Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 118

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 118
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 million at the closing of any transaction to the TRA Parties collectively. Representatives of Dechert briefed the Special Committee on the open issues in the merger agreement based on its conversations with Kirkland.

From January 4 through January 10, 2025, at the direction of the Special Committee, representatives of Dechert, Goodwin, Kirkland
and the various outside counsel for FTV, ICONIQ and Mr. Movchan continued to negotiate final legal issues in voting and support agreements and TRA amendment.

On January 5, 2025, Dechert sent a revised draft merger agreement to Kirkland. Among other things, the revised draft (i) added back
Enfusion stockholders’ ability to elect to receive merger consideration consisting of a mix of cash and shares of Clearwater Common Stock, (ii) deleted the $800 million cap on the cash portion of the aggregate merger consideration
payable by Clearwater, (iii) accepted the 3.5% Enfusion termination fee and (iv) deleted both the Clearwater reverse termination fee and the limited specific performance constructs in Kirkland’s prior draft of the merger agreement.
From January 5 through January 10, 2025, representatives of Dechert, Goodwin, Kirkland continued to negotiate final legal issues in the merger agreement.

On January 5, 2025, the Party E Consortium submitted a revised written offer to acquire 100% of the outstanding capital stock of
Enfusion at $10.60 per share of Enfusion Common Stock in cash, assuming that all payments under the TRA would be waived. Based on the information available to it, the Special Committee determined that this indication of interest equated to a per
share price of approximately $9.63 if no portion of the TRA was waived. This proposed price of $9.63 implied a premium to the Unaffected Price of approximately 12.6% (the “”).
The Party E Consortium January 5 Proposal noted that the Party E Consortium would provide an equity commitment letter to cover all the merger consideration payable to Enfusion equityholders. The Party E Consortium January 5 Proposal also
noted that the Party E Consortium would target January 13, 2025 for 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.