Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 35

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 35
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 Common Stock will be issued, and Enfusion Stockholders will instead receive cash in lieu of fractional shares of Clearwater Common Stock. The total number of Eligible Shares to be entitled to receive the cash consideration will be equal to approximately 52% of the aggregate number of Eligible Shares, and the total number of Eligible Shares to be entitled to receive the stock consideration will be equal to approximately 48% of the aggregate number of Eligible Shares. Accordingly, depending on the elections made by other holders of Eligible Shares, you may receive a portion of the Merger Consideration in the form you did not elect. For example, if you elect to receive solely the cash consideration or solely the stock consideration, and all other holders of Eligible Shares make the same election, the consideration you receive will vary to the maximum extent possible compared to your original election. In such instance, you would receive the cash consideration in exchange for 52% of your Eligible Shares and the stock consideration in exchange for 48% of your Eligible Shares. The following examples illustrate the proration mechanism in the case of an oversubscription of either the cash consideration or the stock consideration (both if you elect solely the oversubscribed form of Merger Consideration and if you elect a combination of the cash consideration and the stock consideration). Note that for illustrative purposes, the following examples do not round shares to the nearest whole number.

| • |     | If you own 100 Eligible Shares and elect to receive solely the cash consideration, and 80% of the holders of                                                                                                                                             
 Eligible Shares elect to receive cash, 15% of the holders of Eligible Shares elect to receive Clearwater Common Stock and 5% of the holders of Eligible Shares do not make an election, you will receive cash in exchange for 65 of your Eligible Shares 
 and Clearwater Common Stock in exchange for 35 of your shares of Eligible Shares.                                                                                                                                                                        |

| • |     | If you own 100 Eligible Shares and elect to receive the cash consideration for 55 shares and the stock                                                                                                                                                  
 consideration for 45 shares, and 80% of the holders of Eligible Shares elect to receive cash, 15% of the holders of Eligible Shares elect to receive Clearwater Common Stock and 5% of the holders of Eligible Shares do not make an election, you will 
 receive cash in exchange for 35.75 of your Eligible Shares and Clearwater Common Stock in exchange for 64.25 of your