Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 50

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 50
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 TRA, pursuant to which such parties agreed to terminate the TRA immediately at the Effective Time on the terms set
forth in the TRA Amendment. In connection with the termination, Enfusion has agreed to pay the TRA Parties an aggregate termination payment equal to $30 million minus any payments made under the TRA to the TRA Parties between January 10,
2025, and the Effective Time.

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Such aggregate termination payment is expected to be less than the aggregate payment that
would have been payable under the TRA absent the TRA Amendment (based on certain facts and assumptions, the reduction was estimated to be approximately $105 million, constituting an approximate 78% discount to the estimated aggregate payment of
approximately $135 million that would have otherwise been payable to the TRA Parties under the terms of the TRA).

For more
information, see the section titled “The Transactions—TRA Amendment.”

Risk Factors(see page 31)

Before voting at the Special Meeting, you should carefully read all of the information contained in or incorporated by reference into this
Proxy Statement/Prospectus and give special consideration to the risk factors discussed in the section titled “Risk Factors.” See the section titled “Where You Can Find More Information” for more information about the SEC filings
incorporated by reference into this Proxy Statement/Prospectus.

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MARKET PRICE AND DIVIDEND INFORMATION Market Prices Clearwater Common Stock is listed on the NYSE under the symbol “CWAN,” and Enfusion Common Stock is listed on the NYSE under the symbol “ENFN.” The following table sets forth the closing price per share of Clearwater Common Stock and per share of Enfusion Common Stock as reported on the NYSE on January 10, 2025, the trading day before the public announcement of the execution of the Merger Agreement, and on , 2025, the trading day before the date of this Proxy Statement/Prospectus. The table also presents the volume-weighted average price of Clearwater Common Stock for the ten-trading-dayperiods ending on (and including) January 10, 2025 and , 2025. The table also shows the estimated implied value of the Merger Consideration for each share of Enfusion Common Stock calculated as of each of the below dates.

|                  |     | Clearwater   
 Common Stock |       |     | 10-Day Average    
 Clearwater Common 
 Stock VWAP        |         |     | Enfusion     
 Common Stock |      |