Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 59

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 59
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 affect the stock price and the future business and financial results of Enfusion. If the Transactions are not completed for any reason, including as a result of Enfusion Stockholders failing to approve the Merger Agreement Proposal, the ongoing business of Enfusion may be adversely affected and, without realizing any of the benefits of having completed the Transactions, Enfusion could be subject to a number of negative consequences, including the following:

| • |     | Enfusion may experience negative reactions from the financial markets, including negative impacts on its stock 
 price;                                                                                                         |

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| • |     | Enfusion may experience negative reactions from its customers and suppliers; |

| • |     | Enfusion may experience negative reactions from its employees and may not be able to retain key management 
 personnel and other key employees;                                                                         |

| • |     | Enfusion will have incurred, and will continue to incur, significant                      
 non-recurring costs in connection with the Transactions that it may be unable to recover; |

| • |     | the Merger Agreement places certain restrictions on the conduct of Enfusion’s business prior to completion                                                                                                                                         
 of the Transactions, the waiver of which is subject to the consent of Clearwater (not to be unreasonably withheld, conditioned or delayed), which may prevent Enfusion from making certain acquisitions, taking certain other specified actions or 
 otherwise pursuing business opportunities during the pendency of the Transactions that may be beneficial to Enfusion (see the section titled “The Merger Agreement—Conduct of Businesses of Enfusion Prior to Completion of the                    
 Transactions” for a description of the restrictive covenants applicable to Enfusion); and                                                                                                                                                          |

| • |     | matters relating to the Transactions (including integration planning) will require substantial commitments of                                                         
 time and resources by Enfusion management, which could otherwise be devoted to day-to-day operations and other opportunities that may be beneficial to Enfusion as an 
 independent company.                                                                                                                                                  |

In addition, upon termination of the Merger Agreement, under certain circumstances, Enfusion is required to pay Clearwater a termination fee of $52,350,000, including Enfusion entering into a definitive agreement with respect to a superior proposal, an adverse recommendation change or a willful breach in a material respect of Enfusion’s non-solicitationobligations under the Merger Agreement. Finally, Enfusion could be subject to litigation related to any failure to complete the Transactions or related to any enforcement proceeding commenced against Enfusion to perform its obligations under the Merger Agreement. If the Transactions are