Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 84

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 84
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/Prospectus as Annex A , for a more complete understanding of the proposed Merger and the transactions related thereto. Effects of the Transactions The Merger Agreement provides that, through a series of transactions including the Merger, the LLC Merger and, if certain conditions have been satisfied as of the Closing Date but prior to the Effective Time, the Second Merger, Enfusion or Acquirer (as successor in interest to Enfusion in the event the Second Merger occurs) will become a direct, wholly-owned subsidiary of Clearwater and Enfusion OpCo will become an indirect subsidiary of Clearwater. LLC Merger At Closing, Merger Sub II will merge with and into Enfusion OpCo. Enfusion OpCo will be the surviving entity of the LLC Merger (the “ Surviving LLC”) and will become an indirect subsidiary of Clearwater. At the LLC Merger Effective Time:

| • |     | the issued and outstanding Enfusion Common Units will be converted into the right to receive the Merger                     
 Consideration and the Additional Unit Consideration (as defined in the TRA Amendment) (except as otherwise provided below); |

| • |     | Enfusion Common Units held in the treasury of Enfusion OpCo and any Enfusion Common Units owned by Enfusion,                            
 Clearwater, Enfusion US 1, Inc., Enfusion US 2, Inc., Enfusion US 3, Inc. and any other subsidiary of Enfusion will remain outstanding; |

| • |     | Enfusion Common Units owned by Acquirer, Merger Sub or Merger Sub II will automatically be cancelled and cease to 
 exist; and                                                                                                        |

| • |     | each unit of limited liability company interests of Merger Sub II will automatically be converted into and become                                           
 one unit of limited liability company interests of the Surviving LLC and will constitute the only limited liability company interests of the Surviving LLC. |

Set forth below is a diagram depicting the structure of the LLC Merger. 52

LLC Merger Merger Immediately after the LLC Merger Effective Time, Merger Sub will merge with and into Enfusion, with Enfusion surviving the Merger and becoming a direct, wholly-owned subsidiary of Clearwater. At the Effective Time:

| • |     | the issued and outstanding Enfusion Common Stock will be converted into the right to receive the Merger 
 Consideration (except as otherwise provided below);                                                     |

| • |     | each restricted stock unit of Enfusion that is vested as of immediately