Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 221

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 221
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fusion will be required to pay a termination fee of $52,325,000 (the “ Company Termination Fee”). Enfusion must pay the Company Termination Fee if:

| • |     | the Merger Agreement is validly terminated by Clearwater because the Enfusion Board or any committee thereof,                                                                   
 acting upon the recommendations of the Special Committee, have effected an Adverse Recommendation Change or materially breached the no-shop provisions of the Merger Agreement; |

| • |     | the Merger Agreement is validly terminated by Enfusion because the Enfusion Board or any committee thereof,                                            
 acting upon the recommendations of the Special Committee, have determined to enter into a definitive agreement with respect to a Superior Proposal; or |

| • |     | the Merger Agreement is validly terminated (1) by either Clearwater or Enfusion because the Closing has not                                                                                                                                     
 occurred on or prior to the End Date, (2) by either Clearwater or Enfusion because the Stockholder Approval has not been obtained at the Special Meeting, or (3) by Clearwater because of a breach of any representation or warranty or failure 
 to perform any covenant or agreement on the part of Enfusion; provided that, in the case of clauses (1), (2) and (3), Enfusion will pay the Company Termination Fee only if (x) after the date of the Merger Agreement and prior to the         
 termination of the Merger Agreement, a bona fide Acquisition Proposal is publicly disclosed and not irrevocably withdrawn at least three business days prior to the Special Meeting and (y) within 12 months after the date of such             
 termination, Enfusion enters into any Acquisition Proposal or consummates any Acquisition Proposal (provided that for purposes of this determination, each reference to “20% or more” or “80% or less” in the definition of                     
 Acquisition Proposal will be deemed to be references to “more than 50%” or “less than 50%,” respectively).                                                                                                                                      |

Enfusion will pay to Clearwater the Company Termination Fee (1) in the case of the first bullet, within two business days after such termination, (2) in the case of the second bullet, substantially concurrently with the termination, and (3) in the case of the third bullet, substantially concurrently with the earlier of the entry into a definitive agreement in respect of such Acquisition Proposal or consummation of such Acquisition Proposal. 141

Effect of Termination

If the Merger Agreement is validly terminated in