Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 176

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 176
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 case of a book-entry
transfer of Eligible Shares, and, in each case, delivery to the Exchange Agent of such other documents as may reasonably be requested by the Exchange Agent. Until so surrendered or transferred, each such Stock Certificate will represent after the
Effective Time only the right to receive Merger Consideration. No interest will be paid or accrued on the cash payable upon the surrender or transfer of such Stock Certificate.

TRA Amendment

In connection with Enfusion’s IPO in October 2021, Enfusion entered into the TRA on October 19, 2021, with Enfusion OpCo and the TRA
Parties. The TRA provided for the payment by Enfusion to such TRA Parties of 85% of the benefits, if any, that Enfusion actually realizes, or is deemed to realize (calculated using certain assumptions), as a result of: (i) existing tax basis
acquired in the IPO; (ii) increases in existing tax basis and adjustments to the tax basis of the tangible and intangible assets of Enfusion OpCo as a result of sales or exchanges (or deemed exchanges) of Enfusion Common Units for shares of
Enfusion Common Stock or distributions (or deemed distributions) with respect to Enfusion Common Units in connection with or after the IPO; (iii) Enfusion’s utilization of certain tax attributes of certain entities that are taxable as
corporations for U.S. federal income tax purposes in which the TRA Parties hold interests; and (iv) certain other tax benefits related to entering into the TRA, including tax benefits attributable to payments under the TRA.

In addition, the TRA provides that if certain changes of control were to occur, the TRA would terminate and Enfusion’s payment
obligations to TRA Parties would accelerate, resulting in an early termination payment by Enfusion. The consummation of the Transactions will constitute a change of control under the TRA that would

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cause the payment obligations to accelerate and become due and payable. Absent the TRA Amendment, upon such change of control, Enfusion would be required pursuant to the TRA to pay the TRA
Parties (1) an early termination payment calculated as set forth in the TRA, (2) any Tax Benefit Payment (as defined in the TRA) due and payable and that remains unpaid as of the Effective Time, and (3) any Tax Benefit Payment (as
defined in the TRA) in respect of any TRA Party