Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 48

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 48
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fusion may terminate the Merger Agreement if:

| • |     | any governmental entity of competent jurisdiction has issued a final,                                                                                
 non-appealable order, injunction, decree or ruling permanently restraining, enjoining or otherwise prohibiting the consummation of the transactions; |

| • |     | the Stockholder Approval has not been obtained at the Special Meeting. |

Termination Fees and Expenses(see page 143) Enfusion must pay Clearwater a termination fee of $52,325,000 if the Merger Agreement is terminated in certain circumstances pursuant to the Merger Agreement, including (a) a termination by Clearwater as a result of (i) the Enfusion Board or any committee thereof effecting an Adverse Recommendation Change (as defined in

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the section titled “The Merger Agreement—No Solicitation of Other Offers by Enfusion”) or (ii) Enfusion materially breaching the
no-shop provisions of the Merger Agreement, (b) a termination by Enfusion as a result of the Enfusion Board determining to enter into a definitive agreement with respect to a Superior Proposal (as defined
in the section titled “The Merger Agreement—No Solicitation of Other Offers by Enfusion”) or (c) a termination (i) by Clearwater or Enfusion as a result of the Closing not occurring prior to the End Date, (ii) by either
Clearwater or Enfusion because the Stockholder Approval has not been obtained at the Special Meeting, or (iii) 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 (c)(i), (ii) and (iii), Enfusion will pay the 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Acquisition Proposal (as defined below) is publicly disclosed and not irrevocably withdrawn at least three business days prior to the Special Meeting and (y) within 12 months after the date of such termination, Enfusion enters into any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).

All other expenses relating to the transactions