Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 200

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 200
---
verse Effect” means any Effect that, individually or in the aggregate with all other Effects, that (i) would reasonably be expected materially impede, materially delay or prevent the Buyer Parties’ ability to consummate the transactions contemplated by the Merger Agreement or (ii) has had, or would reasonably be expected to have, a material adverse effect on the business, financial condition, assets, liabilities or results of operations of Clearwater and its subsidiaries, taken as a whole; provided, however, that none of the following (alone or in combination) will constitute or be taken into account in determining whether a Clearwater Material Adverse Effect has occurred or would reasonably be expected to occur pursuant to the foregoing clause (ii):

| (A) | the negotiation, execution, announcement or performance of the Merger Agreement or the pendency or consummation                                                                                                                                  
 of the Transactions or the other transactions contemplated by the Merger Agreement (including, solely to the extent it relates to the foregoing, any loss of or adverse change in the relationship of Clearwater and its subsidiaries with their 
 respective employees, investors, contractors, lenders, customers, technology and other partners, suppliers, vendors or governmental authorities or other third parties related thereto); provided, that no effect will be given to this clause   
 (A) for purposes of the non-contravention representation or warranty made by Clearwater or the condition to Closing to the extent relating to such representation or warranty;                                                                   |

| (B) | general business, economic or political conditions, or the capital, credit, banking, debt, financial or                                                                                       
 currency markets, in the United States or elsewhere in the world, or changes therein, including changes in interest or exchange rates or any suspension of trading in securities on the NYSE; |

127

| (C) | general conditions in any industry in which Clearwater and its subsidiaries operate or in any specific                                               
 jurisdiction or geographic area in the United States or elsewhere in the world in which Clearwater and its subsidiaries operate, or changes therein; |

| (D) | any changes in GAAP or other accounting standards (or the enforcement or interpretation thereof) enacted after 
 the date of the Merger Agreement;                                                                              |

| (E) | any changes in applicable law (or the enforcement or interpretation thereof), including the adoption,                                                                                                                                              
 implementation, repeal, modification, reinterpretation or proposal of any applicable law (or the enforcement or interpretation thereof) by any governmental authority, or any panel or advisory body empowered or appointed thereby, in each case,