Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 165

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 165
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 arrangements that are treated as partnerships for U.S. federal income tax purposes and investors in 
 such entities;                                                                                                  |

| • |     | dealers in securities, commodities or currencies; |

| • |     | traders in securities that elect to apply a     
 mark-to-market method of income tax accounting; |

| • |     | grantor trusts; |

| • |     | S corporations; |

| • |     | holders whose “functional currency” is not the U.S. dollar; |

| • |     | holders who exercise dissenters’ rights; |

| • |     | holders who, immediately before the Transactions directly, indirectly or constructively owned at least 5% of all 
 Enfusion Common Stock (by vote or value);                                                                        |

| • |     | holders who hold their Enfusion Common Stock as “qualified small business stock” for purposes Sections 
 1045 or 1202 of the Code;                                                                              |

| • |     | holders who received their Enfusion Common Stock through the exercise of options or otherwise as compensation or 
 through a tax-qualified retirement plan; and                                                                     |

| • |     | holders who own Enfusion Common Stock, or, after the Merger, Clearwater Common Stock, as part of a straddle, 
 synthetic security, wash sale, hedge, conversion transaction or other integrated investment.                 |

Enfusion Stockholders that are subject to special provisions under the Code, including such persons described immediately above, should consult their tax advisors regarding the tax consequences of the Corporate Mergers and the ownership and disposition of any Clearwater Common Stock received in the Merger. As used in this discussion, a “U.S. Holder” means a beneficial owner of Enfusion Common Stock or, as a result of the Merger, Clearwater Common Stock, who is for U.S. federal income tax purposes:

| • |     | a citizen or resident of the United States; |

| • |     | a corporation or other entity taxable as a corporation created or organized in or under the laws of the United 
 States or any state thereof or the District of Columbia;                                                       |

| • |     | a trust that (i) is subject to the primary jurisdiction of a court within the United States and the control                                                                                   
 of one or more U.S. persons with respect to all of its substantial decisions, or (ii) has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person; or |

| • |     | an estate that is