Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 237

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 237
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,812 |
| Estimated fair value of assumed Enfusion equity awards attributable to pre-combination service(3) |     |               |    15,926 |
| Estimated payment to terminate Enfusion’s                                                         
 TRA(4)                                                                                            |     |               |    30,000 |
| Total estimated preliminary Merger Consideration                                                  |     |               | 1,495,586 |
| Total cash consideration                                                                          |     |               |   783,848 |
| Total equity consideration                                                                        |     |               |   711,738 |
| Total estimated preliminary Merger Consideration                                                  |     |               | 1,495,586 |

| (1) | Represents the estimated cash consideration to be paid, consisting of (i) approximately $754 million                                                                                                                                      
 calculated as a product of 128.9 million outstanding shares of Enfusion Common Stock and cash consideration of $5.85 per share and (ii) approximately $52 thousand to settle all In-the-Money Enfusion Options. As outlined in the Merger 
 Agreement, the amount of cash consideration to be paid is based on $5.85 per share of Enfusion Common Stock.                                                                                                                              |

| (2) | Represents the estimated fair value of approximately 25.4 million shares of Clearwater Common Stock                                                                                                                                               
 estimated to be issued, calculated using the per share price of Clearwater Common Stock as of December 31, 2024. As outlined in the Merger Agreement, each share of Enfusion Common Stock to be settled at closing will be exchanged based on the 
 Per Share Parent Stock Amount of 0.20, calculated by dividing $5.40 by the per share price of Clearwater Common Stock as of December 31, 2024.                                                                                                    |

157

| (3) | Represents the estimated fair value of Enfusion Unvested RSUs and Enfusion PSUs attributable to pre-combination services. As outlined in the Merger Agreement and terms of the Enfusion PSUs, each outstanding Enfusion Unvested RSU and Enfusion PSU will be assumed by Clearwater and converted into a number of 
 restricted stock unit awards denominated in shares of Clearwater Common Stock. Clearwater estimates that approximately 1.5 million of Clearwater RSUs (“Assumed RSUs”) with an estimated fair value of $40.1 million will be                                                                                       
 issued in connection with the Transactions, with $15.9 million attributable to pre-combination services. The fair value of En