Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 121

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 121
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 the signing of a definitive merger agreement and public announcement of a potential transaction and that the Party E Consortium would not require any existing Enfusion
Stockholders to roll over their investment. In addition, the Party E Consortium January 5 Proposal noted that up to an additional $0.40 per share in cash would be payable to Enfusion Stockholders (or at the Special Committee’s discretion,
partially or completely to the TRA Parties), upon the achievement of a 3.0x net return at exit by the Party E Consortium (with payments structured linearly from $0 at a 2.5x return).

On January 6, 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 the most recent bid received from the Party E Consortium and their most recent interactions with Clearwater and the Party E
Consortium.

75

Also on January 6, 2025, various members of Enfusion management and Clearwater
management participated in meetings in New York City, all of which, at the direction of the Special Committee, were attended by representatives of Goldman Sachs. Such meetings included a reverse due diligence meeting whereby representatives of
Enfusion, Goldman Sachs, FTV and ICONIQ had the opportunity to ask questions of representatives of Clearwater about Clearwater’s business, as well as a dinner meeting between Mr. Pawar and Mr. Sahai.

On January 7, 2025, counsel for FTV informed representatives of Dechert that FTV may require any transaction with Clearwater to be
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. Representatives of FTV also
requested that, following the Election, FTV be permitted to work with other stockholders to allocate the mix of consideration between such stockholders, as desired by such stockholders.

Later on January 7, 2025, Mr. Movchan participated in a lunch meeting with Mr. Sahai to discuss, among other things, the
negotiation of the operational covenants that Enfusion would be subject to during the period between the signing and closing of a potential transaction between Enfusion and Clearwater. At the direction of the Special Committee, a representative of
Goldman Sachs attended the meeting.

Also on January 7, 2025