Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 87

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 87
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 Unvested RSU immediately prior
to the Effective Time. The number of shares of Clearwater Common Stock subject to each Assumed RSU will be equal to the product (rounded up to the nearest whole share) of (i) the number of shares of Enfusion Common Stock subject to the
corresponding Enfusion Unvested RSU immediately prior to the Effective Time, multiplied by (ii) the Exchange Ratio.

Each Enfusion
PSU that is outstanding as of immediately prior to the Effective Time and vests as a result of the consummation of the Transactions will be cancelled and converted at the Effective Time into the right of the holder to receive the Per Share Mixed
Consideration in respect of each share of Enfusion Common Stock subject to such vested Enfusion PSU (with the applicable performance conditions deemed achieved or not achieved based on the terms of the applicable award agreement), less applicable
tax withholding. Each Enfusion PSU that does not vest at the Effective Time will be cancelled as of the Effective Time for no consideration.

Background of the Transactions

As part of the ongoing consideration and evaluation by Enfusion of its long-term strategic goals
and plans, the Enfusion Board and management team periodically review, consider and assess Enfusion’s operations and financial performance, as well as overall industry, competitive and macroeconomic conditions, since they may affect those
strategic goals and plans, with the goal of enhancing stockholder value. This review at times includes, among other things, the consideration of potential opportunities for business combinations, acquisitions and other financial and strategic
alternatives.

57

Prior to the commencement of Enfusion’s strategic alternatives review process as
described herein, members of Enfusion management from time to time received outreach from investors and companies in Enfusion’s sector. Management from time to time met with these investors and companies, including financial sponsor firms, in
the ordinary course of business. For example, approximately four meetings of this nature occurred in 2024 prior to the commencement of Enfusion’s strategic alternatives process as described herein, all of which were with financial sponsor firms
and none of which resulted in any proposals being made for a strategic transaction. Other than one of these meetings, which was with Party M (as defined herein), none of these meetings occurred with parties that would later participate in
Enfusion’s strategic transaction process.

In addition, prior to the commencement of Enfusion’s strategic alternatives review
process as described herein, members of Enfusion management and members of the Enfusion Board from time to time invited representatives