Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 111

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 111
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 set forth the Party E Consortium’s position on certain outstanding points in the draft merger agreement and noted that the Party E Consortium expected voting and support agreements to be entered into at
signing by all members of the Enfusion Board and their affiliated investment entities. The Party E Consortium December 23 Proposal noted that, although its diligence was complete, the Party E Consortium would need Mr. Movchan and Neal
Pawar, Enfusion’s Chief Operating Officer, to meet with the Party E Consortium’s deal team and Party E’s investment committee before any signing of a definitive merger agreement.

Also on December 23, 2024, legal counsel to FTV reiterated FTV’s request for permission from the Special Committee to discuss a
potential investment in the post-closing Enfusion entity following any transaction or potential participation in a buyer group by a different fund.

During the week of December 23, 2024, at the direction of the Special Committee, representatives of Goldman Sachs reviewed the most
recent bids received with representatives of FTV and ICONIQ and Mr. Movchan, including the identities of the remaining bidders, their proposed prices per share and assumptions and intentions regarding the early termination payments due pursuant
to the TRA upon a change of control. The Special Committee determined that it would be in the best interest of the strategic transaction process to share such information because the Special Committee did not want to proceed to negotiate the final
terms 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. The Special Committee also determined that it would be in the best
interest of the strategic transaction process to seek FTV, ICONIQ and Mr. Movchan’s support of a potential transaction in connection with negotiating a waiver of all or a portion of the early termination payments due to the TRA Parties.

On December 24, 2024, Kirkland sent a revised draft merger agreement to Dechert. Among other things, the revised draft proposed
(i) consideration paid through an approximately equal mix of cash and Clearwater

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Common Stock, with a fixed exchange ratio, (ii) a termination fee of 3.7% of Enfusion’s equity transaction value (comp