Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 91

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 91
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 during the June 28, 2024 meeting and the considerations
for moving “up-market” that had been discussed at the July 18, 2024 meeting. The Board then met in executive session with Oleg Movchan, Enfusion’s chief executive officer, excused.
During its executive session, the Enfusion Board determined to take preparatory steps towards the commencement of a strategic alternatives review process and directed Enfusion management to seek input from outside counsel related thereto.

On August 2, 2024, the Enfusion Board held a regularly scheduled meeting with representatives of Enfusion management and
Enfusion’s outside counsel, Goodwin Procter LLP (“”), in attendance. The Enfusion Board discussed preparatory steps towards the commencement of a strategic alternatives review process. Representatives of Goodwin
discussed various scenarios and the possibility of forming a special committee of independent and disinterested directors in light of the facts and circumstances, including to proactively address the possibility that a prospective buyer might
request rollover by certain stockholders of Enfusion of their equity interests in Enfusion and/or a waiver or reduction of the change-of-control payments due to the TRA
Parties pursuant to the TRA. The Enfusion Board directed Goodwin to take steps that would assist with the formation of a special committee, including to assess each director’s independence to potentially serve on such a committee in light of
the facts and circumstances, and to ascertain the strategic intentions of FTV IV, L.P. (“”), ICONIQ Capital, LLC and/or certain affiliated investment entities (“”) and Oleg Movchan, as a representative of
CSL Tech Holdings, LLC (“”), each of which is a stockholder of Enfusion and a recipient of certain payments under the TRA, including in connection with a change of control of Enfusion. Bradford E. Bernstein, a representative
of FTV, Roy Luo a representative of ICONIQ, and Oleg Movchan, a representative of CSL Tech, were and are each a member of the Enfusion Board.

58

On August 9, 2024, the Enfusion Board held a meeting with representatives of
Enfusion management and Goodwin in attendance. The Enfusion Board discussed the formation of a special committee and that, since one member of the Enfusion Board was not in attendance, a proposal to form such a committee would be presented for
approval by the unanimous written consent of all members of the Enfusion Board. Representatives of Goodwin also reviewed certain declarations made by each of ICONIQ