Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 90

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 90
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 any buyer group or any other treatment of their equity interests in
Enfusion in a potential transaction, or the treatment of the TRA in a potential transaction. Representatives of Goodwin explained that Enfusion had received the declarations from ICONIQ and Mr. Movchan, but was awaiting a response from FTV.
Each of FTV, ICONIQ and Mr. Movchan had also responded to a questionnaire that allowed the Enfusion Board to conclude that in connection with any potential transaction, FTV, ICONIQ and Mr. Movchan did not have an agreement to work together
towards a common goal. The Enfusion Board then discussed the composition of the special committee and determined that five directors (including Lawrence Leibowitz) were independent of each of FTV, ICONIQ and Mr. Movchan, and that
Mr. Leibowitz was independent of FTV despite certain professional and investing relationships with FTV. The Enfusion Board also discussed next steps with respect to the strategic alternatives review process. Following that discussion, the
Enfusion Board authorized management to prepare a long-range plan and projections for Enfusion.

On August 15, 2024, the
Enfusion Board formally formed the Special Committee comprised of Michael Spellacy, Kathleen Traynor DeRose, Jan R. Hauser, Mr. Leibowitz and Deirdre Somers. The Enfusion Board delegated to the Special Committee the authority to, among other
things, (a) structure and direct the strategic alternatives review process, (b) solicit or cause the solicitation of proposals for a potential transaction or other alternative, (c) consider and evaluate all proposals that might be
received by Enfusion in connection with a potential transaction or other alternative, (d) participate in and direct the negotiation of the terms and conditions of any potential transaction or other alternative, and authorize, monitor and
exercise general oversight on behalf of Enfusion of any and all agreements (including confidentiality and standstill agreements), proceedings and activities of Enfusion involving, responding to or relating to any potential transaction or other
alternative, (e) terminate any negotiations, discussions or consideration of, or reject, on behalf of Enfusion, any potential transaction or other alternative, (f) recommend to the Enfusion Board the advisability of entering into documents
and agreements with respect to any potential transaction or other alternative, (g) provide to the Enfusion Board a recommendation as to whether the Enfusion Board should approve or disapprove of any potential transaction or other alternative,
(h) monitor for, and