Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 106

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 106
---
 of a potential transaction unless it was reasonably certain that each of FTV, ICONIQ and Mr. Movchan would be
supportive of such transaction given each stockholder’s voting power and that each of Clearwater and the Party E Consortium had noted that they would expect, as a condition to signing a definitive merger agreement, to receive a voting and
support agreement from each of FTV, ICONIQ and Mr. Movchan.

On November 22, 2024, representatives of Goldman Sachs
participated in calls with representatives of each of Clearwater, the Party E Consortium, Party L and Party P to inform them that they would be moving forward to the next round of the strategic transaction process.

On November 25, 2024, access to a confidential data room was provided to Clearwater, the Party E Consortium, Party L and Party P.

On November 27, 2024, following Party P’s verbal indication of interest on November 21, 2024, Party P submitted
a written non-binding indication of interest confirming such verbal indication of interest.

Over
the course of the weeks of December 2, December 9 and December 16, 2024, representatives of Enfusion management and Goldman Sachs held a number of follow-up meetings with Clearwater, the
Party E Consortium and Party P.

On December 2, 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 the engagement with bidders that had occurred during the previous week. Representatives of
Dechert reviewed with the Special Committee a draft merger agreement that Dechert had prepared. Representatives of Dechert noted that the draft did not include a closing condition for the approval of a majority of the outstanding shares held by
Enfusion Stockholders unaffiliated with the TRA Parties and other applicable Enfusion Stockholders, but that representatives of Dechert would continue to monitor the process to determine if such a condition would be advisable. The Special Committee
authorized Dechert to share the draft merger agreement with Clearwater, the Party E Consortium, Party L and Party P.

On
December 3, 2024, legal counsel to ICONIQ informed representatives of Dechert that ICONIQ’s stated intention had changed and that ICONIQ would condition its support for any transaction on the opportunity to engage in discussions with
the proposed buyer regarding a potential rollover of ICON