Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 228

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 228
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 to the earlier of the End Date or the 
 30th day following Clearwater’s delivery of written notice describing such breach to Enfusion; provided, however, Clearwater will not be entitled to terminate the Merger Agreement if Clearwater, Acquirer, Merger Sub or Merger Sub           
 II is in breach of its obligations under the Merger Agreement that would result in any condition to the obligations of Enfusion not to be satisfied; or                                                                                         |

| • |     | at any time prior to receipt of the Stockholder Approval, if (1) the Enfusion Board or any committee                                                                                                     
 thereof, acting upon the recommendations of the Special Committee, has effected an Adverse Recommendation Change or (2) Enfusion has committed a material breach of the no-shop provisions of the Merger 
 Agreement.                                                                                                                                                                                               |

Termination Fees and Expenses If the Merger Agreement is validly terminated in specified circumstances, Enfusion will be required to pay a termination fee of $52,325,000 (the “ Company Termination Fee”). Enfusion must pay the Company Termination Fee if:

| • |     | the Merger Agreement is validly terminated by Clearwater because the Enfusion Board or any committee thereof,                                                                   
 acting upon the recommendations of the Special Committee, have effected an Adverse Recommendation Change or materially breached the no-shop provisions of the Merger Agreement; |

| • |     | the Merger Agreement is validly terminated by Enfusion because the Enfusion Board or any committee thereof,                                            
 acting upon the recommendations of the Special Committee, have determined to enter into a definitive agreement with respect to a Superior Proposal; or |

| • |     | the Merger Agreement is validly terminated (1) by either Clearwater or Enfusion because the Closing has not                                                                                                                                     
 occurred on or prior to the End Date, (2) by either Clearwater or Enfusion because the Stockholder Approval has not been obtained at the Special Meeting, or (3) 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 (1), (2) and (3), Enfusion will pay the Company 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 is publicly disclosed and not irrevocably withdrawn at least three business days prior to the Special Meeting and (y) within