On March 27, 2023, Impactive Capital announced that it has entered into a cooperation agreement with Envestnet, Inc. Further, Impactive Capital stated that pursuant to the cooperation agreement, the Company agreed to appoint to the board of directors Lauren Taylor Wolfe (direct designee) as a class III director with an initial term expiring at the Company's 2025 annual meeting of stockholders and will be appointed to the audit committee of the board, Wendy Lane (independent designee) as a class I director with an initial term expiring at the Company's 2024 annual meeting of stockholders and will be appointed to the nominating and governance committee of the board. In addition, Impactive Capital stated that the terms of the Cooperation Agreement provide that Impactive is subject to customary standstill obligations from the date of the Cooperation Agreement until the later of (x) the date of the 2024 Annual Meeting and (y) the date that is sixty calendar days after the date on which the Direct Designee is not a member of the Board and the Company has agreed to put forth for a stockholder vote a proposal to declassify the Board at the 2024 Annual Meeting.