTED inquired about AvidXchange and asked for call to learn more about "initial process considerations" REDACTED REDACTED REDACTED inbounded asking about AvidXchange to get an update on the process; call scheduled REDACTED REDACTED REDACTED REDACTED inbounded regarding AvidXchange to get an update on the process Pre-Bloomberg inbounds / regular dialogue REDACTED Corpay 6 ▪ Ron Clarke, CEO REDACTED to discuss network-of-network initiative and potentially processing REDACTED REDACTED reached out to Mike asking to catch up; REDACTED REDACTE transactions on REDACTED REDACTED confirmed he said he had heard from another investment bank that AvidXchange was evaluating strategic

------

![](ny20049415x2_exc-18image07.jpg)

------

![](ny20049415x2_exc-18image08.jpg)

Perspective on LRP forecast Actual results have historically underperformed LRP forecasts by ~20% within 3-4 years LRP is a management tool to express what is possible in the business ▪ LRP is not meant to be a balanced perspective on forecast or probability-weighting of execution risk ▪ LRP is the outcome of a strategic planning process outlining opportunities for growth LRP in the context of valuation ▪ LRP can be viewed as a base for probability-weighting on market and execution risks to assess likelihood of actual future results ▪ Valuing the Company assuming 100% of LRP implicitly assumes zero execution risk on any of the growth opportunities ▪ Investors have clearly discounted LRP forecast ▪ TPG has previously mentioned that they are assuming 10% annual growth, which represents assumption of ~70% of LRP growth

------

![](ny20049415x2_exc-18image09.jpg)

------

![](ny20049415x2_exc-18image10.jpg)

Analyst commentary regarding key risk factors Risk Factor Interchange Compression ▪ "Weakness in monetization and volume, which defied our positive thesis that AVDX's business model should be relatively resilient given its middle-market exposure and differentiated interchange pricing structure. Monetization trends at peer BILL also weaken our conviction that AVDX can improve its take-rate trajectory near term without help from the macro" (JPM Feb 2025). Payment Mix ▪ "Dependence on ACH and virtual card payments as the company earns a substantial portion of its revenue from electronic payment transactions, and its growth is dependent upon the continued acceptance, security, and adoption of electronic payment types that can be monetized by the company;" (UBS Feb 2025). Transaction Retention ▪ "Transactions retained on network continuing to be trending below 100% level, with Q4 exiting at roughly ~6% below the normalized level of 104-105% (i.e., HOA, marketing, and professional services verticals remained cautious on spending albeit gradually ramp up post election)" (UBS Feb 2025). Competitive dynamics and technology developments (AI) 10 Description / Analyst Commentary ▪ "We believe AVDX lacks a natural pure-play competitor focused on the same vertical markets and coming close to its scale, but there are diversified and larger competitors including fintechs and banks/issuers with deeper pockets and/or distribution advantages" (JPM Feb 2025). ▪ "Moreover, emerging forms of fast ACH and real-time payments with enhanced data and lower variable costs could become alternatives to virtual cards and pressure take rates longer term" (JPM Feb 2025). Heightened cyclicality from real-estate concentration and limited penetration into additional verticals ▪ "AVDX competes in seven primary verticals, some of which are exposed to cyclicality (bills paid positively correlated to business activity) such as real estate/HOA and construction." (JPM Feb 2025). Public perceptions on hitting numbers ▪ "The [downward] outlook seems reasonable, if not beatable, but starting below the coveted double-digit mark with growth in-line with network growth in commercial among a cohort of double-digit B2B growers keeps us on the sidelines on AVDX stock with a close eye on macro recovery potential in order to get more constructive on shares." (JPM Feb 2025). Unaffected share price decline as a result of lower than expected 2025 guidance ▪ Unaffected VWAP of $7.27 from the day following the company's Q4'24 earnings announcement (2/26) – day prior to initial news leak (3/12)

------

![](ny20049415x2_exc-18image11.jpg)

2025E Revenue & EBITDA comparison (Guidance, Current Consensus and Updated LRP) Revenue (2025E) EBITDA (2025E) +2.9% to Guidance +2.6% to Current Consensus +13.0% to Guidance +11.5% to Current Consensus $470 $100 $464 $458 $457 (1) Guidance (2) Current Consensus Updated LRP 80% of Updated LRP Growth Implied YoY Growth % 3% 11 $97 $90 $89 (1) Guidance (2) Current Consensus Updated LRP 80% of Updated LRP Growth 20% 21% na EBITDA Margin % 4% 7% 6% (1) Guidance figures calculated as the midpoint of the range provided by AvidXchange during 2/26/25 earnings call (2) CapIQ consensuses as of 01/26/25 (2024) and 3/26/25 (2025) 19%

------

![](ny20049415x2_exc-18image12.jpg)

------

![](ny20049415x2_exc-18image13.jpg)

------

![](ny20049415x2_exc-18image14.jpg)

Summary P&L ($mm) Net Revenue by Type Payments Software Services Total Net Revenue 2020 2021 $116 68 2 $186 2022 2023 2024 2025E 2026E 2027E 2028E 2029E $158 88 3 $248 $214 100 3 $316 $265 112 3 $381 $313 121 4 $439 $333 131 6 $470 $386 144 6 $537 $453 165 7 $625 $545 188 8 $741 $644 214 9 $867 YoY Growth % Payments Software Services Total Net Revenue 36% 29% 22% 34% 35% 13% 14% 27% 24% 13% 15% 20% 18% 8% 26% 15% 6% 8% 37% 7% 16% 11% 7% 14% 17% 14% 9% 16% 20% 14% 13% 19% 18% 14% 14% 17% Total Revenue excl. Float & Political 34% 22% 14% 13% 11% 17% 20% 18% 18% Gross Profit by Type Payments Software Services Total Gross Profit $73 37 (8) $102 $108 51 (8) $151 $152 58 (7) $203 $201 69 (7) $264 $249 79 (5) $323 $265 90 (4) $350 $311 102 (3) $409 $370 121 (3) $488 $455 140 (3) $592 $550 164 (3) $711 Margin % Payments Software Services Total Gross Profit 63% 54% 55% 68% 58% 61% 71% 58% 64% 76% 62% 69% 80% 65% 74% 79% 69% 75% 80% 70% 76% 82% 73% 78% 84% 75% 80% 85% 76% 82% Opex by Function Sales & Mktg. R&D G&A Total Opex % of Net Revenue ($48) (44) (43) ($135) 73% ($60) (60) (57) ($177) 71% ($73) (75) (70) ($218) 69% ($73) (86) (75) ($234) 61% ($77) (88) (74) ($239) 54% ($85) (93) (73) ($250) 53% ($88) (94) (72) ($253) 47% ($100) (93) (75) ($267) 43% ($118) (107) (78) ($304) 41% ($139) (121) (87) ($347) 40% EBITDA Margin % ($33) (18%) ($26) (11%) ($15) (5%) $30 8% $85 19% $100 21% $156 29% $220 35% $289 39% $364 42% EBITDA less Software Capex Margin % ($44) (24%) ($43) (17%) ($40) (13%) $14 4% $67 15% $81 17% $138 26% $203 33% $269 36% $342 39% 14 Source: AvidXchange forecasted financials reflect estimates from Current LRP shared with FT Partners on 2/8/25

------

![](ny20049415x2_exc-18image15.jpg)

------

![](ny20049415x2_exc-18image16.jpg)

------

![](ny20049415x2_exc-18image17.jpg)

------

![](ny20049415x2_exc-18image18.jpg)

------

![](ny20049415x2_exc-18image19.jpg)

------

![](ny20049415x2_exc-18image20.jpg)

------

![](ny20049415x2_exc-18image21.jpg)

------

![](ny20049415x2_exc-18image22.jpg)

Sector public comparables referenced in selected AVDX equity research 1 2025E EV / Revenue 7.2x 5.7x 5.5x 4.6x Median (excl. AVDX): 4.6x 3.2x AVDX implied valuation (1) ▪ Multiple excl. AVDX Top Quartile / Median / Bottom Quartile: 5.7x / 4.6x / 2.2x 3.0x ▪ AVDX Implied Share Price at Top Quartile / Median / Bottom Quartile: $13.67 / $11.48 / $6.38 2.2x 1.2x ▪ AVDX Current Price Premium (Discount) at Top Quartile / Median / Bottom Quartile: +58% / +33% / -26% (1) YoY Growth % 11% (2) 12% 7% 11% 14% 7% 16% 17% 2026E EV / Revenue 6.5x Median (excl. AVDX): 4.2x 2.8x 4.9x 4.9x 4.2x ▪ Multiple excl. AVDX Top Quartile / Median / Bottom Quartile: 4.9x / 4.2x / 2.0x 2.6x ▪ AVDX Implied Share Price at Top Quartile / Median / Bottom Quartile: $13.39 / $11.90 / $6.51 2.0x 1.0x ▪ AVDX Current Price Premium (Discount) at Top Quartile / Median / Bottom Quartile: +55% / +37% / -25% (1) YoY Growth % 17% (2) 22 16% 10% AVDX implied valuation (1) 10% Source: CapIQ as of 3/25/25 (1) AvidXchange forward multiples reflect Current LRP (shared with FT Partners on 2/8/25) (2) AvidXchange revenue growth rate excludes float & political 14% 11% 17% 17%

------

![](ny20049415x2_exc-18image23.jpg)

Sector public comparables referenced in selected AVDX equity research (cont.) 1 2025E EV / Gross Profit 9.2x 7.1x AVDX implied valuation (1) ▪ Multiple excl. AVDX Top Quartile / Median / Bottom Quartile: 8.2x / 5.8x / 2.7x 5.8x Median (excl. AVDX): 5.8x 4.3x 8.2x 3.5x 2.7x ▪ AVDX Implied Share Price at Top Quartile / Median / Bottom Quartile: $14.50 / $10.83 / $5.95 1.8x ▪ AVDX Current Price Premium (Discount) at Top Quartile / Median / Bottom Quartile: +67% / +25% / -31% (1) Gross Margin % 75% 85% 80% 78% 68% 82% 64% 80% 2026E EV / Gross Profit 8.3x 7.0x Median (excl. AVDX): 5.3x 3.7x 6.0x 5.3x 3.0x 2.4x 1.6x ▪ AVDX Current Price Premium (Discount) at Top Quartile / Median / Bottom Quartile: 68% / 31% / -28% Gross Margin % 23 84% 81% 79% Source: CapIQ as of 3/25/25 (1) AvidXchange forward multiples reflect Current LRP (shared with FT Partners on 2/8/25) 69% 81% 63% ▪ Multiple excl. AVDX Top Quartile / Median / Bottom Quartile: 7.0x / 5.3x / 2.4x ▪ AVDX Implied Share Price at Top Quartile / Median / Bottom Quartile: $14.58 / $11.36 / $6.22 (1) 76% AVDX implied valuation(1) 81%

------

![](ny20049415x2_exc-18image24.jpg)

B2B Payments and Office of the CFO sectors have demonstrated mixed trading performance over the past two years with valuation multiples trending based on individual company sentiment and performance Historical NTM EV / Gross Profit Multiples 16.0x 14.0x 12.0x 10.0x 9.2x \| Corpay 8.2x \| nCino 8.0x 7.1x \| Workiva 6.0x 5.8x \| Blackline 4.3x \| AvidXchange 4.0x 3.5x \| Bill.com 2.0x Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 AvidXchange Corpay ncino Workiva Blackline Bill.com Median Latest NTM Gross Profit Multiple 4.3x 9.2x 8.2x 7.1x 5.8x 3.5x 7.7x 2-Yr Median Gross Profit Multiple 5.8x 8.1x 9.6x 8.8x 7.2x 6.4x 8.4x Current vs. Median Gross Profit Multiple -25% +14% -15% -19% -20% -45% -9% 24 Source: CapIQ as of 3/25/25 1

------

![](ny20049415x2_exc-18image25.jpg)

------

![](ny20049415x2_exc-18image26.jpg)

Since 2022, there have been few meaningfully direct precedent transactions for AVDX involving acquisition of a public company, but among selected precedents, multiples are generally correlated with growth Valuation Multiples Target Acquirer Description Date (1) EV Premium (2) Paid 3 KPIs EV / Revenue EV / Gross Profit EV/ EBITDA Revenue Growth % LTM NTM LTM NTM LTM NTM LTM Gross Margin EBITDA Margin NTM LTM NTM LTM NTM Notable 2024-25 Precedents & Implied AvidXchange Valuation Metrics Paycor Paychex • HCM software Jan-25 4,100 21% 5.6x 5.4x 8.1x 7.9x 17.1x 15.7x 22% 4% 68% 68% 32% 34% Smartsheet Vista, Blackstone • Work mgmt. software Sep-24 8,400 25% 7.8x 6.8x 9.3x 8.0x 41.9x 33.2x 18% 15% 84% 84% 19% 20% Zuora Silver Lake, GIC • Subscription billing software Oct-24 1,700 18% 3.8x 3.5x 5.1x 4.7x 17.5x 15.0x 9% 7% 73% 74% 21% 23% Jaggaer Vista • Spend & procurement management Aug-24 2,850 N/A 9.5x 8.5x N/A N/A 22.8x 21.9x ~9% ~9% N/A N/A 42% 39% Everbridge Thoma Bravo • Crisis mgmt. software Feb-24 1,500 20% 3.4x 3.2x 4.5x 4.4x 17.8x 14.6x N/A 3% 74% 74% 19% 22% 21% 5.6x 5.4x 6.6x 6.3x 17.8x 15.7x 14% 7% 74% 74% 21% 23% $8.66 $439 $470 $323 $350 $85 $100 13% 11% 74% 75% 19% 21% AVDX Implied Enterprise Value ($mm) $1,948 $2,438 $2,514 $2,147 $2,212 $1,511 $1,576 AVDX Implied Share Price $10.44 $12.61 $12.95 $11.31 $11.59 $8.46 $8.75 21% 46% 50% 31% 34% (2%) 1% Median AVDX Implied Valuation from Median Using Current LRP Metrics AvidXchange Metrics ($mm) (3) % Premium to Current Share Price Older, Less Relevant Precedents & Implied AvidXchange Valuation Metrics EngageSmart Vista • Customer engagement software & payments Oct-23 3,500 23% 9.7x 8.4x 12.2x 10.7x 53.6x 42.0x 29% 24% 79% 79% 18% 19% Coupa Thoma Bravo • Spend & procurement management Dec-22 8,000 77% (4) 10.0x 9.0x 13.7x 12.2x 35.4x 55.4x 18% 20% 74% 74% 28% 15% Billtrust EQT • AR automation & payments Sep-22 1,700 65% 11.0x 8.7x 14.8x 11.7x N/A N/A 28% 22% 74% 74% N/A N/A Avalara Vista • Sales tax compliance automation Aug-22 8,400 27% 10.6x 8.8x 14.4x 12.0x N/A N/A 33% 25% 74% 74% 6% 3% 10.3x 8.8x 14.0x 11.8x 44.5x 48.7x 28% 23% 74% 74% 18% 15% Median 46% (5) Valuation multiples were higher in the selected 2022-23 precedents versus the selected 2024-25 precedents due to generally higher growth rates demonstrated by the acquired businesses in the 2022-23 group at the time of their acquisitions. 26 Sources: Pitchbook, Cap IQ, public press releases; AvidXchange share price as of 3/25/25; share price implied from FDSO excluding unvested shares (1) Represents date of transaction announcement (2) Represents percent premium of acquisition price to unaffected share price one day before transaction announcement (3) LTM and NTM periods for AvidXchange reflect CY2024 and CY2025E respectively; revenue growth figures exclude float and political (4) Purchase price premium calculated from Coupa's closing share price as of November 22nd, 2022, the last trading day prior to media reports regarding a potential transaction (5) Purchase price premium calculated from Avalara's closing share price as of July 6, 2022, the last trading day prior to media reports regarding a potential transaction

------

![](ny20049415x2_exc-18image27.jpg)

------

![](ny20049415x2_exc-18image28.jpg)

------

![](ny20049415x2_exc-18image29.jpg)

------

![](ny20049415x2_exc-18image30.jpg)

5 5-Year LBO returns sensitivity for TPG's IOI Sources & Uses assuming LRP forecast IRR Sensitivity MoM Sensitivity Entry GP Multiple, Acquisition EV, and Premium Entry GP Multiple, Acquisition EV, and Premium Exit LTM Multiples EBITDA 8.0x 10.0x 12.0x 14.0x 16.0x $1,729 $9.50 9.7% 4.9x GP 4.1x 5.1x 6.1x 7.2x 8.2x 30.4% 38.9% 45.9% 51.8% 57.0% $1,785 $9.75 12.6% 5.1x 28.1% 36.7% 43.6% 49.4% 54.6% $1,841 $10.00 15.5% 5.2x 26.1% 34.6% 41.4% 47.3% 52.4% $1,897 $10.25 18.4% 5.4x 24.1% 32.6% 39.4% 45.2% 50.3% $1,953 $10.50 21.2% 5.6x 22.3% 30.7% 37.5% 43.3% 48.3% EV ($mm) Share Price Acquisition Premium Entry GP Multiple Exit LTM Multiples EV ($mm) Share Price Acquisition Premium Entry GP Multiple EBITDA 8.0x 10.0x 12.0x 14.0x 16.0x GP 4.1x 5.1x 6.1x 7.2x 8.2x $1,729 $9.50 9.7% 4.9x $1,785 $9.75 12.6% 5.1x $1,841 $10.00 15.5% 5.2x $1,897 $10.25 18.4% 5.4x $1,953 $10.50 21.2% 5.6x 1.1x 1.7x 2.3x 2.9x 3.5x 1.0x 1.6x 2.1x 2.7x 3.3x 0.9x 1.5x 2.0x 2.5x 3.1x 0.9x 1.4x 1.9x 2.4x 2.9x 0.8x 1.3x 1.8x 2.3x 2.7x Exit LTM Multiples EBITDA 8.0x 10.0x 12.0x 14.0x 16.0x 30 (1) GP 4.1x 5.1x 6.1x 7.2x 8.2x 6.7x 25.5% 33.7% 40.4% 46.1% 51.0% 7.2x 25.8% 34.1% 40.9% 46.6% 51.7% 7.7x 26.1% 34.6% 41.4% 47.3% 52.4% 8.2x 26.4% 35.0% 42.0% 47.9% 53.1% Debt Leverage Multiple of EBITDA (1) 8.7x 26.7% 35.5% 42.5% 48.6% 53.8% Exit LTM Multiples Debt Leverage Multiple of EBITDA(1) EBITDA 8.0x 10.0x 12.0x 14.0x 16.0x GP 4.1x 5.1x 6.1x 7.2x 8.2x Assumes entry acquisition valuation as follows: acquisition share price of $10.00 (15% premium to share price as of 3/25/25), and enterprise value of $1.841bn 6.7x 0.9x 1.4x 1.9x 2.4x 2.9x 7.2x 0.9x 1.4x 2.0x 2.5x 3.0x 7.7x 0.9x 1.5x 2.0x 2.5x 3.1x 8.2x 1.0x 1.5x 2.1x 2.6x 3.2x 8.7x 1.0x 1.6x 2.1x 2.7x 3.3x

------

![](ny20049415x2_exc-18image31.jpg)

5-Year LBO returns sensitivity for TPG's IOI Sources & Uses at different entry prices and a 5 range of investment period growth CAGR and margin assumptions IRR Sensitivity (1) MoM Sensitivity (1) Terminal Year EBITDA Margin Terminal Year EBITDA Margin $9.50 per share ($1.7bn EV) 2024-29E Rev CAGR 8.8% 10.2% 11.7% 13.1% 14.6% % of LRP 60% 70% 80% 90% 100% 30.0% 16.3% 20.1% 23.9% 27.7% 31.6% 35.0% 23.8% 27.5% 31.1% 34.7% 38.3% 40.0% 29.7% 33.3% 36.8% 40.3% 43.8% 42.0% 31.8% 35.4% 38.9% 42.4% 45.9% 45.0% 34.7% 38.2% 41.7% 45.2% 48.7% 2024-29E Rev CAGR 8.8% 10.2% 11.7% 13.1% 14.6% % of LRP 60% 70% 80% 90% 100% 30.0% 1.1x 1.1x 1.1x 1.2x 1.2x Terminal Year EBITDA Margin $10.00 per share ($1.8bn EV) 2024-29E Rev CAGR 8.8% 10.2% 11.7% 13.1% 14.6% % of LRP 60% 70% 80% 90% 100% 30.0% 12.8% 16.4% 20.0% 23.6% 27.3% 35.0% 20.0% 23.6% 27.1% 30.5% 33.9% 40.0% 25.8% 29.3% 32.7% 36.0% 39.4% 42.0% 27.9% 31.3% 34.7% 38.1% 41.4% $10.50 per share ($2.0bn EV) 31 (1) % of LRP 60% 70% 80% 90% 100% Assumes exit multiple of 12.0x 2029E EBITDA 30.0% 9.7% 13.1% 16.6% 20.1% 23.6% 35.0% 16.7% 20.2% 23.5% 26.8% 30.1% 40.0% 22.4% 25.7% 29.0% 32.3% 35.5% 42.0% 24.5% 27.8% 31.0% 34.3% 37.5% 40.0% 1.9x 2.0x 2.0x 2.1x 2.1x 42.0% 2.1x 2.1x 2.2x 2.2x 2.3x 45.0% 2.3x 2.4x 2.5x 2.5x 2.6x Terminal Year EBITDA Margin 45.0% 30.7% 34.1% 37.5% 40.9% 44.2% 2024-29E Rev CAGR 8.8% 10.2% 11.7% 13.1% 14.6% % of LRP 60% 70% 80% 90% 100% 30.0% 0.9x 0.9x 0.9x 1.0x 1.0x Terminal Year EBITDA Margin 2024-29E Rev CAGR 8.8% 10.2% 11.7% 13.1% 14.6% 35.0% 1.5x 1.5x 1.6x 1.6x 1.7x 35.0% 1.3x 1.3x 1.4x 1.4x 1.4x 40.0% 1.7x 1.7x 1.8x 1.8x 1.8x 42.0% 1.8x 1.9x 1.9x 2.0x 2.0x 45.0% 2.1x 2.1x 2.2x 2.2x 2.3x Terminal Year EBITDA Margin 45.0% 27.3% 30.5% 33.8% 37.0% 40.3% 2024-29E Rev CAGR 8.8% 10.2% 11.7% 13.1% 14.6% % of LRP 60% 70% 80% 90% 100% 30.0% 0.7x 0.8x 0.8x 0.8x 0.9x 35.0% 1.1x 1.1x 1.2x 1.2x 1.2x 40.0% 1.4x 1.5x 1.5x 1.6x 1.6x 42.0% 1.6x 1.6x 1.7x 1.7x 1.8x 45.0% 1.8x 1.9x 1.9x 1.9x 2.0x

------

![](ny20049415x2_exc-18image32.jpg)

------

![](ny20049415x2_exc-18image33.jpg)

------

![](ny20049415x2_exc-18image34.jpg)

------

![](ny20049415x2_exc-18image35.jpg)

------

![](ny20049415x2_exc-18image36.jpg)

------

![](ny20049415x2_exc-18image37.jpg)

------

![](ny20049415x2_exc-18image38.jpg)

------

![](ny20049415x2_exc-18image39.jpg)

------

![](ny20049415x2_exc-18image40.jpg)

TPG IOI – Received 3/24/25 40

------

![](ny20049415x2_exc-18image41.jpg)

TPG IOI – Received 3/24/25 (cont.) 41

------

![](ny20049415x2_exc-18image42.jpg)

------

![](ny20049415x2_exc-18image43.jpg)

------

![](ny20049415x2_exc-18image44.jpg)

REDACTED 44

------

![](ny20049415x2_exc-18image45.jpg)

REDACTED 45

## Ex-99.(C)(19)

Exhibit (c)(19)

![](ny20049415x2_exc-19image01.jpg)

P.Virgil – Strategic Dialogue Considerations March 31, 2025

------

![](ny20049415x2_exc-19image02.jpg)

![](ny20049415x2_exc-19image03.jpg)

------

![](ny20049415x2_exc-19image04.jpg)

## Ex-99.(C)(20)

Exhibit (c)(20)

![](ny20049415x2_exc-20image01.jpg)

------

![](ny20049415x2_exc-20image02.jpg)

------

![](ny20049415x2_exc-20image03.jpg)

------

![](ny20049415x2_exc-20image04.jpg)

------

![](ny20049415x2_exc-20image05.jpg)

------

![](ny20049415x2_exc-20image06.jpg)

------

![](ny20049415x2_exc-20image07.jpg)

CPAY selected equity analyst research highlights Analyst (Price Target) 2025E 2026E 2027E EV / Revenue 7.2x 6.6x 6.0x EV / EBITDA 12.8x 11.1x 9.8x Revenue $4,410 $4,862 $5,315 11% 10% 9% $2,753 $3,127 $3,501 54% 56% 58% EV / Revenue 7.2x 6.3x 5.6x EV / EBITDA 13.5x 11.9x 10.6x Revenue $4,415 $4,880 $5,369 11% 11% 10% $2,339 $2,580 $2,799 53% 53% 52% Valuation Methodology Commentary 17.0x CY26E EPS Performance and Outlook: "We update our CPAY estimates to better align with guidance and company commentary. As a reminder, CPAY's Q1 guidance includes: 1) revenues of $1,000M-$1,020M (+8% y/y at midpoint) and 2) adj. EPS of $4.45-$4.55 (+10% y/y at midpoint). We note, the Q1 earnings growth outlook accounts for a ~7% headwind from unfavorable movements in FX, fuel prices, and a higher tax rate (vs. FY24). The company's FY25 guide includes: 1) revenues of $4,350M-$4,450M (+11% y/y at midpoint); 2) adj. EPS of $20.75-$21.25 (+11% y/y at midpoint); 3) interest expense of $350M-$380M; and 4) a tax rate of 25.5%-26.5%. We maintain our Overweight rating and $440 PT, based on 17x our CY26E EPS of $24.81 (vs. 17x our FY26E EPS of $24.91 prior) + DCF." Barclays ($440.00) (1) Growth % EBITDA Margin % Rating: Overweight UBS ($400.00) (2) Growth % EBITDA Margin % Rating: Neutral 1) 2) Barclays report published on 03/24/25 UBS report published on 02/06/25 16.0x CY26E EPS Performance and Outlook: "Corpay delivered healthy Q4 revenue growth of ~12% YoY on a pro-forma organic macro-neutral basis (up from ~6% Q1-Q3 2024) that came in ~1pt below their outlook primarily due to the Other (Gift) segment missing an aggressive ~16% YoY Q4 guide (delivered ~5%), which was offset by the GPS acquisition and the Comdata POS business divestiture each closing in early December (one month early). In addition, reported revenue came in ~2% below Street due to unfavorable macro impacts of ~$20mm (mostly FX). However, adjusted EPS was ~in-line with Street due a lower tax rate (with the decline driven primarily by stock option exercises and tax planning strategies) and strong expense management. Looking ahead to 2025, management increased the pro-forma organic macro-neutral revenue growth guide to 11% at the midpoint (up from 10% in the prelim 2025 guide), but anticipates an incremental >$100mm impact to revenue and ~$1.20 impact to EPS due to weak international currencies (USD strength) and a higher tax rate. We are encouraged by management's 2025 priorities, including a continued push to add more Corporate Payments assets (and look to shed more non-core assets) following the two large Corporate Payments acquisitions in 2025 (Paymerang and GPS) and the divestiture of the Comdata POS business. In addition, we are cautiously optimistic on the company's second major priority for 2025, which calls for a step-change improvement in US sales with the help of CPAY's new CRO, investments in field and Zoom sales teams, and the company's dedicated cross-sell team. That said, our optimism is tempered by the company's LSD 2025 outlook for the Lodging and North American Fleet businesses that are the segments in need of a sales improvement." REDACTED

------

![](ny20049415x2_exc-20image08.jpg)

AVDX + CPAY standalone & PF combined P&L and multiples ($ in mm) 2025E AVDX (1) 2026E 2027E 2028E 2025E CPAY (2) 2026E 2027E 2028E Combined AVDX + CPAY Pre-Synergy 2025E 2026E 2027E 2028E Standalone & PF Income Statements Revenue Growth % $470 7% $537 14% $625 16% $741 19% $4,404 11% $4,859 10% $5,331 10% $5,712 7% $4,874 10% $5,396 11% $5,956 10% $6,453 8% COGS % of Revenue $120 25% $128 24% $137 22% $148 20% $952 22% $1,044 21% $1,145 21% $1,227 21% $1,071 22% $1,172 22% $1,282 22% $1,375 21% Gross Profit Margin % $350 75% $409 76% $488 78% $592 80% $3,453 78% $3,815 79% $4,186 79% $4,485 79% $3,803 78% $4,224 78% $4,673 78% $5,077 79% Opex % of Revenue $250 53% $253 47% $267 43% $304 41% $1,073 24% $1,119 23% $1,246 23% $1,079 19% $1,323 27% $1,372 25% $1,513 25% $1,383 21% EBITDA Margin % $100 21% $156 29% $220 35% $289 39% $2,380 54% $2,697 55% $2,940 55% $3,406 60% $2,480 51% $2,852 53% $3,160 53% $3,695 57% Net Income Margin % $1 0% $35 7% $79 13% $144 20% $1,500 34% $1,721 35% $1,927 36% $2,065 36% $1,501 31% $1,756 33% $2,005 34% $2,209 34% 3.2x 4.3x 15.0x nm (3.9x) 2.8x 3.7x 9.6x nm (2.7x) 2.4x 3.1x 6.8x 23.9x (2.0x) 2.0x 2.5x 5.2x 13.0x (1.6x) 7.1x 9.1x 13.2x 16.6x 2.7x 6.5x 8.2x 11.7x 14.1x 2.2x 5.9x 7.5x 10.7x 12.1x 2.0x 5.5x 7.0x 9.2x 9.8x na Valuation Multiples EV / Revenue EV / Gross Profit EV / EBITDA P/E Net Debt / EBITDA (1) AVDX forecasted financials reflect estimates from Current LRP shared with FT Partners on 2/8/25 (2) CPAY forecasted financials reflect consensus estimates from CapIQ as of 3/31/25; CPAY gross margin reflects extrapolation in 2027E / 2028E; CPAY net income reflects extrapolation in 2028E 8

------

![](ny20049415x2_exc-20image09.jpg)

CPAY accretion / dilution analysis (assuming no synergies) CPAY Acquisition of AVDX Illustrative Accretion / Dilution at $12.00 per Share Purchase Price ($ in mm; shares in mm) Case 1 - 100% Cash 2026E 2027E Commentary ▪ Acquisition date: 12/31/25 Case 2 - 50% Cash / 50% Equity 2026E 2027E ▪ Total acquisition consideration: $2.4bn (assumes $100mm in combined buyer / seller transaction expenses) $2,011 380 $2,391 $2,011 380 $2,391 $815 380 1,195 $2,391 $815 380 1,195 $2,391 ▪ Purchase price per share: $12.00 CPAY Net Income CPAY Fully Diluted Shares CPAY EPS $1,721 72 $23.96 $1,927 72 $26.83 $1,721 72 $23.96 $1,927 72 $26.83 ▪ No synergies assumed M&A Adjustm ents AvidXchange Net Income (2) Standalone Interest Expense Elimination Incremental Acquisition Net Interest Expense Acquired Intangible Amortization Tax Shield / (Expense) from M&A Adjustments Total M&A Adjustm ents $35 1 (129) (56) 48 ($101) $79 1 (129) (56) 48 ($57) $35 1 (52) (56) 28 ($44) $79 1 (52) (56) 28 ($1) CPAY Share Price New ly Issued Shares Pro Form a Shares $348.72 72 $348.72 72 $348.72 3 75 $348.72 3 75 AVDX EV ($mm) $1,841 $2,066 $2,291 $2,517 $2,744 Purchase Price $10.00 $11.00 $12.00 $13.00 $14.00 Pro Forma Net Income Pro Form a EPS $1,620 $22.56 $1,870 $26.03 $1,677 $22.28 $1,926 $25.60 % Cash Pro Form a EPS Acquisition Debt Financing AVDX Balance Sheet Net Cash Stock Issuance Total Acquisition Sources 0% 25% 50% 75% 100% (6%) (6%) (5%) (5%) (4%) (7%) (7%) (6%) (5%) (5%) (8%) (8%) (7%) (6%) (6%) (9%) (9%) (8%) (7%) (7%) (10%) (10%) (9%) (8%) (8%) Accretion / Dilution per Share Accretion / Dilution % ($1.40) (6%) ($0.80) (3%) ($1.68) (7%) ($1.23) (5%) Im plied Pre-Tax Synergies to Breakeven % of AvidXchange OpEx $101 40% $57 21% $126 50% $93 35% $8,336 2.9x $8,337 2.6x $7,141 2.6x $7,142 2.4x (1) ▪ Amortizable intangible asset step-up: 30% ▪ Tax rate: 26% CPAY % A/D Sensitivity by Consideration & Purchase Price 2026E Accretion / Dilution % Pro Form a Accretion / Dilution and Net Debt (1) CPAY forecasted financials reflect consensus estimates from CapIQ as of 3/31/25 (2) AVDX forecasted financials reflect estimates from Current LRP shared with FT Partners on 2/8/25 % Cash AVDX + CPAY Com bined Net Debt AVDX + CPAY Net Debt / EBITDA 2027E Accretion / Dilution % 0% 25% 50% 75% 100% (4%) (3%) (3%) (2%) (1%) (5%) (4%) (4%) (3%) (2%) (6%) (5%) (5%) (4%) (3%) (7%) (6%) (6%) (5%) (4%) (8%) (7%) (6%) (6%) (5%) 9

------

![](ny20049415x2_exc-20image10.jpg)

REDACTED

------

![](ny20049415x2_exc-20image11.jpg)

Source: Company website, Company filings, CapIQ (as of 03/28/25) 11 REDACTED

------

![](ny20049415x2_exc-20image12.jpg)

12 REDACTED

------

![](ny20049415x2_exc-20image13.jpg)

13 REDACTED

------

![](ny20049415x2_exc-20image14.jpg)

14 Source: Company website, Company filings, CapIQ (as of 03/31/25) REDACTED

------

![](ny20049415x2_exc-20image15.jpg)

15 REDACTED REDACTED

------

![](ny20049415x2_exc-20image16.jpg)

16 AVDX + standalone & PF combined P&L and multiples (A) AVDX (1) ($ in mm) 2025E 2026E 2027E 2028E Standalone & PF Income Statements Revenue $470 $537 $625 $741 Growth % 7% 14% 16% 19% COGS $120 $128 $137 $148 % of Revenue 25% 24% 22% 20% Gross Profit $350 $409 $488 $592 Margin % 75% 76% 78% 80% Opex $250 $253 $267 $304 % of Revenue 53% 47% 43% 41% EBITDA $100 $156 $220 $289 Margin % 21% 29% 35% 39% Net Income $1 $35 $79 $144 Margin % 0% 7% 13% 20% Valuation Multiples (1) EV / Revenue 3.2x 2.8x 2.4x 2.0x EV / Gross Profit 4.3x 3.7x 3.1x 2.5x EV / EBITDA 15.0x 9.6x 6.8x 5.2x P/E nm nm 23.9x 13.0x Net Debt / EBITDA (3.9x) (2.7x) (2.0x) (1.6x) (1) AVDX forecasted financials reflect estimates from Current LRP shared with FT Partners on 2/8/25 REDACTED REDACTED REDACTED REDACTED

------

![](ny20049415x2_exc-20image17.jpg)

REDACTED

## Ex-99.(C)(21)

Exhibit (c)(21)

![](ny20049415x2_exc-21image01.jpg)

AvidXchange Board discussion materials

------

![](ny20049415x2_exc-21image02.jpg)

financial profile summary LRP & Related Context

------

![](ny20049415x2_exc-21image03.jpg)

Perspective on LRP forecast Actual results have historically underperformed LRP forecasts by ~20% within 3-4 years LRP is a management tool to express what is possible in the business ? LRP is not meant to be a balanced perspective on forecast or probability-weighting of execution risk ? LRP is the outcome of a strategic planning process outlining opportunities for growth LRP in the context of valuation ? LRP can be viewed as a base for probability-weighting on market and execution risks to assess likelihood of actual future results ? Valuing the Company assuming 100% of LRP implicitly assumes zero execution risk on any of the growth opportunities ? Investors have clearly discounted LRP forecast ? TPG has previously mentioned that they are assuming 10% annual growth, which represents assumption of ~70% of LRP growth 3

------

![](ny20049415x2_exc-21image04.jpg)

------

![](ny20049415x2_exc-21image05.jpg)

Risk Factor Description / Analyst Commentary Interchange Compression ? "Weakness in monetization and volume, which defied our positive thesis that AVDX's business model should be relatively resilient given its middle-market exposure and differentiated interchange pricing structure. Monetization trends at peer BILL also weaken our conviction that AVDX can improve its take-rate trajectory near term without help from the macro" (JPM Feb 2025). Payment Mix ? "Dependence on ACH and virtual card payments as the company earns a substantial portion of its revenue from electronic payment transactions, and its growth is dependent upon the continued acceptance, security, and adoption of electronic payment types that can be monetized by the company;" (UBS Feb 2025). Transaction Retention ? "Transactions retained on network continuing to be trending below 100% level, with Q4 exiting at roughly ~6% below the normalized level of 104-105% (i.e., HOA, marketing, and professional services verticals remained cautious on spending albeit gradually ramp up post election)" (UBS Feb 2025). Competitive dynamics and technology developments (AI) ? "We believe AVDX lacks a natural pure-play competitor focused on the same vertical markets and coming close to its scale, but there are diversified and larger competitors including fintechs and banks/issuers with deeper pockets and/or distribution advantages" (JPM Feb 2025). ? "Moreover, emerging forms of fast ACH and real-time payments with enhanced data and lower variable costs could become alternatives to virtual cards and pressure take rates longer term" (JPM Feb 2025). Heightened cyclicality from real-estate concentration and limited penetration into additional verticals ? "AVDX competes in seven primary verticals, some of which are exposed to cyclicality (bills paid positively correlated to business activity) such as real estate/HOA and construction." (JPM Feb 2025). Public perceptions on hitting numbers ? "The [downward] outlook seems reasonable, if not beatable, but starting below the coveted double-digit mark with growth in-line with network growth in commercial among a cohort of double-digit B2B growers keeps us on the sidelines on AVDX stock with a close eye on macro recovery potential in order to get more constructive on shares." (JPM Feb 2025). Unaffected share price decline as a result of lower than expected 2025 guidance ? Unaffected VWAP of $7.27 from the day following the company's Q4'24 earnings announcement (2/26) – day prior to initial news leak (3/12) Analyst commentary regarding key risk factors 5

------

![](ny20049415x2_exc-21image06.jpg)

2025E

------

![](ny20049415x2_exc-21image07.jpg)

------

![](ny20049415x2_exc-21image08.jpg)

valuation considerations

------

![](ny20049415x2_exc-21image09.jpg)

Reference Unaffected 4/16 Closing Price Price (1) Price TPG (2) Share Price $6.89 $7.75 $8.50 $9.00 $9.50 $10.00 $10.50 $11.00 $11.50 $12.00 Enterprise Value $1,147 $1,338 $1,505 $1,617 $1,729 $1,841 $1,953 $2,066 $2,178 $2,291 Purchase Price EV Premium / (Discount) to: 4/16 Closing Price $7.75 (14%) - 13% 21% 29% 38% 46% 54% 63% 71% Unaffected Share Price (1) $6.89 - 17% 31% 41% 51% 61% 70% 80% 90% 100% 30-Day VWAP $8.07 (19%) (5%) 7% 15% 23% 31% 39% 47% 55% 63% 180-Day VWAP $9.21 (31%) (20%) (10%) (3%) 4% 11% 17% 24% 31% 38% Purchase Price Share Price Premium / (Discount) to: 4/16 Closing Price $7.75 (11%) - 10% 16% 23% 29% 35% 42% 48% 55% Unaffected Share Price (1) $6.89 - 12% 23% 31% 38% 45% 52% 60% 67% 74% 30-Day VWAP $8.07 (15%) (4%) 5% 12% 18% 24% 30% 36% 43% 49% 180-Day VWAP $9.21 (25%) (16%) (8%) (2%) 3% 9% 14% 19% 25% 30% Analysis at various prices Enterprise value and share price premiums 9 Note: Enterprise value based on $9mm in debt, $389mm in cash & equivalents, 206.1mm basic shares outstanding, 14.8mm RSUs, 0.1mm ESPP, and 0.7-2.9mm vested options (1) Last closing price on 3/12 prior to Bloomberg story release on 3/13 (2) TPG original offer price per share from IOI submitted on 1/31/25 was $12.00 - $13.00; revised bids submitted on 3/24 and 4/17 was updated to $10.00

------

![](ny20049415x2_exc-21image10.jpg)

Analysis at various prices Implied Valuation Multiples Unaffected 4/16 Closing Price (1) Price TPG (2) Share Price $6.89 $7.75 $8.50 $9.00 $9.50 $10.00 $10.50 $11.00 $11.50 $12.00 Enterprise Value $1,147 $1,338 $1,505 $1,617 $1,729 $1,841 $1,953 $2,066 $2,178 $2,291 Metrics (3) $ Growth / Margin Revenue Multiples Q2'25E RR $445 6% 2.6x 3.0x 3.4x 3.6x 3.9x 4.1x 4.4x 4.6x 4.9x 5.1x 2025E 462 5% 2.5x 2.9x 3.3x 3.5x 3.7x 4.0x 4.2x 4.5x 4.7x 5.0x Gross Profit Multiples Q2'25E RR $326 73% 3.5x 4.1x 4.6x 5.0x 5.3x 5.6x 6.0x 6.3x 6.7x 7.0x 2025E 342 74% 3.3x 3.9x 4.4x 4.7x 5.1x 5.4x 5.7x 6.0x 6.4x 6.7x EBITDA Multiples Q2'25E RR $75 17% 15.3x 17.8x 20.0x 21.5x 23.0x 24.5x 26.0x 27.5x 29.0x 30.5x 2025E 91 20% 12.6x 14.7x 16.6x 17.8x 19.0x 20.3x 21.5x 22.7x 24.0x 25.2x EBITDA less Software Capex Multiples Q2'25E RR $65 15% 17.6x 20.5x 23.1x 24.8x 26.5x 28.2x 30.0x 31.7x 33.4x 35.1x 2025E 79 17% 14.4x 16.8x 18.9x 20.4x 21.8x 23.2x 24.6x 26.0x 27.4x 28.8x 10 Note: Enterprise value based on $9mm in debt, $389mm in cash & equivalents, 206.1mm basic shares outstanding, 14.8mm RSUs, 0.1mm ESPP, and 0.7-2.9mm vested options (1) Last closing price on 3/12 prior to Bloomberg story release on 3/13 (2) TPG original offer price per share from IOI submitted on 1/31/25 was $12.00 - $13.00; revised bids submitted on 3/24 and 4/17 was updated to $10.00 (3) Metrics reflect figures from Risk-Adj. LRP

------

![](ny20049415x2_exc-21image11.jpg)

$6.50 $6.75 $7.00 $7.25 $7.50 $7.75 $8.00 $8.25 $8.50 $8.75 $9.00 $9.25 $9.50 $9.75 $10.00 $10.25 $10.50 $10.75 $11.00 $11.25 $11.50 $11.75 $12.00 $12.25 $12.50 $12.75 $13.00 $13.25 $13.50 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 AVDX 2-year share price performance: 30-Day VWAP: $8.07 180-Day VWAP: $9.21 Unaffected Share Price: $6.89 1-Yr High: $12.86 2-Yr High: $13.29 Through 4/16/25 11 TPG: $10.00 4/16 Closing Price: $7.75

------

![](ny20049415x2_exc-21image12.jpg)

------

![](ny20049415x2_exc-21image13.jpg)

Source: CapIQ as of 4/16/25 (1) AvidXchange forward multiples reflect Risk-Adj. LRP (shared with FT Partners on 4/16/25) (2) Unaffected share price premium / discount % based on AvidXchange share price of $6.89 as of 3/12/25 1 AVDX implied valuation (1) ? Multiple excl. AVDX Top Quartile / Median / Bottom Quartile: 3.8x / 2.1x / 1.6x ? AVDX Implied Share Price at Top Quartile / Median / Bottom Quartile: $10.35 / $6.52 / $5.40 ? AVDX Current Price Premium (Discount) at Top Quartile / Median / Bottom Quartile: +34% / -16% / -25% ? AVDX Unaffected Price Premium (Discount)(2) at Top Quartile / Median / Bottom Quartile: +50% / -5% / -22% AVDX implied valuation (1) ? Multiple excl. AVDX Top Quartile / Median / Bottom Quartile: 4.3x / 2.3x / 1.8x ? AVDX Implied Share Price at Top Quartile / Median / Bottom Quartile: $10.72 / $6.60 / $5.38 ? AVDX Current Price Premium (Discount) at Top Quartile / Median / Bottom Quartile: +38% / -15% / -27% ? AVDX Unaffected Price Premium (Discount)(2) at Top Quartile / Median / Bottom Quartile: +56% / -4% / -22% 2026E EV / Revenue 2.6x 2.0x 3.8x 0.7x 4.7x 1.6x 1.7x 2.2x 3.8x Median (excl. AVDX): 2.1x 13 Sector public comparables referenced in selected AVDX equity research 2025E EV / Revenue 2.9x 2.4x 4.1x 0.9x 5.1x 1.7x 1.8x 2.3x 4.4x Median (excl. AVDX): 2.3x YoY Growth % 5% 12% 7% 16% 14% 7% 4% (1%) 17% YoY Growth % 10% 16% 10% 17% 14% 11% 7% 8% 17% (1) (1)

------

![](ny20049415x2_exc-21image14.jpg)

Source: CapIQ as of 4/16/25 (1) AvidXchange forward multiples reflect Risk-Adj. LRP (shared with FT Partners on 4/16/25) 1 Sector public comparables referenced in selected AVDX equity research (cont.) 14 2026E EV / Gross Profit 3.4x 2.4x 4.7x 1.2x 6.9x 1.9x 3.8x 2.8x 4.7x Median (excl. AVDX): 3.3x AVDX implied valuation(1) ? Multiple excl. AVDX Top Quartile / Median / Bottom Quartile: 4.7x / 3.3x / 2.0x ? AVDX Implied Share Price at Top Quartile / Median / Bottom Quartile: $9.79 / $7.43 / $5.26 ? AVDX Current Price Premium (Discount) at Top Quartile / Median / Bottom Quartile: +26% / -4% / -25% ? AVDX Unaffected Price Premium (Discount)(2) at Top Quartile / Median / Bottom Quartile: +42% / +8% / -24% 2025E EV / Gross Profit 3.9x 2.8x 5.1x 1.4x 7.6x 2.1x 4.0x 3.0x 5.6x Median (excl. AVDX): 3.5x AVDX implied valuation (1) ? Multiple excl. AVDX Top Quartile / Median / Bottom Quartile: 5.4x / 3.5x / 2.3x ? AVDX Implied Share Price at Top Quartile / Median / Bottom Quartile: $10.11 / $7.12 / $5.24 ? AVDX Current Price Premium (Discount) at Top Quartile / Median / Bottom Quartile: +30% / -8% / -28% ? AVDX Unaffected Price Premium (Discount)(2) at Top Quartile / Median / Bottom Quartile: +47% / +3% / -24% Gross Margin % 74% 85% 80% 64% 68% 82% 46% 77% 80% Gross Margin % 75% 84% 81% 63% 69% 81% 45% 77% 81% (1) (1)

------

![](ny20049415x2_exc-21image15.jpg)

- 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x Apr 2023 Jul 2023 Oct 2023 Jan 2024 Apr 2024 Jul 2024 Oct 2024 Jan 2025 Source: CapIQ as of 4/16/25 Historical NTM EV / Gross Profit Multiples 2.8x \| Bill.com 3.9x \| AvidXchange 5.1x \| Blackline 8.1x \| Corpay 7.6x \| nCino 5.6x \| Workiva AvidXchange Corpay ncino Workiva Blackline PayPal Bill.com Payoneer Flywire Median Latest NTM Gross Profit Multiple 3.9x 8.1x 7.6x 5.6x 5.1x 4.0x 2.8x 2.1x 1.4x 4.6x 2-Yr Median Gross Profit Multiple 5.8x 8.1x 9.6x 8.8x 7.3x 5.0x 6.4x 2.1x 6.4x 6.8x Current vs. Median Gross Profit Multiple -32% +0% -21% -36% -30% -20% -56% -0% -78% -33% 1 15 B2B Payments and Office of the CFO sectors have demonstrated mixed trading performance over the past two years with valuation multiples trending based on individual company sentiment and performance 2.1x \| Payoneer 1.4x \| Flywire 4.0x \| PayPal

------

![](ny20049415x2_exc-21image16.jpg)

Valuation Multiples KPIs EV / Revenue EV / Gross Profit EV/ EBITDA Revenue Growth % Gross Margin EBITDA Margin Target Acquirer Description Date (1) EV Premium Paid (2) LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM Notable 2024-25 Precedents & Implied AvidXchange Valuation Metrics Paycor Paychex • HCM software Jan-25 4,100 21% 5.6x 5.4x 8.1x 7.9x 17.1x 15.7x 22% 4% 68% 68% 32% 34% Zuora Silver Lake, GIC • Subscription billing software Oct-24 1,700 18% 3.8x 3.5x 5.1x 4.7x 17.5x 15.0x 9% 7% 73% 74% 21% 23% Everbridge Thoma Bravo • Crisis mgmt. software Feb-24 1,500 20% 3.4x 3.2x 4.5x 4.4x 17.8x 14.6x N/A 3% 74% 74% 19% 22% Median 20% 3.8x 3.5x 5.1x 4.7x 17.5x 15.0x 16% 4% 73% 74% 21% 23% AVDX Implied Valuation from Median Using Current LRP Metrics AvidXchange Metrics ($mm) $7.75 $439 $462 $323 $342 $85 $91 15% 5% 74% 74% 19% 20% AVDX Implied Enterprise Value ($mm) $1,694 $1,651 $1,623 $1,664 $1,617 $1,483 $1,365 AVDX Implied Share Price $9.32 $9.13 $9.00 $9.18 $8.97 $8.37 $7.84 % Premium to Last Closing Share Price (4/16/25) 20% 18% 16% 19% 16% 8% 1% % Premium to Unaffected Share Price (3/12/25) 35% 32% 31% 33% 30% 22% 14% Other Less Relevant Transactions Smartsheet Vista, Blackstone • Work mgmt. software Sep-24 8,400 25% 7.8x 6.8x 9.3x 8.0x 41.9x 33.2x 18% 15% 84% 84% 19% 20% Jaggaer Vista • Spend & procurement management Aug-24 2,850 N/A 9.5x 8.5x N/A N/A 22.8x 21.9x ~9% ~9% N/A N/A 42% 39% EngageSmart Vista • Customer engagement software & payments Oct-23 3,500 23% 9.7x 8.4x 12.2x 10.7x 53.6x 42.0x 29% 24% 79% 79% 18% 19% Coupa Thoma Bravo • Spend & procurement management Dec-22 8,000 77% 10.0x 9.0x 13.7x 12.2x 35.4x 55.4x 18% 20% 74% 74% 28% 15% Billtrust EQT • AR automation & payments Sep-22 1,700 65% 11.0x 8.7x 14.8x 11.7x N/A N/A 28% 22% 74% 74% N/A N/A Avalara Vista • Sales tax compliance automation Aug-22 8,400 27% 10.6x 8.8x 14.4x 12.0x N/A N/A 33% 25% 74% 74% 6% 3% Median 27% 9.9x 8.6x 13.7x 11.7x 38.6x 37.6x 23% 21% 74% 74% 19% 19% Since 2022, there have been few meaningfully direct precedent transactions for AVDX involving acquisition of a public company, but among selected precedents, multiples are generally correlated with growth Sources: Pitchbook, Cap IQ, public press releases; AvidXchange share price as of 4/16/25; share price implied from FDSO excluding unvested shares (1) Represents date of transaction announcement (2) Represents percent premium of acquisition price to unaffected share price one day before transaction announcement (3) AvidXchange Metrics reflect Risk-Adj. LRP; LTM and NTM periods for AvidXchange reflect CY2024 and CY2025E respectively (4) Purchase price premium calculated from Coupa's closing share price as of November 22nd, 2022, the last trading day prior to media reports regarding a potential transaction (5) Purchase price premium calculated from Avalara's closing share price as of July 6, 2022, the last trading day prior to media reports regarding a potential transaction (4) (5) Valuation multiples were higher in the selected 2022-23 precedents versus the selected 2024-25 precedents due to generally higher growth rates demonstrated by the acquired businesses in the 2022-23 group at the time of their acquisitions. 2 16 (3)

------

![](ny20049415x2_exc-21image17.jpg)

------

![](ny20049415x2_exc-21image18.jpg)

------

![](ny20049415x2_exc-21image19.jpg)

------

![](ny20049415x2_exc-21image20.jpg)

4 20 DCF valuation sensitivity for different growth and margin outlooks 6% 2024-29E Revenue CAGR (1) 10% 2024-29E Revenue CAGR (1) Risk-Adj. LRP Forecast 8% 2024-29E Revenue CAGR (1) (1) Terminal EBITDA multiple and terminal EBITDA margin sensitivity analysis based on 20.0% WACC. CAGR shown for 2024-29E is inclusive of float and political revenue. Terminal Year EBITDA Margin % Terminal Year EBITDA Margin % 20% 25% 30% 35% 39% 20% 25% 30% 35% 39% 8.0x $527 $657 $787 $918 $1,030 $4.10 $4.69 $5.27 $5.86 $6.37 9.0x 584 728 873 1,017 1,142 4.36 5.01 5.66 6.31 6.87 10.0x 641 799 958 1,117 1,254 4.61 5.33 6.04 6.75 7.37 11.0x 698 870 1,043 1,216 1,365 4.87 5.65 6.42 7.20 7.87 12.0x 754 941 1,128 1,315 1,477 5.12 5.97 6.81 7.65 8.38 Terminal EBITDA Multiple (2029E) Terminal Year EBITDA Margin % Terminal Year EBITDA Margin % 20% 25% 30% 35% 39% 20% 25% 30% 35% 39% 7.0x $413 $518 $624 $730 $821 $3.58 $4.06 $4.54 $5.01 $5.43 8.0x 464 583 702 821 923 3.82 4.35 4.89 5.42 5.88 9.0x 516 648 780 911 1,025 4.05 4.64 5.24 5.83 6.34 10.0x 568 713 857 1,002 1,127 4.29 4.94 5.59 6.24 6.80 11.0x 620 778 935 1,093 1,229 4.52 5.23 5.94 6.65 7.26 Terminal EBITDA Multiple (2029E) Terminal Year EBITDA Margin % Terminal Year EBITDA Margin % 20% 25% 30% 35% 39% 20% 25% 30% 35% 39% 6.0x $311 $396 $481 $565 $638 $3.13 $3.51 $3.89 $4.27 $4.60 7.0x 359 455 551 648 731 3.34 3.78 4.21 4.64 5.02 8.0x 406 514 622 730 824 3.55 4.04 4.53 5.02 5.44 9.0x 453 573 693 813 917 3.77 4.31 4.85 5.39 5.85 10.0x 500 632 764 896 1,010 3.98 4.57 5.17 5.76 6.27 Terminal EBITDA Multiple (2029E) Enterprise Value Sensitivity Implied Share Price

------

![](ny20049415x2_exc-21image21.jpg)

LBO sensitivity analysis in downside scenarios 5 21 Growth Sensitivity 6% 2024-29E Revenue CAGR 25% EBITDA Terminal Margin Growth Sensitivity 8% 2024-29E Revenue CAGR 30% EBITDA Terminal Margin Risk-Adj. LRP Forecast 10% 2024-29E Revenue CAGR 39% EBITDA Terminal Margin Enterprise Value Sensitivity Entry Share Price Sensitivity LTM EBITDA Exit Multiple (2029E) 8.0x 9.0x 10.0x 11.0x 12.0x 20.0% $921 $1,053 $1,186 $1,319 $1,451 21.3% 887 1,015 1,142 1,269 1,396 22.5% 856 978 1,100 1,222 1,344 23.8% 826 943 1,060 1,177 1,294 25.0% 797 910 1,022 1,135 1,247 Required IRR LTM EBITDA Exit Multiple (2029E) 8.0x 9.0x 10.0x 11.0x 12.0x $5.87 $6.47 $7.07 $7.66 $8.26 5.72 6.30 6.87 7.44 8.01 5.58 6.13 6.68 7.23 7.78 5.45 5.97 6.50 7.03 7.55 5.32 5.82 6.33 6.84 7.34 LTM EBITDA Exit Multiple (2029E) 6.0x 7.0x 8.0x 9.0x 10.0x $2.99 $3.30 $3.62 $3.93 $4.25 2.95 3.26 3.56 3.86 4.17 2.92 3.21 3.51 3.80 4.09 2.89 3.17 3.45 3.73 4.01 2.87 3.14 3.40 3.67 3.94 LTM EBITDA Exit Multiple (2029E) 6.0x 7.0x 8.0x 9.0x 10.0x 20.0% $280 $350 $420 $490 $560 21.3% 273 340 407 474 542 22.5% 266 331 395 460 524 23.8% 260 322 384 445 507 25.0% 254 313 373 432 491 Required IRR LTM EBITDA Exit Multiple (2029E) 7.0x 8.0x 9.0x 10.0x 11.0x 20.0% $506 $598 $690 $783 $875 21.3% 489 578 666 755 843 22.5% 474 559 644 729 814 23.8% 459 541 622 704 785 25.0% 445 524 602 680 758 Required IRR LTM EBITDA Exit Multiple (2029E) 7.0x 8.0x 9.0x 10.0x 11.0x $4.00 $4.42 $4.84 $5.25 $5.67 3.93 4.33 4.73 5.13 5.52 3.86 4.24 4.63 5.01 5.39 3.79 4.16 4.53 4.90 5.26 3.73 4.08 4.44 4.79 5.14 LTM EBITDA Exit Multiple (2029E) 8.0x 9.0x 10.0x 11.0x 12.0x (15%) (6%) 3% 11% 20% (17%) (9%) (0%) 8% 16% (19%) (11%) (3%) 5% 13% (21%) (13%) (6%) 2% 10% (23%) (15%) (8%) (1%) 7% Share Price Premium Sensitivity (1) LTM EBITDA Exit Multiple (2029E) 7.0x 8.0x 9.0x 10.0x 11.0x (42%) (36%) (30%) (24%) (18%) (43%) (37%) (31%) (26%) (20%) (44%) (38%) (33%) (27%) (22%) (45%) (40%) (34%) (29%) (24%) (46%) (41%) (36%) (30%) (25%) LTM EBITDA Exit Multiple (2029E) 6.0x 7.0x 8.0x 9.0x 10.0x (57%) (52%) (47%) (43%) (38%) (57%) (53%) (48%) (44%) (40%) (58%) (53%) (49%) (45%) (41%) (58%) (54%) (50%) (46%) (42%) (58%) (54%) (51%) (47%) (43%) Note: LBO assumes leverage of $550mm based on 6.5x Q1'25 LTM Adj. EBITDA, Net Debt of ($380mm) as of 12/31/24, Financing Fees of $35mm, and Minimum Cash of $30mm (1) Unaffected share price premium / discount % based on AvidXchange share price of $6.89 as of 3/12/25

------

![](ny20049415x2_exc-21image22.jpg)

Appendix - DCF Reference Materials

------

![](ny20049415x2_exc-21image23.jpg)

------

![](ny20049415x2_exc-21image24.jpg)

------

![](ny20049415x2_exc-21image25.jpg)

appendix - risk-adj. lrp p&l

------

![](ny20049415x2_exc-21image26.jpg)

Summary P&L – Risk-Adj. LRP ($mm) 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E Net Revenue by Type Payments $116 $158 $214 $265 $313 $328 $364 $396 $455 $514 Software 68 88 100 112 121 129 139 155 171 187 Services 2 3 3 3 4 5 5 5 5 5 Total Net Revenue $186 $248 $316 $381 $439 $462 $508 $556 $631 $707 YoY Growth % Payments 36% 35% 24% 18% 5% 11% 9% 15% 13% Software 29% 13% 13% 8% 6% 8% 11% 10% 10% Services 22% 14% 15% 26% 9% 3% 4% 4% 4% Total Net Revenue 34% 27% 20% 15% 5% 10% 9% 14% 12% Total Revenue excl. Float & Political 34% 22% 14% 13% 9% 12% 13% 13% 13% Gross Profit by Type Payments $73 $108 $152 $201 $249 $260 $290 $316 $369 $424 Software 37 51 58 69 79 87 97 112 125 139 Services (8) (8) (7) (7) (5) (5) (5) (5) (5) (5) Total Gross Profit $102 $151 $203 $264 $323 $342 $383 $423 $489 $558 Margin % Payments 63% 68% 71% 76% 80% 79% 80% 80% 81% 83% Software 54% 58% 58% 62% 65% 68% 70% 72% 73% 74% Services - - - - - - - - - - Total Gross Profit 55% 61% 64% 69% 74% 74% 75% 76% 77% 79% Opex by Function Sales & Mktg. ($48) ($60) ($73) ($73) ($77) ($85) ($87) ($90) ($94) ($101) R&D (44) (60) (75) (86) (88) (91) (93) (95) (97) (100) G&A (43) (57) (70) (75) (74) (75) (75) (76) (77) (79) Total Opex ($135) ($177) ($218) ($234) ($239) ($251) ($255) ($261) ($268) ($280) % of Net Revenue 73% 71% 69% 61% 54% 54% 50% 47% 42% 40% EBITDA ($33) ($26) ($15) $30 $85 $91 $128 $163 $221 $278 Margin % (18%) (11%) (5%) 8% 19% 20% 25% 29% 35% 39% EBITDA less Software Capex ($44) ($43) ($40) $14 $67 $72 $110 $145 $203 $260 Margin % (24%) (17%) (13%) 4% 15% 16% 22% 26% 32% 37% Source: AvidXchange forecasted financials reflect estimates from Risk-Adj. LRP 26 shared with FT Partners on 4/16/25

## Ex-99.(C)(22)

Exhibit (c)(22)

![](ny20049415x2_exc-22image01.jpg)

AvidXchange Board Discussion Materials

------

![](ny20049415x2_exc-22image02.jpg)

TPG / Corpay Bid Proposal Summary

------

![](ny20049415x2_exc-22image03.jpg)

Summary of TPG non-binding proposal submitted on 4/29 Transaction ? Acquisition of 100% of AvidXchange in all-cash transaction Purchaser ? Purchasing entity controlled by TPG with new investment from Corpay and equity rollover intended from and management Purchase Price ? Purchase price per share: $10.00 ? Enterprise value: $1.8bn Sources & Uses Sources $mm % Uses $mm % Debt Financing(a) $440 18% Purchase Equity Value $2,223 93% Sponsor Equity $1,011 42% Existing Debt $72 3% Corpay Equity $642 27% Financing & Other Fees $32 1% $74 3% Minimum Cash & Other $60 2% Management Rollover $219 9% Total Sources $2,387 100% Total Uses $2,387 100% "No Financing Contingencies" ? "Transaction will not be subject to any financing contingencies" ? Submitted equity commitment letter and payment obligation limited guarantee agreement as part of bid package intending for Corpay and TPG to backstop only their own respective portion of the equity check instead of TPG backstopping the equity check and guarantee in full ? TPG has not submitted updated debt term sheet, noting that they are continuing to negotiate with lenders TPG & Corpay Partnership ? See the following page for details regarding the non-binding draft agreement of TPG and Corpay's partnership term sheet Management Rollover ? 100% equity rollover from Mike Praeger ? 40-50% rollover across the rest of the senior executive team, including Dan Drees, Joel Wilhite, Angelic Gibson, and Ryan Stahl ? TPG described rollover as customary for transactions of this nature and stated they will work with Management in good faith to roll over owned shares into common equity on a tax-deferred basis alongside TPG Non-Management Rollover ? David Polk communicated to L&W on 4/29 that TPG is cognizant that having sign definitive documents for rollover is unrealistic, and Davis Polk believes that TPG would just be looking for conversation with to perhaps receive verbal confirmation of their intent to reinvest Employees & Management Agreements ? Management continuing employment agreements will not be required to be completed in advance of signing, but TPG is requesting that that Mike waive his right to "good reason" termination prior to signing ? Management incentive plan term sheet has been delivered to Management's counsel K&M Merger Agreement ? Merger Agreement mark-up submitted on 4/27 Internal Review & Approvals ? TPG has received all approvals necessary to submit this Proposal and no other third-party approvals are expected to be required aside from customary regulatory and antitrust approvals Regulatory Approvals ? Will work expeditiously to obtain any necessary HSR and MTL licenses as promptly as possible following signing Timing ? Diligence has been substantially completed and expect to be able to complete confirmatory due diligence and negotiate definitive documentation simultaneously and expeditiously towards signing by May 5th / 6th: ? Working toward signing on Monday (5/5) or Tuesday (5/6) (a) Assumes leverage ratio 3 of 5.2x debt / LTM EBITDA REDACTED REDACTED REDACTED REDACTED REDACTED REDACTED

------

![](ny20049415x2_exc-22image04.jpg)

TPG and Corpay partnership non-binding term sheet submitted on 4/29 TPG & Corpay Holding Company Structure ? TPG and Corpay will form and capitalize a holding company (the "Company") with cash, and the Company will use the proceeds of such capitalization and debt financing proceeds to acquire AvidXchange 4 REDACTED REDACTED REDACTED

------

![](ny20049415x2_exc-22image05.jpg)

Status of Key Bid Package Items Bid Package Request Document Date Submitted Status Notes & Highlights Best and Final Acquisition Proposal ? Acquisition Proposal 4/29 ? TPG shared revised acquisition proposal on 4/29 ? Equity Commitment Letter 4/26 ? TPG shared on 4/26 ? Limited Guarantee 4/26 ? TPG shared on 4/26 ? Debt Commitment Lender TBD ? TPG indicated that this was still under negotiations with lenders as of 4/29 Checklist and Timeline to Signing ? Document Checklist 4/29 ? TPG shared signing documents checklist on 4/29 Updated Acquisition Sources and Uses and Pro Forma Equity Cap Table ? Sources and Uses Table 4/29 ? Included in revised acquisition proposal submitted on 4/29 ? Pro Forma Equity Cap Table TBD ? TPG has not shared the Pro Forma Equity Cap Table Key Post-Transaction Governance Terms and Composition of the Company's Board of Directors ? Voting Agreement 4/27 ? LW shared markup with DPW on 5/1 ? Support Agreements 4/27 ? DPW shared with LW and management counsel on 4/27 ? Board Composition 4/29 ? Based on the TPG and Corpay non-binding term sheet, TPG will have the right to appoint a majority of the board Partnership Terms Between TPG and Corpay ? TPG & Corpay partnership term sheet 4/29 ? TPG shared the latest partnership term sheet outlining the arrangement with Corpay on 4/29 Equity Rollover ? Management Rollover 4/27 ? DPW shared the latest draft of the management equity rollover agreement with K&M on 4/27 (a) ? Non-management Rollover 4/29 ? LW noted after discussing with TPG's counsel that having sign up to definitive documents prior to our signing of a deal was unrealistic and that they thought all TPG was looking for was a conversation with to perhaps receive verbal confirmation of their intent to reinvest Key Employees / Employment Agreements ? MIP Term Sheet 4/27 ? DPW shared the latest draft of the MIP term sheet with K&M on 4/27 (a) ? CEO "Good Reason" Waiver TBD ? CEO "Good Reason" waiver draft in process (with DPW) (a) Latest Drafts and Mark-Ups of all Transaction Documentation Required at Signing ? Merger Agreement 4/27 ? LW sent markup to DPW on 4/30 ? Company Disclosure Schedule 4/28 ? DPW sent comments to LW on 4/28; LW acknowledged that they are making progress on open comments ? Parent Disclosure Schedule TBD ? This is in DPW's court; LW included a note in the latest markup of the merger agreement asking if there will be anything here or if it will be N/A ? Parent and Merger Sub Formation TBD ? Parent and Merger Sub Formation draft in process (with DPW) (a) ? Company Board Consent TBD ? LW draft in process ? Parent Board Consent TBD ? Parent Board Consent draft in process (with DPW) (a) ? Merger Sub Board Consent TBD ? Merger Sub Board Consent draft in process (with DPW) (a) ? Merger Sub Sole Stockholder Consent TBD ? Merger Sub Sole Stockholder Consent draft in process (with DPW) (a) ? Press Release TBD ? Press release draft in process; advisors connected the company's communications team with TPG ? Signing 8-K TBD ? LW draft in process ? Signing Day Notice TBD ? LW will coordinate draft with company / TPG's money transmitter license counsel Remaining Due-Diligence ? Acquisition Proposal 4/29 ? TPG affirmed in their latest acquisition proposal that diligence has been substantially completed and expect to be able to complete confirmatory due diligence and negotiate definitive documentation simultaneously and expeditiously towards signing by May 5th / 6th (a) Status as per the signing documents checklist 5 shared by TPG on 4/29 REDACTED REDACTED REDACTE

------

![](ny20049415x2_exc-22image06.jpg)

Summary of LW Discussion with TPG's Counsel (DPW) – Held 4/28 Preferred Return • We said that we had heard that there was a possibility of a guaranteed return to TPG only and not other stockholders post-closing and that if that was the case, it would pose risks for the deal. • DPW indicated that this isn't necessarily how they understood it, without providing more detail. They indicated that discussions remain ongoing and that they would take back the feedback. We asked them to provide more detail on the proposal ASAP. Agreements • We told them that we have not been in touch with on the transaction and would not be in a position to get Voting Agreements or Rollover Agreements signed up with them prior to signing. Regulatory • Money Transfer Approvals: We voiced our concern with them having money transfer approvals be a one-way condition for their benefit only (such that if they fail to use their efforts to obtain the approvals and then terminate as of the End Date, we would have no recourse in the form of a termination fee). They seemed open to resolving the concern, and we will propose some protective language (e.g., if they do not waive the condition by a certain date prior to the End Date they are deemed to have waived it). • Equity Commitment Letter / Limited Guarantee • We let them know that we had understood that TPG was speaking for the whole equity check, especially based on what they put in the bid letter, and proposed that the ECL and Limited Guarantee come from TPG, with TPG signing a back-to-back side letter with Corpay for Corpay's piece of it. We seem to be at odds on this point – they indicated TPG being on the hook for the whole amount wasn't the deal – but they said that they would take back the feedback. 6 REDACTED REDACTED REDACTED

------

![](ny20049415x2_exc-22image07.jpg)

Appendix - TPG and Corpay Term Sheet

------

![](ny20049415x2_exc-22image08.jpg)

------

![](ny20049415x2_exc-22image09.jpg)

------

![](ny20049415x2_exc-22image10.jpg)

Appendix - TPG Signing Documents checklist

------

![](ny20049415x2_exc-22image11.jpg)

signing checklist received 4/29

------

![](ny20049415x2_exc-22image12.jpg)

signing checklist received 4/29 (cont.)

------

![](ny20049415x2_exc-22image13.jpg)

signing checklist received 4/29 (cont.)

------

![](ny20049415x2_exc-22image14.jpg)

Appendix - TPG and Corpay Partnership Term Sheet

------

![](ny20049415x2_exc-22image15.jpg)

Term sheet received 4-29

------

![](ny20049415x2_exc-22image16.jpg)

Term sheet received 4-29 (cont.)

## Ex-99.(C)(23)

Exhibit (c)(23)

![](ny20049415x2_exc-23image01.jpg)

P.Virgil – Process Overview May 5th, 2025

------

![](ny20049415x2_exc-23image02.jpg)

2 Historical context for 2025 transaction process Long-term historical profile ? From 2010 through 2024, AvidXchange grew annual revenue from $10mm to $439mm, a compounded annual growth rate of 31%, and turned profitable, generating positive full-year EBITDA beginning in 2023 ? From 2010 through 2020, the Company raised hundreds of millions of dollars in financing from blue-chip investors (e.g., Bain Capital, Capital Group, CPPIB, Sequoia, Mastercard, Temasek, TPG, etc.) across multiple funding rounds Backdrop of AVDX in public equity markets ? The Company's IPO was priced at $25.00 in October 2021, and AVDX traded up to all-time high closing price of $26.57 in November 2021 before falling to an all-time closing low of $6.14 in June 2022 ? The stock price gradually recovered some over the next two years and closed at $12.72 on 7/30/24, the day before the Company reported Q2'24 results ? Since going public, the Company's growth rate has declined every year, down to 7% projected revenue growth for 2025E(1), which has had a negative impact on AVDX's valuation in the public equity markets ? In addition to business performance trends, certain capital market dynamics and broader macroeconomic uncertainties (e.g., tariffs) have negatively impacted the Company's stock price ? After Q2'24 results were released on 7/31/24, AVDX fell and traded between ~$7.50-$8.50 through November 2024, which in part spurred heightened, unsolicited inbound acquisition interest in the Company (1) Source for 2025E figures is risk-adjusted LRP

------

![](ny20049415x2_exc-23image03.jpg)

3 Overview of 2025 transaction process Genesis, construction, and management of thorough transaction process ? Across the second half of 2024, the Company fielded unsolicited inbound interest from numerous credible parties communicating potential investment and acquisition interest in the Company ? Given the number of credible acquirers expressing interest, the Company opted to pursue a formal market check / transaction process ? Barclays was hired as co-advisor to the Company in January 2025 (with FT Partners, the "Advisors") prior to the start of formal sale process ? Ultimately, 18 parties inbounded or otherwise engaged in dialogue considering the Company as a potential acquisition target ? The Advisors also conducted thorough analyses (e.g., accretion / dilution, financing capacity, etc.) before inviting strategics to progress further in the process to sign NDAs and receive confidential information Process key events ? In the first round of bidding at the end of January 2025, only ($10.75-$11.25) and TPG ($12.00-$13.00) submitted bids ? During a second round of bidding in March 2025, removed itself from the process while TPG submitted a revised lower bid ($10.00), and new process entrant ($9.50-$10.00) also submitted a bid ? TPG were asked to conduct submit a further best-and-final bid by 4/17, and only TPG submitted a bid, reaffirming its $10.00 offer price while removed itself from the process ? In this 4/17 bid, TPG for the first time formally indicated in writing its intent to have Corpay join its bid as a minority investor ? TPG indicated that its $10.00 valuation was potentially predicated in large part on Corpay participating meaningfully as part of TPG's bidding group ? TPG was asked to submit a final bid package by 4/28 including additional transaction documentation, which it did, again reaffirming its $10.00 purchase price and intent to formally sign the Merger Agreement by 5/5 and announce the deal on 5/6 REDACTED REDACTED REDACTED REDACTED REDACTED

------

![](ny20049415x2_exc-23image04.jpg)

REDACTED

------

![](ny20049415x2_exc-23image05.jpg)

5 Irrespective of a markedly different capital market environment today versus during October 2021 IPO, the Company's valuation multiples have generally trended downward even since 2022 - 5.0x 10.0x 15.0x 20.0x 25.0x Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24 - 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 40.0x Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24 AVDX EV / NTM Revenue AVDX EV / NTM Gross Profit May-25 May-25 3.0x 4.1x Source: CapIQ through equity market close on 5/2/25

------

![](ny20049415x2_exc-23image06.jpg)

------

![](ny20049415x2_exc-23image07.jpg)

------

![](ny20049415x2_exc-23image08.jpg)

------

![](ny20049415x2_exc-23image09.jpg)

9 Summary of process funnel 18 Inbound Interest, Introductory Dialogue, and Initial Opportunity Vetting by Potential Buyer 6 10 Under NDA 1(a) Active 3 Highly Active in Post-NDA Diligence Submitted IOI as Lead Bidder (a) Count of one (1) remaining bidding party reflects single proposal led by TPG with Corpay's participation as minority investor 14 4 8 2 5 1 3 - 1 1 Pure-Play PE Strategics ? Count includes pure-play PE investors and strategics directly or indirectly engaged over the course of the process ? Parties under NDA were offered post-NDA business overview discussion with Company management ? Nine (9) parties under NDA expressed adequate interest to receive data room access ? Highly active diligence included deep analysis of the information provided in the data room and multiple calls with Company management discussing the parties' quantitative and qualitative analyses of the Company ? TPG itself submitted four (4) non-binding indications of interest over the course of the process ? Two (2) other parties submitted non-binding IOIs but ultimately decided to subsequently drop out of the process ? After diligence and discussions with the various parties engaged in the process, the final active bid at $10.00 per share is an acquisition proposal led by TPG with substantial minority participation from TPG

------

![](ny20049415x2_exc-23image10.jpg)

10 Summary of pass rationale expressed by parties during the process Dramatically slowing growth in recent years and lack of visibility of growth reacceleration ? Multi-year trend of slowing topline growth across revenue, volume, and customer base muted interest from parties that seek to invest in businesses with stronger current growth profile Revenue mix ? Some parties cited desire to see mix and growth opportunities more heavily weighted to software subscription revenue monetization versus majority of the Company's revenue driven by payment monetization ? Float income remains a significant contribution to total revenue and profitability today, representing a meaningful risk to go-forward financial profile if interest rates decline Lack of visibility in various cited growth opportunities underlying the Company's forecast ? Some parties indicated they needed to see material traction in identified growth vectors such as new strategic partnerships, Payment Accelerator, new pay modes, and Spend Management in order to more fully underwrite the growth projected in the LRP Inability to offer compelling purchase price premium to public market value ? Some parties indicated they could not offer a compelling premium to current public market value Seeking transformational component of investment thesis ? One party noted desire for notionally "transformational" opportunity, such as major imminent M&A, to form the core of their investment thesis, versus just underwriting incremental product roadmap and go-to-market growth drivers Complexities and timing associated with regulatory approvals required to close ? Necessity of securing MTL transfers add transaction complexity and significant time between signing and closing, impacting potential buyer interest

## Ex-99.(D)(2)

Exhibit (d)(2)

**FORM OF ROLLOVER AGREEMENT**

This ROLLOVER AGREEMENT (this "<u>Agreement</u>"), dated as of May 6, 2025, is entered into by and among [ ● ] ([together,] the "<u>Rollover Investor[s]</u>"), Arrow Parent 2025, L.P., a Delaware limited partnership ("<u>Topco</u>"), and Arrow Holdings 2025, Inc., a Delaware corporation and a wholly owned subsidiary of Topco ("<u>Holdings</u>"). Capitalized terms used but not defined herein shall have the meanings assigned thereto in the Merger Agreement (as defined below).

**RECITALS** 

WHEREAS, concurrently with the execution of this Agreement, Arrow Borrower 2025, Inc, a Delaware corporation and wholly-owned subsidiary of Topco ("<u>Parent</u>"), Arrow Merger Sub 2025, Inc., a Delaware corporation and a wholly-owned subsidiary of Parent ("<u>Merger Sub</u>"), and AvidXchange Holdings, Inc., a Delaware corporation (the "<u>Company</u>"), are entering into that certain Agreement and Plan of Merger dated as of the date hereof (the "<u>Merger Agreement</u>"), pursuant to which Merger Sub will be merged with and into the Company with the Company surviving the merger as a wholly-owned subsidiary of Parent (the "<u>Merger</u>"), such Merger Agreement describing the Agreement and the transactions contemplated herein;

WHEREAS, as of the date hereof, [the][each] Rollover Investor currently holds the number of shares of the Company Common Stock set forth on <u>Schedule 1</u> under the caption "*Company Common Stock*";

WHEREAS, subject to the terms and conditions of this Agreement and the Merger Agreement, [the][each] Rollover Investor desires, immediately prior to the Effective Time, to contribute, transfer and assign to Topco in accordance with <u>Section 1.1</u> hereof (the "<u>Contribution</u>"), all of its right, title and interest in a number of shares of the Company Common Stock (such shares, the "<u>Rollover Shares</u>") equal to (x) the amount set forth on <u>Schedule 1</u> under the caption "*Rollover Amount*" (the "<u>Rollover Amount</u>") divided by (y) the Merger Consideration, such that, in exchange for the Rollover Shares, Holdings shall issue and deliver to [the][such] Rollover Investor newly issued shares of Holdings (the "<u>Holdings Shares</u>") and, immediately thereafter, Topco shall issue and deliver to [the][such] Rollover Investor newly issued units of Topco ("<u>Topco Units</u>") in exchange for the Holdings Shares that [the][such] Rollover Investor shall contribute to Topco;

WHEREAS, Topco and the Rollover Investor[s] agree that the transactions contemplated by this Agreement are intended to, and shall, result in the Rollover Investor[s] investing in the Topco Units through the Contribution at the same price per unit at which affiliates of the Guarantors shall acquire Topco Units at the Contribution Closing (as hereinafter defined); and

WHEREAS, concurrently with Closing, (i) Topco, the Rollover Investor[s] and the Guarantors (or Affiliates of the Guarantors) will enter into a limited partnership agreement of Topco (the "<u>Topco LPA</u>") including the terms set forth on <u>Exhibit A</u> hereto and a side letter to the Topco LPA in the form provided to Michael Praeger on or prior to the date hereof (the "<u>Side Letter</u>") and (ii) Topco will adopt a management incentive plan, the material terms and conditions of which are set forth on <u>Exhibit B</u> hereto.

------

NOW, THEREFORE, in order to implement the foregoing and in consideration of the mutual representations, warranties, covenants and agreements contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

**AGREEMENT**

Section 1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Contribution of the Rollover Shares</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;1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Contribution of the Rollover Shares in Exchange for the Exchange Units</u>. On the terms and conditions set forth herein, (a) [the][each] Rollover Investor agrees, immediately prior to the Effective Time (the "<u>Contribution Closing</u>"), to (i) contribute, transfer and assign to Holdings the Rollover Shares, free and clear of any and all Liens (as defined in <u>Section 2.3</u> below), other than transfer restrictions imposed under applicable securities Laws or contemplated by the Company's organizational documents (which, in any event, will not prevent the Contribution), (ii) subscribe for the Holdings Shares in exchange for the Rollover Shares, and (iii) immediately thereafter, contribute the Holdings Shares to Topco in exchange for Topco Units (the "<u>Exchange Units</u>"), and (b) Topco agrees, at the Contribution Closing, to issue to [the][such] Rollover Investor the Exchange Units, free and clear of any and all Liens other than those transfer restrictions imposed by applicable securities Law or contemplated by this Agreement, Topco's organizational documents and the Topco LPA, in exchange for the contribution by [the][such] Rollover Investor to Topco of the Holdings Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Topco Deliveries</u>. At the Contribution Closing, Topco shall deliver to [the][each] Rollover Investor (a) customary documentation evidencing the issuance of the Exchange Units to [the][such] Rollover Investor and (b) a duly executed counterpart to the Topco LPA and Side Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Rollover Investor Deliveries</u>. At the Contribution Closing, [the][each] Rollover Investor shall deliver to Topco and Holdings (a) a stock power with respect to the Rollover Shares, duly executed, in a form attached hereto as <u>Exhibit C</u>, (b) a duly executed counterpart to the Topco LPA, (c) a duly completed and executed IRS Form W-9 or appropriate IRS Form W-8 (together with any appropriate attachments) and such other documentation as may be necessary or reasonably advisable for Topco, Holdings or any of their Affiliates to reduce or eliminate withholding or other taxes or comply with any tax or information reporting regime and that are requested by Topco or Holdings prior to the Contribution Closing, and (d) a duly executed counterpart to the Topco LPA and Side Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Contribution to Parent</u>. At the Closing, immediately following the receipt of the Rollover Shares, Holdings shall indirectly contribute to Parent (through a series of contributions by Holdings and its wholly owned Subsidiaries in the ownership chain between Topco and Parent) the Rollover Shares (each contribution, a "<u>Subsequent Contribution</u>"). Each Subsequent Contribution is intended to qualify as a transaction governed by Section 351 of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>").

------

Section 2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Representations and Warranties of Topco</u>. Topco hereby represents and warrants to the Rollover Investor[s] 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;2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Organization</u>. Topco is a limited partnership, duly organized, validly existing and in good standing under the Laws of the State of Delaware, with full power and authority to own its properties and to carry on its business as currently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Authority; Enforceability</u>. Topco has all requisite power and authority to execute, perform and deliver this Agreement and any other agreements or instruments executed by it in connection herewith, and to consummate the transactions contemplated herein and therein. The execution, delivery and performance of this Agreement and such other agreements or instruments, and the consummation of the transactions contemplated herein and therein, have been (or, with respect to such other agreements or instruments will be) duly and validly authorized by Topco, and no other proceedings on the part of Topco are required to authorize the execution, delivery and performance of this Agreement and such other agreements and instruments. This Agreement constitutes (and, when executed and delivered by Topco, each of such other agreements or instruments will constitute), assuming the due authorization, execution and delivery hereof by the other parties hereto, the legal, valid and binding obligation of Topco, enforceable against Topco in accordance with their respective terms, except as such enforceability may be subject to the effects of bankruptcy, insolvency, reorganization, moratorium or other similar Laws relating to or affecting the rights of creditors, and general principles of equity regardless of whether such enforceability is considered in a proceeding in equity or at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Interests Duly Authorized</u>. All of the Exchange Units to be issued to the Rollover Investor[s] under this Agreement, when issued and delivered in accordance with the terms of this Agreement, will be duly authorized, validly issued in compliance with Applicable Law or exemptions therefrom, fully paid and non-assessable without being subject to preemptive or similar rights, and shall be free of rights of first refusal or similar rights (except transfer restrictions imposed by applicable securities Law or such rights granted to the Rollover Investor[s] and the other equity owners of Topco pursuant to, or limitations set forth in or contemplated by, Topco's organizational documents and the Topco LPA). Following compliance with the obligations under <u>Section 1.1</u>, the Rollover Investor[s] will acquire good, valid, and marketable title to the Exchange Units, free and clear of all mortgages, liens, pledges, charges, claims, security interests, agreements, and encumbrances whatsoever ("<u>Liens</u>"), other than those transfer restrictions imposed by applicable securities Law or contemplated by this Agreement, Topco's organizational documents and the Topco LPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Conflicts; No Consents</u>. The authorization, execution, delivery and performance of this Agreement and the consummation of the transactions contemplated herein by Topco do not, and will not, with or without the giving of notice or passage of time or both, other than as provided in the Merger Agreement with respect to the Merger and the other Transactions, violate, conflict with or result in the material breach of any term or provision of, or require any material notice, filing or consent under (i) Topco's organizational documents, (ii) Law applicable to Topco or any of Topco's assets or properties, (iii) any judgment, decree, writ, injunction, Governmental Order or award of any Governmental Authority binding upon Topco or any of Topco's assets or properties, or (iv) any agreement to which Topco is a party or by which any of its assets or properties is bound. No consent, approval, authorization, license, order or permit of, or declaration, filing or registration with, or notification to, any Governmental Authority, or any other Person, on the part of Topco is required to be made or obtained in connection with the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby, other than (A) as provided in the Merger Agreement with respect to the Merger and the other Transactions or (B) any filings as may be required under Regulation D promulgated under the Securities Act or applicable state "Blue Sky" Laws.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Pari Passu.</u> The Exchange Units issued to the Rollover Investor[s] are in the same class and being issued at the same price per unit as those Topco Units being issued and/or acquired by the affiliates of the Guarantors in connection with the Merger and the transactions contemplated by the Merger 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;2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Other Representation</u>. Topco has received no other representations or warranties from the Rollover Investor[s] or any other Person acting on behalf of the Rollover Investor[s], other than those contained in <u>Section 3</u> of this Agreement.

Section 3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Representations and Warranties of the Rollover Investor</u>. [The][Each] Rollover Investor hereby represents and warrants to Topco 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;3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Ownership and Title of Rollover Shares</u>. The Rollover Investor is the sole record or beneficial owner of the Rollover Shares, having good and marketable title thereto, free and clear of any Liens, other than those transfer restrictions imposed by applicable securities Law or contemplated by the Company's organizational documents (which, in any event, will not affect, delay or prevent the Contribution), and no person has a right to acquire any of such securities. Except as contemplated under this Agreement and the Merger Agreement, there are no outstanding subscriptions, options, warrants, rights, calls, Contracts, commitments, understandings or agreements to purchase or otherwise acquire, or relating to the issuance of, any of the Rollover Investor's Rollover Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Authority; Enforceability</u>. (i) If the Rollover Investor is not a natural person, the Rollover Investor is duly organized, validly existing and in good standing (where applicable) under the laws of the jurisdiction in which it is incorporated, organized or constituted; (ii) the Rollover Investor has the legal capacity (if a natural person) and has all requisite power and authority to execute and deliver this Agreement and to perform its, his or her obligations hereunder and to consummate the transactions contemplated hereby; (iii) if the Rollover Investor is not a natural person, the execution, delivery and performance by the Rollover Investor of this Agreement, and the consummation of the transactions contemplated hereby, have been duly and validly authorized by all necessary action of the Rollover Investor; (iv) if the Rollover Investor is a trust, Rollover Investor has been duly created and is validly existing and being administered under the laws of the jurisdictions in the which the trustees thereof are resident and the trust is sitused, and the person executing this Agreement in his or her capacity as trustee of the Rollover Investor has been duly appointed and is validity acting as such trustee with all trust power and authority to execute and deliver this Agreement and the Topco LPA; and (v) this Agreement constitutes (and, when executed and delivered by the Rollover Investor, each of such other agreements or instruments will constitute), assuming the due authorization, execution and delivery hereof by Topco, the legal, valid and binding obligation of the Rollover Investor, enforceable against it in accordance with their respective terms, except as such enforceability may be subject to the effects of bankruptcy, insolvency, reorganization, moratorium or other similar Laws relating to or affecting the rights of creditors, and general principles of equity regardless of whether such enforceability is considered in a proceeding in equity or at law. There are no consents of any other person that have not already been obtained and are required in connection with the execution and delivery of this Agreement or the Topco LPA, and the consummation of the transactions contemplated hereby and thereby.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Investment Intent</u>. The Rollover Investor is acquiring the Exchange Units for the Rollover Investor's own account as principal, for investment purposes only, not for any other Person and not for the express purposes of resale or distribution. The Rollover Investor is not subscribing for the Exchange Units from Topco in a fiduciary capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Financial Status</u>. The Rollover Investor (i) is an "accredited investor" within the meaning of Rule 501 of Regulation D promulgated under the Securities Act or (ii) an entity in which all equity owners are "accredited investors" within the meaning of Rule 501 of Regulation D promulgated under the Securities Act. The Rollover Investor is able to bear the economic risk of an investment in the Exchange Units for an indefinite period of time, has adequate means of providing for its current financial needs and business contingencies, has no need for liquidity in the investment in the Exchange Units, understands that the Rollover Investor may not be able to liquidate the Exchange Units in an emergency, if at all, and can afford a complete loss of the investment. The Rollover Investor has received no advice from Topco or any of its Affiliates as to the legal, investment or tax consequences of the Contribution contemplated by this Agreement or the Rollover Investor's investment in the Exchange Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Access to Information</u>. The Rollover Investor has been given the opportunity to ask questions of and receive answers from Topco and its representatives concerning (i) the terms and conditions of the issuance of the Exchange Units and the other transactions contemplated in connection with the Contribution and (ii) the financial condition, operation and prospects of Topco and its subsidiaries after giving effect to the Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Other Representation</u>. The Rollover Investor has received no other representations or warranties from Topco or any other Person acting on behalf of the Company or Topco, other than those contained in <u>Section 2</u> 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;3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Conflicts; No Consents</u>. The authorization, execution, delivery and performance of this Agreement and the consummation of the transactions contemplated herein by the Rollover Investor do not, and will not, (a) violate, conflict with or result in the breach of (i) any Law applicable to the Rollover Investor; or (ii) any judgment, decree, writ, injunction, Governmental Order or award of any Governmental Authority binding upon the Rollover Investor; (b) violate, conflict with or result in the material breach of any term or provision of, require any material notice or consent under, give rise to a right of termination of, constitute a material default (or event which with or without the giving of notice or passage of time or both, would become a material breach) under, result in the acceleration of, or give rise to a right to accelerate any obligation under, any material Contract to which the Rollover Investor is party; or (c) require the consent of any Governmental Authority to be obtained or made by the Rollover Investor, except, in the case of clauses (a), (b) and (c), for such violations, conflicts or breaches that would not reasonably be expected to prevent or materially delay the consummation by the Rollover Investor of the transactions contemplated hereby.

------

Section 4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Agreements and Acknowledgements of the Rollover Investor</u>. [The][Each] Rollover Investor hereby agrees and acknowledges to Topco 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;4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Registration</u>. The Rollover Investor understands and agrees that the Exchange Units are being acquired by the Rollover Investor in a transaction not involving any public offering within the meaning of the Securities Act, in reliance on an exemption therefrom. The Rollover Investor understands that the Exchange Units have not been, and will not be, approved or disapproved by the SEC or by any other federal or state agency, and that no such agency has passed on the accuracy or adequacy of disclosures made to the Rollover Investor by Topco. No federal or state governmental agency has passed on or made any recommendation or endorsement of the Exchange Units or an investment in Topco.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Limitations on Disposition and Resale</u>. The Rollover Investor understands and acknowledges that the Exchange Units have not been and will not be registered under the Securities Act, or the securities laws of any state and, unless the Exchange Units are so registered, they may not be offered, sold, transferred or otherwise disposed of except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any applicable securities Laws of any state or foreign jurisdiction . Except as required by the Topco LPA, the Rollover Investor agrees not to sell, transfer or otherwise dispose of the Exchange Units unless the Exchange Units have been so registered or an exemption from the requirement of registration is available under the Securities Act or any applicable state securities Laws. The Rollover Investor further acknowledges and agrees that its ability to dispose of the Exchange Units will be subject to restrictions contained in the Topco LPA. The Rollover Investor recognizes that there will not be any public trading market for Topco Units and, as a result, the Rollover Investor may be unable to sell or dispose of its interest in Topco. The Rollover Investor further acknowledges and agrees that Topco shall have no obligation to register any Topco Units or shares of Topco into which Topco Units may be convertible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Legend</u>. The Rollover Investor acknowledges and agrees that the Topco Units received in the Contribution, to the extent represented by physical certificates, will bear the following legend (or one to substantially similar effect):

"THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS REGISTERED OR EXEMPT FROM REGISTRATION UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS.

IN ADDITION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF A LIMITED PARTNERSHIP AGREEMENT DATED AS OF [______ ], 2025 (AS MAY BE AMENDED FROM TIME TO TIME) AND MAY NOT BE VOTED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE WITH SUCH 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;4.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other Agreements and Acknowledgements</u>. The Rollover Investor hereby pledges the Rollover Shares to Topco to secure the performance in full of the obligations of the Rollover Investor under this Agreement. The Rollover Investor agrees that it shall, upon request, execute and deliver any additional documents or instruments or take, or cause to be taken, such other actions as may be reasonably deemed by Topco to be necessary or advisable to carry out the intent or purposes of this Agreement, which documents shall be subject to reasonable review and comment in good faith consultation with the Rollover Investor and/or [his or her][his, her or its] counsel. The Rollover Investor with respect to the Rollover Shares hereby consents to the filing of a financing statement and agrees and hereby authorizes the Company to place a stop-transfer order with respect to the Rollover Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Rollover Investor Covenants and Release</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective as of the Closing, except with respect to the Excluded Claims, as defined below, the Rollover Investor, on behalf of the Rollover Investor and her, his or its successors, assigns, spouse and next of kin (collectively, the "<u>Releasing Parties</u>"), forever waives, releases, remises and discharges Topco, each Acquired Company, each Guarantor, and their respective predecessors, successors, subsidiaries and Affiliates and, in their capacities as such, the stockholders, directors, officers, employees, consultants, attorneys, agents, assigns and employee benefit plans of the foregoing (collectively, the "<u>Released Parties</u>") from any claim or liability that such Releasing Parties may currently have, or may have in the future, (i) arising prior to, on or after the Closing Date (so long as the events giving rise to such claim or liability occurred prior to the Closing), (ii) relating to any alleged inaccuracy or miscalculations in, or otherwise relating to the allocation of the Merger Consideration, Option Consideration or RSU Consideration, or payments made in accordance therewith, (iii) relating to the approval or consummation of the transactions contemplated hereby, contemplated by the Merger Agreement or any transaction document contemplated hereby or thereby, including any alleged breach of any duty by any officer, manager, director, stockholder or other owner of any shares of Company Common Stock or (iv) any claims under the certificate of incorporation, bylaws and other charter and organizational documents of any Acquired Company (collectively, the "<u>Released Claims</u>"). Except with respect to the Excluded Claims, the Rollover Investor (on behalf of the Releasing Parties) (i) represents that it has not assigned or transferred or purported to assign or transfer to any Person all or any part of, or any interest in, any claim, contention, demand, cause of action (at law or in equity) or liability of any nature, character or description whatsoever, which is or which purports to be released or discharged by this ‎<u>Section 4.5(a)</u> and (ii) acknowledges that the Releasing Parties may hereafter discover facts other than or different from those that it knows or believes to be true with respect to the subject matter of the Released Claims, but it hereby expressly agrees that, on and as of the Effective Time, the Rollover Investor (on behalf of the Releasing Parties) shall have waived and fully, finally and forever settled and released any known or unknown, suspected or unsuspected, asserted or unasserted, contingent or noncontingent claim with respect to the Released Claims, whether or not concealed or hidden, without regard to the subsequent discovery or existence of such different or additional facts. Except for the Excluded Claims, without limitation of the foregoing, the Rollover Investor (on behalf of the Releasing Parties) hereby waives the application of any provision of law, including California Civil Code Section 1542, that purports to limit the scope of a general release. Section 1542 of the California Civil Code provides: "A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor." The Rollover Investor (on behalf of the Releasing Parties) hereby acknowledges and agrees that if the Rollover Investor or any other Releasing Party should hereafter make any claim or demand or commence or threaten to commence any Proceeding against any Released Party with respect to any Released Claim, this ‎<u>Section 4.5(a)</u> may be raised as a complete bar to any such Proceeding. For purposes of this Agreement, "<u>Excluded Claims</u>" shall mean any claims or liability in any way relating to the following: (a) the Rollover Investor's rights to full and complete payment for the Rollover Investor's Company Common Stock, Company Options and Company RSU Awards (if any) in accordance with the Merger Agreement, in each case, that are not Rollover Shares, (b) any rights to earned but unpaid wages or compensation, unpaid vacation and unreimbursed business expenses of the Releasing Parties, (c) the obligations of any insurer to the Releasing Parties under any insurance policy, including, without limitation, directors' and officers' liability insurance, (d) any right of indemnification or advancement of expenses under applicable legal requirements, the Company or its affiliates' organizational documents or otherwise available to the Releasing Parties (including under the Merger Agreement or any indemnification agreement), (e) any rights the Releasing Parties have pursuant to any employment agreements, award agreements or indemnification agreements, (f) any rights the Releasing Parties have in connection with any employee benefit plans of the Company or any of its Affiliates, (g) any rights the Releasing Parties have to enforce this Rollover Agreement [and the Voting and Support Agreement] and (h) any rights as member and equity holder of Topco.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) During the period from the date hereof until the third anniversary of the Closing Date, Rollover Investor agrees that she, he or it shall not, and shall not permit her, his or its respective Affiliates to, directly or indirectly through another person, engage in a Competitive Business anywhere in the world. For purposes of this Agreement, "<u>Competitive Business</u>" shall mean (i) any corporation, partnership, person, or other entity that is developing, marketing, distributing, selling, providing or licensing accounts payable and commercial payment products, services, software or technology, of any kind, whether provided individually or bundled together, including but not exclusive to invoice and accounts payable automation and processing software and services, invoice workflow configuration and automation, accounts payable and commercial/business to business payment processing products and services, and factoring/financing programs for payments between commercial buyers and their suppliers or payees (collectively, the "<u>Business</u>"), (ii) any business that develops, produces, manufacturers or sells products or services incidentally or primarily related to the Business, (iii) any other business directly in competition with the Business and (iv) any other line of business in which the Acquired Companies were materially engaged or was actively pursuing as of the Closing Date. Nothing herein shall prohibit the Rollover Investor from being a passive owner of not more than 5% of the outstanding equity interest in any publicly-traded entity, so long as the Rollover Investor has no active participation in the business of such entity, or from making investments in hedge funds or private equity funds or similar managed vehicles.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Rollover Investor agrees that during the period from the date hereof until the third anniversary of the Closing Date, Rollover Investor shall not, and shall not permit her, his or its respective Affiliates to, directly or indirectly through another person, hire any employee or independent contractor of the Acquired Companies, or solicit, induce, recruit or encourage any such employee or independent contractor to leave the employ of, or reduce the services provided to, Topco, Parent, the Acquired Companies, or encourage or attempt to do any of the foregoing, either for the Rollover Investor's own purposes or for any other person or entity. Notwithstanding the foregoing, nothing herein shall prevent the Rollover Investor from placing general advertisements online or in the print media for the purpose of employee recruitment that are not directed at employees of Topco, Parent or the Acquired Companies or from providing a reference to a third-party employer, upon request. In addition, the Rollover Investor may solicit and/or hire independent contractors who are not exclusively providing services to any of Topco, Parent or the Acquired Companies as long as such independent contractor does not as a result leave the employ of, or reduce the services provided to any of Topco, Parent or the Acquired Companies, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Rollover Investor agrees that during the period from the date hereof until the third anniversary of the Closing Date, the Rollover Investor shall not, and shall not permit her, his or its respective Affiliates to, directly or indirectly through another person, (A) interfere with, subvert, disrupt or alter the relationship, contractual or otherwise, between the Acquired Companies and any client, customer, contractor, vendor, supplier, licensor or licensee of the Acquired Companies, or any prospective client, customer, contractor, vendor, supplier, licensor or licensee of the Acquired Companies, (B) solicit, divert or take away or attempt to divert or take away the business or patronage (with respect to products or services of the kind or type developed, produced, marketed, furnished or sold by the Acquired Companies) of any of the clients, customers or accounts, or prospective clients, customers or accounts, of the Acquired Companies, or (C) encourage or attempt to do any of the foregoing, either for the Rollover Investor's own purposes or for any other person or entity. The foregoing restrictions shall not apply to general advertising and marketing not targeted at the client, customer, contractor, vendor, supplier, licensor or licensee of the Acquired Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) The Rollover Investor acknowledges that the restrictions set forth in <u>Sections 4.5(b)</u>, <u>4.5(c)</u> and <u>4.5(d)</u> are fair and reasonable in all respects. Without limiting the foregoing, the Rollover Investor makes the following acknowledgments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) The Rollover Investor will, by virtue of the Rollover Investor's position with the Company, have and gain a high level of inside knowledge regarding the Acquired Companies and its business, and as a result, would have the ability to harm or threaten its legitimate business interests, including without limitation, its goodwill, technologies, intellectual property, business plans, processes, methods of operation, customers, customer lists, referral sources, vendors and vendor contracts, financial and marketing information, and other trade secrets.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) The Rollover Investor will provide services or have significant presence or influence on behalf of the Acquired Companies within the entire Geographic Area due to the nature of the Acquired Companies' business, which is conducted extensively throughout the Geographic Area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Rollover Investor has received sufficient consideration in exchange for the covenants made herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) The Rollover Investor acknowledges that Topco and Parent would be unwilling to enter into the Merger Agreement and the transaction documents contemplated hereby or thereby, or consummate the transactions contemplated thereby, in the absence of this Agreement, and that the covenants contained herein constitute a material inducement to Topco and Parent to enter into, and consummate the transactions contemplated by (including payments of the amounts contemplated by), the Merger Agreement and the transaction documents contemplated hereby or thereby. Without limiting the generality of the foregoing, the Rollover Investor (on his, her or its own behalf and on behalf of his, her or its Affiliates) acknowledges and agrees that the restrictions contained in this <u>Section 4.5</u> are reasonable and necessary to protect the legitimate interests of Topco and Parent, and it is the intention of the parties hereto that if any of the restrictions or covenants contained in this <u>Section 4.5</u> are for any reason held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this <u>Section 4.5</u>, and this <u>Section 4.5</u> shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. It is the further intention of the parties that if any of the restrictions or covenants contained herein is held to cover a geographic area or to be for a length of time which is not permitted by applicable legal requirements, or in any way construed to be too broad or to any extent invalid, such provision shall (to the maximum extent permitted by applicable legal requirements) not be construed to be null, void and of no effect, but instead shall be construed and interpreted or reformed to provide for a covenant having the maximum enforceable geographic area, time period and other provisions (not greater than those contained herein) as shall be valid and enforceable under such applicable legal requirements. If the Rollover Investor breaches any provision of <u>Section 4.5(b)</u>, <u>Section 4.5(c)</u> or <u>Section 4.5(d)</u>, with respect to such breached provision, the periods set forth therein, as applicable, shall be tolled and shall not run for the length of such breach.

Section 5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Tax Treatment</u>. For U.S. federal income tax purposes (and for purposes of any applicable state or local income tax that follows the U.S. federal income tax treatment), the parties hereto intend to treat (i) the contribution of the Rollover Shares and issuance of the Holdings Shares in exchange for the contribution of the Rollover Shares, pursuant to <u>Section 1.1</u>, as a tax-free exchange pursuant to Section 351 of the Code and (ii) the contribution of the Holdings Shares and issuance of the Exchange Units in exchange for the contribution of the Holdings Shares, pursuant to <u>Section 1.1</u>, as a tax-free exchange pursuant to Section 721(a) of the Code. [The][Each] Rollover Investor acknowledges that it has been advised to consult with its own tax, legal and other advisors regarding the tax consequences of acquiring the Holdings Shares and the Exchange Units, legal matters concerning Holdings and Topco or any other action to be taken in connection with the acquisition of the Holdings Shares and the Exchange Units specifically contemplated hereby.

------

Section 6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Governing Law</u>. This Agreement, and all claims or causes of action (whether in contract, tort or otherwise) that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement, shall be governed by the internal laws of the State of Delaware applicable to agreements made and to be performed entirely within such state, without giving effect to its principles or rules of conflict of laws to the extent such principles or rules are not mandatorily applicable by statute and would require or permit the application of the laws of another jurisdiction.

Section 7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Consent to Jurisdiction</u>. Each of the parties hereto hereby expressly, irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Court of Chancery of the State of Delaware or, if such court shall not have jurisdiction, any federal court of the United States of America sitting in Delaware, and any appellate court from any appeal thereof, in any Proceeding arising out of or relating to this Agreement or the transactions contemplated hereby or for recognition or enforcement of any judgment relating thereto, and each of the parties hereby irrevocably and unconditionally (i) agrees not to commence any such Proceeding except in such courts, (ii) agrees that any claim in respect of any such Proceeding may be heard and determined in the Court of Chancery of the State of Delaware or, to the extent permitted by Applicable Law, in such federal court, (iii) 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 such Proceeding in the Court of Chancery of the State of Delaware or such federal court and (iv) waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such Proceeding in the Court of Chancery of the State of Delaware or such federal court. Each of the parties hereto agrees that a final judgment in any such 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 Applicable Law. Each party to this Agreement irrevocably consents to service of process outside the territorial jurisdiction of the courts referred to in this <u>Section 7</u> in any such Proceeding by mailing copies thereof by registered or certified U.S. mail, postage prepaid, return receipt requested, to its address as specified in or pursuant to <u>Section 8</u>. However, nothing in this Agreement will affect the right of any party to this Agreement to serve process on the other party in any other manner permitted by Applicable Law.

Section 8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notices</u>. All notices and other communications provided for herein shall be in writing and shall be delivered either by hand, by reputable overnight courier service or by email (in portable document format ("pdf")) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; If to Topco, then to:

TPG Partners IX, L.P.<br> c/o TPG Global, LLC<br> 301 Commerce Street - Suite 3300

Fort Worth, TX 76102

Email: dharding@tpg.com<br> Attention: Deirdre Harding

------

with a copy, which shall not constitute notice, to:

Davis Polk & Wardwell LLP<br> 450 Lexington Avenue<br> New York, NY 10017<br> Email: oliver.smith@davispolk.com; darren.schweiger@davispolk.com;

michael.diz@davispolk.com<br> Attention: H. Oliver Smith; Darren Schweiger; Michael Diz

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp; If to [the][a] Rollover Investor, then to the address as set forth on [the][such] Rollover Investor's signature page hereto.

[The][Each] Rollover Investor may change its address or email address for notices and other communications hereunder by notice to Topco and Topco may change its address or email address for notices and other communications hereunder by notice to the Rollover Investor[s], as applicable, in accordance with this <u>Section 8</u>. All notices and other communications hereunder must be in writing and will be deemed to have been duly delivered and received hereunder (i) one (1) Business Day after being sent for next Business Day delivery, fees prepaid, via a reputable nationwide overnight courier service; or (ii) immediately upon delivery by hand or by email transmission. Any notice received at the addressee's location, or by email at the addressee's email address, on any Business Day after 5:00 p.m., addressee's local time, or on any day that is not a Business Day will be deemed to have been received at 9:00 a.m., addressee's local time, on the next Business Day.

Section 9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Binding Effect; Assignment</u>. All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by each of the parties hereto and their respective successors and permitted assigns. This Agreement shall not be assigned by (a) the Rollover Investor[s] without the prior written consent of Topco or (b) Topco without the prior written consent of the Rollover Investor[s].

Section 10. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Counterparts</u>. This Agreement may be executed in any number of counterparts and any party hereto may execute any such counterpart, each of which when executed and delivered shall be deemed to be an original and all of which counterparts taken together shall constitute but one and the same instrument. This Agreement shall become binding when one or more counterparts taken together shall have been executed and delivered by all of the parties. It shall not be necessary in making proof of this Agreement or any counterpart hereof to produce or account for any of the other counterparts. A signed copy of this Agreement delivered by facsimile, email or other means of electronic transmission (such as by electronic mail in ".pdf" form) shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

Section 11. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. This Agreement and the Merger Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior negotiations, agreements and understandings with respect thereto, both written and oral.

------

Section 12. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination of this Agreement</u>. This Agreement shall terminate and no longer have any force or effect upon the mutual written consent of Topco and the Rollover Investor[s] and this Agreement shall terminate automatically, without any action of the parties hereto, upon the valid termination of the Merger Agreement in accordance with its terms without the occurrence of the consummation of the transactions contemplated thereby[; provided, however, that this Agreement shall also terminate and no longer have any force or effect if the Rollover Investor's employment with the Company is terminated prior to the Closing]<sup>1</sup>.

Section 13. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Specific Performance</u>. The parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy to which they are entitled under this Agreement or otherwise at law or in equity, without the necessity of proving the inadequacy of money damages as a remedy. Each party hereby waives any requirement for the securing or posting of any bond in connection with such remedy. Each party further agrees that the only permitted objection that it may raise in response to any action for equitable relief is that it contests the existence of a breach of this Agreement.

Section 14. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Third Party Beneficiaries</u>. This Agreement is solely for the benefit of the parties hereto and their respective successors and permitted assigns, and no other Person shall have any right, benefit, priority or interest in, under or because of the existence of, this Agreement. In the event of [the][a] Rollover Investor's death [(in the case of Michael Praeger)], [the][such] Rollover Investor's estate (or beneficiaries) will have rights to any payments due to [the][such] Rollover Investor under this Agreement or in respect of the Exchange Units.

Section 15. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Further Assurances</u>. Subject to the terms and conditions provided herein, each party hereto agrees to use all commercially reasonable efforts to take, or cause to be taken, all action, and to do, or cause to be done, all things necessary, proper or advisable, whether under Applicable Laws or otherwise, in order to consummate and make effective the transactions contemplated by this Agreement.

Section 16. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Severability</u>. In the event that any provision of this 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 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 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.

Section 17. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Amendment</u>. This Agreement may be amended by the parties hereto, and the terms and conditions hereof may be waived, only by an instrument in writing signed on behalf of each of the parties hereto, or, in the case of a waiver, by an instrument signed on behalf of the party waiving compliance.

<sup>1</sup> Included for all Rollover Investors other than Michael Praeger, 2014 Green and Gold GRAT and 2015 Green and Gold GRAT.

------

Section 18. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Trust</u>. If [the][a] Rollover Investor is a trust, references to [the][such] Rollover Investor shall be deemed to be the relevant trust and/or the trustee thereof acting in his or her capacity as such trustee, in each case as the context may require to be most protective of Topco, including for purposes of such trustee's representations and warranties as to the proper organization of the trust, the power and authority as trustee and the non-contravention of the trust's governing documents.

[Signature pages follow.]

------

**IN WITNESS WHEREOF**, the parties have hereby executed this Agreement as of the date first above written.

---

| |
|:---|
| **ARROW PARENT 2025, L.P.** |
| **By: ARROW PARENT GENPAR 2025, LLC, its general partner** |
| By: |
| Name: |
| Title: |
| **ARROW HOLDINGS 2025, INC.** |
| By: |
| Name: |
| Title: |

---

[Signature Page to Rollover Agreement]

------

---

| |
|:---|
| **[ROLLOVER INVESTOR]** |
| By: |
| Name: |
| Title: |
| Address: |
| Email: |

---

[Signature Page to Rollover Agreement]

------

**<u>SCHEDULE 1</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Company Common Stock** | &nbsp;&nbsp;**Rollover Amount ($)** |
| &nbsp;&nbsp;[ ● ] | &nbsp;&nbsp;[ ● ] | &nbsp;&nbsp;[ ● ] |

---

------

**<u>Exhibit A</u>**

**<u>Topco LPA Term Sheet</u>**

------

**<u>EXHIBIT B</u>**

**<u>Management Incentive Plan Term Sheet</u>**

------

**<u>EXHIBIT C</u>**

**FORM OF STOCK POWER**

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto Arrow Parent 2025, L.P., a Delaware limited partnership ("<u>Topco</u>"), [__] ([__]) shares of common stock (the "<u>Purchased Securities</u>") of AvidXchange Holdings, Inc., a Delaware corporation (the "<u>Company</u>"), standing in the undersigned's name on the books of the Company, and hereby irrevocably constitutes and appoints the Secretary of the Company attorney-in-fact to sell, assign, and transfer the Purchased Securities on the books of the Company to Topco, and to take all necessary and appropriate action to effect any such sale, assignment, or transfer, with full power of substitution in the premises.

---

| |
|:---|
| Dated: _______, 2025 |
| **[ROLLOVER INVESTOR]** |
| By: |
| Name: |
| Title: |

---

## Ex-99.(F)

Exhibit (f)

**SECTION 262 OF THE DELAWARE GENERAL CORPORATION LAW**

(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.

(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;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&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;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;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;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;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;(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;(4) [Repealed.]

(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.

(d) Appraisal rights shall be perfected as follows:

&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;(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 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.

------

&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.

(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.

------

(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.

(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.

------

(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 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.

(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.

(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.

------

(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.

(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'?

**Exhibit 107**

**Calculation of Filing Fee Tables**

**SCHEDULE 13E-3**

(Form Type)

**AvidXchange Holdings, Inc.**

**Arrow Borrower 2025, Inc.**

**Arrow Merger Sub 2025, Inc.**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrow Intermediate 2025, Inc.**

#### Arrow Holdings 2025, Inc.
**Arrow Parent 2025, L.P. Arrow Parent GenPar 2025, LLC**

**TPG IX Arrow Parent Holdings, L.P. Arrow Parent Holdings GenPar 2025, LLC The Arrow Holdings Business Trust**

**TPG Partners IX, L.P.**

**Corpay, Inc. Green and Gold 2014 GRAT Green and Gold 2015 GRAT**

**Michael Praeger**

(Exact Name of Registrant and Name of Persons Filing Statement)

**Table 1 – Transaction Value**

---

| | | | |
|:---|:---|:---|:---|
| | Proposed Maximum Aggregate Value of Transaction  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fee Rate  | &nbsp;&nbsp;&nbsp;&nbsp; Amount of Filing Fee  |
| &nbsp;&nbsp;Fees to Be Paid | $2091119571(1)(2) | 0.00015310 | &nbsp;&nbsp;$320150.41(3) |
| &nbsp;&nbsp;Fees Previously Paid | – |  | – |
| &nbsp;&nbsp;**Total Transaction Valuation** | $2091119571 |  |  |
| &nbsp;&nbsp;**Total Fees Due for Filing** |  |  | &nbsp;&nbsp;$320150.41 |
| &nbsp;&nbsp;**Total Fees Previously Paid** |  |  | – |
| &nbsp;&nbsp;**Total Fee Offsets** |  |  | &nbsp;&nbsp;$320150.41(4) |
| &nbsp;&nbsp;**Net Fee Due** |  |  | – |

---

Capitalized terms used below but not defined herein shall have the meanings assigned to such terms in the Agreement and Plan of Merger, dated as of May 6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc. and Arrow Merger Sub 2025, Inc.

(1) Aggregate number of securities to which transaction applies: As of May 30, 2025, the maximum number of shares of Company Common Stock to which this transaction applies is estimated to be 211,992,667, which consists of:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 194,096,910 shares of Company Common Stock (other than the Rollover Shares, Cancelled Shares and any Dissenting Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 4,292,581 shares of Company Common Stock underlying Company Options that have a per share exercise price that is less than $10.00; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 13,603,176 shares of Company Common Stock underlying outstanding Company RSU Awards.

(2) Per unit price or other underlying value of 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): Estimated solely for the purposes of calculating the filing fee, as of May 30, 2025, the underlying value of the transaction was calculated based on the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the product of 194,096,910 shares of Company Common Stock (other than the Rollover Shares, Cancelled Shares and any Dissenting Shares) and the per share merger consideration of $10.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the product of 4,292,581 shares of Company Common Stock underlying Company Options that have a per share exercise price that is less than $10.00 and $2.60 (which is the difference between the per share merger consideration of $10.00 and the weighted average exercise price of the Company Options that have a per share exercise price that is less than $10.00);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the product of 13,603,176 shares of Company Common Stock underlying outstanding Company RSU Awards that vest upon the occurrence of the Effective Time in accordance with their terms and the per share merger consideration of $10.00; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an amount equal to $2,958,000, representing retention awards to be provided to certain Company employees that may be settled in cash or, if so elected by the recipient, restricted common units of Arrow Parent 2025, L.P.

(3) In accordance with Section 14(g) of the Securities Exchange Act of 1934, as amended, the filing fee was determined by multiplying the transaction value by 0.00015310.

(4) AvidXchange Holdings, Inc. previously paid $320,150.41 upon the filing of its Preliminary Proxy Statement on Schedule 14A on June 17, 2025 in connection with the transaction reported hereby.

------

**Table 2 – Fee Offset Claims and Sources**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Registrant or Filer Name | Form or<br> Filing Type | File Number | Initial Filing Date | Filing Date | Fee Offset Claimed | Fee Paid with Fee Offset Source |
| **Fee Offset Claims** |  | Schedule 14A | 001-40898 | June 17, 2025 |  | $320150.41 |  |
| **Fee Offset Sources** | AvidXchange Holdings, Inc. | Schedule 14A | 001-40898 |  | June 17, 2025<br>|  | $320150.41(4) |

---