Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 210

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 210
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, 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 such adjustments to the terms and conditions of the Merger Agreement 
 as would enable the Enfusion Board or the Special Committee, to maintain the Enfusion Recommendation and not make an Adverse Recommendation Change or validly terminate the Merger Agreement; and                                                         |

| • |     | no earlier than the end of such five business day period (or three business day period following an amended,                                                                                                                                           
 modified or changed proposal), the Special Committee determines in good faith, after consultation with an Enfusion Financial Advisor and outside legal counsel, after considering any amendments to the terms and conditions of the Merger Agreement   
 proposed by Clearwater in a binding written offer irrevocably made by Clearwater during such five business day period (or three business day period following an amended, modified or changed proposal), that the failure to take such action would be 
 inconsistent with its fiduciary duties under applicable law and that such Acquisition Proposal continues to constitute a Superior Proposal.                                                                                                            |

In the