Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 41

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 41
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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 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 should review the section titled “The Transactions—Material U.S. Federal Income Tax Consequences
of the Corporate Mergers” carefully, which describes the anticipated material U.S. federal income tax consequences (including U.S. federal withholding tax consequences) of the Corporate Mergers to certain Enfusion Stockholders.

21

The U.S. federal income tax consequences of the LLC Merger are not addressed herein, and
each member of Enfusion OpCo should consult with its own tax advisor regarding the consequences thereof.

Accounting Treatment of the Transactions(see page 101)

Clearwater and Enfusion prepare their financial statements in accordance with Generally Accepted