Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 115

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 115
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result of negotiations with the TRA Parties to reduce the early termination payment to TRA Parties under the TRA due upon a change of control, then Clearwater would pay such increase in price in cash, as opposed to in a mix of cash and stock.

On December 30, 2024, at the direction of the Special Committee, representatives of Goldman Sachs shared a presentation with
representatives of FTV and ICONIQ regarding the proposed symmetrical fixed value collar. Representatives of FTV indicated their desire for the cash and stock split of the Clearwater offer to be 55%/45% (instead of Clearwater’s then-current
proposal of approximately 50% cash and 50% stock). Representatives of ICONIQ concurred and indicated that they would generally be supportive of a potential transaction with Clearwater on those revised terms.

Later on December 30, 2024, Mr. Sahai indicated to representatives of Goldman Sachs that Clearwater would be prepared to apply
a symmetrical fixed value collar to the stock component of a transaction, but with a 10% band (instead of the Special Committee’s proposal of a 15% band).

73

On December 31, 2024, 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 their most recent interactions with Clearwater. Following discussion with
representatives of Goldman Sachs, the Special Committee determined that the 10% symmetrical fixed value collar was acceptable, but that representatives of Goldman Sachs should continue to negotiate to increase the ratio of cash and Clearwater Common
Stock payable to Enfusion Stockholders in a potential transaction with Clearwater.

Later on December 31, 2024, at the direction
of the Special Committee, representatives of Goldman Sachs proposed to representatives of Clearwater that 55% of the transaction consideration should be comprised of cash, with the balance paid in Clearwater Common Stock, subject to a 10%
symmetrical fixed value collar. Representatives of Clearwater responded by indicating that Clearwater would not agree to pay more than $800 million of the aggregate transaction consideration in cash, which implied that approximately 52% of the
transaction consideration would be comprised of cash, with the balance paid in Clearwater Common Stock, subject to a 10% symmetrical fixed value collar.

Also on December 31, 2024, the Special Committee commenced negotiations with representatives of FTV and ICONIQ and Mr. Mov