Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 84

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 84
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 below is a diagram depicting the structure following the completion of the Second Merger.

Final Structure

The parties chose the structure described and depicted above to permit the Merger and the Second Merger,
taken together, to qualify as a “reorganization” under Section 368(a) of the Code, provided the other relevant conditions are met.

54

Merger Consideration At the Effective Time and the LLC Merger Effective Time, each Eligible Share (other than Eligible Shares (i) owned or held in the treasury of Enfusion or Enfusion OpCo, (ii) owned by a Dissenting Holder and (iii) owned by the Buyer Parties, Enfusion, Enfusion US 1, Inc., Enfusion US 2, Inc., Enfusion US 3, Inc. or any other subsidiary of Enfusion) will be converted into the right to receive, at the election of the holder of such Eligible Share and subject to the allocation procedures set forth in the Merger Agreement, the Merger Consideration. No fractional shares of Clearwater Common Stock will be issued, and Enfusion Stockholders will instead receive cash in lieu of fractional shares of Clearwater Common Stock. The stock portion of the Merger Consideration will be subject to an adjustment mechanism based on the Final Parent Stock Price. If the Final Parent Stock Price is greater than $25.0133 and less than $30.5718, the Per Share Parent Stock Amount would be deemed to be between 0.2159 and 0.1766 and the implied Aggregate Consideration Per Share would be $11.25. If the Final Parent Stock Price is less than $25.0133, the Per Share Parent Stock Amount would be 0.2159 and the implied Aggregate Consideration Per Share would be less than $11.25. If the Final Parent Stock Price is greater than $30.5718, the Per Share Parent Stock Amount would be 0.1766 and the implied Aggregate Consideration Per Share would be greater than $11.25. 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 Eligible Shares. Accordingly, depending on the elections made by other holders of Eligible Shares, you may receive a portion of the Merger Consideration in the form you did not