Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 115

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 115
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 work to present a full and final offer as soon as possible.

Later on December 26, 2024, representatives of the Party E Consortium verbally indicated to representatives of Goldman Sachs that
the Party E Consortium could increase its bid from $10.25 per share to $10.50 per share of Enfusion Common Stock in cash, assuming that all payments under the TRA would be waived, which the Party E Consortium referred to as its “best and final
offer”. This indication of interest equated to a per share price of approximately $9.53 if no portion of the TRA was waived. This proposed price of $9.53 implied a premium to the Unaffected Price of approximately 11.5%.

On December 27, 2024, Mr. Sahai indicated to representatives of Goldman Sachs that Clearwater would be prepared to offer $11.10 per
share of Enfusion Common Stock, payable in an approximately equal mix of cash and Clearwater Common Stock, assuming that Clearwater would pay no more than $50 million to terminate the TRA and that any additional waived value beyond such amount
would accrue to the benefit of Enfusion Stockholders on a dollar-for-dollar basis. This revised offer equated to a per share price of approximately $10.46 if no portion
of the TRA was waived. This proposed price of $10.46 implied a premium to the Unaffected Price of approximately 22.3%. Mr. Sahai also indicated to representatives of Goldman Sachs that Clearwater and its advisors would be prepared to work
diligently and sign a definitive merger agreement for a transaction in the next week and reiterated Clearwater’s request for exclusivity.

Later on December 27, 2024, representatives of the Party E Consortium verbally reiterated to the chair of the Special Committee that
the Party E Consortium would increase its bid from $10.25 per share to $10.50 per share of Enfusion Common Stock in cash, assuming that all payments under the TRA would be waived. This indication of interest equated to a per share price of
approximately $9.53 if no portion of the TRA was waived. This proposed price of $9.53 implied a premium to the Unaffected Price of approximately 11.5%.

On December 28, 2024, the Special Committee held a meeting with representatives of Dechert and Goldman Sachs in attendance.
Representatives of Goldman Sachs briefed the Special Committee on the status of the

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strategic transaction process