Company: CWAN
Filing Date: 2025-04-02
Form Type: 425
Source: 0001193125-25-071387
Chunk: 6

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-04-02
Form: 425
Chunk 6
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31, 2025 (the “Proxy Statement/Prospectus”), at the effective time of the Transaction (the “Effective Time”), each Enfusion shareholder will be entitled to receive, for each (i) share of Class A common stock of Enfusion outstanding as of immediately prior to the Effective Time, (ii) restricted stock unit of Enfusion that is vested as of immediately prior to the Effective Time or that will vest as a result of the consummation of the Transaction and (iii) limited liability company unit of Enfusion OpCo outstanding as of immediately prior to the Effective Time, in each case subject to proration according to the terms of the Merger Agreement to the extent any election is 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);                   |

| b) | a number of shares of Class A common stock of Clearwater equal to the Exchange Ratio (as defined below); 
 or                                                                                                       |

| c) | cash in an amount equal to the Aggregate Consideration Per Share (as defined below); 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.

The “Per Share Parent Stock Amount” will be 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-trading day 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