Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 126

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 126
---
 Clearwater’s obligation under the Merger Agreement to use reasonable best efforts to arrange, obtain, and             
 consummate the Debt Financing on the terms and conditions described in the Debt Commitment Letter (as defined below); |

| • |     | Clearwater’s obligation under the Merger Agreement to use its reasonable best efforts to maintain in full                                                                                                                                                
 force and effect the Debt Commitment Letter, satisfy on a timely basis all conditions to funding in the Debt Commitment Letter and to consummate the Debt Financing at or prior to the Closing, including using its reasonable best efforts to cause the 
 persons committing to fund the Debt Financing to fund the Debt Financing at the Closing, enforce its rights under the Debt Commitment Letter and comply with its obligations under the Debt Commitment Letter;                                           |

| • |     | Enfusion’s ability, under certain circumstances pursuant to the Merger Agreement, to seek specific                                                                        
 performance of Clearwater’s obligation to close the Transactions, to prevent breaches of the Merger Agreement and enforce specifically the terms of the Merger Agreement; |

| • |     | Enfusion’s right under the Merger Agreement, under specified circumstances in response to any Acquisition                                                                             
 Proposal (as defined in the section titled “The Merger Agreement—No Solicitation of Other Offers by Enfusion”) (a) that did not result from Enfusion’s material breach of the no-shop |

79

| provisions in the Merger Agreement and (b) that the Special Committee determines in good faith, after consultation with its advisor, constitutes a Superior Proposal (as defined in the                                                              
 section titled “The Merger Agreement—No Solicitation of Other Offers by Enfusion”) to furnish information to and conduct discussions and negotiations with third parties prior to the receipt of Enfusion Stockholder approval, thereby              
 providing an opportunity to determine if a third party is willing to pay a higher value per share to acquire Enfusion than Clearwater (although the Special Committee considered the likelihood of such a third party bid emerging as relatively low 
 given the Special Committee had conducted an extensive process with the assistance of its advisors as further described above);                                                                                                                      |

| • |     | Enfusion’s ability, under certain circumstances, to terminate the Merger Agreement in order to enter into a                                                                                                                                          
 definitive agreement concerning a transaction that constitutes a Superior Proposal so long as Enfusion complies with its obligations relating to Superior Proposals under the Merger Agreement and concurrently pays to Clearwater a termination fee 
 equal to $52,325,000;                                                                                                                                                                                                                                |

| • |