Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 92

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 92
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 and Mr. Movchan, and to be made by FTV, at the request of the Enfusion Board.
The declarations stated that, at that time, none of FTV, ICONIQ or Mr. Movchan had an interest in acquiring Enfusion or had an intention to proactively seek a rollover of their equity interests in Enfusion in a potential transaction and did not
presently regard a rollover to be a condition to supporting a transaction and that they would promptly inform Goodwin if any of these declarations were to change. The declarations also stated that, unless approved in advance by the Special
Committee, none of FTV, ICONIQ or Mr. Movchan would enter into discussions or negotiations with any potential buyer, nor with each other, regarding rollover, participating in 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