Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 120

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 120
---
 of Dechert and Goldman Sachs in
attendance. Representatives of Goldman Sachs and Dechert briefed the Special Committee on the latest meetings that had occurred with Clearwater and Kirkland and certain remaining open points in the merger agreement and other draft definitive
agreements, including the negotiation over the specific Clearwater Common Stock price points that would serve as the upper and lower ends of the 10% symmetrical fixed value collar.

On January 8, 2025, representatives of FTV informed representatives of Dechert that FTV would not support a transaction with
Clearwater unless such transaction was structured in a manner that would allow for the possibility of tax deferred treatment on the portion of the merger consideration consisting of Clearwater Common Stock that would be received by Enfusion
Stockholders.

Later on January 8, 2025, the Special Committee held a meeting with representatives of Dechert and Goldman Sachs
in attendance. Representatives of Goldman Sachs and Dechert briefed the Special Committee on the latest meetings that had occurred with Clearwater and Kirkland and certain remaining open points in the merger agreement and other draft definitive
agreements, including the tax structure issue raised by FTV and the negotiation over the specific Clearwater Common Stock price points that would serve as the upper and lower ends of the 10% symmetrical fixed value collar.

Later on January 8, 2025, Clearwater requested that through February 7, 2025, Enfusion exclusively negotiate with
Clearwater for a potential transaction, including in order to allow time for representatives of and advisors to Clearwater to explore the possibility of tax deferred treatment on the stock component of the merger consideration. Later on
January 8, 2024, at the direction of the Special Committee, representatives of Dechert responded by offering exclusivity until 9:00 am ET on January 10, 2025. The parties did not agree on the duration of the exclusivity period,
and no exclusivity was granted.

On January 9, 2025, at the direction of the Special Committee, the Chairman of the Special
Committee and Mr. Sahai participated in a breakfast meeting in New York City and agreed that, notwithstanding that no

76

exclusivity agreement had been reached, the parties should work towards a signing of a definitive merger agreement as soon as possible, including to explore the possibility of tax deferred
treatment on the stock component of the merger consideration. Throughout the day on January 9, 2025, representatives of De