Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 209

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 209
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 action, an “ Adverse Recommendation Change”):

| • |     | fail to make, withhold, withdraw, amend or qualify, or publicly propose to withhold, withdraw, amend, or qualify,                                                                                     
 the recommendation that the Enfusion Stockholders adopt the Merger Agreement and approve the transactions contemplated by the Merger Agreement, including the Merger (the “Enfusion Recommendation”); |

| • |     | authorize, adopt, approve, endorse or recommend, or publicly propose to authorize, adopt, approve, endorse or 
 recommend, an Acquisition Proposal;                                                                           |

| • |     | fail to recommend against acceptance of any third party tender offer or exchange offer for the shares of Enfusion                                                                                               
 Common Stock and Enfusion Class B Common Stock within 10 business days after commencement (within the meaning of Rule 14d-2 under the Exchange Act) of such offer (or if the Special Meeting is scheduled to    
 be held within 10 business days from the date of such commencement, promptly and in any event prior to the date that is one business day before the date on which the Special Meeting is scheduled to be held); |

| • |     | adopt, approve, endorse or recommend, or publicly propose to adopt, approve, endorse or recommend, or cause or                                                                                                                                    
 permit Enfusion or any of its subsidiaries to execute or enter into any letter of intent, memorandum of understanding, merger agreement, acquisition agreement, or other similar agreement with respect to an Acquisition Proposal (other than an 
 Acceptable Confidentiality Agreement, or such other permitted confidentiality agreement under the Merger Agreement);                                                                                                                              |

| • |     | 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 |

133

| 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