Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 208

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 208
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 vendors, and other Persons 
 with whom Enfusion or its subsidiaries have a material business relationship.                                                                                                                                                                           |

129

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 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 organizational or governing documents of any subsidiary; |

| • |     | (1) declare, set aside or pay any dividend or other distribution in respect of, or enter into any agreement with                                                                                                                                
 respect to the voting of, any capital stock of Enfusion or any of its subsidiaries, other than dividends and distributions by a direct or indirect wholly-owned subsidiary of Enfusion to its Clearwater, (2) modify or repeal the terms of any 
 shares of Enfusion’s capital stock or other equity or voting interest or (3) pledge or encumber any shares of capital stock or other equity voting interest or cause or permit the same to be subjected to any other lien;                      |

| • |     | (1) split, combine, adjust, subdivide or reclassify any capital stock or other equity interest or voting interest                                                                                                                          
 of Enfusion or its subsidiaries, (2) issue or authorize the issuance of any other securities in respect of, in lieu of or in substitution for, shares of capital stock of Enfusion or equity interests or voting interests of any of its   
 subsidiaries or (3) purchase, redeem or otherwise acquire any capital stock, options, warrants, restricted shares, stock appreciation rights, performance shares, contingent value rights, “phantom” stock or similar securities or rights 
 of Enfusion;                                                                                                                                                                                                                               |

| • |     | issue, deliver, sell, dispose or grant any Enfusion Securities, other than (1) the issuance of shares of                                                                                                                                          
 Enfusion Common Stock and Enfusion Class B Common Stock upon the exercise of Enfusion Stock Options or