Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 107

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 107
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IQ’s investment in the post-closing Enfusion entity.

67

On December 4, 2024, at the direction of the Special Committee and at the request
of the Party E Consortium, Mr. Movchan participated in a dinner meeting with certain representatives of the Party E Consortium in Miami, Florida. At the direction of the Special Committee, a representative of Goldman Sachs also attended the
dinner. The participants at the dinner discussed the business and prospects of Enfusion.

On December 5, 2024, at the Special
Committee’s direction, representatives of Goldman Sachs shared a draft merger agreement with Clearwater, the Party E Consortium, Party L and Party P.

Later on December 5, 2024, legal counsel to FTV informed representatives of Dechert that FTV’s stated intention had changed and that
FTV was requesting permission from the Special Committee to discuss a potential investment by a different fund in the post-closing Enfusion entity following any transaction or potential participation in a buyer group by a different fund, but that
FTV did not presently regard a rollover or an opportunity for a different fund to invest or participate in the buyer group to be a condition to supporting a transaction. FTV reconfirmed that, unless approved in advance by the Special Committee, FTV
would not enter into discussions or negotiations with any potential buyer, nor with ICONIQ or Mr. Movchan, regarding rollover, participating in any buyer group or the treatment otherwise of their equity interests in Enfusion in a potential
transaction, or the treatment of the TRA in a potential transaction.

On December 6, 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 engagement with bidders that had occurred during the
previous week. Representatives of Goldman Sachs and Dechert informed the Special Committee of the change in FTV’s and ICONIQ’s intentions. The Special Committee determined that it would not at this time allow any discussions to occur
between FTV or ICONIQ, on the one hand, and a potential counterparty, on the other hand, with respect to a rollover or other investment in the post-closing Enfusion entity and that the Special Committee would inform FTV and ICONIQ when, if ever,
such discussions could occur.

Later on December 6, 2024, at the direction of the Special Committee, representatives of Enfusion