Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 161

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 161
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 under Section 368(a) of the Code, and Clearwater and Acquirer obligations to complete the Second Merger are conditioned upon
delivery of the Opinions.

Each of Clearwater and Enfusion have covenanted in the Merger Agreement to use commercially reasonable efforts
to obtain the Opinions. In addition, the Merger Agreement provides that none of Clearwater, Acquirer, Merger Sub or Merger Sub II shall take any action or fail to take any action that would reasonably be expected to cause the Corporate Mergers,
taken together, to fail to qualify as a “reorganization” within the meaning of Section 368(a) of the Code.

The Opinions, if
delivered, will be based on representations from each of Clearwater and Enfusion, on customary assumptions and on covenants and undertakings by Clearwater and Enfusion, including certain representations regarding the percentage of the aggregate
total consideration received by Enfusion Stockholders in the Merger that will be received in the form of Clearwater Common Stock. If any of the representations, assumptions, covenants or undertakings is or becomes incorrect, incomplete or inaccurate
or is violated, the validity of the Opinions would be affected and the U.S. federal income tax consequences of the Corporate Mergers could differ materially from those described below at “—Tax consequences if the Corporate Mergers, taken
together, qualify as a ‘reorganization.’” An opinion of counsel generally represents such counsel’s best legal judgment but is not binding on the IRS or any court, so there can be no certainty that the IRS will not challenge the
conclusions reflected in the Opinions or that a court will not sustain such a challenge. Clearwater and Enfusion have not sought and do not intend to seek any ruling from the IRS regarding any matters relating to the Transactions and the other
transactions contemplated by the Merger Agreement and, as a result, there can be no assurance that the IRS would not assert, or that a court would not sustain, a position contrary to any of the conclusions set forth herein.

In order for the Corporate Mergers to qualify as a “reorganization” under Section 368(a) of the Code, certain requirements,
including the “continuity of interest” requirement as described in Treasury Regulations Section 1.368-1(e), must be satisfied. Under regulatory guidance, for the “continuity of
interest” requirement to be satisfied, at least 40% (by value) of the aggregate