Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 420

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 420
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 and Plan of Merger, to be dated the date hereof, a substantially final draft of which has been provided by the Corporate Taxpayer to each TRA Amendment Party (as may be amended from time to time in accordance with its terms,
the “Merger Agreement”);

WHEREAS, subject to the entry into this Amendment, the Special Committee has
unanimously (i) determined that it is advisable, fair to and in the best interests of the Corporate Taxpayer and its stockholders to enter into this Amendment; and (ii) recommended that the Board declare that this Amendment is advisable,
fair to and in the best interests of the Corporate Taxpayer and its stockholders and approve this Amendment;

WHEREAS, subject to
the entry into this Amendment, the Board, acting upon the recommendation of the Special Committee, has unanimously (i) determined that it is advisable, fair to and in the best interests of the Corporate Taxpayer and its stockholders to enter
into this Amendment; and (ii) approved and adopted this Amendment and approved the execution and delivery of this Amendment by the Corporate Taxpayer and the performance by the Corporate Taxpayer of its covenants and other obligations
hereunder; and

WHEREAS, the TRA Parties (other than the Corporate Taxpayer) shall be referred to as the “TRA Payment Recipients”.

C-1

NOW, THEREFORE, in consideration of the foregoing and the respective
covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows:

ARTICLE I

AMENDMENT

Section1.1.Amendment. Subject to the occurrence of the consummation of the Qualifying Change of
Control (as defined below), the following is hereby added at the end of Section 4.2 of the TRA:

“Notwithstanding the foregoing
or anything elsewhere in this Agreement, this Agreement shall automatically terminate at the Effective Time (as defined in the Merger Agreement) (the “Qualifying Change of Control”), without the taking of any further action
by the Corporate Taxpayer or any other Person; , that the Amendment (as defined below) and the provisions thereof and, in each case, any Person’s rights or obligations thereunder shall expressly survive termination of this
Agreement. From and after the consummation of the Qualifying Change of Control, no Early Termination Payment, Tax Benefit Payment or any other payment shall be made to any TRA Payment Recipient pursuant to this Agreement, except for