Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 1

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 1
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 in accordance with its terms as a result of the consummation of the Merger (“ Enfusion Vested RSUs”) and (ii) at the effective time of the LLC Merger (the “ LLC Merger Effective Time”), each unit of common limited liability company membership interest (other than units owned by Enfusion, Clearwater or any of their respective wholly-owned subsidiaries, in each case not held on behalf of third parties) in Enfusion OpCo outstanding as of immediately prior to the LLC Merger Effective Time (the “ Enfusion Common Unit” and together with Enfusion Common Stock and Enfusion Vested RSUs, each, an “ Eligible Share”) will be automatically cancelled and cease to exist and will be converted into the right, at the election of the holder of such Eligible Share, to elect to receive (together, the “ Merger Consideration”), subject to proration according to the terms of the Merger Agreement to the extent any election is oversubscribed, either:

| (a) | (i) cash in an amount equal to $5.85 and (ii) a number of shares of Class A common stock of                                                                                  
 Clearwater, par value $0.001 per share (the “Clearwater Common Stock”) equal to the Per Share Parent Stock Amount (as defined herein) (the “Per Share Mixed Consideration”); |

| (b) | a number of shares of Clearwater Common Stock equal to the Exchange Ratio (as defined herein) (the “Per 
 Share Stock Consideration”); or                                                                         |

| (c) | cash in an amount equal to the Aggregate Consideration Per Share (as defined herein) (the “Per Share 
 Cash Consideration”); and                                                                            |

in each case, cash in lieu of fractional shares of Clearwater Common Stock that such holder of Eligible Share would otherwise be entitled to receive. Regardless of the Merger Consideration elected, the value paid per share of Enfusion Common Stock will be equalized in connection with the consummation of the Mergers such that the value of each Merger Consideration election will be substantially the same.

The “” will be determined by dividing $5.40 by
the volume-weighted average price (such price, the “”) of one share of Clearwater Common Stock for the ten-trading day period ending on (and including) the second to
last trading day prior to (but not including) the closing date of the Mergers (the “”); provided that