Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 18

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 18
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 a result of the Transactions.                                                                                                                                                                               |

| Q: | What are the conditions to Closing that must be satisfied to complete the Transactions and can the parties 
 waive the conditions to Closing?                                                                           |

| A: | There are a number of conditions to the Closing of the Transactions. For a summary of the conditions that must                                                                                                                      
 be satisfied or waived prior to the consummation of the Transactions, see the section titled “The Merger Agreement—Conditions to the Transactions.” The conditions to Closing can be waived by the applicable parties to the extent 
 permitted by applicable law, but no party is required to waive any conditions to Closing.                                                                                                                                           |

If the parties were to waive any conditions to Closing—such as the condition that: (i) the shares of Clearwater Common Stock to be issued to Enfusion Securityholders in the LLC Merger and Merger be approved for listing and trading on the NYSE, (ii) the representations and warranties of Enfusion and Clearwater must be true and correct as of the Closing, subject to certain materiality or material adverse effect qualifiers, or (iii) no material adverse effect has occurred on the other party—such waiver may have an adverse effect on Enfusion and Clearwater and their respective stockholders. For a summary of the potential risks relating to the Transactions, see the section titled “Risk Factors—Risks Relating to the Transactions.”

| Q: | What are the U.S. federal income tax consequences of the Corporate Mergers? |

| A | The U.S. federal income tax consequences of the Corporate Mergers will depend primarily upon whether the                                                                                                                
 Corporate Mergers, taken together, qualify as a “reorganization” under Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”). Because Enfusion Stockholders will receive Clearwater Common Stock 
 in partial consideration for their Enfusion Common Stock, the Corporate Mergers may qualify as a “reorganization” that may permit partial deferral of taxation if certain conditions are met.                           |

The Merger and the LLC Merger are not conditioned on a ruling from the U.S. Internal Revenue Service (the “ IRS”) or an opinion of counsel that the Corporate Mergers, taken together, will qualify as a “reorganization” under Section 368(a) of the Code. While Clearwater and Enfusion intend to complete the Merger, they do not intend to complete the Second Merger unless (i) Clearwater receives an opinion from Kirk