Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 189

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 189
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| • |     | all Eligible Shares for which a cash election was made will be converted into the right to receive cash in 
 accordance with the terms of the Merger Agreement;                                                         |

| • |     | the Exchange Agent will then select first from among Eligible Shares for which no Election was made (“Non-Election Shares”) and then (if necessary) from among the Eligible Shares for which a stock election was made (“Stock Election Shares”), pro rata, a sufficient number of Eligible Shares 
 to instead be converted into the right to receive cash (“Cash Designated Shares”) so the aggregate cash amount that will be paid in the Transactions equals as closely as practicable the maximum amount of cash required to be paid                                                               
 under the Merger Agreement; and                                                                                                                                                                                                                                                                    |

119

| • |     | the Non-Election Shares and (if necessary) the Stock Election Shares that                                                                                          
 are not Cash Designated Shares will be converted into the right to receive shares of Clearwater Common Stock in accordance with the terms of the Merger Agreement. |

| • |     | If, following the Election Deadline, the portion of the Merger Consideration to be paid in cash to holders of                                                                                                                                       
 Eligible Shares equals the maximum amount of cash required to be paid under the Merger Agreement, then all Cash Election Shares will be converted into the right to receive cash in accordance with the terms of the Merger Agreement and all Stock 
 Election Shares and Non-Election Shares will be converted into the right to receive shares of Clearwater Common Stock in accordance with the terms of the Merger Agreement.                                                                         |

In determining the allocations above, Clearwater will cause any shares of Enfusion Common Stock that are Dissenting Shares (as defined below) as of the Election Deadline to be treated as Cash Election Shares not subject to the pro rata selection process above. Dissenting Shares Shares of Enfusion Common Stock issued and outstanding immediately prior to the Effective Time and owned by a Dissenting Holder will not be converted into a right to receive the Merger Consideration but instead will be entitled to payment of the appraised value of such shares in accordance with Section 262 of the DGCL, following which such Dissenting Shares will automatically be canceled and will cease to exist. If a Dissenting Holder fails to perfect, effectively withdraws or validly waives or loses its right to appraisal under Section 262 of the DGCL or if a court of competent jurisdiction determines that such Dissenting Holder is not entitled to the relief provided by Section