Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 171

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 171
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 manner as if the Non-U.S.Holder were a U.S. Holder (unless an applicable income tax treaty provides otherwise), and if the Non-U.S.Holder is a corporation, it may also be subject to an additional “branch profits tax” at a 30% rate (or such lower rate as may be provided by an applicable income tax treaty). A Non-U.S.Holder described in the second bullet point above will be subject to tax at a rate of 30% (or such lower rate as may be provided by an applicable income tax treaty) on any gain recognized, which may be offset by U.S.-source capital losses recognized in the same taxable year (if any). If the third bullet point above applies to a Non-U.S.Holder, gain recognized by such holder will be subject to tax at 108

generally applicable U.S. federal income tax rates. Enfusion believes that it has not been, is not, and will not be a “United States real property holding corporation” for United States
federal income tax purposes at any time during the five-year period preceding the Merger.

As discussed above under “—U.S.
federal income tax consequences of the Merger (and, if completed, the Second Merger) to U.S. Holders—Possible dividend treatment,” in some cases, if a holder of Enfusion Common Stock actually or constructively owns a sufficient amount of
Enfusion Common Stock or Clearwater Common Stock either before or after the Merger, any cash Merger Consideration (including cash in lieu of a fractional share of Clearwater Common Stock) received by such holder could be treated as being received as
a distribution under the tests set forth in Section 302 of the Code (including as a result of the application of Section 304 of the Code). In such a case, such holder may have dividend income up to the amount of cash received by it in the
Merger, depending on the current or accumulated “earnings and profits” of Clearwater or Enfusion, as applicable. Any amount treated under these rules as a dividend paid to a Non-U.S. Holder generally
would be subject to United States withholding tax at a rate of 30% (or such lower rate as may be provided by an applicable income tax treaty) unless such dividend is effectively connected with the Non-U.S.
Holder’s conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, is attributable to the Non-U.S. Holder’s