Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 112

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 112
---
ared to a fee of 2.25% of Enfusion’s equity transaction value
in Dechert’s draft merger agreement), payable by Enfusion under customary circumstances, and (iii) Clearwater agreeing to use its reasonable best efforts to obtain required regulatory approvals, subject to a “Burdensome
Condition” standard.

Later on December 24, 2024, representatives of Goldman Sachs provided representatives of Clearwater
with certain financial and other information in response to Clearwater’s requests for such information on December 23, 2024.

On December 26, 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 most recent interactions with each of Clearwater and the Party E Consortium. Representatives of Dechert briefed the
Special Committee on the status of the transaction documentation and issues raised by each of Clearwater and the Party E Consortium. The Special Committee authorized Dechert to engage Abrams & Bayliss LLP as outside Delaware counsel to the
Special Committee.

On December 26, 2024, following Clearwater’s review of Enfusion’s financial performance for the fourth
quarter of 2024 and the full year 2024, representatives of Clearwater provided representatives of Goldman Sachs with a verbal revised offer of $10.95 per share of Enfusion Common Stock, payable in an approximately equal mix of cash and Clearwater
Common Stock, assuming that Clearwater would pay no more than $50 million to terminate the TRA and that any additional waived value beyond such amount would accrue to the benefit of Enfusion Stockholders on a dollar-for-dollar basis. This revised offer equated to a per share price of approximately $10.32 if no portion of the TRA was waived. This proposed price of $10.32 implied a premium to the Unaffected Price of
approximately 20.7%. Representatives of Goldman Sachs, at the direction of the Special Committee, requested that Clearwater work to present a full and final offer as soon as possible.

Later on December 26, 2024, representatives of the Party E Consortium verbally indicated to representatives of Goldman Sachs that
the Party E Consortium could increase its bid from $10.25 per share to $10.50 per share of Enfusion Common Stock in cash, assuming that all payments under the TRA would be waived, which the Party E Consortium referred to as its “best and final