Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 185

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 185
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 held by another person will, in addition to being converted into the right 
 to receive Merger Consideration pursuant to the Merger Agreement, convert into the right to receive Additional Unit Consideration pursuant to, and in accordance with, the TRA Amendment.                                                               |

| • |     | Each unit of limited liability company interests of Merger Sub II issued and outstanding immediately prior to the                                                                                                                     
 LLC Merger Effective Time will automatically be converted into and become one unit of limited liability company interests of the Surviving LLC and will constitute the only limited liability company interests of the Surviving LLC. |

| • |     | At the Second Effective Time (if the Second Effective Time occurs in accordance with the terms and conditions of                                                                                                                                       
 the Merger Agreement), (a) each share of common stock of the Surviving Corporation issued and outstanding immediately prior to the Second Effective Time will automatically be converted into and become one fully paid, nonassessable share of common 
 stock of the Second Surviving Corporation and will constitute the only outstanding shares of capital stock of the Second Surviving Corporation and (b) each share of common stock of Acquirer issued and outstanding immediately prior to the Second   
 Effective Time will automatically be canceled and will cease to exist and no consideration will be delivered in exchange for such shares.                                                                                                              |

The Merger Consideration will be appropriately adjusted to reflect the effect of any stock split, reverse stock split, subdivision, stock dividend, reorganization, recapitalization, reclassification, combination, exchange of 116

shares or other like change with respect to the number of shares of Enfusion Common Stock or Clearwater Common Stock occurring on or after the date of the Merger Agreement and prior to the Effective Time to proportionately reflect such change. No Fractional Shares Cash (without interest) will be paid in lieu of the issuance of any fractional share of Clearwater Common Stock in an amount determined by multiplying (i) the fraction of a share of Clearwater Common Stock which any holder of Eligible Shares would be entitled to receive pursuant to the Merger Agreement by (ii) the final Clearwater stock price as calculated in accordance with the terms of the Merger Agreement. Proration and Allocation of Merger Consideration The total number of Eligible Shares to be entitled to receive the cash consideration will be equal to approximately 52% of the aggregate number of Eligible Shares, and the total number of Eligible Shares to be entitled to receive the stock consideration will be equal to approximately 48% of the aggregate number of Elig