Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 114

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 114
---
 of cash and Clearwater Common
Stock payable to Enfusion Stockholders in a potential transaction with Clearwater and that representatives of Goldman Sachs should convey to Clearwater that any stock component of the transaction consideration should be subject to a fixed value
collar.

Later on December 28, 2024, at the direction of the Special Committee, representatives of Goldman Sachs reviewed the
most recent bids received with representatives of FTV. Representatives of FTV noted that FTV would prefer an all-cash transaction, including the one proposed by the Party E Consortium if at the right price,
and would not be willing to proceed with a potential Clearwater transaction unless any portion of the deal consideration comprised of Clearwater Common Stock would be subject to a fixed value collar, as it was FTV’s view that a fixed value
collar could mitigate the risk associated with fluctuations in the share price of Clearwater Common Stock between signing and closing a potential transaction with Clearwater. Representatives of Goldman Sachs conveyed this position to the Special
Committee.

71

Later on December 28, 2024, at the direction of the Special Committee,
representatives of Goldman Sachs raised with Mr. Sahai that any stock component of the transaction consideration should subject to a fixed value collar. Mr. Sahai indicated to representatives of Goldman Sachs that Clearwater would consider
the collar structure.

On December 29, 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 discussion with FTV and their most recent interactions with each of Clearwater and the Party E
Consortium. The Special Committee determined that representatives of Goldman Sachs should continue to negotiate to increase the ratio of cash relative to Clearwater Common Stock payable to Enfusion Stockholders in a potential transaction with
Clearwater and that representatives of Goldman Sachs should propose that any stock component of the transaction consideration would be subject to a 15% symmetrical fixed value collar.

Later on December 29, 2024, at the direction of the Special Committee, representatives of Goldman Sachs reviewed the most recent
bids received with representatives of FTV.

Also on December 29, 2024, at the direction of the Special Committee,
representatives of Goldman Sachs participated in meetings with representatives of Clearwater to discuss collar structures that could apply to the stock component of Clearwater’s bid and indicated the Special Committee’s proposal for a 15%
symmetrical fixed