Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 94

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 94
---
 other
investment bank for a follow-up interview to assess which investment bank it would select to serve as its financial advisor. The Special Committee also reviewed the relationship disclosure letters of the
investment banks, including Goldman Sachs, and did not identify any facts or circumstances that the Special Committee believed would limit the ability of Goldman Sachs to fulfill its responsibilities as financial advisor to the Special Committee in
connection with the contemplated engagement. Representatives of Dechert discussed with the Special Committee its fiduciary duties under Delaware law in connection with a strategic alternatives review process, including in the event that FTV, ICONIQ,
Mr. Movchan or any of the other beneficiaries under the TRA may be viewed as conflicted in a transaction, whether in their capacity as stockholders of Enfusion, as members of management of Enfusion (if applicable) or as TRA Parties.
Representatives of Dechert also reviewed a draft of certain management guidelines prepared by Dechert on behalf of the Special Committee (the “”). Among other things, the Management Guidelines provided that the
Special Committee would oversee and manage the strategic alternatives review process and that management would act at the direction of the Special Committee and not take certain actions, including entering into discussions or negotiations with any
potential counterparty regarding equity participation in (including by way of a “rollover”), or voting, tender or other support for, a transaction, or discussing any terms of employment or compensation in respect of a transaction, or
negotiating the TRA in connection with a transaction, in each case without the authorization of the Special Committee. At the direction of the Special Committee, representatives of Dechert shared the Management Guidelines with the General Counsel
and Assistant General Counsel of Enfusion for their review prior to distribution to the broader Enfusion management team.

On
September 13, 2024, the Special Committee held a meeting with representatives of Dechert in attendance. The Special Committee reviewed certain supplementary materials provided by Goldman Sachs and another investment bank that had been
provided in advance of the follow-up interviews that had been scheduled for later that day. Representatives of Dechert reviewed a strategy that Enfusion could implement if there were any leaks with respect to
a potential transaction. The Special Committee also determined that the chair of the Special Committee should serve as a liaison between the Special Committee and Enfusion management for any administrative matters that would require expeditious
action by the Special Committee. The Special Committee directed representatives of Dechert to update the Management Guidelines accordingly.

Later on September 13,