Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 239

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 239
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 |     |            |          — |   |
| Weighted average number of shares of Clearwater Common Stock and Clearwater Class D Common        
 Stock outstanding - diluted                                                                       |     |                    | 281,102,644 |     |            | 59,410,579 |   |
| Diluted net earnings per share attributable to shareholders of Clearwater Common Stock and        
 Clearwater Class D Common Stock                                                                   |     | $                  |        1.14 |     | $          |       1.14 |   |

| Shares of Clearwater Class B Common Stock (as defined below) and Clearwater Class C Common Stock (as                                                                                                                                               
 defined below) do not participate in the earnings or losses of Clearwater and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Clearwater Class B Common Stock and Clearwater 
 Class C Common Stock under the two-class method has not been presented.                                                                                                                                                                            |

| e. | Represents Enfusion’s estimated merger costs of $25 million expected to be incurred related to the 
 Transactions that are not reflected in the historical financials. This is a non-recurring item.    |

| f. | Represents the adjustment to record the elimination of historical Enfusion’s stock-based compensation                 
 expense, recognition of new stock-based compensation expense for the post-combination portion of the Enfusion’s RSUs. |

| Enfusion’s RSUs were assumed and converted into approximately 1.5 million of Assumed RSUs, with an                                                                                                                                            
 estimated fair value of $40.1 million. Fair value has been estimated based upon the trading price of Clearwater Common Stock as of December 31, 2024. Assumed RSUs will be subject to the same vesting terms and conditions applicable to the 
 corresponding Enfusion equity awards. The pre-combination portion of the Assumed RSUs has been reflected as purchase consideration and the post-combination portion of Assumed RSUs will be recognized as                                     
 stock-based compensation expense over the remaining                                                                                                                                                                                           |

161

| vesting period. With respect to any Assumed RSU that replaces an Enfusion RSU that is an Enfusion PSU, vesting will no longer be subject to the achievement of performance goals or metrics and                                                                                                                                                                                                                                              
 will solely be based on providing continued service to Clearwater and its affiliates, including Enfusion, through the end of the applicable performance period. Of the fair value of $40.1 million, $15.9 million relates to