Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 440

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 440
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 aggregate of (x) and (y) together, the “Mixed Consideration”), (ii) a number of shares of Parent Class A Common Stock equal to the Exchange Ratio (as defined in the Agreement) (the “Stock Consideration”) or (iii) cash in an amount equal to the Aggregate Consideration Per Share (as defined in the Agreement) (the “Cash Consideration” and, taken in the aggregate with the Mixed Consideration and the Stock Consideration, the “Aggregate Consideration”), in each case subject to proration and certain other procedures and limitations contained in the Agreement, as to which procedures and limitations we express no opinion. In addition, pursuant to the Agreement, and on the terms and subject to the conditions set forth in the Agreement, at the LLC Merger Effective Time (as defined in the Agreement) Merger Sub II will be merged with and into the Operating Company and each outstanding Common Unit (as defined in the Agreement) of the Operating Company will be converted into the right to receive at the election of the holder thereof, either (i) the Mixed Consideration, (ii) the Stock Consideration or (iii) the Cash Consideration, as to which we express no opinion. Goldman Sachs & Co. LLC and its affiliates are engaged in advisory, underwriting, lending, and financing, principal investing, sales and trading, research, investment management and other financial and non-financialactivities and services for various persons and entities. Goldman Sachs & Co. LLC and its affiliates and D-1

Special Committee of the Board of Directors

Enfusion, Inc.

January 10, 2025

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employees, and funds or other entities they manage or in which they invest or have other economic interests or with which they co-invest, may at any time
purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of the Company, Parent, any of their respective affiliates and
third parties, including FTV Management Company GP, L.L.C. (“FTV”) and ICONIQ Capital Management, LLC (“ICONIQ”), each of which is a significant shareholder, or an affiliate of a significant shareholder, of the Company, and
Permira Advisers LLC (“Permira”), Warburg Pincus LLC (“Warburg”) and Welsh, Carson, Anderson & Stowe (“WCAS”), each of which is a significant shareholder, or an affiliate of a significant shareholder, of
Parent