Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 34

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 34
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 satisfaction of certain conditions in the Merger                                                        
 Agreement, the Surviving Corporation will merge with and into Acquirer, with Acquirer surviving the Second Merger as a direct, wholly-owned subsidiary of Clearwater. |

14

Set forth below is a diagram depicting the structure of the LLC Merger described under the
first bullet point above.

LLC Merger

Set forth below is a diagram depicting the structure of the Merger described under the second bullet point
above.

Merger

15

Set forth below is a diagram depicting the structure of the Second Merger described under
the third bullet point above.

Second Merger

Set forth below is a diagram depicting the structure following the completion of the Second Merger.

Final Structure

16

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. For more information, see the section titled “The Merger Agreement—Effects of the Transactions” and “The Transactions—Material U.S. Federal Income Tax Consequences of the Corporate Mergers.” Merger Consideration(see page 56) 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 Enfusion Stockholders that did not vote in favor of the adoption of the Merger Agreement or consented to its adoption in writing and have validly made a demand for appraisal and not validly withdrawn such demand or otherwise lost their rights of appraisal with respect to such shares pursuant to Section 262 of the DGCL (a “ Dissenting Holder,” and such shares, the “ Dissenting Shares”) and (iii) owned by Clearwater, Acquirer, Merger Sub, Merger Sub II (collectively, 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, either: (a) a combination of cash and Clearwater Common Stock, (b) solely shares of Clearwater Common Stock, or (c) solely cash. No fractional shares of Clearwater