Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001193125-25-004988
Chunk: 12

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 12
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2(g);

WHEREAS, the Company Board, upon the unanimous recommendation of the Special Committee, has unanimously (i) determined that this
Agreement, the Merger and the other transactions contemplated by this Agreement are advisable, fair to and in the best interests of the Company and the Company’s stockholders, (ii) adopted and approved this Agreement, the Merger and the
other transactions contemplated by this Agreement, and (iii) directed that this Agreement be submitted to the Company’s stockholders entitled to vote thereon for adoption thereby and resolved to recommend that such stockholders adopt this
Agreement and approve the transactions contemplated by this Agreement, including the Merger;

1

WHEREAS, Enfusion US 1, Inc., in its capacity as the managing member of the Operating
Company, has (i) determined that it is in the best interests of the Operating Company and its members, declared it advisable to enter into this Agreement providing for the merger of Merger Sub II with and into the Operating Company (the
“LLC Merger” and, together with the Corporate Mergers, the “Mergers”) in accordance with the DLLCA upon the terms and subject to the conditions set forth herein; and (ii) approved the execution and delivery of
this Agreement by the Operating Company and the consummation of the LLC Merger upon the terms and subject to the conditions set forth herein;

WHEREAS, the Boards of Directors of each of Merger Sub, Merger Sub II, Acquirer and Parent have each (i) determined that this Agreement
and the Mergers are advisable and in the best interests of their respective stockholders, (ii) approved the Mergers on the terms and subject to the conditions set forth herein, and (iii) adopted and approved this Agreement;

WHEREAS, each of the sole stockholder of Acquirer, the sole stockholder of Merger Sub and the sole member of Merger Sub II has approved the
Mergers on the terms and subject to the conditions set forth herein;

WHEREAS, as a condition and inducement to Parent’s willingness
to enter into this Agreement, certain holders of the Company Common Stock have entered into a voting and support agreement (a “Support Agreement”) in connection with the transactions contemplated hereby; and

WHEREAS, concurrently with the execution and delivery of this Agreement, the Company and certain members of the Operating Company entitled to
benefits under the Tax Receivable Agreement are entering into that certain Amendment No. 1 to