Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 94

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 94
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 Delaware law in connection with a strategic alternatives review process, including in the event that FTV, ICONIQ, Mr. Movchan or
any of the other beneficiaries under the TRA may be viewed as conflicted in a transaction, whether in their capacity as stockholders of Enfusion, as members of management of Enfusion (if applicable) or as TRA Parties. Representatives of Dechert also
reviewed a draft of certain management guidelines prepared by Dechert on behalf of the Special Committee (the “”). Among other things, the Management Guidelines provided that the Special Committee would oversee
and manage the strategic alternatives review process and that management would act at the direction of the Special Committee and not take certain actions, including entering into discussions or negotiations with any potential counterparty regarding
equity participation in (including by way of a “rollover”), or voting, tender or other support for, a transaction, or discussing any terms of employment or compensation in respect of a transaction, or negotiating the TRA in connection with
a transaction, in each case without the authorization of the Special Committee. At the direction of the Special Committee, representatives of Dechert shared the Management Guidelines with the General Counsel and Assistant General Counsel of Enfusion
for their review prior to distribution to the broader Enfusion management team.

On September 13, 2024, the Special Committee
held a meeting with representatives of Dechert in attendance. The Special Committee reviewed certain supplementary materials provided by Goldman Sachs and another investment bank that had been provided in advance of the follow-up interviews that had been scheduled for later that day. Representatives of Dechert reviewed a strategy that Enfusion could implement if there were any leaks with respect to a potential transaction. The
Special Committee also determined that the chair of the Special Committee should serve as a liaison between the Special Committee and Enfusion management for any administrative matters that would require expeditious action by the Special Committee.
The Special Committee directed representatives of Dechert to update the Management Guidelines accordingly.

Later on
September 13, 2024, the Special Committee held a follow-up interview with two investment banks, including Goldman Sachs.

Later on September 13, 2024, the Special Committee held a meeting with representatives of Dechert in attendance. The Special
Committee determined to proceed to engage Goldman Sachs as the Special Committee’s

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financial advisor based on Goldman Sachs’ qualifications, reputation, independence and expertise, including knowledge of the industry in which Enfusion operates and experience advising
technology companies and