Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 245

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 245
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 Agreement. In view of the complexity of the provisions of Section 262 of the DGCL, if you are an Enfusion Stockholder
and are considering exercising your appraisal rights under the DGCL, you should consult your own legal advisor.

THE PROCESS OF DEMANDING AND EXERCISING APPRAISAL RIGHTS REQUIRES STRICT COMPLIANCE WITH TECHNICAL PREREQUISITES. IF YOU WISH TO EXERCISE YOUR APPRAISAL RIGHTS, YOU SHOULD CONSULT WITH YOUR OWN LEGAL COUNSEL IN CONNECTION WITH COMPLIANCE UNDER SECTION 262 OF THE DGCL. TO THE EXTENT THERE ARE ANY INCONSISTENCIES BETWEEN THE FOREGOING SUMMARY AND SECTION 262 OF THE DGCL, THE DGCL WILL GOVERN.

173

LEGAL MATTERS

The legality of the shares of Clearwater Common Stock issuable in the Transactions will be passed upon for Clearwater by Kirkland &
Ellis LLP.

174

EXPERTS

Clearwater

The consolidated financial
statements of Clearwater Analytics Holdings, Inc. as of December 31, 2023 and 2022, and for each of the years in the three-year period ended December 31, 2023, and management’s assessment of the effectiveness of internal control over
financial reporting as of December 31, 2023, have been incorporated by reference herein in reliance upon the reports of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said
firm as experts in accounting and auditing.

The audit report on the effectiveness of internal control over financial reporting as of
December 31, 2023, expresses an opinion that Clearwater Analytics Holdings, Inc. did not maintain effective internal control over financial reporting as of December 31, 2023 because of the effect of a material weakness on the achievement
of the objectives of the control criteria and contains an explanatory paragraph that states “The Company did not (i) design and implement change management and computer operations controls to ensure configuration data changes affecting the
IT applications were appropriate, (ii) design and implement program development controls to ensure the data migration, program testing and approval of new software development is aligned with business and IT requirements and (iii) design
and implement user access controls to ensure segregation of duties in the Company’s invoicing systems. As a result, process level automated controls and manual controls that are dependent on the completeness and accuracy of information derived
from the affected information systems were also ineffective because the controls had the