Company: CWAN
Filing Date: 2025-04-17
Form Type: 425
Source: 0001193125-25-083584
Chunk: 6

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-04-17
Form: 425
Chunk 6
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 oversubscribed:

| a) | (i) cash in an amount equal to $5.85 and (ii) a number of shares of Class A common stock of                     
 Clearwater equal to the Per Share Parent Stock Amount (as defined below) (the” Per Share Mixed Consideration”); |

| b) | a number of shares of Class A common stock of Clearwater equal to the Exchange Ratio (as defined below) 
 (the “Per Share Stock Consideration”); or                                                               |

| c) | cash in an amount equal to the Aggregate Consideration Per Share (as defined below) (the “Per Share Cash 
 Consideration”); and                                                                                     |

in each case, cash in lieu of any fractional shares of Class A common stock of Clearwater that such shareholder would otherwise be entitled to receive. The value paid per share of Enfusion Class A common stock will be equalized such that the value of the Merger Consideration will be substantially the same, regardless of which form of Merger Consideration is elected.

As previously disclosed, the “Per Share Parent Stock Amount” is determined by dividing $5.40 by the volume-weighted average price (such price, the “Final Parent Stock Price”) of one share of Clearwater Class A common stock for the ten-tradingday period ending on (and including) the second to last trading day prior to (but not including) the closing date of the Transaction (the “Closing Date”); provided that (x) if the Final Parent Stock Price is less than or equal to $25.0133, then the Per Share Parent Stock Amount will be deemed to be 0.2159 and (y) if the Final Parent Stock Price is greater than or equal to $30.5718, then the Per Share Parent Stock Amount will be deemed to be 0.1766. The “Aggregate Consideration Per Share” will be determined by dividing the Aggregate Consideration by the total number of Enfusion Class A common stock and restricted stock units and Enfusion OpCo limited liability company units eligible to receive Merger Consideration (collectively, the “Eligible Shares”). The “Aggregate Consideration” will be determined as the sum of (i) a number of shares of Clearwater Class A common stock equal to the product of (x) the Per Share Parent Stock Amount multiplied by (y) the total number of Eligible Shares multiplied by (z) the Final Parent Stock Price and (ii) the product of $5.85 multiplied