Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 116

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 116
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, subject to a 10% symmetrical fixed value collar.

72

Also on December 31, 2024, the Special Committee commenced negotiations with
representatives of FTV and ICONIQ and Mr. Movchan regarding the treatment of the TRA in connection with any transaction and indicated to such parties that the Special Committee’s view was that the entire early termination payment under the
TRA due upon a change of control should be waived by the TRA Parties.

Also on December 31, 2024, at the direction of the Special
Committee, representatives of Dechert sent a draft voting and support agreement and a draft TRA amendment to counsel for each of FTV, ICONIQ, Mr. Movchan. The draft TRA amendment reflected the waiver of the entire early termination payment
under the TRA due upon a change of control.

On January 1, 2025, after negotiations with the chair of the Special Committee,
representatives of FTV and Mr. Movchan indicated to the chair of the Special Committee that they would be willing to waive over $100 million of early termination payments that would otherwise be due to TRA Parties upon a change of control,
but that they would require that an aggregate early termination payment of $30 million would be payable to the TRA Parties at the closing of any transaction.

On January 2, 2025, Dechert sent a revised draft merger agreement to Kirkland. Among other things, the revised draft proposed
(i) giving Enfusion Stockholders the ability to elect to receive merger consideration consisting of a mix of cash and shares of Clearwater Common Stock (compared to only having the ability to elect
all-cash or all-stock merger consideration in Kirkland’s prior draft of the merger agreement), (ii) a termination fee of 2.5% of Enfusion’s equity transaction
value (compared to a fee of 3.7% of Enfusion’s equity transaction value in Kirkland’s prior draft of the merger agreement), (iii) a reverse termination fee of 6% of Enfusion’s equity transaction value in the event the transaction is
terminated due to the failure to obtain required antitrust clearance or Clearwater’s failure to consummate the Mergers when required to do so and (iv) Clearwater agreeing to divest its assets that generated no more than a to be determined
amount of revenue in the 2024 calendar year.

Also on January 2, 2025, at the direction of the Special