Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 39

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 39
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 of approximately $21.6 million, $2 million of which
became payable upon the announcement of the Transactions (including a $200,000 non-contingent retainer fee paid monthly for the first two months of Goldman Sachs’ engagement by the Special Committee), and
the remainder of which is contingent upon consummation of the Transactions.

Interests of Enfusion’s Directors and Executive Officers in the Transactions(see page 97)

The Enfusion Board and executive officers may have interests in the Transactions that may be
different from, or in addition to, those of Enfusion Stockholders generally. The members of the Enfusion Board were aware of and considered these interests in reaching the determination to approve and adopt the Merger Agreement and other related
agreements and recommend to Enfusion Stockholders that they vote in favor of the Merger Agreement Proposal and the Adjournment Proposal.

Material U.S. Federal Income Tax Consequences of the Corporate Mergers(see page 101)

The U.S. federal income tax consequences of the
Corporate Mergers will depend primarily upon whether the Corporate Mergers, taken together, qualify as a “reorganization” under Section 368(a) of the Code. Because Enfusion Stockholders will receive Clearwater Common Stock in partial
consideration for their Enfusion Common Stock, the Corporate Mergers may qualify as a “reorganization” that may permit partial deferral of taxation if certain conditions are met.

The Merger and the LLC Merger are not conditioned on a ruling from the IRS or an opinion of counsel that the Corporate Mergers, taken
together, will qualify as a “reorganization” under Section 368(a) of the Code. While Clearwater and Enfusion intend to complete the Merger, they do not intend to complete the Second Merger unless Clearwater and Enfusion receive the
Opinions, and Clearwater and Acquirer’s obligations to complete the Second Merger are conditioned upon the delivery of the Opinions.

Each of Clearwater and Enfusion have covenanted in the Merger Agreement to use commercially reasonable efforts to obtain the Opinions. In
addition, the Merger Agreement provides that none of Clearwater, Acquirer, Merger Sub or Merger Sub II shall take any action or fail to take any action that would reasonably be expected to cause the Corporate Mergers, taken together, to fail to
qualify as a “reorganization” within the meaning of Section 368(a) of the Code.