Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001193125-25-004988
Chunk: 4

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 4
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, together with cash
on hand, the cash portion of the aggregate merger consideration payable under the Merger Agreement and fees and expenses related to the Mergers. The receipt of financing by the Company is not a condition to the Company’s obligation to complete
the Mergers.

Other Terms of the Merger Agreement

The Merger Agreement contains customary representations and warranties of the Company, Acquirer, Merger Sub, Merger Sub II and Enfusion, in
each case generally subject to customary materiality qualifiers. Additionally, the Merger Agreement provides for customary pre-closing covenants of the Company, Acquirer, Merger Sub, Merger Sub II and
Enfusion, including covenants relating to Enfusion conducting its and its subsidiaries’ business in the ordinary course, preserving its business organizations substantially intact, preserving existing material business relationships
substantially intact and refraining from taking certain actions without the Company’s consent, subject to certain exceptions. The Company and Enfusion also agreed to use their respective reasonable best efforts to cause the Mergers to be
consummated.

The Merger Agreement provides that, during the period from the date of the Merger Agreement until the effective time of the
Merger (the “Interim Period”), the Company will be subject to certain restrictions on its ability to (a) amend its certificate of incorporation or by-laws, subject to customary exceptions,
(b) declare, set aside or pay any dividends or distributions, or enter into any agreement with respect to the voting of, any capital stock of the Company, (c) split, combine, adjust, subdivide or reclassify any capital stock or equity
interest of the Company or (d) adopt a plan of liquidation, dissolution, merger, restructuring, capitalization or other reorganization.

The Merger Agreement also provides that, during the Interim Period, Enfusion will be subject to certain restrictions on its ability to solicit
certain alternative acquisition proposals from third parties, provide non-public information to third parties and engage in discussions or enter into agreements with third parties regarding certain alternative
acquisition proposals, subject to customary exceptions.

The foregoing description of the Merger Agreement does not purport to be complete
and is qualified in its entirety by reference to the full text of the Merger Agreement, a copy of which is filed hereto as Exhibit 2.1 to this Current Report on Form 8-K and is incorporated by reference
herein.

The Merger Agreement and the above description have been included to