Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 214

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 214
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, with respect to this clause (iii) relating to or causing such change may be considered, along with the effects or consequences thereof to the extent not otherwise excluded from this definition); or (iv) the fact, in and of itself,
that Enfusion has exceeded or met internal or analysts’ estimates, projections, expectations, budgets or forecasts of operating statistics, revenue, earnings, cash flow or any other financial or performance measures (whether made by Enfusion or
any third parties) for any period ending (or for which revenues or earnings are released) on or after the date of the Merger Agreement (although for purposes of clarity, any underlying Effect relating to or causing such material improvement or
improvements may be considered, along with the effects or consequences thereof to the extent not otherwise excluded from this definition).

“” means any bona fide written Acquisition Proposal that did not result from or involve any material
breach or violation of the no-shop provisions of the Merger Agreement and the Special Committee or any committee thereof determines in good faith (after consultation with, and upon the advice of,
Goldman Sachs & Co. LLC or another independent financial advisor of nationally recognized reputation (an “”) and outside legal counsel), taking into account, among other things, all legal,
financial, regulatory, and other aspects of the Acquisition Proposal and the third party making the Acquisition Proposal (including likelihood of consummation and certainty of closing), (i) is reasonably capable of being consummated in accordance
with its terms and (ii) would, if consummated in accordance with its terms, result in a transaction that is more favorable to Enfusion Stockholders from a financial point of view than the Transactions (after taking into account any revisions to
the terms of the Merger Agreement proposed by Clearwater in writing prior to the

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time of such determination); provided, however, that, for purposes of this definition of “Superior Proposal,” references in the term “ Acquisition Proposal” to “20% or more” or “less than 80%” will be deemed to be references to “more than 50%” or “less than 50%,” respectively. No-ShopPeriod From the date of the Merger Agreement until the earlier to occur of the Effective Time or the termination of the Merger Agreement, Enfusion will not, and will cause its subsidiaries not to, nor will Enfusion authorize or permit any of its representatives or any of its subsidiaries’ representatives to and Enfusion will direct its representatives and its subsidiaries