Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 173

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 173
---
 Shares elect to receive Clearwater Common Stock, 15% of the holders of Eligible Shares elect to receive cash and 5% of the holders of Eligible Shares do not make an election, you will 
 receive cash in exchange for 67 of your Eligible Shares and Clearwater Common Stock in exchange for 33 of your Eligible Shares.                                                                                                                         |

No fractional shares of Clearwater Common Stock will be issued and holders of Eligible Shares will instead receive cash in lieu of fractional shares of Clearwater Common Stock. 109

Prior to the Effective Time, Clearwater will enter into an exchange agent agreement (the
“”) with Computershare Trust Company, N.A. (or its successor) (the “”), pursuant to which Clearwater will deposit (i) an aggregate number of shares of Clearwater Common
Stock to be credited in the stock ledger and other appropriate books and records of Clearwater in book-entry form and (ii) cash in an amount sufficient to pay the aggregate cash portion of the Merger Consideration and any cash in lieu of
fractional shares of Clearwater Common Stock (the “”).

As described above, holders of Eligible Shares will
not receive any fractional shares of Clearwater Common Stock in the Merger. Instead, a holder of Eligible Shares who otherwise would have received a fractional share of Clearwater Common Stock will be entitled to receive a cash payment in lieu of
such fractional shares in an amount determined by multiplying (i) the fraction of a share of Clearwater Common Stock which any holder of Eligible Shares would be entitled to receive pursuant to the Merger Agreement by (ii) the final
Clearwater stock price as calculated in accordance with the terms of the Merger Agreement.

The Merger Consideration will be appropriately
adjusted to reflect the effect of any stock split, reverse stock split, subdivision, stock dividend, reorganization, recapitalization, reclassification, combination, exchange of shares or other like change with respect to the number of shares of
Enfusion Common Stock or Clearwater Common Stock occurring on or after the date of the Merger Agreement and prior to the Effective Time to proportionately reflect such change.

The Merger Agreement provides that Enfusion Stockholders will be provided with an election form and other customary transmittal materials. The
Election Form will allow each holder of Eligible Shares to specify (i) the number of Eligible Shares owned by such holder with respect to which such holder desires to receive the cash consideration and (ii) the