Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 117

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 117
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 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 payment under the TRA due upon a change of control.

On January 3, 2025, Kirkland sent a revised draft merger agreement to Dechert. Among other things, the revised draft proposed (i) a
termination fee of 3.5% of Enfusion’s equity transaction value (compared to a fee of 2.5% of Enfusion’s equity transaction value in Dechert’s prior draft of the merger agreement), payable by Enfusion under customary circumstances,
(ii) a reverse termination fee of 6% of Enfusion’s equity value, payable by Clearwater if Clearwater fails to consummate the Mergers when required to do so and (iii) limiting Enfusion’s ability to seek specific performance of
Clearwater’s obligation to close the Mergers only if, among other things, debt financing is available to Clearwater.

On
January 4, 2025, Kirkland sent a further revised draft merger agreement to Dechert. Among other things, the revised draft proposed that the cash portion of the aggregate merger consideration payable by Clearwater would in no event exceed
$800 million and deleted Enfusion Stockholders’ ability to elect to receive a mix of cash and stock consideration.

On
January 4, 2025, 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 their most recent interactions with each of Clearwater and FTV, ICONIQ and Mr. Movchan. The Special Committee discussed precedent transactions involving tax receivable agreements and that, after negotiations with representatives of
FTV and ICONIQ and Mr. Movchan regarding the treatment of the TRA in connection with any transaction, the Special Committee believed that such parties would not agree to an aggregate payment of less than $30 million at the closing of any
transaction and that the significant reduction in the early termination payment otherwise due under the TRA was favorable to Enfusion Stockholders

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given the value of the reduced TRA early termination payment would accrue to the benefit of Enfusion Stockholders on a
dollar-for-dollar basis. The Special Committee directed representatives of Dechert to negotiate an amendment to the TRA to provide for an aggregate payment equal to
$30