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| | | | A-1 | | | |
| | | | B-1 | | | |
| | | | C-1 | | | |
| | | | D-1 | | |
Individual
|
| |
Description
|
|
Ken Murphy (U.S. Citizen) | | | Ken Murphy is the Chief Operating Officer of TPG and works across the back office operations of the firm. Prior to joining TPG in 2015, Ken worked at Mount Kellett Capital Management for three years and Goldman, Sachs & Co. for 23 years. | |
Bradford Berenson (U.S. Citizen) | | | Bradford Berenson is the General Counsel of TPG, where he has worked since 2017. Prior to joining TPG in 2017, Bradford served as Vice President and Senior Counsel, Litigation and Legal Policy of The General Electric Company. | |
Individual
|
| |
Description
|
|
Deirdre Cummings (nee) Harding (U.S. Citizen) | | | Deirdre Cummings (nee) Harding is the General Counsel of TPG Capital, where she has worked since 2021. Prior to joining TPG, Deirdre worked at Goldman, Sachs & Co. for 13 years. | |
Mike Guo (People’s Republic of China Citizen) | | | Mike Guo is the Deputy General Counsel of TPG Capital, where he has worked since 2017. Prior to joining TPG in 2017, Mike worked at Ropes & Gray LLP and Simpson Thacher & Bartlett LLP. | |
Steve Willmann (U.S. Citizen) | | | Steve Willmann is a Managing Director and the Treasurer for TPG, where he has worked since 2007. | |
Joann Harris (U.S. Citizen) | | | Joann Harris is a Partner and the Chief Compliance Officer of TPG. Prior to joining TPG in 2015, Joann served as an Assistant Director at the U.S. Securities and Exchange Commission. | |
Martin Davidson (U.S. Citizen) | | | Martin Davidson is a Partner and Chief Accounting Officer of TPG, where he has worked since 2005. | |
Company
|
| |
EV / 2023E
EBITDA Multiple |
|
Allscripts Healthcare Solutions, Inc.(1)
|
| |
7.5x
|
|
Computer Programs and Systems, Inc.
|
| |
9.0x
|
|
Evolent Health, Inc.
|
| |
21.9x
|
|
HealthStream Inc.
|
| |
9.5x
|
|
Health Catalyst, Inc.
|
| |
N/A
|
|
MultiPlan Corporation
|
| |
8.9x
|
|
Nextgen Healthcare, Inc.
|
| |
10.1x
|
|
Omnicell, Inc.
|
| |
17.3x
|
|
Phreesia, Inc.
|
| |
N/A
|
|
Premier, Inc.
|
| |
8.1x
|
|
R1 RCM Inc.
|
| |
15.1x
|
|
Signify Health, Inc.
|
| |
11.1x
|
|
Average (Selected Companies)
|
| |
11.8x
|
|
Median (Selected Companies)
|
| |
9.8x
|
|
Date Announced
|
| |
Target
|
| |
Acquiror
|
| |
Premium to
Unaffected |
| |
Premium to
52-wk High |
|
November 2021 | | | Independence Holding Company | | | Geneve Holdings, Inc. | | |
35.7%
|
| |
18.7%
|
|
October 2020 | | | Eidos Therapeutics, Inc. | | | BridgeBio Pharma, Inc. | | |
41.0%
|
| |
11.6%
|
|
August 2020 | | | Akcea Therapeutics, Inc. | | |
Ionis Pharmaceuticals, Inc.
|
| |
59.5%
|
| |
(19.2)%
|
|
August 2020 | | | Hudson Ltd. | | | Dufry AG | | |
50.1%
|
| |
(51.0)%
|
|
November 2019 | | | AVX Corporation | | | Kyocera Corporation | | |
44.6%
|
| |
16.3%
|
|
April 2019 | | |
Speedway Motorsports, Inc.
|
| | Sonic Financial Corporation | | |
42.0%
|
| |
8.7%
|
|
October 2018 | | | Valero Energy Partners LP | | |
Valero Energy Corporation
|
| |
6.0%
|
| |
(12.0)%
|
|
June 2018 | | | Foundation Medicine, Inc. | | | Roche Holding Ltd | | |
28.7%
|
| |
27.9%
|
|
March 2018 | | | AmTrust Financial Services, Inc. | | | Investor Group | | |
33.0%
|
| |
(51.6)%
|
|
January 2017 | | | Calamos Asset Management, Inc. | | | John Calamos | | |
12.1%
|
| |
(18.1)%
|
|
September 2016 | | | Federal-Mogul Holdings Corporation | | | Icahn Enterprises L.P. | | |
100.8%
|
| |
(28.1)%
|
|
March 2016 | | | Crown Media Holdings, Inc. | | | Hallmark Cards, Incorporated | | |
2.4%
|
| |
(16.9)%
|
|
September 2013 | | | Cornerstone Therapeutics Inc. | | | Chiesi Farmaceutici S.p.A. | | |
78.0%
|
| |
23.4%
|
|
December 2012 | | | Clearwire Corporation | | | Sprint Nextel Corporation | | |
285.0%
|
| |
N/A
|
|
November 2012 | | | Danfoss Power Solutions | | | Danfoss A/S | | |
49.0%
|
| |
5.3%
|
|
25th Percentile | | | | | | | | |
30.9%
|
| |
(18.9)%
|
|
Median | | | | | | | | |
42.0%
|
| |
(3.4)%
|
|
75th Percentile | | | | | | | | |
54.8%
|
| |
15.1%
|
|
U.S. Dollars in millions
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |||||||||||||||
Revenue
|
| | | $ | 407 | | | | | $ | 454 | | | | | $ | 505 | | | | | $ | 561 | | | | | $ | 620 | | |
Gross Profit
|
| | | $ | 163 | | | | | $ | 180 | | | | | $ | 200 | | | | | $ | 223 | | | | | $ | 245 | | |
Adjusted EBITDA(1)
|
| | | $ | 82 | | | | | $ | 89 | | | | | $ | 100 | | | | | $ | 112 | | | | | $ | 124 | | |
Unlevered Free Cash Flow(2)
|
| | | $ | 43 | | | | | $ | 34 | | | | | $ | 54 | | | | | $ | 52 | | | | | $ | 55 | | |
Name
|
| |
Shares of
Company Common Stock Underlying Vested Options(1) |
| |
Estimated Value of
Vested Options(2) |
| |
Shares of
Company Common Stock Underlying Unvested Options(3) |
| |
Estimated Value of
Unvested Options(2) |
| ||||||||||||
Executive Officers | | | | | | | | | | | | | | | | | | | | | | | | | |
Stephen C. Farrell
|
| | | | 863,213 | | | | | $ | 2,420,747 | | | | | | 638,027 | | | | | $ | 2,386,221 | | |
Kyle Stern
|
| | | | 264,849 | | | | | $ | 800,305 | | | | | | 195,757 | | | | | $ | 732,124 | | |
John Steele
|
| | | | 264,849 | | | | | $ | 800,305 | | | | | | 195,757 | | | | | $ | 732,124 | | |
Timothy Fairbanks
|
| | | | 313,896 | | | | | $ | 948,506 | | | | | | 232,008 | | | | | $ | 867,710 | | |
Directors(4) | | | | | | | | | | | | | | | | | | | | | | | | | |
W. Carl Whitmer
|
| | | | 17,325 | | | | | $ | 10,049 | | | | | | 51,975 | | | | | $ | 30,146 | | |
Sharad Mansukani
|
| | | | 387,608 | | | | | $ | 1,322,924 | | | | | | 286,493 | | | | | $ | 1,071,484 | | |
Name
|
| |
Number of Outstanding
Company RSU Awards |
| |
Estimated Value of Outstanding
Company RSU Awards |
| ||||||
Executive Officers | | | | | | | | | | | | | |
Stephen C. Farrell
|
| | | | 355,561 | | | | | $ | 3,733,391 | | |
Kyle Stern
|
| | | | 196,231 | | | | | $ | 2,060,426 | | |
John Steele
|
| | | | 196,231 | | | | | $ | 2,060,426 | | |
Timothy Fairbanks
|
| | | | 219,711 | | | | | $ | 2,306,966 | | |
Directors(1) | | | | | | | | | | | | | |
Sharad Mansukani
|
| | | | 54,250 | | | | | $ | 569,625 | | |
Paul Campanelli
|
| | | | 27,125 | | | | | $ | 284,813 | | |
Carl Whitmer
|
| | | | 27,125 | | | | | $ | 284,813 | | |
Name
|
| |
Number of Target Company
PSU Awards(1) |
| |
Value of Company
PSU Awards(2) |
| ||||||
Executive Officers | | | | | | | | | | | | | |
Stephen C. Farrell
|
| | | | 355,561 | | | | | $ | 3,733,391 | | |
Kyle Stern
|
| | | | 108,499 | | | | | $ | 1,139,240 | | |
John Steele
|
| | | | 108,499 | | | | | $ | 1,139,240 | | |
Timothy Fairbanks
|
| | | | 146,474 | | | | | $ | 1,537,977 | | |
Directors(3) | | | | | | | | | | | | | |
Sharad Mansukani
|
| | | | 27,125(2) | | | | | $ | 284,813 | | |
Name
|
| |
Number of Shares
of Company Common Stock |
| |
Percentage of Shares
Designated as Rollover Shares |
| ||||||
Executive Officers | | | | | | | | | | | | | |
Stephen C. Farrell
|
| | | | 636,862 | | | | | | 80% | | |
Kyle Stern
|
| | | | 608,025 | | | | | | 80% | | |
John Steele
|
| | | | 750,081 | | | | | | 80% | | |
Timothy Fairbanks
|
| | | | 266,434 | | | | | | 80% | | |
Directors | | | | | | | | | | | | | |
Sharad Mansukani
|
| | | | 206,678 | | | | | | 100% | | |
All Other Rollover Shares
|
| | | | 490,261 | | | | | | 80% | | |
Description
|
| |
Amount
|
| |||
Financial advisory fees and expenses
|
| | | $ | 8,205,000 | | |
Legal, accounting and other professional fees and expenses
|
| | | $ | [•] | | |
SEC filing fees
|
| | | $ | 15,150 | | |
Printing and mailing costs
|
| | | $ | [•] | | |
Miscellaneous
|
| | | $ | [•] | | |
Total
|
| | | $ | [•] | | |
Fiscal Year
|
| |
High
|
| |
Low
|
| |
Dividend Paid
|
| |||||||||
2020 | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | | N/A | | | | | | N/A | | | | | | — | | |
Second Quarter
|
| | | | N/A | | | | | | N/A | | | | | | — | | |
Third Quarter
|
| | | | N/A | | | | | | N/A | | | | | | — | | |
Fourth Quarter
|
| | | | N/A | | | | | | N/A | | | | | | — | | |
2021 | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | | N/A | | | | | | N/A | | | | | | — | | |
Second Quarter
|
| | | $ | 14.29 | | | | | $ | 10.55 | | | | | | — | | |
Third Quarter
|
| | | $ | 11.48 | | | | | $ | 7.61 | | | | | | — | | |
Fourth Quarter
|
| | | $ | 8.45 | | | | | $ | 6.01 | | | | | | — | | |
2022 | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 8.90 | | | | | $ | 4.85 | | | | | | — | | |
Second Quarter
|
| | | $ | 10.49 | | | | | $ | 3.75 | | | | | | — | | |
Third Quarter
|
| | | $ | 10.47 | | | | | $ | 10.35 | | | | | | — | | |
| | |
Total Number of
Shares Purchased |
| |
Range of Prices
Paid per Share |
| |
Average Price
Paid per Share |
| ||||||
2020 Q3
|
| | | | | | | | | | | | | | | |
2020 Q4
|
| | | | | | | | | | | | | | | |
2021 Q1
|
| | | | | | | | | | | | | | | |
2021 Q2
|
| | | | 45,000 | | | |
$12.82 to $13.10
|
| | | $ | 13.00 | | |
2021 Q3
|
| | | | | | | | | | | | | | | |
2021 Q4
|
| | | | | | | | | | | | | | | |
2022 Q1
|
| | | | | | | | | | | | | | | |
2022 Q2
|
| | | | | | | | | | | | | | | |
2022 Q3
|
| | | | | | | | | | | | | | | |
| | |
Shares Beneficially Owned
|
| |||||||||
Name of Beneficial Owner
|
| |
Number
|
| |
Percentage
|
| ||||||
5% Stockholders: | | | | | | | | | | | | | |
TPG Cannes Aggregation L.P.(1)
|
| | | | 54,699,513 | | | | | | 74.7% | | |
Named Executive Officers and Directors: | | | | | | | | | | | | | |
Stephen C. Farrell(2)
|
| | | | 1,500,075 | | | | | | 2.0% | | |
John Steele(3)
|
| | | | 1,050,720 | | | | | | 1.4% | | |
Kyle Stern(4)
|
| | | | 900,774 | | | | | | 1.2% | | |
Dr. Sharad S. Mansukani(5)
|
| | | | 594,286 | | | | | | 0.8% | | |
Todd B. Sisitsky(6)
|
| | | | — | | | | | | | | |
Katherine Wood(7)
|
| | | | — | | | | | | | | |
W. Carl Whitmer(8)
|
| | | | 42,525 | | | | | | 0.1% | | |
Paul Campanelli
|
| | | | — | | | | | | | | |
All Executive Officers and Directors as a Group (9 Persons)(9)
|
| | | | 4,668,707 | | | | | | 6.4% | | |
Company Filings:
|
| |
Periods:
|
|
Annual Report on Form 10-K | | | Fiscal Year ended December 31, 2021 | |
Quarterly Report on Form 10-Q | | | Fiscal Quarter ended March 31, 2022 | |
| | |
Page
|
| |||
ARTICLE 1
The Merger; Closing; Effective Time |
| | |||||
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
ARTICLE 2
Certificate of Incorporation and Bylaws of the Surviving Corporation |
| | |||||
| | | | A-2 | | | |
| | | | A-3 | | | |
ARTICLE 3
Directors and Officers of the Surviving Corporation |
| | |||||
| | | | A-3 | | | |
| | | | A-3 | | | |
ARTICLE 4
Effect of the Merger on Capital Stock; Exchange of Share Certificates |
| | |||||
| | | | A-3 | | | |
| | | | A-4 | | | |
| | | | A-6 | | | |
| | | | A-7 | | | |
ARTICLE 5
Representations and Warranties |
| | |||||
| | | | A-7 | | | |
| | | | A-22 | | | |
ARTICLE 6
Covenants |
| | |||||
| | | | A-26 | | | |
| | | | A-28 | | | |
| | | | A-31 | | | |
| | | | A-33 | | | |
| | | | A-34 | | | |
| | | | A-34 | | | |
| | | | A-35 | | | |
| | | | A-35 | | | |
| | | | A-36 | | | |
| | | | A-36 | | | |
| | | | A-37 | | |
| | |
Page
|
| |||
| | | | A-37 | | | |
| | | | A-39 | | | |
| | | | A-40 | | | |
| | | | A-41 | | | |
| | | | A-41 | | | |
| | | | A-41 | | | |
ARTICLE 7
Conditions |
| | |||||
| | | | A-41 | | | |
| | | | A-41 | | | |
| | | | A-42 | | | |
ARTICLE 8
Termination |
| | |||||
| | | | A-42 | | | |
| | | | A-44 | | | |
ARTICLE 9
Miscellaneous and General |
| | |||||
| | | | A-45 | | | |
| | | | A-45 | | | |
| | | | A-45 | | | |
| | | | A-46 | | | |
| | | | A-46 | | | |
| | | | A-47 | | | |
| | | | A-48 | | | |
| | | | A-48 | | | |
| | | | A-48 | | | |
| | | | A-48 | | | |
| | | | A-48 | | | |
| | | | A-48 | | | |
| | | | A-48 | | | |
| | | | A-49 | | | |
| | | | A-49 | | | |
| | | | A-49 | | | |
| | | | A-50 | | | |
| | | | A-51 | | | |
| | | | A-51 | | |
|
Annex A
Defined Terms
|
| | | |
|
Exhibit A
Form of Certificate of Incorporation of the Surviving Corporation
|
| | | |
|
Exhibit B
Form of Stockholder Consent
|
| | | |
|
Exhibit C
Form of FIRPTA Certificate
|
| | | |
Term
|
| |
Section
|
|
Action | | |
5.01(h)
|
|
Agreement | | |
Preamble
|
|
Alternative Acquisition Agreement | | |
6.02(c)(iii)
|
|
Alternative Financing | | |
6.12(d)
|
|
Alternative Financing Commitment Letter | | |
6.12(d)
|
|
Applicable Date | | |
5.01(e)(i)
|
|
Bankruptcy and Equity Exception | | |
5.01(c)(i)
|
|
Book-Entry Shares | | |
4.01(a)
|
|
Bylaws | | |
2.02
|
|
Change of Recommendation | | |
6.02(c)(iii)
|
|
Charter | | |
2.01
|
|
Chosen Courts | | |
9.05(a)
|
|
Closing | | |
1.02
|
|
Closing Date | | |
1.02
|
|
Code | | |
4.02(h)
|
|
Company | | |
Preamble
|
|
Company Board | | |
Recitals
|
|
Company Disclosure Schedule | | |
5.01
|
|
Company Permits | | |
5.01(j)(ii)
|
|
Company Recommendation | | |
5.01(c)(iii)(A)
|
|
Company Reports | | |
5.01(e)(i)
|
|
Continuing Employee | | |
6.08(a)
|
|
Contract | | |
5.01(d)(ii)(C)
|
|
D&O Insurance | | |
6.10(b)
|
|
Debt Commitment Letter | | |
5.02(f)(i)
|
|
Debt Financing | | |
5.02(f)(i)
|
|
Delaware Certificate of Merger | | |
1.03
|
|
DGCL | | |
Recitals
|
|
Dissenting Shares | | |
4.01(a)
|
|
DOJ | | |
6.04(b)(iii)
|
|
DTC | | |
4.02(c)(i)
|
|
Effective Time | | |
1.03
|
|
Enforcement Costs | | |
8.02(c)
|
|
Exchange Act | | |
5.01(d)(i)(D)(2)
|
|
Excluded Benefits | | |
6.08(a)(ii)
|
|
Excluded Shares | | |
4.01(a)
|
|
FTC | | |
6.04(b)(iii)
|
|
Governmental Authority | | |
5.01(d)(i)(D)
|
|
Guarantee | | |
Recitals
|
|
Guarantors | | |
Recitals
|
|
Indemnified Parties | | |
6.10(a)
|
|
Information Statement | | |
6.03(c)(iii)
|
|
Insurance Policies | | |
5.01(r)
|
|
Intervening Event | | |
6.02(d)(ii)
|
|
IRS | | |
5.01(i)(i)(4)
|
|
Term
|
| |
Section
|
|
Laws | | |
5.01(j)(i)(A)
|
|
Letter of Transmittal | | |
4.02(c)(i)
|
|
Material Adverse Effect | | |
7.02(a)(iv)
|
|
Material Contract | | |
5.01(k)(i)
|
|
material weakness | | |
5.01(e)(ii)
|
|
Maximum Annual Premium | | |
6.10(b)
|
|
Merger | | |
Recitals
|
|
Merger Consideration | | |
4.01(a)
|
|
Merger Sub | | |
Preamble
|
|
Multiemployer Plan | | |
5.01(i)(ii)
|
|
New York Courts | | |
9.05(a)
|
|
Order | | |
7.01(b)
|
|
Outside Date | | |
8.01(b)
|
|
Parent | | |
Preamble
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Parent Disclosure Schedule | | |
5.02
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Parent Termination Fee | | |
8.02(c)
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Parties | | |
Preamble
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Paying Agent | | |
4.02(a)
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Payment Fund | | |
4.02(b)
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Rollover and Support Agreement | | |
Recitals
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Rollover Shares | | |
Recitals
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Rollover Stockholders | | |
Recitals
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Preferred Stock | | |
5.01(b)(i)
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Privacy Requirements | | |
5.01(q)(xi)
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Professional License | | |
5.01(j)(ii)
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Reimbursement Obligations | | |
6.13(d)
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Schedule 13e-3 | | |
6.03(c)
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Scheduled Company IP | | |
(q)5.01(q)(i)
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SEC | | |
5.01(e)(i)
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SEC Clearance Date | | |
6.03(d)
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Securities Act | | |
5.01(d)(i)(D)(2)
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service provider | | |
5.01(i)(i)
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Share Certificate | | |
4.01(a)
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Shares | | |
Recitals
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significant deficiency | | |
5.01(e)(ii)
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Special Committee | | |
Recitals
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Stockholder Consent | | |
5.01(c)(iv)
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Support Agreement | | |
Recitals
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Surviving Corporation | | |
1.01
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Takeover Statute | | |
5.01(m)
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Termination Payment | | |
8.02(c)
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Trade Controls | | |
5.01(j)(iv)
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Unaffiliated Stockholders | | |
Recitals
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WARN Act | | |
5.01(p)(ii)
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| | | | COMMODORE PARENT 2022, LLC | |
| | | |
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| | | | STOCKHOLDER: | |
| | | |
Number of Shares Owned (Subject Shares):
Company Equity Awards:
Number of Company Options:
Number of Company RSU Awards:
Number of Company PSU Awards:
Number of Company LTI Awards:
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|
| | | |
JOINING PARTY:
Number of Shares Owned (Subject Shares):
Company Equity Awards:
Number of Company Options (exercisable into a number of Shares): ( )
Number of Company RSU Awards (exercisable into a number of Shares): ( )
Number of Company PSU Awards (exercisable into a number of Shares): ( )
Number of Company LTI Awards (exercisable into a number of Shares): ( )
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EX-FILING FEES
Calculation of Filing Fee Tables
PRER14C
(Form Type)
Convey
Health Solutions Holdings, Inc.
(Exact Name of Registrant as Specified in its Charter)
Table 1: Transaction Valuation
Proposed Maximum Aggregate Value of Transaction | Fee rate | Amount of Filing Fee | ||||||||||
Fees to Be Paid | $ | 0.00 | $ | 0.00 | ||||||||
Fees Previously Paid | $ | 163,131,328.50 | (1) | .0000927 | $ | 15,122.27 | (2)(3) | |||||
Total Transaction Valuation | $ | 163,131,328.50 | ||||||||||
Total Fees Due for Filing | $ | 0.00 | ||||||||||
Total Fees Previously Paid | $ | 15,122.27 | ||||||||||
Total Fee Offsets | $ | 0.00 | ||||||||||
Net Fee Due | $ | 0.00 |
(1) Solely for the purpose of calculating the filing fee, the aggregate value of the transaction was calculated as 15,536,317 shares of Convey Health Solutions Holdings, Inc. common stock outstanding multiplied by $10.50 per share (which excludes shares of common stock beneficially owned by TPG Parties (as defined below) and the Rollover Stockholders (as defined below)).
(2) The amount of the filing fee, calculated in accordance with Rule 0-11 of the Exchange Act was calculated by multiplying $163,131,328.50 by 0.0000927.
(3) Convey Health Solutions Holdings, Inc. previously paid $15,122.27 upon the filing of its Preliminary Information Statement on Schedule 14C on July 22, 2022.
Table 2: Fee Offset Claims and Sources
Registrant or Filer Name |
Form
or Filing Type |
File Number | Initial Filing Date |
Filing Date | Fee
Offset Claimed |
Fee
Paid with Fee Offset Source | |||||||
Fee Offset Claims | |||||||||||||
Fee Offset Sources |