Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 42

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 42
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 368(a) of the Code, and it is
not intended that the Second Merger is completed. Accordingly, the Merger would be completed, and the receipt of the Merger Consideration would be treated as a taxable transaction.

In addition, the U.S. federal income tax consequences to a U.S. Holder generally will depend on whether such U.S. Holder exchanges its shares
of Enfusion Common Stock solely for Clearwater Common Stock (i.e., Per Share Stock Consideration), solely for cash Merger Consideration (i.e., Per Share Cash Consideration) or for a combination of Clearwater Common Stock and cash Merger
Consideration (i.e., Per Share Mixed Consideration). U.S. Holders’ Merger Consideration elections are subject to proration according to the terms of the Merger Agreement to the extent any election is oversubscribed, such that U.S. Holders that
elect to receive solely Per

21

Share Stock Consideration or Per Share Cash Consideration may receive Per Share Mixed Consideration, for example. U.S. Holders are encouraged to consult their own tax advisors regarding the tax
consequences of receiving any particular mix of Clearwater Common Stock and cash Merger Consideration, regardless of their elections, as a result.

In certain circumstances, an Enfusion Stockholder could be treated as receiving a dividend in an amount up to the cash Merger Consideration
(including any cash in lieu of a fractional share of Clearwater Common Stock) received by such Enfusion Stockholder. As a result, a Non-U.S. Holder may be subject to U.S. federal withholding tax at a rate of
30% (or such lower rate as may be specified by an applicable income tax treaty) with respect to the cash Merger Consideration received by such Enfusion Stockholder.

Neither Clearwater nor Enfusion or any of their respective advisors or affiliates provides any assurances in the Merger Agreement regarding
the tax consequences of the Corporate Mergers, including whether the Corporate Mergers will qualify as a “reorganization” under Section 368(a) of the Code. Neither Clearwater nor Enfusion has requested or intends to request any ruling
from the IRS. Each Enfusion Stockholder that is a U.S. Holder should consult its own tax advisor with respect to the particular tax consequences of the Corporate Mergers to such holder, including the consequences of receiving any particular mix of
Clearwater Common Stock and cash Merger Consideration. Each Enfusion Stockholder