<SEC-DOCUMENT>0001140361-25-026052.txt : 20250716
<SEC-HEADER>0001140361-25-026052.hdr.sgml : 20250716
<ACCEPTANCE-DATETIME>20250716165923
ACCESSION NUMBER:		0001140361-25-026052
CONFORMED SUBMISSION TYPE:	SC 13E3/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250716
DATE AS OF CHANGE:		20250716
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/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-93349
		FILM NUMBER:		251127960

	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/A

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13E3/A
<SEQUENCE>1
<FILENAME>ny20049415x5_sc13e3a.htm
<DESCRIPTION>SC 13E3/A
<TEXT>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 540pt;"><a name="ny20049415x5_sc13e3a_100-regcov_pg1"><!--Anchor--></a><div class="BRDSX_block-frill" style="width: 540pt; margin-left: 0pt;"><div><div class="BRDSX_rule-full" style="height: 0pt; width: 100%; border-bottom: 2pt solid #000000; margin-top: 1pt; margin-bottom: 1pt; margin-left: auto; margin-right: auto;"> </div><div class="BRDSX_rule-full" style="height: 0pt; width: 100%; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-left: auto; margin-right: auto; margin-top: 4pt;"> </div></div></div><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 540pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 9.5pt; text-align: center;">SECURITIES AND EXCHANGE COMMISSION <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold; margin-top: 0pt; text-align: center; font-size: 10pt;"><font style="font-size: 10pt;">WASHINGTON, D.C. 20549 </font></div> <div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 3pt; text-align: center;">SCHEDULE 13E-3<br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold; margin-top: 0pt; text-align: center; font-size: 12pt;"><font style="font-size: 12pt;">(Amendment No. 1) </font></div> <div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 3pt; text-align: center;">RULE 13E-3 TRANSACTION STATEMENT <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">UNDER SECTION 13(E) OF <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">THE SECURITIES EXCHANGE ACT OF 1934 </div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 18pt; font-weight: bold; margin-top: 3pt; text-align: center;">AVIDXCHANGE HOLDINGS, INC. <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold; margin-top: 0pt; text-align: center; font-size: 10pt;"><font style="font-size: 10pt; font-weight: normal;">(Name of the Issuer) </font></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; font-weight: bold; margin-top: 4pt; text-align: center;">AvidXchange Holdings, Inc. <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; font-weight: bold; margin-top: 0pt; text-align: center;">Arrow Borrower 2025, Inc. <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; font-weight: bold; margin-top: 0pt; text-align: center;">Arrow Merger Sub 2025, Inc. <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; font-weight: bold; margin-top: 0pt; text-align: center;">Arrow Intermediate 2025, Inc.<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; font-weight: bold; margin-top: 0pt; text-align: center;">Arrow Holdings 2025, Inc.<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; font-weight: bold; margin-top: 0pt; text-align: center;">Arrow Parent 2025, L.P.<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; font-weight: bold; margin-top: 0pt; text-align: center;">Arrow Parent GenPar 2025, LLC<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; font-weight: bold; margin-top: 0pt; text-align: center;">TPG IX Arrow Parent Holdings, L.P.<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; font-weight: bold; margin-top: 0pt; text-align: center;">Arrow Parent Holdings GenPar 2025, LLC<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; font-weight: bold; margin-top: 0pt; text-align: center;">The Arrow Holdings Business Trust </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; font-weight: bold; margin-top: 2pt; text-align: center;">TPG Partners IX, L.P.<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; font-weight: bold; margin-top: 0pt; text-align: center;">Corpay, Inc.<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; font-weight: bold; margin-top: 0pt; text-align: center;">Green and Gold 2014 GRAT<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; font-weight: bold; margin-top: 0pt; text-align: center;">Green and Gold 2015 GRAT<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; font-weight: bold; margin-top: 0pt; text-align: center;">Michael Praeger </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; margin-top: 2pt; text-align: center;">(Names of Persons Filing Statement) </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; font-weight: bold; margin-top: 2pt; text-align: center;">Common Stock, $0.001 par value per share<font style="font-weight: normal;"> </font><br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">(Title of Class&#160;of Securities) </font></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; font-weight: bold; margin-top: 2pt; text-align: center;">05368X102<font style="font-weight: normal;"> </font><br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">(CUSIP Number of Class&#160;of Securities) </font></div><div><div class="BRDSX_rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-bottom: 2pt; margin-left: auto; margin-right: auto; margin-top: 6.75pt;"> </div></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -2pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_txttab" style="margin-top: -2pt; width: 540pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 144pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 20.7pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 20.7pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 169.2pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 20.7pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 20.7pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 144pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 144pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">AvidXchange Holdings, Inc.<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Michael Praeger <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Green and Gold 2014 GRAT<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Green and Gold 2015 GRAT<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">c/o AvidXchange Holdings, Inc.<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Michael Praeger<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Chief Executive Officer<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">1210 AvidXchange Lane <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Charlotte, NC 28206<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">(800) 560-9305</div></td><td style="width: 20.7pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 20.7pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 169.2pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Arrow Borrower 2025, Inc. <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Arrow Merger Sub 2025, Inc. <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Arrow Intermediate 2025, Inc.<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Arrow Holdings 2025, Inc.<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Arrow Parent 2025, L.P.<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Arrow Parent GenPar 2025, LLC<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">TPG IX Arrow Parent Holdings, L.P.<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Arrow Parent Holdings GenPar 2025, LLC<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">The Arrow Holdings Business Trust<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">TPG Partners IX, L.P.<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">c/o TPG Partners IX, L.P.<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">301 Commerce Street, Suite 3300<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Fort Worth, TX 76102<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">(817) 871-4000</div></td><td style="width: 20.7pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 20.7pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 144pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Corpay, Inc.<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Alissa Vickery<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Chief Financial Officer<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">3280 Peachtree Road, <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Suite 2400<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Atlanta, GA 30305<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">(770) 449-0479</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 3pt; width: 144pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3pt; width: 20.7pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3pt; width: 20.7pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3pt; width: 169.2pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3pt; width: 20.7pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3pt; width: 20.7pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3pt; width: 144pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; margin-top: 0pt; text-align: center;">(Name, Address, and Telephone Numbers of Person Authorized to Receive Notices <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; margin-top: 0pt; text-align: center;">and Communications on Behalf of the Persons Filing Statement) </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; margin-top: 2pt; text-align: center;">With copies to </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -2pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_txttab" style="margin-top: -2pt; width: 540pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 264pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 264pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 264pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">David Beller<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Ian Nussbaum<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Cathy Birkeland <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Latham &amp; Watkins LLP<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">1271 Avenue of the Americas<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">New York, NY 10020<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">(212) 906-1200</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 264pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Oliver Smith<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Darren Schweiger<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Michael Diz <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Davis Polk &amp; Wardwell LLP<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">450 Lexington Avenue<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">New York, NY 10017<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 0pt; text-align: center;">(212) 450-4000</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 3pt; width: 264pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3pt; width: 264pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; margin-top: 2pt; text-align: center;">This statement is filed in connection with (check the appropriate box): </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -2pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_txttab" style="margin-top: -2pt; width: 540pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 12pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 12pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 492pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 12pt; padding-bottom: 0.63pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.5pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">a.</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 12pt; padding-bottom: 0.63pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.5pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">&#x2612; </div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 492pt; padding-bottom: 0.63pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.5pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule&#160;13e-3(c) under the Securities Exchange Act of 1934. </div></td></tr><tr><td style="width: 12pt; padding-top: 0.31pt; padding-bottom: 0.63pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.5pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">b.</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 12pt; padding-top: 0.59pt; padding-bottom: 0.63pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">&#8201;<font style="font-size: 8.5pt;">&#x2610; </font></div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 492pt; padding-top: 0.31pt; padding-bottom: 0.63pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.5pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">The filing of a registration statement under the Securities Act of 1933. </div></td></tr><tr><td style="width: 12pt; padding-top: 0.31pt; padding-bottom: 0.63pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.5pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">c.</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 12pt; padding-top: 0.59pt; padding-bottom: 0.63pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">&#8201;<font style="font-size: 8.5pt;">&#x2610; </font></div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 492pt; padding-top: 0.31pt; padding-bottom: 0.63pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.5pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">A tender offer. </div></td></tr><tr><td style="width: 12pt; padding-top: 0.31pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.5pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">d.</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 12pt; padding-top: 0.59pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">&#8201;<font style="font-size: 8.5pt;">&#x2610; </font></div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 492pt; padding-top: 0.31pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.5pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">None of the above.</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 3.25pt; width: 12pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3.25pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3.25pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3.25pt; width: 12pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3.25pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3.25pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3.25pt; width: 492pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; margin-top: 2pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: &#x2612; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; margin-top: 2pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Check the following box if the filing is a final amendment reporting the results of the transaction: <font style="font-size: 1pt;">&#8201;</font>&#x2610; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; font-weight: bold; margin-top: 2pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">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.<font style="font-weight: normal;"> </font></div></div></div><div class="BRDSX_block-frill" style="width: 540pt; margin-top: 12pt; margin-left: 0pt;"><div><div class="BRDSX_rule-full" style="height: 0pt; width: 100%; border-bottom: 1pt solid #000000; margin-top: 1pt; margin-bottom: 1pt; margin-left: auto; margin-right: auto;"> </div><div class="BRDSX_rule-full" style="height: 0pt; width: 100%; border-bottom: 2pt solid #000000; margin-bottom: 1pt; margin-left: auto; margin-right: auto; margin-top: 4pt;"> </div></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20049415x5_sc13e3a_101-intro_pg1"><!--Anchor--></a><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Introduction </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">This Amendment No. 1 (&#8220;<u>Amendment No. 1</u>&#8221;) to the Transaction Statement on Schedule 13E-3 (as amended hereby, this &#8220;<u>Transaction Statement</u>&#8221;) is being filed with the U.S. Securities and Exchange Commission (the &#8220;<u>SEC</u>&#8221;) pursuant to Section&#160;13(e) of the Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the &#8220;<u>Exchange Act</u>&#8221;), jointly by the following persons (each, a &#8220;<u>Filing Person</u>&#8221; and collectively, the &#8220;<u>Filing Persons</u>&#8221;): (1) AvidXchange Holdings, Inc., a Delaware corporation (&#8220;<u>AvidXchange</u>&#8221; or the &#8220;<u>Company</u>&#8221;); (2) Arrow Borrower 2025, Inc., a Delaware corporation (&#8220;<u>Parent</u>&#8221;); (3) Arrow Merger Sub 2025, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (&#8220;<u>Merger Sub</u>&#8221;); (4) Arrow Intermediate 2025, Inc., a Delaware corporation; (5) Arrow Holdings 2025, Inc., a Delaware corporation (&#8220;<u>Holdings</u>&#8221;); (6) Arrow Parent 2025, L.P., a Delaware limited partnership (&#8220;<u>Topco</u>&#8221;); (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)&#160;Green and Gold 2015 GRAT, an irrevocable trust; and (15) Michael Praeger. </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">This Transaction Statement relates to the Agreement and Plan of Merger, dated as of May&#160;6, 2025 (including all exhibits and documents attached thereto, and as it may be amended from time to time, the &#8220;<u>Merger Agreement</u>&#8221;), 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 &#8220;<u>Merger</u>&#8221;), with the Company surviving the Merger as a wholly owned subsidiary of Parent (the &#8220;<u>Surviving Corporation</u>&#8221;). The Merger Agreement and the transactions contemplated thereby, including the Merger, are more fully described in the Proxy Statement (as hereinafter defined). </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In connection with the execution of the Merger Agreement, certain officers of the Company (each, a &#8220;<u>Rollover </u><u>Stockholder</u>&#8221;) have entered into rollover agreements (the &#8220;<u>Rollover Agreements</u>&#8221;) with Holdings and Topco, pursuant to which, among other matters, each Rollover Stockholder will, immediately prior to the effective time of the Merger (the &#8220;<u>Effective Time</u>&#8221;), contribute, transfer and assign to Holdings certain shares of common stock of the Company, $0.001 par value per share (&#8220;<u>Company Common Stock</u>&#8221;) 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. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">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 &#8220;<u>Merger Consideration</u>&#8221;). 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 (&#8220;<u>Dissenting Shares</u>&#8221;) will be entitled to receive payment of the appraised value of such shares as provided by Delaware law. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The board of directors of the Company (the &#8220;<u>Company Board</u>&#8221;) formed a transaction committee comprised solely of disinterested and independent members of the Company Board (the &#8220;<u>Transaction Committee</u>&#8221;), 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&#8217;s legal and financial advisors. The Board, by the unanimous vote of the independent directors, has (1)&#160;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. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">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 &#8220;<u>DGCL</u>&#8221;). </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">1<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20049415x5_sc13e3a_101-intro_pg2"><!--Anchor--></a><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If the Merger is consummated, the Company Common Stock will be delisted from the Nasdaq Global Select Market and deregistered under the Exchange Act. </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Concurrently with the filing of this Amendment No. 1, the Company is filing with the SEC, under Regulation 14A of the Exchange Act, Amendment No. 1 to its preliminary proxy statement (as amended thereby, the &#8220;<u>Proxy </u><u>Statement</u>&#8221;), 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&#160;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. </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">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. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">While each of the Filing Persons acknowledges that the Merger may be deemed to constitute a &#8220;going private&#8221; transaction for purposes of Rule&#160;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 &#8220;controlled&#8221; by any of the Filing Persons and/or their respective affiliates. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">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. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">2<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20049415x5_sc13e3a_102-items_pg1"><!--Anchor--></a><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 45pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item&#160;1.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Summary Term Sheet</div></td></tr></table><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Regulation M-A Item&#160;1001 </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;GENERAL INFORMATION&#8221; </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 45pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item&#160;2.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Subject Company Information </div></td></tr></table><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Regulation M-A Item&#160;1002 </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(a) <font style="font-style: italic;">Name and address</font>. The Company&#8217;s name, and the address and telephone number of its principal executive offices are: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-align: left;">AvidXchange Holdings, Inc. <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">1210 AvidXchange Lane <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Charlotte, NC 28206 <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">(800) 560-9305 </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(b) <font style="font-style: italic;">Securities</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;GENERAL INFORMATION&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE SPECIAL MEETING&#8212;Record Date; Shares Entitled to Vote; Quorum&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;OTHER IMPORTANT INFORMATION REGARDING THE COMPANY&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(c) <font style="font-style: italic;">Trading market and price</font>. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;MARKET PRICES&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(d) <font style="font-style: italic;">Dividends</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;Conduct of Business Pending the Merger&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;OTHER IMPORTANT INFORMATION REGARDING THE COMPANY&#8212;Dividends&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(e) <font style="font-style: italic;">Prior public offerings</font>. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;OTHER IMPORTANT INFORMATION REGARDING THE COMPANY&#8212;Prior Public Offerings&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(f) <font style="font-style: italic;">Prior stock purchases</font>. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference: </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Rollover Shares&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;OTHER IMPORTANT INFORMATION REGARDING THE COMPANY&#8212;Prior Public Offerings&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;OTHER IMPORTANT INFORMATION REGARDING THE COMPANY&#8212;Certain Transactions in the Shares of Company Common Stock&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;OTHER IMPORTANT INFORMATION REGARDING THE COMPANY&#8212;Past Contacts, Transactions, Negotiations and Agreements&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Annex&#160;A &#8211; Agreement and Plan of Merger, dated as of May&#160;6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">3<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20049415x5_sc13e3a_102-items_pg2"><!--Anchor--></a><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Form&#160;of Rollover Agreement is attached hereto as Exhibit&#160;(d)(2) and is incorporated herein by reference. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 45pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item&#160;3.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Identity and Background of Filing Person </div></td></tr></table><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Regulation M-A Item&#160;1003 </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">(a) &#8211; (b) <font style="font-style: italic;">Name and address; Business and background of entities</font>. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8212;The Parties to the Merger Agreement&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Parties Involved in the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;OTHER IMPORTANT INFORMATION REGARDING THE COMPANY&#8212;Directors and Executive Officers of the Company&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;OTHER IMPORTANT INFORMATION REGARDING THE PARENT FILING PARTIES&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;OTHER IMPORTANT INFORMATION REGARDING THE CEO ROLLOVER FILING PARTIES&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;WHERE YOU CAN FIND MORE INFORMATION&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">(c) <font style="font-style: italic;">Business and background of natural persons</font>. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;OTHER IMPORTANT INFORMATION REGARDING THE COMPANY&#8212;Directors and Executive Officers of the Company&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;OTHER IMPORTANT INFORMATION REGARDING THE PARENT FILING PARTIES&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;OTHER IMPORTANT INFORMATION REGARDING THE CEO ROLLOVER FILING PARTIES&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;WHERE YOU CAN FIND MORE INFORMATION&#8221; </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 45pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item&#160;4.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Terms of the Transaction </div></td></tr></table><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Regulation M-A Item&#160;1004 </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">(a) <font style="font-style: italic;">Material terms</font>. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">(1) <font style="font-style: italic;">Tender offer</font>. Not applicable. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(2) (i)-(vii) <font style="font-style: italic;">Merger or similar transactions</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;GENERAL INFORMATION&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE SPECIAL MEETING&#8212;Vote Required; Abstentions and Broker Non-Votes&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Background of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Closing and Effective Time of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Merger Consideration&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger on the Company&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger for the Purchaser Filing Parties&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Plans for the Company After the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Recommendation of the Board and Reasons for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Fairness Opinion of Barclays Capital Inc.&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Materials Provided to the Company by FT Partners&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Financial Forecasts&#8221; </div> </div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">4<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20049415x5_sc13e3a_102-items_pg3"><!--Anchor--></a><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Purpose and Reasons of the CEO Rollover Filing Parties for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Position of the CEO Rollover Filing Parties as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Anticipated Accounting Treatment of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Material U.S. Federal Income Tax Consequences of the Merger to Holders of Company Common Stock&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212; Interests of the Directors and Executive Officers of the Company in the Merger&#8212;Treatment of the Company Equity Awards, Company Stock Plans and ESPP in the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;Conditions to the Merger&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;Effect of the Merger on Company Common Stock&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;Payment for the Company Common Stock&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;THE MERGER AGREEMENT&#8212;Treatment of Equity Awards, Company Stock Plans and ESPP in the Merger&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;Indemnification of Directors and Officers; Insurance&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;Employee Matters&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Annex&#160;A &#8211; Agreement and Plan of Merger, dated as of May&#160;6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">Annex&#160;C &#8211; Fairness Opinion of Barclays </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Form&#160;of Rollover Agreement is attached hereto as Exhibit&#160;(d)(2) and is incorporated herein by reference </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(c) <font style="font-style: italic;">Different terms</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;GENERAL INFORMATION&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger on the Company&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger for the Purchaser Filing Parties&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Interests of Executive Officers and Directors of the Company in the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Rollover Shares&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;Effect of the Merger on the Company Common Stock&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;THE MERGER AGREEMENT&#8212;Treatment of Equity Awards, Company Stock Plans and ESPP in the Merger&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;Indemnification of Directors and Officers; Insurance&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;Employee Matters&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;The Voting and Support Agreement&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;PROPOSAL NO. 2: THE MERGER COMPENSATION PROPOSAL&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Annex&#160;A &#8211; Agreement and Plan of Merger, dated as of May&#160;6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">5<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20049415x5_sc13e3a_102-items_pg4"><!--Anchor--></a><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Annex&#160;D &#8211; Voting and Support Agreement, dated as of May&#160;6, 2025, by and among Arrow Borrower 2025, Inc., AvidXchange Holdings, Inc. and the stockholders of the Company party thereto </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(d) <font style="font-style: italic;">Appraisal rights</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;GENERAL INFORMATION&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Appraisal Rights&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(e) <font style="font-style: italic;">Provisions for unaffiliated security holders</font>. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference: </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Provision for Unaffiliated Stockholders&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">(f) <font style="font-style: italic;">Eligibility for listing or trading</font>. Not applicable. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 45pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item&#160;5.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Past Contacts, Transactions, Negotiations and Agreements </div></td></tr></table><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Regulation M-A Item&#160;1005 </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(a)(1) &#8211; (2) <font style="font-style: italic;">Transactions</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Background of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger on the Company&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger for the Purchaser Filing Parties&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Interests of Executive Officers and Directors of the Company in the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Financing of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;Effect of the Merger on the Company Common Stock&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;THE MERGER AGREEMENT&#8212;Treatment of Equity Awards, Company Stock Plans and ESPP in the Merger&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;The Voting and Support Agreement&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;OTHER IMPORTANT INFORMATION REGARDING THE COMPANY&#8212;Certain Transactions in the Shares of Company Common Stock&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;PROPOSAL NO. 2: THE MERGER COMPENSATION PROPOSAL&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Annex&#160;A &#8211; Agreement and Plan of Merger, dated as of May&#160;6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Annex&#160;D &#8211; Voting and Support Agreement, dated as of May&#160;6, 2025, by and among Arrow Borrower 2025, Inc., AvidXchange Holdings, Inc. and the stockholders of the Company party thereto </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Form&#160;of Rollover Agreement is attached hereto as Exhibit&#160;(d)(2) and is incorporated herein by reference </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(b) &#8211; (c) <font style="font-style: italic;">Significant corporate events; Negotiations or contacts</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Background of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Recommendation of the Board and Reasons for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Position of the CEO Rollover Filing Parties as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger&#8221; </div> </div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">6<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20049415x5_sc13e3a_102-items_pg5"><!--Anchor--></a><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger on the Company&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger for the Purchaser Filing Parties&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Interests of Executive Officers and Directors of the Company in the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Material U.S. Federal Income Tax Consequences of the Merger to Holders of Company Common Stock&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Financing of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Financing Cooperation&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Rollover Shares&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;The Voting and Support Agreement&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Annex&#160;A &#8211; Agreement and Plan of Merger, dated as of May&#160;6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Annex&#160;D &#8211; Voting and Support Agreement, dated as of May&#160;6, 2025, by and among Arrow Borrower 2025, Inc., AvidXchange Holdings, Inc. and the stockholders of the Company party thereto </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Form&#160;of Rollover Agreement is attached hereto as Exhibit&#160;(d)(2) and is incorporated herein by reference </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(e) <font style="font-style: italic;">Agreements involving the subject company&#8217;s securities</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;GENERAL INFORMATION&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Background of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Plans for the Company After the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Financing of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Financing Cooperation&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Rollover Shares&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;The Voting and Support Agreement&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE SPECIAL MEETING&#8212;Vote Required; Abstentions and Broker Non-Votes&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;OTHER IMPORTANT INFORMATION REGARDING THE COMPANY&#8212;Certain Transactions in the Shares of Company Common Stock&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Annex&#160;A &#8211; Agreement and Plan of Merger, dated as of May&#160;6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Annex&#160;D &#8211; Voting and Support Agreement, dated as of May&#160;6, 2025, by and among Arrow Borrower 2025, Inc., AvidXchange Holdings, Inc. and the stockholders of the Company party thereto </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Form&#160;of Rollover Agreement is attached hereto as Exhibit&#160;(d)(2) and is incorporated herein by reference </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">7<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20049415x5_sc13e3a_102-items_pg6"><!--Anchor--></a><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 45pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item&#160;6.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Purposes of the Transaction, and Plans or Proposals. </div></td></tr></table><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Regulation M-A Item&#160;1006 </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(b) <font style="font-style: italic;">Use of securities acquired</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Plans for the Company After the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger on the Company&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger for the Purchaser Filing Parties&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Effect on the Company if the Merger Is Not Consummated&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Merger Consideration&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Interests of Executive Officers and Directors of the Company in the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Delisting and Deregistration of Common Stock&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;MARKET PRICES&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;OTHER IMPORTANT INFORMATION REGARDING THE COMPANY&#8212;Dividends&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Annex&#160;A &#8211; Agreement and Plan of Merger, dated as of May&#160;6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(c)(1) &#8211; (8) <font style="font-style: italic;">Plans</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;GENERAL INFORMATION&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Background of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Recommendation of the Board and Reasons for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Position of the CEO Rollover Filing Parties as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Purpose and Reasons of the Parent Filing Parties for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Plans for the Company After the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger on the Company&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger for the Purchaser Filing Parties&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Effect on the Company if the Merger Is Not Consummated&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Interests of Executive Officers and Directors of the Company in the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Financing of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Financing Cooperation&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Rollover Shares&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Delisting and Deregistration of Common Stock&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;THE MERGER AGREEMENT&#8212;Structure of the Merger; Certificate of Incorporation; Bylaws; Directors and Officers&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;Conduct of Business Pending the Merger&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;The Voting and Support Agreement&#8221; </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">8<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20049415x5_sc13e3a_102-items_pg7"><!--Anchor--></a><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;MARKET PRICES&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;OTHER IMPORTANT INFORMATION REGARDING THE COMPANY&#8212;Dividends&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;OTHER IMPORTANT INFORMATION REGARDING THE COMPANY&#8212;Directors and Executive Officers of the Company&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Annex&#160;A &#8211; Agreement and Plan of Merger, dated as of May&#160;6, 2025, by and among AvidXchange Holdings, Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Annex&#160;D &#8211; Voting and Support Agreement, dated as of May&#160;6, 2025, by and among Arrow Borrower 2025, Inc., AvidXchange Holdings, Inc. and the stockholders of the Company party thereto </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Form&#160;of Rollover Agreement is attached hereto as Exhibit&#160;(d)(2) and is incorporated herein by reference </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 45pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item&#160;7.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Purposes, Alternatives, Reasons and Effects </div></td></tr></table><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Regulation M-A Item&#160;1013 </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(a) <font style="font-style: italic;">Purposes</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;GENERAL INFORMATION&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Background of the Merger&#8221;&#8195;</div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Recommendation of the Board and Reasons for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Position of the CEO Rollover Filing Parties as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Plans for the Company After the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger on the Company&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger for the Purchaser Filing Parties&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(b) <font style="font-style: italic;">Alternatives</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Background of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Recommendation of the Board and Reasons for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Position of the CEO Rollover Filing Parties as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Fairness Opinion of Barclays Capital Inc.&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Materials Provided to the Company by FT Partners&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(c) <font style="font-style: italic;">Reasons</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Background of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Recommendation of the Board and Reasons for the Merger&#8221; </div> </div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">9<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20049415x5_sc13e3a_102-items_pg8"><!--Anchor--></a><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Position of the CEO Rollover Filing Parties as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Plans for the Company After the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Fairness Opinion of Barclays Capital Inc.&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Materials Provided to the Company by FT Partners&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Financial Forecasts&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger on the Company&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger for the Purchaser Filing Parties&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">Annex&#160;C &#8211; Fairness Opinion of Barclays </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(d) <font style="font-style: italic;">Effects</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;GENERAL INFORMATION&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Background of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Recommendation of the Board and Reasons for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Position of the CEO Rollover Filing Parties as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Plans for the Company After the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger on the Company&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger for the Purchaser Filing Parties&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Effect on the Company if the Merger Is Not Consummated&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Interests of Executive Officers and Directors of the Company in the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Material U.S. Federal Income Tax Consequences of the Merger to Holders of Company Common Stock&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Anticipated Accounting Treatment of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Financing of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Fees and Expenses&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Merger Consideration&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Delisting and Deregistration of Common Stock&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Appraisal Rights&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;Indemnification of Directors and Officers; Insurance&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;Employee Matters&#8221; </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">10<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20049415x5_sc13e3a_102-items_pg9"><!--Anchor--></a><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;THE MERGER AGREEMENT&#8212;Structure of the Merger; Certificate of Incorporation; Bylaws; Directors and Officers&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;Effect of the Merger on the Company Common Stock&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;THE MERGER AGREEMENT&#8212;Treatment of Equity Awards, Company Stock Plans and ESPP in the Merger&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;Conduct of Business Pending the Merger&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;MARKET PRICES&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;OTHER IMPORTANT INFORMATION REGARDING THE COMPANY&#8212;Dividends&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Annex&#160;A &#8211; Agreement and Plan of Merger, dated as of May&#160;6, 2025, by and among AvidXchange Holdings,&#160;Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 45pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item&#160;8.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Fairness of the Transaction </div></td></tr></table><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Regulation M-A Item&#160;1014 </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(a) &#8211; (b) <font style="font-style: italic;">Fairness; Factors considered in determining fairness</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;GENERAL INFORMATION&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Background of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Recommendation of the Board and Reasons for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Position of the CEO Rollover Filing Parties as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Fairness Opinion of Barclays Capital Inc.&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Materials Provided to the Company by FT Partners&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger on the Company&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger for the Purchaser Filing Parties&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">Annex&#160;C &#8211; Fairness Opinion of Barclays </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(c) <font style="font-style: italic;">Approval of security holders</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;GENERAL INFORMATION&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Recommendation of the Board and Reasons for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Position of the CEO Rollover Filing Parties as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;Conditions to the Merger&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE SPECIAL MEETING&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;PROPOSAL NO. 1: THE MERGER PROPOSAL&#8221; </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">11<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20049415x5_sc13e3a_102-items_pg10"><!--Anchor--></a><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Annex A &#8211; Agreement and Plan of Merger, dated as of May&#160;6, 2025, by and among AvidXchange Holdings,&#160;Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(d) <font style="font-style: italic;">Unaffiliated representative</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Background of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Recommendation of the Board and Reasons for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Position of the CEO Rollover Filing Parties as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger on the Company&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger for the Purchaser Filing Parties&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(e) <font style="font-style: italic;">Approval of directors</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;GENERAL INFORMATION&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Background of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Recommendation of the Board and Reasons for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Position of the CEO Rollover Filing Parties as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Fairness Opinion of Barclays Capital Inc.&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Materials Provided to the Company by FT Partners&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Interests of Executive Officers and Directors of the Company in the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;PROPOSAL NO. 1: THE MERGER PROPOSAL&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">(f) <font style="font-style: italic;">Other offers</font>. Not applicable. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 45pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item&#160;9.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Reports, Opinions, Appraisals and Negotiations </div></td></tr></table><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Regulation M-A Item&#160;1015 </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(a) &#8211; (c) <font style="font-style: italic;">Report, opinion or appraisal; Preparer and summary of the report, opinion or appraisal; Availability of documents</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;GENERAL INFORMATION&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Background of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Recommendation of the Board and Reasons for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Position of the CEO Rollover Filing Parties as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Fairness Opinion of Barclays Capital Inc.&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Materials Provided to the Company by FT Partners&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;WHERE YOU CAN FIND MORE INFORMATION&#8221; </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">12<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20049415x5_sc13e3a_102-items_pg11"><!--Anchor--></a><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">Annex&#160;C &#8211; Fairness Opinion of Barclays </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">The reports, opinions or appraisals referenced in this Item&#160;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. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 45pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item&#160;10.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Source and Amounts of Funds or Other Consideration </div></td></tr></table><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Regulation M-A Item&#160;1007 </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(a) &#8211; (b) <font style="font-style: italic;">Source of funds; Conditions</font>. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Financing of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Financing Cooperation&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Amended and Restated Commitment Letter, dated as of May&#160;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&#160;LLC., is attached hereto as Exhibit&#160;(b)(3) and is incorporated herein by reference </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">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 </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Equity Commitment Letter, dated as of May 6, 2025, entered into by Corpay, Inc. and Arrow Borrower 2025, Inc., is attached hereto as Exhibit&#160;(b)(5) and is incorporated herein by reference </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(c) <font style="font-style: italic;">Expenses</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Fees and Expenses&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;Termination&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;Termination Fees&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;Expenses Generally&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(d) <font style="font-style: italic;">Borrowed funds</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Financing of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Financing Cooperation&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Amended and Restated Commitment Letter, dated as of May&#160;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&#160;LLC., is attached hereto as Exhibit&#160;(b)(3) and is incorporated herein by reference </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 45pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item&#160;11.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Interest in Securities of the Subject Company </div></td></tr></table><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Regulation M-A Item&#160;1008 </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(a) <font style="font-style: italic;">Securities ownership</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Interests of Executive Officers and Directors of the Company in the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;The Voting and Support Agreement&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT&#8221; </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">13<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20049415x5_sc13e3a_102-items_pg12"><!--Anchor--></a><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Annex&#160;D &#8211; Voting and Support Agreement, dated as of May&#160;6, 2025, by and among Arrow Borrower 2025,&#160;Inc., AvidXchange Holdings, Inc. and the stockholders of the Company party thereto </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(b) <font style="font-style: italic;">Securities transactions</font>. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference: </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Rollover Shares&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;OTHER IMPORTANT INFORMATION REGARDING THE COMPANY&#8212;Prior Public Offerings&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;OTHER IMPORTANT INFORMATION REGARDING THE COMPANY&#8212;Certain Transactions in the Shares of Company Common Stock&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Annex&#160;A &#8211; Agreement and Plan of Merger, dated as of May&#160;6, 2025, by and among AvidXchange Holdings,&#160;Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Form&#160;of Rollover Agreement is attached hereto as Exhibit&#160;(d)(2) and is incorporated herein by reference </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Annex&#160;D &#8211; Voting and Support Agreement, dated as of May&#160;6, 2025, by and among Arrow Borrower 2025,&#160;Inc., AvidXchange Holdings, Inc. and the stockholders of the Company party thereto </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 45pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item&#160;12.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">The Solicitation or Recommendation </div></td></tr></table><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Regulation M-A Item&#160;1012 </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(d) <font style="font-style: italic;">Intent to tender or vote in a going-private transaction</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;GENERAL INFORMATION&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Recommendation of the Board and Reasons for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Position of the CEO Rollover Filing Parties as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Purpose and Reasons of the Purchaser Filing Parties for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Rollover Shares&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE SPECIAL MEETING&#8212;Vote Required; Abstentions and Broker Non-Votes&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE SPECIAL MEETING&#8212;Shares Held by Directors and Executive Officers&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE SPECIAL MEETING&#8212;Shares Held by the Supporting Stockholders&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;The Voting and Support Agreement&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Form&#160;of Rollover Agreement is attached hereto as Exhibit&#160;(d)(2) and is incorporated herein by reference </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(e) <font style="font-style: italic;">Recommendation of others</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;GENERAL INFORMATION&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Background of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Recommendation of the Board and Reasons for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Position of the CEO Rollover Filing Parties as to the Fairness of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Position of the Parent Filing Parties, Parent and Merger Sub as to the Fairness of the Merger&#8221; </div> </div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">14<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20049415x5_sc13e3a_102-items_pg13"><!--Anchor--></a><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Purpose and Reasons of the Parent Filing Parties, Parent and Merger Sub for the Merger&#8221; </div> <table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 45pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item&#160;13.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Financial Statements </div></td></tr></table><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Regulation M-A Item&#160;1010 </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(a) <font style="font-style: italic;">Financial information</font>. The audited consolidated financial statements of the Company for the fiscal years ended December&#160;31, 2024 and 2023 are incorporated herein by reference to the Company&#8217;s Annual Report on Form&#160;10-K for the fiscal year ended December&#160;31, 2024, filed on February&#160;28, 2025 (see &#8220;Item&#160;8. Financial Statements and Supplementary Data&#8221; beginning on page <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1858257/000095017025029974/avdx-20241231.htm">59</a>). The consolidated financial statements set forth in Item&#160;1 of the Company&#8217;s Quarterly Report on Form&#160;10-Q for the quarterly period ended March&#160;31, 2025, filed on May&#160;9, 2025, are incorporated herein by reference. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger on the Company&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger for the Purchaser Filing Parties&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Financial Forecasts&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;OTHER IMPORTANT INFORMATION REGARDING THE COMPANY&#8212;Book Value per Share&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;WHERE YOU CAN FIND MORE INFORMATION&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">(b) <font style="font-style: italic;">Pro forma information</font>. Not applicable. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 45pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item&#160;14.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Persons/Assets, Retained, Employed, Compensated or Used </div></td></tr></table><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Regulation M-A Item&#160;1009 </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(a) &#8211; (b) <font style="font-style: italic;">Solicitations or recommendations; Employees and corporate assets</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;GENERAL INFORMATION&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Background of the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Recommendation of the Board and Reasons for the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Fees and Expenses&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Interests of Directors and Executive Officers of the Company in the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE SPECIAL MEETING&#8212;Solicitation of Proxies&#8221; </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 45pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item&#160;15.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Additional Information </div></td></tr></table><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Regulation M-A Item&#160;1011 </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(b) <font style="font-style: italic;">Golden Parachute Compensation</font>. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SUMMARY&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;GENERAL INFORMATION&#8212;What am I being asked to vote on at the Special Meeting?&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger on the Company&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;SPECIAL FACTORS&#8212;Certain Effects of the Merger for the Purchaser Filing Parties&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE MERGER AGREEMENT&#8212;Effect of the Merger on the Company Common Stock&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;THE MERGER AGREEMENT&#8212;Treatment of Equity Awards, Company Stock Plans and ESPP in the Merger&#8221; </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">15<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20049415x5_sc13e3a_102-items_pg14"><!--Anchor--></a><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">&#8220;SPECIAL FACTORS&#8212;Interests of Directors and Executive Officers of the Company in the Merger&#8212;Treatment of the Company Equity Awards, Company Stock Plans and ESPP in the Merger&#8221; </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;THE SPECIAL MEETING&#8212;Purpose of the Special Meeting&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-indent: 20pt; text-align: left;">&#8220;PROPOSAL NO. 2: THE MERGER COMPENSATION PROPOSAL&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify;">Annex&#160;A &#8211; Agreement and Plan of Merger, dated as of May&#160;6, 2025, by and among AvidXchange Holdings,&#160;Inc., Arrow Borrower 2025, Inc., and Arrow Merger Sub 2025, Inc. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">(c) <font style="font-style: italic;">Other material information</font>. The information set forth in the Proxy Statement, including all appendices thereto, is incorporated herein by reference. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 45pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item&#160;16.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Exhibits </div></td></tr></table><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Regulation M-A Item&#160;1016 </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000114036125026034/ny20049415x4_prer14a.htm">(a)(1)</a> Preliminary Proxy Statement of AvidXchange Holdings, Inc. (included in Schedule 14A filed on July 16, 2025 and incorporated herein by reference). </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000114036125026034/ny20049415x4_prer14a.htm#ny20049415x4_prer14a_400-pc_pg1">(a)(2)</a> Form&#160;of Proxy Card (included in the Proxy Statement and incorporated herein by reference). </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000114036125026034/ny20049415x4_prer14a.htm#ny20049415x4_prer14a_101-letter_pg1">(a)(3)</a> Letter to AvidXchange Holdings, Inc. Stockholders (included in the Proxy Statement and incorporated herein by reference). </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000114036125026034/ny20049415x4_prer14a.htm#ny20049415x4_prer14a_102-notice_pg1">(a)(4)</a> Notice of Special Meeting of Stockholders (included in the Proxy Statement and incorporated herein by reference). </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000119312525113913/d920050dex991.htm">(a)(5)</a> Press Release, dated May&#160;6, 2025 (filed as Exhibit&#160;99.1 to AvidXchange Holdings, Inc.&#8217;s Current Report on Form&#160;8-K, filed May&#160;6, 2025 and incorporated herein by reference). </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000119312525113918/d920050ddefa14a.htm">(a)(6)</a> Current Report on Form&#160;8-K, dated May&#160;6, 2025 (included in Schedule 14A filed on May&#160;6, 2025 and incorporated herein by reference). </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1858257/000119312525114937/d132155d8k.htm">(a)(7)</a> Current Report on Form&#160;8-K, dated May&#160;7, 2025 (included in Schedule 14A filed on May&#160;7, 2025 and incorporated herein by reference). </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000119312525114068/d916952ddefa14a.htm">(a)(8)</a> Email to Employees (included in Schedule 14A filed on May&#160;7, 2025 and incorporated herein by reference). </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000119312525114078/d880068ddefa14a.htm">(a)(9)</a> Avid Social Media Posts (included in Schedule 14A filed on May&#160;7, 2025 and incorporated herein by reference). </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000119312525114477/d880065ddefa14a.htm">(a)(10)</a> Teammate FAQs (included in Schedule 14A filed on May&#160;7, 2025 and incorporated herein by reference). </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000119312525115039/d133187ddefa14a.htm">(a)(11)</a> Customer/Supplier/Partner Email (included in Schedule 14A filed on May&#160;7, 2025 and incorporated herein by reference). </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000119312525115043/d880061ddefa14a.htm">(a)(12)</a> Customer-Facing Teammate FAQs (included in Schedule 14A filed on May&#160;7, 2025 and incorporated herein by reference). </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000119312525116878/d935497ddefa14a.htm">(a)(13)</a> Supplemental Teammate FAQs (included in Schedule 14A filed on May&#160;9, 2025 and incorporated herein by reference). </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000119312525116891/d942688ddefa14a.htm">(a)(14)</a> Customer-Facing Teammate Communication (included in Schedule 14A filed on May&#160;9, 2025 and incorporated herein by reference). </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000119312525116983/d925957ddefa14a.htm">(a)(15)</a> Praeger Social Media Posts (included in Schedule 14A filed on May&#160;9, 2025 and incorporated herein by reference). </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exb1.htm ">(b)(1)</a>+ Limited Guarantee, dated as of May 6, 2025, entered into by Corpay, Inc. in favor of AvidXchange Holdings, Inc. </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exb2.htm ">(b)(2)</a>+ Limited Guarantee, dated as of May 6, 2025, entered into by TPG Partners IX, L.P. in favor of AvidXchange Holdings, Inc. </div> </div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">16<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20049415x5_sc13e3a_102-items_pg15"><!--Anchor--></a><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exb3.htm ">(b)(3)</a>+ Amended and Restated Commitment Letter, dated as of May&#160;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. </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exb4.htm ">(b)(4)</a>+ Equity Commitment Letter, dated as of May 6, 2025, entered into by TPG Partners IX, L.P. and Arrow Borrower 2025, Inc. </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exb5.htm ">(b)(5)</a>+ Equity Commitment Letter, dated as of May 6, 2025, entered into by Corpay, Inc. and Arrow Borrower 2025, Inc. </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000114036125026034/ny20049415x4_prer14a.htm#tAXC">(c)(1)</a> Fairness Opinion of Barclays Capital Inc. (included as Annex&#160;C to the Proxy Statement and incorporated herein by reference). </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exc2.htm ">(c)(2)</a>+** Discussion materials prepared by Barclays Capital Inc., dated January&#160;13, 2025, for the Transaction Committee of the Board of Directors of AvidXchange Holdings, Inc. </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exc3.htm ">(c)(3)</a>+ Discussion materials prepared by Barclays Capital Inc., dated January&#160;24, 2025, for the Transaction Committee of the Board of Directors of AvidXchange Holdings, Inc. </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exc4.htm ">(c)(4)</a>+** Discussion materials prepared by Barclays Capital Inc., dated January&#160;31, 2025, for the Board of Directors of AvidXchange Holdings, Inc. </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1858257/000114036125022856/ny20049415x2_exc5.htm ">(c)(5)</a>+** Discussion materials prepared by Barclays Capital Inc., dated February&#160;3, 2025, for the Transaction Committee of the Board of Directors of AvidXchange Holdings, Inc. </div> <div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; 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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20049415x5_sc13e3a_103-sig_pg1"><!--Anchor--></a><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">SIGNATURE </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">After due inquiry and to the best of each of the undersigned&#8217;s knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Dated as of July 16, 2025. </div> <div class="BRDSX_fpara" style="color: #000000; 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