Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 121

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 121
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 of tax deferred treatment on the stock component of the merger consideration. Throughout the day on January 9, 2025, representatives of Dechert, Kirkland and FTV’s outside counsel
discussed and agreed upon a structure that would allow for the possibility of tax deferred treatment on the portion of the merger consideration consisting of Clearwater Common Stock that would be received by Enfusion Stockholders.

On January 10, 2025, the Special Committee held a meeting with representatives of Dechert and Goldman Sachs in attendance.
Representatives of Dechert reviewed with the Special Committee its fiduciary duties under Delaware law. Representatives of Dechert also reviewed the proposed final terms of the merger agreement, which allowed for the possibility of tax deferred
treatment on portion of the merger consideration consisting of Clearwater Common Stock that would be received by Enfusion Stockholders, the voting and support agreement and the TRA amendment. Representatives of Dechert noted that the negotiation
over the specific Clearwater Common Stock price points that would serve as the upper and lower ends of the 10% symmetrical fixed value collar remained ongoing. The Special Committee directed representatives of Goldman Sachs to negotiate such final
stock price points within the band approved by the Special Committee.

75

Later on January 10, 2025, the Special Committee held another meeting with
representatives of Dechert and Goldman Sachs in attendance. Representatives of Goldman Sachs reviewed its financial analysis of the proposed merger with the Special Committee, and noted the satisfactory resolution of the specific Clearwater Common
Stock price points that would serve as the upper and lower ends of the 10% symmetrical fixed value collar. Following this review, at the request of the Special Committee, Goldman Sachs rendered its oral opinion to the Special Committee, subsequently
confirmed by delivery of its written opinion, dated January 10, 2025, that, as of such date, and based upon and subject to the various limitations, qualifications and assumptions and other matters set forth therein, the aggregate Merger
Consideration to be paid to the holders (other than Clearwater and its affiliates) of shares of Enfusion Common Stock was fair, from a financial point of view, to such holders. The Special Committee and representatives of Dechert and Goldman Sachs
discussed the Merger Agreement, Mergers and other transactions contemplated by the Merger Agreement as compared to Enfusion remaining a standalone public company. The Special Committee then unanimously (a) determined that the terms and
conditions of the Merger Agreement