Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 218

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 218
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ger Agreement);                                                                                                                              |

135

| • |     | fail to publicly reaffirm the Enfusion Recommendation within five business days after Clearwater so requests in                                                                                                                                   
 writing (or, if the Special Meeting is scheduled to be held within five business days of such request, within one business day after such request and, in any event, prior to the date of the Special Meeting), provided that Clearwater may make 
 such a request no more than one time per Acquisition Proposal (if such Acquisition Proposal is amended or modified, Clearwater may make such an additional request pursuant to this clause with respect to such amended or modified Acquisition   
 Proposal);                                                                                                                                                                                                                                        |

| • |     | fail to include the Enfusion Recommendation in this Proxy Statement/Prospectus; or |

| • |     | resolve or publicly propose to take any action described in the above. |

Notwithstanding the restrictions described above, at any time prior to obtaining the Stockholder Approval, the Special Committee, may (1) make an Adverse Recommendation Change in response to either a Superior Proposal or an Intervening Event and/or (2) in the case of a Superior Proposal, cause Enfusion to validly terminate the Merger Agreement in accordance with the termination provisions of the Merger Agreement and authorize Enfusion to enter into a definitive agreement concerning a transaction that constitutes a Superior Proposal, if it determines in good faith (after consultation with an Enfusion Financial Advisor and outside legal counsel) that the failure to do so would be inconsistent with its fiduciary duties under applicable law. In the case of a Superior Proposal, (1) no Adverse Recommendation Change may be made and (2) no termination of the Merger Agreement may be made:

| • |     | until after the fifth business day following written notice from Enfusion advising Clearwater that the Enfusion                                                                                                                                      
 Board or any committee thereof, intends to make an Adverse Recommendation Change and/or validly terminate the Merger Agreement and specifying the reasons therefor (and any amendment, modification or change to the financial terms or any material 
 amendments, modification or change to any other term of such Superior Proposal will require a new notice, which will require a new notice period of three business days);                                                                            |

| • |     | unless during such five business day period (or three business day period following an amended, modified or                                                                                                                                               
 changed proposal), Enfusion will, and will make its representatives available to, to the extent requested by Clearwater, discuss and negotiate with Clearwater in good faith to make