Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 427

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 427
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 |     | Oleg Movchan     |
| Title:                 |     | Manager          |

| ISP V-B EF LP          |     |                      |
| By:                    |     | /s/ Louis D. Thorne  |
| Name:                  |     | Louis D. Thorne      |
| Title:                 |     | Authorized Signatory |
| ISP V MAIN FUND EF LLC |     |                      |
| By:                    |     | /s/ Louis D. Thorne  |
| Name:                  |     | Louis D. Thorne      |
| Title:                 |     | Authorized Signatory |

Exhibit A

TRA Payment Schedule

Exhibit B

Acknowledgement and Release

Annex D

| 200 West Street | New York, NY 10282-2198 Tel: 
 212-902-1000 | Fax: 212-902-3000               |

PERSONAL AND CONFIDENTIAL January 10, 2025 Special Committee of the Board of Directors Enfusion, Inc. 125 South Clark Street Suite 750 Chicago, IL 60603 Ladies and Gentlemen: You have requested our opinion as to the fairness from a financial point of view to the holders (other than Clearwater Analytics Holdings, Inc. (“Parent”) and its affiliates) of the outstanding shares of Class A common stock, par value $0.001 per share (the “Shares”), of Enfusion, Inc. (the “Company”) of the Aggregate Consideration (as defined below) to be paid to such holders pursuant to the Agreement and Plan of Merger, dated as of January 10, 2025 (the “Agreement”), by and among the Company, Enfusion Ltd. LLC (the “Operating Company”), Parent, Poseidon Acquirer, Inc., a direct, wholly-owned subsidiary of Parent, Poseidon Merger Sub I, Inc., a wholly owned subsidiary of Parent (“Merger Sub”), and Poseidon Merger Sub II, LLC, an indirect wholly owned subsidiary of Parent (“Merger Sub II”). Pursuant to the Agreement, and on the terms and subject to the conditions set forth in the Agreement, Merger Sub will be merged with and into the Company (the “Merger”) and each outstanding Share (other than any Dissenting Shares (as defined in the Agreement)) will be converted into the right to receive, at the election of the holder thereof, either (i) (x) $5.85 in cash, plus (y) that