Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 206

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 206
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 the Merger Agreement and the Special Committee or any committee thereof determines in good faith (after consultation with, and upon the advice of,
Goldman Sachs & Co. LLC or another independent financial advisor of nationally recognized reputation (an “”) and outside legal counsel), taking into account, among other things, all legal,
financial, regulatory, and other aspects of the Acquisition Proposal and the third party making the Acquisition Proposal (including likelihood of consummation and certainty of closing), (i) is reasonably capable of being consummated in accordance
with its terms and (ii) would, if consummated in accordance with its terms, result in a transaction that is more favorable to Enfusion Stockholders from a financial point of view than the Transactions (after taking into account any revisions to
the terms of the Merger Agreement proposed by Clearwater in writing prior to the time of such determination); provided, however, that, for purposes of this definition of “Superior Proposal,” references in the term
“” to “20% or more” or “less than 80%” will be deemed to be references to “more than 50%” or “less than 50%,” respectively.

131

No-ShopPeriod From the date of the Merger Agreement until the earlier to occur of the Effective Time or the termination of the Merger Agreement, Enfusion will not, and will cause its subsidiaries not to, nor will Enfusion authorize or permit any of its representatives or any of its subsidiaries’ representatives to and Enfusion will direct its representatives and its subsidiaries’ representatives not to, directly or indirectly (other than with respect to the Buyer Parties):

| • |     | solicit, assist, initiate, propose, induce the making, submission or announcement of, or otherwise knowingly                                                        
 encourage or facilitate any inquiries, proposals or offers that constitute, or that would reasonably be expected to constitute or lead to, an Acquisition Proposal; |

| • |     | authorize, engage in, continue or otherwise participate in any discussions or negotiations with any third party                                          
 regarding an any inquiries, proposals or offers that constitute, or that would reasonably be expected to constitute or lead to, an Acquisition Proposal; |

| • |     | furnish to any third party any information or provide to any third party access to the businesses, properties,                                                                                                                                  
 assets, books, records or personnel of Enfusion or any of its subsidiaries, in each case for the purpose of encouraging or facilitating any inquiries, proposals or offers that constitute, or that would reasonably be expected to