Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 33

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 33
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 terms and subject to the conditions set forth in the Merger Agreement and in accordance with Delaware law:

| • |     | Merger Sub II will merge with and into Enfusion OpCo, with Enfusion OpCo surviving the LLC Merger and becoming an 
 indirect subsidiary of Clearwater;                                                                                |

| • |     | Following the effective time of the LLC Merger, Merger Sub will merge with and into Enfusion, with Enfusion 
 surviving the Merger and becoming a direct, wholly-owned subsidiary of Clearwater;                          |

| • |     | Following the effective time of the Merger and subject to the satisfaction of certain conditions in the Merger                                                        
 Agreement, the Surviving Corporation will merge with and into Acquirer, with Acquirer surviving the Second Merger as a direct, wholly-owned subsidiary of Clearwater. |

14

Set forth below is a diagram depicting the structure of the LLC Merger described under the
first bullet point above.

LLC Merger

Set forth below is a diagram depicting the structure of the Merger described under the second bullet point
above.

Merger

15

Set forth below is a diagram depicting the structure of the Second Merger described under
the third bullet point above.

Second Merger

Set forth below is a diagram depicting the structure following the completion of the Second Merger.

Final Structure

16

The parties chose the structure described and depicted above to permit the Merger and the Second Merger, taken together, to qualify as a “reorganization” under Section 368(a) of the Code, provided the other relevant conditions are met. For more information, see the section titled “The Merger Agreement—Effects of the Transactions” and “The Transactions—Material U.S. Federal Income Tax Consequences of the Corporate Mergers.” Merger Consideration(see page 55) At the Effective Time and the LLC Merger Effective Time, each Eligible Share (other than Eligible Shares (i) owned or held in the treasury of Enfusion or Enfusion OpCo, (ii) owned by Enfusion Stockholders that did not vote in favor of the adoption of the Merger Agreement or consented to its adoption in writing and have validly made a demand for appraisal and not validly withdrawn such demand or otherwise lost their rights of appraisal with respect to such shares pursuant to Section 262 of the DGCL (a “ Dissenting Holder,” and such shares, the “ Dissenting Shares”) and (iii) owned by Clearwater, Acquirer