Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 211

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 211
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 case of an Intervening Event, no Adverse Recommendation Change may be made:

| • |     | until after the fifth business day following written notice from Enfusion advising Clearwater that the Enfusion                                                                                                                                 
 Board or the Special Committee intends to take such action and specifying the material facts underlying the determination by the Enfusion Board or the Special Committee that an Intervening Event has occurred, and the reason for the Adverse 
 Recommendation Change, in reasonable detail;                                                                                                                                                                                                    |

| • |     | unless during such five business day period, Enfusion will, and will make its representatives available to, to                                                                                                               
 the extent requested by Clearwater, discuss and negotiate with Clearwater in good faith to enable Clearwater to amend the Merger Agreement in such a manner that obviates the need for an Adverse Recommendation Change; and |

| • |     | unless, prior to the expiration of such five business day period, the Special Committee determines in good faith, 
 taking into consideration any amendments to the Merger Agreement proposed in writing by                           |

134

| Clearwater (after consultation an Enfusion Financial Advisor and outside legal counsel), that the failure to effect an Adverse Recommendation Change would still be inconsistent with its fiduciary 
 duties under applicable law.                                                                                                                                                                        |

Nothing contained in the Merger Agreement will prohibit the Enfusion from (i) taking and disclosing a position contemplated by Rule 14d-9,Rule 14e-2(a)or Item 1012(a) of Regulation M-Apromulgated under the Exchange Act, (ii) making any disclosure to Enfusion Stockholders if, the Enfusion Board or any committee thereof determines in good faith, after consultation with outside legal counsel, the failure to do so would be inconsistent with its fiduciary duties under applicable law or any disclosure requirements under applicable law, or (iii) making any disclosure that constitutes a “stop, look and listen” communication or similar communication of the type contemplated by Section 14d-9(f) promulgated under the Exchange Act, in each case, so long as any such disclosure does not include any statement that constitutes an Adverse Recommendation Change. Financing Cooperation Each of Clearwater and Clearwater Analytics, LLC (“ Clearwater LLC”) will use its reasonable best efforts to, and will cause each of its subsidiaries and representatives to use reasonable best efforts to, take, or cause to be taken, all actions and do, or cause to be done, all things necessary, proper or advisable to arrange, obtain and