Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 188

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 188
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 Merger Agreement. Proration and Allocation of Merger Consideration The total number of Eligible Shares to be entitled to receive the cash consideration will be equal to approximately 52% of the aggregate number of Eligible Shares, and the total number of Eligible Shares to be entitled to receive the stock consideration will be equal to approximately 48% of the aggregate number of Eligible Shares. Accordingly, depending on the elections made by other holders of Eligible Shares, a holder of Eligible Shares may receive a portion of the Merger Consideration in the form such holder did not elect. Within three business days after the Effective Time, Clearwater will cause the Exchange Agent to effect the allocation of the Merger Consideration among the holders of Eligible Shares as follows:

| • |     | all Eligible Shares whereby the holder thereof elected to receive a mix of cash and shares of Clearwater Common 
 Stock will be converted into the right to receive such consideration;                                           |

| • |     | Oversubscription of Cash Election. If, following the Election Deadline, the portion of the Merger                                                       
 Consideration to be paid in cash to holders of Eligible Shares exceeds the maximum amount of cash required to be paid under the Merger Agreement, then: |

| • |     | all Eligible Shares for which a cash election was not made will be converted into the right to receive the shares                     
 of Clearwater Common Stock in accordance with the terms of the Merger Agreement in accordance with the terms of the Merger Agreement; |

| • |     | the Exchange Agent will then select from among the Eligible Shares for which a cash election was made                                                                                                             
 (“Cash Election Shares”), pro rata, a sufficient number of Eligible Shares to instead be converted into the right to receive shares of Clearwater Common Stock (“Stock Designated Shares”), so the aggregate cash 
 amount that will be paid in the Transactions equals as closely as practicable the maximum amount of cash required to be paid under the Merger Agreement; and                                                      |

| • |     | the Cash Election Shares that are not Stock Designated Shares will be converted into the right to receive cash 
 consideration in accordance with the terms of the Merger Agreement.                                            |

| • |     | Undersubscription of Cash Election. If, following the Election Deadline, the portion of the Merger                                                           
 Consideration to be paid in cash to holders of Eligible Shares is less than the maximum amount of cash required to be paid under the Merger Agreement, then: |