Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 59

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 59
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 director compensation policy; |

| • |     | in the event an executive officer’s employment with Enfusion is involuntarily terminated in connection with                                                                                                                  
 or following the Transactions, vesting of certain Enfusion RSUs, including Enfusion PSUs converted into Enfusion RSUs (or corresponding Assumed RSUs) may be accelerated in accordance with the terms of such Enfusion RSUs; |

| • |     | eligibility of Enfusion’s executive officers to receive severance payments and benefits either under their        
 employment agreement with Enfusion or under the Enfusion Executive Severance Policy (the “Severance Policy”); and |

| • |     | with respect to Enfusion officers and directors who may be, or may be affiliated with, the TRA Parties, rights to 
 receive portions of the $30 million early termination payment under the TRA.                                      |

33

See the section titled “The Transactions—Interests of Enfusion’s Directors
and Executive Officers in the Transactions” for a more detailed description of the interests of Enfusion’s directors and executive officers. The Enfusion Board was aware of and considered these potential interests, among other matters, in
evaluating and negotiating the Merger Agreement, in approving the Merger and in recommending that Enfusion Stockholders approve the Merger Agreement Proposal.

The Merger Agreement limits Enfusion’s ability to pursue alternatives to the Transactions and may discourage other companies from trying to acquire Enfusion.

The Merger Agreement contains provisions that make it more difficult for Enfusion to sell its business to a party other
than Clearwater. These provisions include a general prohibition on Enfusion soliciting any company takeover proposal or offer for a competing transaction. In addition, upon termination of the Merger Agreement, Enfusion is required to pay Clearwater
a termination fee of $52,350,000 if the Merger Agreement is terminated in certain circumstances including Enfusion entering into a definitive agreement with respect to a superior proposal, an adverse recommendation change or a willful breach in a
material respect of Enfusion’s non-solicitation obligations under the Merger Agreement.

It
is possible that the no-shop provision or the other provisions of the Merger Agreement could discourage a potential acquiror that might have had an interest in acquiring all or a significant part of Enfusion
from considering or proposing that acquisition, even if it were prepared to pay consideration with a higher per share cash or market value than the consideration Clearwater proposes to pay in the Transactions or might result in a potential competing