Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 162

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 162
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 of Enfusion Common Stock or, as a result of the Merger, Clearwater Common Stock, who is neither a U.S. Holder nor an entity or arrangement that is treated as a partnership for U.S. federal income tax purposes. 103

If a partnership, including for this purpose any entity or arrangement that is treated as a
partnership for U.S. federal income tax purposes, holds Enfusion Common Stock or, after the Merger, Clearwater Common Stock, the tax treatment of a partner in such partnership will generally depend upon the status of the partner and the activities
of the partner and the partnership. A holder that is a partnership and the partners in such partnership should consult their tax advisors about the U.S. federal income tax consequences of the Transactions and ownership and disposition of any
Clearwater Common Stock received in the Transactions.

THE U.S. FEDERAL INCOME TAX DISCUSSION SET FORTH BELOW IS GENERAL IN NATURE AND MAY NOT BE APPLICABLE TO A U.S. HOLDER DEPENDING UPON SUCH U.S. HOLDER’S PARTICULAR SITUATION. U.S. HOLDERS ARE URGED TO CONSULT THEIR OWN TAX ADVISORS AS TO THE SPECIFIC TAX CONSEQUENCES OF THE TRANSACTIONS, INCLUDING THE MERGER, THE LLC MERGER AND, IF THE SECOND MERGER CONDITIONS ARE SATISFIED, THE SECOND MERGER, AND THE OWNERSHIP AND DISPOSITION OF ANY CLEARWATER COMMON STOCK RECEIVED IN THE MERGER, INCLUDING, WITHOUT LIMITATION, THE APPLICABLE U.S. FEDERAL, STATE, LOCAL AND NON-U.S.TAX CONSEQUENCES TO THE U.S. HOLDERS OF THE TRANSACTIONS AND THE OWNERSHIP AND DISPOSITION OF CLEARWATER COMMON STOCK AND THE POSSIBLE EFFECTS OF CHANGES IN U.S. OR OTHER TAX LAWS.

U.S. federal income tax consequences of the Merger (and, if completed, the Second Merger) to U.S. Holders

Qualification of the Corporate Mergers, taken together, as a “reorganization”

The U.S. federal income tax consequences of the Merger will depend primarily upon whether the Second Merger Conditions are satisfied, the
Second Merger is completed and the Corporate Mergers, taken together, qualify as a “reorganization” under Section 368(a) of the Code.

The Merger and the LLC Merger are not conditioned on a ruling from the IRS or an opinion of counsel that the Corporate Mergers,