Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 93

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 93
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’s review
prior to their meetings with the Special Committee. At their meeting with the Special Committee, representatives of Goldman Sachs informed the Special Committee that they believed there were no facts or circumstances that would limit the ability of
Goldman Sachs to fulfill its responsibilities as financial advisor to the Special Committee in connection with the contemplated engagement, and that a formal relationship disclosure would be forthcoming.

On September 4, 2024, the Special Committee held a meeting with representatives of Dechert in attendance. Mr. Leibowitz was not
in attendance. Representatives of Dechert briefed the Special Committee on the interviews Dechert had conducted with each of the members of the Special Committee to assess each director’s independence to continue to serve on the Special
Committee. The Special Committee considered that Mr. Leibowitz had certain professional and investing relations with FTV, which the Special Committee determined were immaterial. Nevertheless, the Special Committee also determined that, although
it believed that Mr. Leibowitz was independent of FTV, ICONIQ and Mr. Movchan, it would recommend that the Enfusion Board re-approve the composition of the Special Committee to include all the
current members thereof, except Mr. Leibowitz, out of an abundance of caution. After the September 4 meeting, Mr. Leibowitz did not attend meetings of the Special Committee or otherwise participate as a member of the Special
Committee. On October 1, 2024, the Enfusion Board formally approved such recommendation and the Special Committee’s composition of Mr. Spellacy, Ms. DeRose, Ms. Hauser and Ms. Somers.

59

On September 8, 2024, Goldman Sachs provided the Special Committee with a
customary relationship disclosure letter, which included disclosures related to Goldman Sachs’ relationships with Enfusion, the following Enfusion stockholders: FTV, ICONIQ, Mr. Movchan, Brown Capital Management, LLC and certain other TRA
holders.

On September 10, 2024, the Special Committee held a meeting with representatives of Dechert in attendance. By
invitation of the Special Committee, certain members of Enfusion management and Mr. Leibowitz were also in attendance. The Special Committee, members of Enfusion management and Mr. Leibowitz discussed management and
Mr. Leibowitz’s views of the investment banks the Special Committee interviewed. After members of Enfusion management and Mr. Leibowitz departed the meeting, the Special Committee determined to invite Goldman Sachs and one