Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 85

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 85
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 prior to the Effective Time or that vests                                      
 in accordance with its terms as a result of the consummation of the Transactions will be converted into the right to receive the Merger Consideration; |

| • |     | the issued and outstanding shares of Enfusion Class B Common Stock will be automatically canceled and will 
 cease to exist;                                                                                            |

| • |     | Enfusion Common Stock and Enfusion Class B Common Stock held in the treasury of Enfusion and any shares of                                                                                                   
 Enfusion Common Stock and Enfusion Class B Common Stock owned by Clearwater, Merger Sub or Merger Sub II immediately prior to the Effective Time will automatically be canceled and will cease to exist; and |

| • |     | each issued and outstanding share of common stock of Merger Sub will automatically be converted into and become                                                                                              
 one fully paid, nonassessable share of common stock, par value $0.001 per share, of the Surviving Corporation and will constitute the only outstanding shares of capital stock of the Surviving Corporation. |

Set forth below is a diagram depicting the structure of the Merger. 53

Merger Second Merger Following the Effective Time and subject to the satisfaction of certain conditions in the Merger Agreement, the Surviving Corporation will merge with and into Acquirer, with Acquirer surviving the Second Merger as a direct, wholly-owned subsidiary of Clearwater. At the Second Effective Time:

| • |     | each issued and outstanding share of common stock of the Surviving Corporation will automatically be converted                                                                                                    
 into and become one fully paid, nonassessable share of common stock of the Second Surviving Corporation and will constitute the only outstanding shares of capital stock of the Second Surviving Corporation; and |

| • |     | each share of common stock of Acquirer issued and outstanding immediately prior to the Second Effective Time will 
 automatically be canceled and will cease to exist.                                                                |

Set forth below is a diagram depicting the structure of the Second Merger. 54

Second Merger

Set forth below is a diagram depicting the structure following the completion of the Second Merger.

Final Structure

The parties chose the structure described and depicted above to permit the Merger and the Second Merger,
taken together, to qualify as a “reorganization” under Section 368(a) of the Code, provided the other relevant conditions are met.

55

Merger Consideration At the Effective Time and the LLC Merger Effective Time, each Eligible Share (other than Eligible Shares (i