Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 139

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 139
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 Common Units in connection with or after the IPO; (iii) Enfusion’s utilization of certain tax attributes of certain entities that are taxable as corporations for U.S. federal income tax purposes in which the TRA Parties hold interests; and (iv) certain other tax benefits related to entering into the TRA, including tax benefits attributable to payments under the TRA. The following table presents a summary of certain financial analyses and forecasts of the Tax Receivables Benefits forecast to be received by Enfusion as well as forecasts of the portions of such Tax Receivables Benefits forecast to be paid by Enfusion to the TRA Parties, in each case as prepared by Enfusion’s management and approved for Goldman Sachs’ use by the Special Committee (the “ Tax Receivables Projections”), as updated on January 10, 2025. The 87

Tax Receivables Projections assume the exchange of Enfusion Common Units for shares of Enfusion Common Stock on September 30, 2024, and use an assumed price per share of $8.55 for the Enfusion Common Stock (the closing price per share of Enfusion Common Stock as of September 19, 2024, the last trading day prior to media rumors about a potential sale). The following table also presents a summary of certain financial analyses and forecasts of other tax benefits of Enfusion prepared by its management, as approved for Goldman Sachs’ use by the Special Committee (the “ Tax Attribute Projections”), as updated on January 10, 2025.

| Payment Date    
 ($ in millions) |     | Realized Tax 
 Benefit(1)   |        |     | Tax Benefits 
 Paid(2)      |        |     | Other Tax 
 Benefits  |      |
|:----------------|:----|:-------------|-------:|:----|:-------------|-------:|:----|:----------|-----:|
| 04/2025         |     | $            |    2.4 |     | $            |    2.1 |     |           |    — |
| 12/2025         |     | $            |    7.2 |     | $            |    6.7 |     | $         |  6.7 |
| 12/2026         |     | $            |    8.5 |     | $            |    7.9 |     | $         |  7.5 |
| 12/2027