Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 47

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 47
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October 19, 2021, with Enfusion OpCo and the TRA Parties. The TRA provided for the payment by Enfusion to such TRA Parties of 85% of the benefits, if any, that Enfusion actually realizes, or is deemed to realize (calculated using certain
assumptions), as a result of: (i) existing tax basis acquired in the IPO; (ii) increases in existing tax basis and adjustments to the tax basis of the tangible and intangible assets of Enfusion OpCo as a result of sales or exchanges (or
deemed exchanges) of Enfusion Common Units for shares of Enfusion Common Stock or distributions (or deemed distributions) with respect to Enfusion 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 TRA also provides for termination of the TRA and an early termination payment by Enfusion in connection with a change of control of Enfusion.

On January 10, 2025, in connection with the execution of the Merger Agreement, Enfusion, Enfusion OpCo and the TRA Amendment Parties
entered into that certain Amendment No. 1 to the TRA (the “”) in accordance with the terms of the TRA, pursuant to which such parties agreed to terminate the TRA immediately at the Effective Time on the terms set
forth in the TRA Amendment. In connection with the termination, Enfusion has agreed to pay the TRA Parties an aggregate termination payment equal to $30 million minus any payments made under the TRA to the TRA Parties between January 10,
2025, and the Effective Time.

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Such aggregate termination payment is expected to be less than the aggregate payment that
would have been payable under the TRA absent the TRA Amendment (based on certain facts and assumptions, the reduction was estimated to be approximately $105 million, constituting an approximate 78% discount to the estimated aggregate payment of
approximately $135 million that would have otherwise been payable to the TRA Parties under the terms of the TRA).

For more
information, see the section titled “The Transactions—TRA Amendment.”

Risk Factors(see page 31)

Before voting at the Special Meeting, you