Exhibit 16(c)(x)
PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW Discussion
Materials Precedent Transaction Data Goldman Sachs & Co. LLC April 2024
PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW Precedent M&A
Transaction Premia 2018 – 2024 YTD | All Cash TMT Deals Source: FactSet as of 11-Apr-2024 Note: Includes all-cash U.S. TMT M&A transactions since 01-Jan-2017 with an enterprise value greater than $200mm. N = 246. Median Premia to
Undisturbed Price Median Premia to Undisturbed Price (Grouped as % of 52 week High) 25 % 26 % 33 % 31 % 32 % 32 % 2018 2019 2020 2021 2023 2024 YTD Median: 30 % 91 % Surveyor currently 99.7% of 52WH 64 % 56 % 53 % 48 % 43
% 41 % 35 % 31 % 29 % 27 % 32 % 26 % 25 % 18 % 21 % 20 % 8 % 0-50% 50-60% 60-70% 70-80% 80-90% 90%+ # of Deals 35 30 19 35 41 32 14 25th percentile: 19% 75th percentile: 47% Denotes 25th and 75th Percentile Premia
to Undisturbed 2
PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW US Related Party
Transaction Premia Public Transactions >$200M, 2008 – 2024 Source: Deal Point, Company Filings. # Deals 1-Day Premium 13E-3 Take Privates 65 29.1 % Significant Insider Buyout (15-49% Pre-Deal Ownership) 41 33.2 % Minority Squeeze
Out (50-95% Pre-Deal Ownership) 50 32.9 % Recent Precedents Target 1-Day Premium Press Release Framing Endeavor 8.7 % 55% Premium to Unaffected share price, 39% premium to unaffected 30D VWAP EngageSmart 13.9 % 23% Premium to
Unaffected share price, 30% premium to unaffected 30D VWAP 3
PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW Selected Public
Software Transactions Revenue Multiples | Public Software Transactions >$1 Billion with >15% Revenue Growth Since 2019 Source: Public Filings, FactSet ¹ Transaction multiple reflects metrics at announcement. NTM revenue reflects median
consensus estimates for the next twelve-month period as of transaction announcement date. ² Transaction value includes convertible note breakage costs assuming takeout date per anticipated transaction close referenced in announcement press
release. Convertible note breakage costs exclude any impact
from Announcement Dec-2020 Jul-2021 Apr-2022 Jun-2022 Oct-2022 Jun-2019 Jul-2021 Mar-2022 Apr-2021 Aug-2022 Dec-2022 Oct-2021 Oct-2022 Mar-2021 Feb-2019 Apr-2022 Aug-2022 Feb-2020 Mar-2023 Jun-2022 Oct-2022 Target Slack Five9 SailPoint Anaplan KnowBe4 Tableau Medallia Mandiant Proofpoint Avalara Coupa Momentive ForgeRock Pluralsight Ultimate
Software Datto Ping Identity Instructure Cvent Zendesk UserTesting Acquiror Salesforce Zoom Thoma Bravo Thoma Bravo Vista Salesforce Thoma Bravo Google Thoma Bravo Vista Thoma Bravo Zendesk Thoma Bravo Vista Hellman &
Friedman Kaseya Thoma Bravo Thoma Bravo Blackstone Investor Group Thoma Bravo Transaction Value ($bn)² $28.2 $14.7 $7.0 $10.1 $4.3 $15.7 $6.4 $5.4 $11.4 $8.4 $8.1 $4.4 $2.0 $3.7 $10.9 $6.0 $2.8 $1.9 $4.5 $9.9 $1.1 %
Cash Consideration 58% 0% 100% 100% 100% 0% 100% 100% 100% 100% 100% 0% 100% 100% 100% 100% 100% 100% 100% 100% 100% Premium to
Undisturbed 55% 13% 32% 52% 44% 42% 20% 53% 34% 27% 77% 39% 53% 40% 19% 52% 63% 13% 29% 34% 94% Acquiror EV / NTM Revenue Multiple 9.5x 25.9x – – – 7.6x – – – – – 9.8x – – – – – – – – – Target NTM
Revenue Growth 28% 19% 18% 25% 30% 20% 20% 16% 15% 21% 15% 19% 25% 15% 20% 17% 18% 24% 17% 26% 16% Target NTM Operating
Margin (6)% 13% (4)% (3)% 12% 13% (2)% (14)% 14% (0)% 8% 6% (10)% (5)% 20% 19% (4)% (5)% 18% 8% (19)% EV / NTM
Revenue¹ 26.4x 25.9x 12.9x 12.8x 11.4x 10.9x 10.8x 9.7x 9.1x 8.8x 8.6x 8.6x 8.4x 8.3x 8.0x 8.0x 7.7x 6.2x 6.2x 5.5x 5.1x 75th Percentile: 10.9x Median: 8.6x 25th Percentile: 8.0x Sponsor deals capped call
unwind. 4 Min: 5.1x Max: 12.9x 25th percentile:6.2x 50th percentile: 8.4x
PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW 12.0 x 10.3
x 10.3 x 8.8 x 11.1 x 12.9 x 12.5 x 15.7 x 10.9 x Digital Room EIGI Cision Shutterfly Web.com Host Europe 1&1 Constant Conversant Contact Median: 11.1x Source: Public Filings, Press Reports, Capital IQ, IBES Select Precedent
Transactions LTM EV / EBITDA Multiples NTM EV / EBITDA Target Date Dec-21 Nov-20 Oct-19 Jun-19 Jun-18 Dec-16 Nov-16 Nov-15 Sep-14 Acquirer Sycamore Clearlake Capital Group Platinum Equity Apollo Global
Management Siris GoDaddy Warburg Pincus Endurance Group Alliance Data Consideration 100% Cash 100% Cash 100% Cash 100% Cash 100% Cash 100% Cash 100% Cash 100% Cash 44% Cash, 56%
Stock EV ~$1bn ~$3bn ~$3bn ~$3bn ~$2bn ~$2bn ~$3bn ~$1bn ~$2bn LTM EBITDA Margin NA 25 % 35 % 11 % 25 % 42 % NA 14 % 36 % FY+1 Revenue Growth - 2 % 9 % 7 % 2 % - - 18 % 13
% 7.8x 11.0x 9.6x 13.5x 10.2x 9.9x ~12.0 x 10.1x Note: Utilizes the latest publicly available balance sheet and share data prior to announcement. 5 Median
