Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001193125-25-004988
Chunk: 3

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 3
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 Sub II’s obligation to consummate the Mergers is conditioned upon there not having occurred a Company Material Adverse Effect (as defined in the Merger Agreement) and the absence of certain Burdensome Conditions (as defined in the Merger Agreement) specified in the Merger Agreement and (ii) Enfusion’s obligation to consummate the Mergers is conditioned upon there not having occurred a Parent Material Adverse Effect (as defined in the Merger Agreement).

Termination

The Merger Agreement contains termination rights for each of the Company and Enfusion, including, among others, (a) if the consummation of
the Mergers does not occur on or before July 9, 2025, (b) if any order prohibiting the Mergers has become final and non-appealable, (c) if the Stockholder Approval is not obtained following the
meeting of Enfusion’s stockholders for purposes of obtaining such Stockholder Approval, and (d) subject to certain conditions, (i) by the Company, prior to the receipt of the Stockholder Approval, if (x) the Board of Directors of
Enfusion (the “Enfusion Board”), acting upon the recommendation of the Special Committee of the Enfusion Board, changes its recommendation in favor of the Mergers or (y) Enfusion has materially breached its non-solicitation obligations with respect to alternative acquisition proposals from third parties under the Merger Agreement or (ii) by Enfusion, prior to the receipt of the Stockholder Approval, if Enfusion
wishes to terminate the Merger Agreement to enter into a definitive agreement providing for a Superior Proposal (as defined in the Merger Agreement). The Company and Enfusion may also terminate the Merger Agreement by mutual written consent.

Enfusion is required to pay the Company a termination fee of $52,325,000 in cash on termination of the Merger Agreement under specified
circumstances, including, among others, termination by the Company in the event that the Enfusion Board, acting upon the recommendation of the Special Committee, changes its recommendation in favor of the Merger or termination by Enfusion to enter
into a definitive agreement providing for a Superior Proposal. The Merger Agreement also provides that, in certain circumstances, each party may seek to compel the other parties to specifically perform their obligations under the Merger Agreement.

Financing of the Merger

The Company has obtained commitments of $1.0 billion in new debt financing, subject to customary conditions, to fund