Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001193125-25-004988
Chunk: 43

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 43
---
 shall constitute the only outstanding shares of capital stock of the Surviving Corporation.

(f) Each Common Unit
held in the treasury of the Operating Company and any Common Units owned by the Company, Parent, the Company Blockers or any other Subsidiary of the Company shall remain outstanding, and any Common Units owned by Acquirer, Merger Sub or Merger Sub
II immediately prior to the Effective Time shall automatically be canceled and shall cease to exist and no consideration shall be delivered in exchange therefor, and each Common Unit held by another person shall, in addition to being converted into
the right to receive Merger Consideration pursuant to , convert into the right to receive Additional Unit Consideration (as defined in the TRA Amendment) pursuant to, and in accordance with, Section 1.2
of the TRA Amendment.

(g) Each unit of limited liability company interests of Merger Sub II issued and outstanding immediately prior to
the LLC Merger Effective Time shall automatically be converted into and become one unit of limited liability company interests of the Surviving LLC with the same rights, powers and privileges as the units so converted and shall constitute the only
limited liability company interests of the Surviving LLC.

28

(h) The Exchange Ratio, and any similarly dependent item, as the case may be, shall be
equitably adjusted, without duplication, proportionately to reflect the effect of any stock split, reverse stock split, subdivision, stock dividend (including any dividend or distribution of securities convertible into the Class A Common Stock
or Parent Class A Common Stock, as applicable), reorganization, recapitalization, reclassification, combination, exchange of shares or other like change with respect to the number of shares of the Class A Common Stock (including for this
purpose any securities convertible into, or exercisable for, the Class A Common Stock) or Parent Class A Common Stock having a record date occurring on or after the date of this Agreement and prior to the Effective Time to proportionately
reflect such change; , that nothing in this shall be construed to permit any party hereto to take any action with respect to its securities that is prohibited by the terms of this Agreement.

(i) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of Parent
Class A Common Stock shall be issued upon the surrender for exchange of Certificates pursuant to this , no dividends or other distributions with respect to the Parent Class A Common Stock shall be payable on or with
respect to any fractional share, and such fractional share interests