Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 93

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 93
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. Mr. Leibowitz was not
in attendance. Representatives of Dechert briefed the Special Committee on the interviews Dechert had conducted with each of the members of the Special Committee to assess each director’s independence to continue to serve on the Special
Committee. The Special Committee considered that Mr. Leibowitz had certain professional and investing relations with FTV, which the Special Committee determined were immaterial. Nevertheless, the Special Committee also determined that, although
it believed that

60

Mr. Leibowitz was independent of FTV, ICONIQ and Mr. Movchan, it would recommend that the Enfusion Board re-approve the composition of the
Special Committee to include all the current members thereof, except Mr. Leibowitz, out of an abundance of caution. After the September 4 meeting, Mr. Leibowitz did not attend meetings of the Special Committee or otherwise participate
as a member of the Special Committee. On October 1, 2024, the Enfusion Board formally approved such recommendation and the Special Committee’s composition of Mr. Spellacy, Ms. DeRose, Ms. Hauser and Ms. Somers.

On September 8, 2024, Goldman Sachs provided the Special Committee with a customary relationship disclosure letter, which
included disclosures related to Goldman Sachs’ relationships with Enfusion, the following Enfusion stockholders: FTV, ICONIQ, Mr. Movchan, Brown Capital Management, LLC and certain other TRA holders.

On September 10, 2024, the Special Committee held a meeting with representatives of Dechert in attendance. By invitation of the
Special Committee, certain members of Enfusion management and Mr. Leibowitz were also in attendance. The Special Committee, members of Enfusion management and Mr. Leibowitz discussed management and Mr. Leibowitz’s views of the
investment banks the Special Committee interviewed. After members of Enfusion management and Mr. Leibowitz departed the meeting, the Special Committee determined to invite Goldman Sachs and one other investment bank for a follow-up interview to assess which investment bank it would select to serve as its financial advisor. The Special Committee also reviewed the relationship disclosure letters of the investment banks, including
Goldman Sachs, and did not identify any facts or circumstances that the Special Committee believed would limit the ability of Goldman Sachs to fulfill its responsibilities as financial advisor to the Special Committee in connection with the
contemplated engagement. Representatives of Dechert discussed with the Special Committee its fiduciary duties under