Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 116

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 116
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chan
regarding the treatment of the TRA in connection with any transaction and indicated to such parties that the Special Committee’s view was that the entire early termination payment under the TRA due upon a change of control should be waived by
the TRA Parties.

Also on December 31, 2024, at the direction of the Special Committee, representatives of Dechert sent a draft
voting and support agreement and a draft TRA amendment to counsel for each of FTV, ICONIQ, Mr. Movchan. The draft TRA amendment reflected the waiver of the entire early termination payment under the TRA due upon a change of control.

On January 1, 2025, after negotiations with the chair of the Special Committee, representatives of FTV and Mr. Movchan
indicated to the chair of the Special Committee that they would be willing to waive over $100 million of early termination payments that would otherwise be due to TRA Parties upon a change of control, but that they would require that an
aggregate early termination payment of $30 million would be payable to the TRA Parties at the closing of any transaction.

On
January 2, 2025, Dechert sent a revised draft merger agreement to Kirkland. Among other things, the revised draft proposed (i) giving Enfusion Stockholders the ability to elect to receive merger consideration consisting of a mix of cash
and shares of Clearwater Common Stock (compared to only having the ability to elect all-cash or all-stock merger consideration in Kirkland’s prior draft of the
merger agreement), (ii) a termination fee of 2.5% of Enfusion’s equity transaction value (compared to a fee of 3.7% of Enfusion’s equity transaction value in Kirkland’s prior draft of the merger agreement), (iii) a reverse termination
fee of 6% of Enfusion’s equity transaction value in the event the transaction is terminated due to the failure to obtain required antitrust clearance or Clearwater’s failure to consummate the Mergers when required to do so and
(iv) Clearwater agreeing to divest its assets that generated no more than a to be determined amount of revenue in the 2024 calendar year.

Also on January 2, 2025, at the direction of the Special Committee, representatives of Dechert sent a draft voting and support
agreement and a draft TRA amendment to Kirkland. The draft TRA amendment reflected the waiver of the entire early termination