Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 200

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 200
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 Incentive Plan, as amended, restated, supplemented or otherwise modified from time to time in accordance with its terms. “ ERISA” means the Employee Retirement Income Security Act of 1974 and the rules and regulations promulgated thereunder. “ Foreign Employee Plan” means any Enfusion Employee Plan that is maintained pursuant to or is subject to the laws of a country other than the United States, or provides compensation or benefits to participants providing services primarily outside of the United States. Covenants of Enfusion Prior to Completion of the Transactions The Merger Agreement provides that, except for matters (i) required, expressly permitted or expressly contemplated by the Merger Agreement, (ii) set forth in Enfusion’s confidential disclosure schedules to the Merger Agreement (the “ Enfusion Disclosure Schedules”), (iii) required by applicable law or (iv) undertaken with the prior written consent of Clearwater (which consent will not be unreasonably withheld, conditioned or delayed and provided that the failure of Clearwater to respond to a request in writing for consent within five business days after receipt thereof will be deemed to constitute consent), Enfusion will, and will cause each of its subsidiaries to:

| • |     | use commercially reasonable efforts to conduct its business in the ordinary course; and |

| • |     | use commercially reasonable efforts to preserve the present business operations, organization and goodwill of                                                                                                                                           
 Enfusion and its subsidiaries, including using commercially reasonable efforts to retain the services of key employees of Enfusion and its subsidiaries and preserve their relationships with, and the goodwill of, clients, vendors, and other Persons 
 with whom Enfusion or its subsidiaries have a material business relationship.                                                                                                                                                                           |

In addition, Enfusion has also agreed that, except for matters (i) required, expressly permitted or expressly contemplated by the Merger Agreement, (ii) set forth in the Enfusion Disclosure Schedules, (iii) required by applicable law or (iv) undertaken with the prior written consent of Clearwater (which consent will not be unreasonably withheld, conditioned or delayed and provided that the failure of Clearwater to respond to a request 127

in writing for consent within five business days after receipt thereof will be deemed to constitute consent), Enfusion will not, and will cause each of its subsidiaries not to, among other things:

| • |     | amend (including by merger, consolidation or otherwise) Enfusion’s certificate of incorporation or by-laws or Enfusion OpCo’s operating agreement (the “Operating Agreement”) or the