Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 105

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 105
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 certain representatives of the Party E Consortium in Miami, Florida. At the
direction of the Special Committee, a representative of Goldman Sachs also attended the dinner. The participants at the dinner discussed the business and prospects of Enfusion.

On December 5, 2024, at the Special Committee’s direction, representatives of Goldman Sachs shared a draft merger agreement
with Clearwater, the Party E Consortium, Party L and Party P.

Later on December 5, 2024, legal counsel to FTV informed
representatives of Dechert that FTV’s stated intention had changed and that FTV was requesting permission from the Special Committee to discuss a potential investment by a different fund in the post-closing Enfusion entity following any
transaction or potential participation in a buyer group by a different fund, but that FTV did not presently regard a rollover or an opportunity for a different fund to invest or participate in the buyer group to be a condition to supporting a
transaction. FTV reconfirmed that, unless approved in advance by the Special Committee, FTV would not enter

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into discussions or negotiations with any potential buyer, nor with ICONIQ or Mr. Movchan, regarding rollover, participating in any buyer group or the treatment otherwise of their equity
interests in Enfusion in a potential transaction, or the treatment of the TRA in a potential transaction.

On December 6, 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 strategic transaction process, including the engagement with
bidders that had occurred during the previous week. Representatives of Goldman Sachs and Dechert informed the Special Committee of the change in FTV’s and ICONIQ’s intentions. The Special Committee determined that it would not at this time
allow any discussions to occur between FTV or ICONIQ, on the one hand, and a potential counterparty, on the other hand, with respect to a rollover or other investment in the post-closing Enfusion entity and that the Special Committee would inform
FTV and ICONIQ when, if ever, such discussions could occur.

Later on December 6, 2024, at the direction of the Special
Committee, representatives of Enfusion management and Goldman Sachs participated in a management meeting with representatives of the Party E Consortium and Party E’s investment committee.

Later on December 6, 2024, representatives of Goldman Sachs informed the Special Committee that the Party E Consortium