Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 46

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 46
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 superior to the
Transactions from a financial point of view. See “The Merger Agreement—No Solicitation of Other Offers by Enfusion” and “The Merger Agreement—Change of Recommendation.”

Conditions to the Transactions(see page 138)

The respective obligations of the Buyer Parties, Enfusion and Enfusion OpCo to consummate the transactions are subject to the satisfaction (or
waiver where permissible pursuant to applicable law) of customary conditions, including the adoption of the Merger Agreement by the holders of a majority of the outstanding shares of Enfusion Common Stock and Enfusion Class B Common Stock (the
“”) and the expiration or termination of the waiting period under the HSR Act. See the section titled “The Merger Agreement—Conditions to the Transactions.”

The obligations of the Buyer Parties to consummate the Transactions are also subject to the absence of any Enfusion Material Adverse Effect
(as defined in the section titled “The Merger Agreement—Material Adverse

24

Effect”) after the date of the Merger Agreement, the accuracy of Enfusion’s representations and warranties and compliance by Enfusion with its obligations and agreements under the Merger Agreement, as described in the section titled “The Merger Agreement—Representations and Warranties.” The Merger Agreement does not include a financing condition. Under the terms of the Merger Agreement, the closing of the transactions contemplated by the Merger Agreement (the “ Closing”) will take place on the second business day following the date on which the conditions to the Closing are satisfied. See the section titled “The Merger Agreement—Closing and Effective Time.” Termination of the Merger Agreement(see page 140) Among other customary circumstances, Clearwater or Enfusion may terminate the Merger Agreement if:

| • |     | any governmental entity of competent jurisdiction has issued a final,                                                                                
 non-appealable order, injunction, decree or ruling permanently restraining, enjoining or otherwise prohibiting the consummation of the transactions; |

| • |     | the Stockholder Approval has not been obtained at the Special Meeting. |

Termination Fees and Expenses(see page 141) Enfusion must pay Clearwater a termination fee of $52,325,000 if the Merger Agreement is terminated in certain circumstances pursuant to the Merger Agreement, including (a) a termination by Clearwater as a result of (i) the Enfusion Board or any committee thereof effecting an Adverse Recommendation Change (as defined in the section titled “The Merger Agreement—