Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 87

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 87
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 to receive the
Merger Consideration in respect of each share of Enfusion Common Stock subject to such Enfusion Vested RSU immediately prior to the Effective Time, less applicable tax withholding, in the form determined at the election of the holder in accordance
with the procedures described above. Each Enfusion Unvested RSU will be assumed by Clearwater and converted at the Effective Time into an Assumed RSU, subject to the same terms and conditions as applied to the Enfusion Unvested RSU immediately prior
to the Effective Time. The number of shares of Clearwater Common Stock subject to each Assumed RSU will be equal to the product (rounded up to the nearest whole share) of (i) the number of shares of Enfusion Common Stock subject to the
corresponding Enfusion Unvested RSU immediately prior to the Effective Time, multiplied by (ii) the Exchange Ratio.

Each Enfusion
PSU that is outstanding as of immediately prior to the Effective Time and vests as a result of the consummation of the Transactions will be cancelled and converted at the Effective Time into the right of the holder to receive the Per Share Mixed
Consideration in respect of each share of Enfusion Common Stock subject to such vested Enfusion PSU (with the applicable performance conditions deemed achieved or not achieved based on the terms of the applicable award agreement), less applicable
tax withholding. Each Enfusion PSU that does not vest at the Effective Time will be cancelled as of the Effective Time for no consideration.

Background of the Transactions

As part of the ongoing consideration and evaluation by Enfusion of its long-term strategic goals
and plans, the Enfusion Board and management team periodically review, consider and assess Enfusion’s operations and financial performance, as well as overall industry, competitive and macroeconomic conditions, since they may affect those
strategic goals and plans, with the goal of enhancing stockholder value. This review at times includes, among other things, the consideration of potential opportunities for business combinations, acquisitions and other financial and strategic
alternatives.

Prior to the commencement of Enfusion’s strategic alternatives review process as described herein, members of Enfusion
management from time to time received outreach from investors and companies in Enfusion’s sector. Management from time to time met with these investors and companies, including financial sponsor firms, in the ordinary course of business. For
example, approximately four meetings of this nature occurred in 2024 prior to the commencement of Enfusion’s strategic alternatives process as described herein, all

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