Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 215

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 215
---
ger Agreement; and                                                         |

| • |     | no earlier than the end of such five business day period (or three business day period following an amended,                                                                                                                                           
 modified or changed proposal), the Special Committee determines in good faith, after consultation with an Enfusion Financial Advisor and outside legal counsel, after considering any amendments to the terms and conditions of the Merger Agreement   
 proposed by Clearwater in a binding written offer irrevocably made by Clearwater during such five business day period (or three business day period following an amended, modified or changed proposal), that the failure to take such action would be 
 inconsistent with its fiduciary duties under applicable law and that such Acquisition Proposal continues to constitute a Superior Proposal.                                                                                                            |

In the case of an Intervening Event, no Adverse Recommendation Change may be made:

| • |     | until after the fifth business day following written notice from Enfusion advising Clearwater that the Enfusion                                                                                                                                 
 Board or the Special Committee intends to take such action and specifying the material facts underlying the determination by the Enfusion Board or the Special Committee that an Intervening Event has occurred, and the reason for the Adverse 
 Recommendation Change, in reasonable detail;                                                                                                                                                                                                    |

| • |     | unless during such five business day period, Enfusion will, and will make its representatives available to, to                                                                                                               
 the extent requested by Clearwater, discuss and negotiate with Clearwater in good faith to enable Clearwater to amend the Merger Agreement in such a manner that obviates the need for an Adverse Recommendation Change; and |

136

| • |     | unless, prior to the expiration of such five business day period, the Special Committee determines in good faith,                                                                                                                                        
 taking into consideration any amendments to the Merger Agreement proposed in writing by Clearwater (after consultation an Enfusion Financial Advisor and outside legal counsel), that the failure to effect an Adverse Recommendation Change would still 
 be inconsistent with its fiduciary duties under applicable law.                                                                                                                                                                                          |

Nothing contained in the Merger Agreement will prohibit the Enfusion from (i) taking and disclosing a position contemplated by Rule 14d-9,Rule 14e-2(a)or Item 1012(a) of Regulation M-Apromulgated under the Exchange Act, (ii) making any disclosure to Enfusion Stockholders if, the Enfusion Board or any committee thereof determines in good faith, after consultation with outside legal counsel, the failure to do so would be inconsistent with its fiduciary