Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001193125-25-004988
Chunk: 111

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 111
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 to the businesses, properties, assets, books, records or personnel of the Company or any of its Subsidiaries, in each case for the purpose of encouraging or facilitating any inquiries, proposals or offers that constitute, or that would
reasonably be expected to lead to, an Acquisition Proposal, (D) approve, endorse or recommend an Acquisition Proposal, or publicly propose to accept, approve, endorse or recommend any publicly announced Acquisition Proposal, (E) approve,
recommend or enter into, or propose to approve, recommend or enter into, any letter of intent, memorandum of understanding, merger agreement, acquisition agreement, or other similar Contract (other than an Acceptable Confidentiality Agreement, or
such other permitted confidentiality agreement pursuant to this with respect to an Acquisition Proposal; or (F) propose, resolve, authorize, agree or commit to do any of the foregoing; and

(ii) the Company shall, and shall cause its Subsidiaries to, and shall direct the Company’s and its Subsidiaries’
Representatives to, promptly after the execution and delivery of this Agreement: (A) in any event within 24 hours of the execution and delivery of this Agreement, cease and terminate any existing discussions, communications or negotiations with
any Third Party, theretofore conducted by the Company, its Subsidiaries or their respective Representatives with respect to an Acquisition Proposal and terminate all access of any Third Party to any physical or

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electronic data room (or other diligence access) maintained by the Company or its Representatives and (B) in any event within three Business Days after the execution and delivery of this
Agreement, distribute written demand for the return or destruction of all copies of any confidential information regarding the Company or any of its Subsidiaries provided to any Third Party other than the Parent Related Parties and their
Representatives (including prior to the date of this Agreement) in accordance with the terms of the confidentiality agreement with such Third Party.

(b) Notwithstanding anything to the contrary contained in this Agreement, if, at any time on or after the date hereof, but prior to obtaining
the Stockholder Approval, (i) the Company receives a written Acquisition Proposal from a Third Party, (ii) such Acquisition Proposal did not result from a material breach of this or
and (iii) the Special Committee determines in good faith, after consultation with a Special Committee Financial Advisor and outside legal counsel, that such Acquisition Proposal constitutes, or would
reasonably be expected to lead to, a Superior