Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 128

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 128
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 Committee and its advisors would lead the strategic transaction process. Consistent with these guidelines, (1) the Special Committee and its advisors led the strategic transaction process, (2) the            
 Special Committee directed its advisors with respect to the strategic transaction process; (3) the Special Committee consulted with and directed members of Enfusion management, Enfusion and its advisors with respect to the strategic transaction  
 process, and (4) the Special Committee’s advisors, members of Enfusion management, Enfusion and its advisors received direction from the Special Committee with respect to discussions, presentations, negotiations and communications with           
 potential bidders, significant stockholders of Enfusion and the TRA Parties;                                                                                                                                                                          |

| • |     | the Enfusion Board was not permitted to approve any potential acquisition of Enfusion unless the Special                                                  
 Committee had, in its sole discretion, provided a prior recommendation in favor of such acquisition and such recommendation was not revoked or withdrawn; |

| • |     | the fact that the waiver by the TRA Amendment Parties of all but $30 million of the payments under the TRA,                                                                                                                                        
 which resulted in a corresponding increase in the Merger Consideration, was the product of negotiations between the Special Committee, with the assistance of its independent legal and financial advisors, on the one hand, and the TRA Amendment 
 Parties, on the other hand.                                                                                                                                                                                                                        |

81

In the course of its deliberations, the Special Committee also considered a number of uncertainties, risks and other countervailing factors relating to entering into the Merger Agreement, including (not necessarily in order of relative importance):

| • |     | that $30 million would become payable to the TRA Parties in connection with the Closing of the Transactions                                                                                                     
 (although the Special Committee considered that this was significantly lower than the amount that would have otherwise been payable pursuant to the TRA absent its negotiation with the TRA Amendment Parties); |

| • |     | the fact that completion of the transactions contemplated by the Merger Agreement, including the Transactions,                                                                                                 
 depends on certain factors outside of Enfusion’s control, including regulatory clearances and Enfusion Stockholder approval, and the risk that the Merger might not be completed in a timely manner or at all; |

| • |     | the fact that, following the Transactions, Enfusion Stockholders would no longer participate in Enfusion’s                                                                                                                                           
 future earnings or growth, or benefit from any future appreciation in value of the shares of Enfusion Common Stock other than through their ownership of shares of