Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 114

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 114
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 or a portion of the early termination payments due to the TRA Parties.

On December 24, 2024, Kirkland sent a revised draft merger agreement to Dechert. Among other things, the revised draft proposed
(i) consideration paid through an approximately equal mix of cash and Clearwater

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Common Stock, with a fixed exchange ratio, (ii) a termination fee of 3.7% of Enfusion’s equity transaction value (compared to a fee of 2.25% of Enfusion’s equity transaction value
in Dechert’s draft merger agreement), payable by Enfusion under customary circumstances, and (iii) Clearwater agreeing to use its reasonable best efforts to obtain required regulatory approvals, subject to a “Burdensome
Condition” standard.

Later on December 24, 2024, representatives of Goldman Sachs provided representatives of Clearwater
with certain financial and other information in response to Clearwater’s requests for such information on December 23, 2024.

On December 26, 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 most recent interactions with each of Clearwater and the Party E Consortium. Representatives of Dechert briefed the
Special Committee on the status of the transaction documentation and issues raised by each of Clearwater and the Party E Consortium. The Special Committee authorized Dechert to engage Abrams & Bayliss LLP as outside Delaware counsel to the
Special Committee.

On December 26, 2024, following Clearwater’s review of Enfusion’s financial performance for the fourth
quarter of 2024 and the full year 2024, representatives of Clearwater provided representatives of Goldman Sachs with a verbal revised offer of $10.95 per share of Enfusion Common Stock, payable in an approximately equal mix of cash and Clearwater
Common Stock, assuming that Clearwater would pay no more than $50 million to terminate the TRA and that any additional waived value beyond such amount would accrue to the benefit of Enfusion Stockholders on a dollar-for-dollar basis. This revised offer equated to a per share price of approximately $10.32 if no portion of the TRA was waived. This proposed price of $10.32 implied a premium to the Unaffected Price of
approximately 20.7%. Representatives of Goldman Sachs, at the direction of the Special Committee, requested that Clearwater