Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 107

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 107
---
 the Special Committee’s legal counsel. In addition, Goldman Sachs provided customary supplemental relationship disclosures with respect to Enfusion, FTV, ICONIQ, Mr. Movchan
and other potential counterparties. The Special Committee reviewed such supplemental relationship disclosures 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 Transactions.

67

Later on December 13, 2024, the Party E Consortium submitted a written offer to
acquire 100% of the outstanding capital stock of Enfusion for $10.50 per share of Enfusion Common Stock in cash, assuming that no portion of the TRA was waived. This proposed price of $10.50 implied a premium to the Unaffected Price of approximately
22.85% (the “”). The Party E Consortium December 13 Proposal enclosed a markup of the draft merger agreement, a draft equity commitment letter and limited guarantee and
a draft exclusivity agreement seeking exclusivity through at least December 23, 2024. The Party E Consortium December 13 Proposal noted that Party E Consortium would provide an equity commitment letter to cover all the merger
consideration payable to Enfusion equityholders. Based on feedback provided at the direction of the Special Committee by representatives of Goldman Sachs to representatives of the Party E Consortium, the Party E Consortium December 13 Proposal
noted that the Party E Consortium would not require pre-signing discussions with respect to a potential rollover by existing Enfusion Stockholders, though representatives of Goldman Sachs noted that the Party
E Consortium continued to verbally request to have such discussions. The Party E Consortium indicated in its offer that it would not proceed with its final diligence or its increased offer unless it received a countersigned exclusivity agreement by
noon Eastern Time on December 16, 2024.

On December 15, 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 bid by the Party E Consortium and their
interactions with representatives of the Party E Consortium and Clearwater over the preceding weeks. Representatives of Dechert briefed the Special Committee on the issues raised by the transaction documents provided by the Party E Consortium. The
Special Committee discussed considerations to take into account in light of the fact that the Party E Consortium had proposed an all-cash offer and was more likely