Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 130

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 130
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 the consummation of the Merger, and the Special Committee’s belief, after discussion with its advisors and based on the course of negotiations with the   
 TRA Amendment Parties that $30 million was the lowest early termination payment that the TRA Parties would accept. This represents an estimated $105 million reduction of the approximately $135 million that would have otherwise been              
 payable to the TRA Parties under the term of the TRA (based on certain facts and assumptions), which corresponds to an estimated per share value in excess of approximately $0.79 per Eligible Share that was available to be redirected to Enfusion 
 Stockholders in the form of an increase in the Merger Consideration to $11.25 per share.                                                                                                                                                             |

The Special Committee also considered a number of factors relating to the procedural safeguards designed to ensure the fairness of the Transactions and to permit the Special Committee to represent effectively the interests of the unaffiliated Enfusion Stockholders, including (not necessarily in order of relative importance):

| • |     | the Special Committee is comprised of directors who are independent (for purposes of serving on the Special                                                                                                                                     
 Committee), disinterested and not affiliated with, and are independent of, Clearwater or any of the potential participants in a potential acquisition of Enfusion and both Enfusion’s and Clearwater’s significant stockholders and management, 
 and who are otherwise disinterested and independent with respect to a potential acquisition of Enfusion;                                                                                                                                        |

| • |     | the recognition by the Special Committee that it had no obligation to recommend to the Enfusion Board the 
 approval of the Transactions or any other transaction and had the authority to reject any proposals made; |

| • |     | the fact that the Special Committee was authorized, among other things, to explore a potential transaction or any                                                                                                                                    
 other alternatives to enhance value to Enfusion Stockholders in their capacity as such, and to recommend to the Enfusion Board (in the Special Committee’s sole discretion) the advisability of any such potential transaction or other alternative; |

| • |     | the fact that the Special Committee was empowered to, and did, select and engage its own independent legal                                                                                                                                          
 advisor, Dechert, and its own independent financial advisor, Goldman Sachs, and received the advice of such advisors throughout its review, evaluation and negotiation of a potential acquisition of Enfusion and potential alternatives, including 
 remaining an independent public company;                                                                                                                                                                                                            |

| • |     | the fact that the Special Committee adopted certain guidelines at the outset of the Special Committee’s