Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 49

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 49
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will generally be paid by the party incurring the expense.

Specific Performance; Remedies(see page 144)

In addition to any other remedy that may be available to each party, including monetary damages, each of the parties will be entitled to an
injunction or injunctions or equitable relief to prevent breaches of the Merger Agreement and to enforce specifically its terms and provisions.

Comparison of Rights of Common Stockholders of Clearwater and Enfusion(see page 164)

Enfusion Stockholders receiving shares of Clearwater Common Stock in connection with the Transactions will have different rights once they
become holders of Clearwater Common Stock (“”) due to differences between the governing corporate documents of Clearwater and Enfusion. These differences are described in more detail in the section titled
“Comparison of Stockholder Rights.”

TRA Amendment(see page 112 andAnnex C)

In connection with Enfusion’s initial public offering in October 2021, Enfusion entered into a tax receivable agreement, dated
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