Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 169

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 169
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 Holder generally will depend on whether such U.S. Holder exchanges its shares of Enfusion Common Stock solely for Clearwater Common Stock (i.e., Per Share Stock
Consideration), solely for cash Merger Consideration (i.e., Per Share Cash Consideration) or for a combination of Clearwater Common Stock and cash Merger Consideration (i.e., Per Share Mixed Consideration). U.S. Holders’ Merger Consideration
elections are subject to proration according to the terms of the Merger Agreement to the extent any election is oversubscribed, such that U.S. Holders that elect to receive solely Per Share Stock Consideration or Per Share Cash Consideration may
receive Per Share Mixed Consideration, for example. U.S. Holders are encouraged to read each of the following paragraphs, regardless of their elections, as a result.

U.S. Holders that receive solely Clearwater Common Stock in a “reorganization”

A U.S. Holder that exchanges its shares of Enfusion Common Stock solely for Clearwater Common Stock pursuant to the Merger (i.e., Per Share
Stock Consideration) generally will not recognize any gain or loss for U.S. federal income tax purposes, except with respect to cash, if any, received in lieu of a fractional share of Clearwater Common Stock (as discussed below under
“—Receipt of cash in lieu of fractional shares”). Each such U.S. Holder’s aggregate tax basis in the shares of Clearwater Common Stock received in the Merger (including any fractional share deemed to be received) will equal such
U.S. Holder’s aggregate adjusted tax basis in the shares of Enfusion Common Stock surrendered in the Merger. The holding period of the shares of Clearwater Common Stock received by such U.S. Holder in the Merger will include such U.S.
Holder’s holding period for the shares of Enfusion Common Stock surrendered in the Merger. If a U.S. Holder holds different blocks of Enfusion Common Stock (generally, Enfusion Common Stock acquired on different dates or at different prices),
such U.S. Holder should consult with its tax advisor with respect to the determination of the tax bases and/or holding periods of the particular shares of Clearwater Common Stock received in the Merger.

105

U.S. Holders that receive solely cash Merger Consideration in a “reorganization”

A U.S. Holder that exchanges its shares of Enfusion Common Stock solely for cash pursuant to the Merger
(i.e., Per Share Cash Consideration)