Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 19

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 19
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 applicable law, but no party is required to waive any conditions to Closing.                                                                                                                                           |

If the parties were to waive any conditions to Closing—such as the condition that: (i) the shares of Clearwater Common Stock to be issued to Enfusion Securityholders in the LLC Merger and Merger be approved for listing and trading on the NYSE, (ii) the representations and warranties of Enfusion and Clearwater must be true and correct as of the Closing, subject to certain materiality or material adverse effect qualifiers, or (iii) no material adverse effect has occurred on the other party—such waiver may have an adverse effect on Enfusion and Clearwater and their respective stockholders. For a summary of the potential risks relating to the Transactions, see the section titled “Risk Factors—Risks Relating to the Transactions.”

| Q: | What are the U.S. federal income tax consequences of the Corporate Mergers? |

| A | The U.S. federal income tax consequences of the Corporate Mergers will depend primarily upon whether the                                                                                                                
 Corporate Mergers, taken together, qualify as a “reorganization” under Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”). Because Enfusion Stockholders will receive Clearwater Common Stock 
 in partial consideration for their Enfusion Common Stock, the Corporate Mergers may qualify as a “reorganization” that may permit partial deferral of taxation if certain conditions are met.                           |

5

The Merger and the LLC Merger are not conditioned on a ruling from the U.S. Internal Revenue
Service (the “”) or an opinion of counsel that the Corporate Mergers, taken together, will qualify as a “reorganization” under Section 368(a) of the Code. While Clearwater and Enfusion intend to complete the
Merger, they do not intend to complete the Second Merger unless (i) Clearwater receives an opinion from Kirkland & Ellis LLP and (ii) Enfusion receives an opinion from Dechert LLP (or, in either case, another nationally recognized
tax counsel reasonably acceptable to both Clearwater and Enfusion) (collectively, “”), in each case, that the Corporate Mergers, taken together, will qualify as a “reorganization” under Section 368(a) of
the Code (together, the “”, and the receipt of the Opinions, the “”), and Clearwater and Acquirer’s obligations to complete the Second Merger