Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 367

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 367
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 Day period following an amended, modified or changed
proposal), the Company shall, and shall make its Representatives available to, to the extent requested by Parent, discuss and negotiate with Parent in good faith to make such adjustments to the terms and conditions of this Agreement as would enable
the Company Board or the Special Committee, to maintain the Company Recommendation and not make an Adverse Recommendation Change or validly terminate this Agreement; and

(C) 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 a Special Committee Financial Advisor and outside legal counsel, after considering any amendments to the terms and conditions of this Agreement proposed by
Parent in a binding written offer irrevocably made by Parent 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.

(ii)
In the case of an Intervening Event, no Adverse Recommendation Change pursuant to this may be made:

(A) until after the fifth Business Day following written notice from the Company advising Parent that the Company Board or the
Special Committee intends to take such action and specifying the material facts underlying the determination by the Company Board or the Special Committee that an Intervening Event has occurred, and the reason for the Adverse Recommendation Change,
in reasonable detail;

A-61

(B) unless during such five-Business Day period, the Company shall, and
shall make its Representatives available to, to the extent requested by Parent, discuss and negotiate with Parent in good faith to enable Parent to amend this Agreement in such a manner that obviates the need for an Adverse Recommendation Change;
and

(C) unless, prior to the expiration of such five-Business Day period, the Special Committee determines in good faith,
taking into consideration any amendments to this Agreement proposed in writing by Parent (after consultation with a Special Committee 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.

(c) Nothing contained in or
this or elsewhere in this Agreement shall prohibit the Company from (i) taking and disclosing a position contemplated by Rule 14d-9, Rule 14e-2(a) or Item 1012(a) of Regulation