Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 13

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 13
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 Merger Agreement are satisfied or waived, the following transactions (the 
 “Transactions”) will be consummated:                                                                                                                                                                                                                 |

| • |     | Merger Sub II will merge with and into Enfusion OpCo (the “LLC Merger”), with Enfusion OpCo               
 surviving the LLC Merger and becoming an indirect subsidiary of Clearwater (the “Surviving Corporation”); |

| • |     | Merger Sub will merge with and into Enfusion (the “Merger”), with Enfusion surviving the Merger 
 and becoming a direct, wholly-owned subsidiary of Clearwater;                                   |

| • |     | following the effective time of the Merger (the “Effective Time”) and subject to the                                                                                                                                            
 satisfaction, prior to the Effective Time, of certain conditions specified in the Merger Agreement, Enfusion, the surviving company of the Merger, will merge with and into Acquirer (the “Second Merger” and together with the |

1

| Merger, the “Corporate Mergers” and the Corporate Mergers, together with the LLC Merger, the “Mergers”), with Acquirer surviving the Second Merger as a direct, 
 wholly-owned subsidiary of Clearwater (the “Second Surviving Corporation”).                                                                                     |

| Q: | What is the TRA Amendment? |

On January 10, 2025, in connection with the execution of the Merger Agreement, Enfusion, Enfusion OpCo and the TRA Amendment Parties entered into the TRA Amendment in accordance with the terms of the TRA, pursuant to which such parties agreed to terminate the TRA immediately at the Effective Time on the terms set forth in the TRA Amendment. In connection with the termination, Enfusion has agreed to pay the TRA Parties an aggregate termination payment equal to $30 million minus any payments made under the TRA to the TRA Parties between January 10, 2025, and the Effective Time. Such aggregate termination payment is expected to be less than the aggregate payment that would have been payable under the TRA absent the TRA Amendment (based on certain facts and assumptions, the reduction was estimated to be approximately $105 million, constituting an approximate 78% discount to the estimated aggregate payment of approximately $135 million that would have otherwise been payable to the TRA Parties under the terms of the TRA).

| Q: | Are there any risks that I should consider in deciding whether to vote for the approval of the Merger 
 Agreement Proposal?