Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 132

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 132
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In addition, the Special Committee was aware of and considered the fact that some of Enfusion’s directors not on the Special Committee and executive officers have interests in the Transactions that are different from, or in addition to, Enfusion Stockholders generally, including those interests that are a result of employment and compensation arrangements with Enfusion. The foregoing discussion of material factors considered by the Special Committee in reaching its conclusions and recommendation includes the principal factors considered by the Special Committee, but it is not intended to be exhaustive and may not include all of the factors considered by the Special Committee. In light of the variety of factors considered in connection with its evaluation of the transactions contemplated by the Merger Agreement, including the Transactions, the Special Committee did not find it practicable to, and did not, quantify or otherwise assign relative or specific weights to the specific factors considered in reaching its determinations and recommendations. Rather, the Special Committee based its decisions on the totality of the factors and information it considered, including discussions with, and questioning of, Enfusion management and its independent financial and legal advisors. Moreover, each member of the Special Committee applied his or her own personal business judgment to the process and may have given different weight to different factors. Recommendations of the Enfusion Board After considering the unanimous recommendations of the Special Committee and on the basis of the other factors described above, the Enfusion Board unanimously (i) determined that the terms of the Merger Agreement, the Merger and the other Transactions are advisable, fair to and in the best interests of Enfusion and Enfusion Stockholders, (ii) adopted and approved the Merger Agreement, the Merger and the other Transactions, (iii) directed that the Merger Agreement be submitted to Enfusion Stockholders entitled to vote thereon for adoption thereby and (iv) resolved to recommend that such Enfusion Stockholders adopt the Merger Agreement and approve the Transactions, including the Mergers. In the course of reaching its determination and making its recommendations, the Enfusion Board considered the following non-exhaustivelist of material factors and countervailing factors, which are not presented in any relative order of importance:

| • |     | The Special Committee’s analysis (as to both substantive and procedural aspects of the Merger), conclusions                                                                                                                                           
 and unanimous determination, which the Enfusion Board adopted as its own, that the Merger Agreement and the Transactions, including the Mergers, are advisable, fair to and in the best interests of Enfusion and Enfusion Stockholders. The Enfusion 
 Board also