Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 40

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 40
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 the opinion, is attached as Annex D. The summary of
Goldman Sachs’ opinion contained in this Proxy Statement/Prospectus is qualified in its entirety by reference to the full text of Goldman Sachs’ written opinion. Goldman Sachs provided advisory services and its opinion for the information
and assistance of the Special Committee in connection with its consideration of the Transactions. Goldman Sachs’ opinion is not a recommendation as to how any holder of Enfusion Common Stock should vote or make any election with respect to the
Transactions or any other matter. Pursuant to an engagement letter between the Special Committee and Goldman Sachs, the Special Committee has agreed to pay Goldman Sachs a transaction fee 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 98)

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

20

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 102)

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