Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001104659-25-003010
Chunk: 2

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 2
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 Merger (except          
 as otherwise provided in the Merger Agreement) will be converted into the right, at the election of the holder of such share pursuant  
 to the procedures set forth in the Merger Agreement, to receive either (i) the Per Share Mixed Consideration, (ii) the Per Share Stock 
 Consideration or (iii) the Per Share Cash Consideration (each as defined in the Merger Agreement); and                                 |

| ii. | each common unit of the Operating Company outstanding as of immediately prior to the effective time of the LLC Merger (except as otherwise 
 provided in the Merger Agreement) will be converted into the right, at the election of the holder of such unit pursuant to the procedures  
 set forth in the Merger Agreement, to receive either (i) the Per Share Mixed Consideration, (ii) the Per Share Stock Consideration or      
 (iii) the Per Share Cash Consideration (each as defined in the Merger Agreement).                                                          |

If the Mergers are consummated, the Company’s Class A Common
Stock will be delisted from The New York Stock Exchange and deregistered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Parent’s Class A Common Stock (the “Parent Common Stock”) is listed on The New York Stock Exchange
under the ticker symbol “CWAN.” Pursuant to the Merger Agreement, Parent will apply for the Parent Common Stock to be issued
in connection with the Mergers to be listed on the New York Stock Exchange following the closing of the Mergers.

A special committee (the “ Special Committee”) of the board of directors of the Company (the “ Board”), comprised of disinterested and independent members of the Board, unanimously (a) determined that the terms and conditions of the Merger Agreement, the Mergers and the other transactions contemplated by the Merger Agreement are advisable, fair to and in the best interests of the Company and the Company’s stockholders, and (b) recommended that the Boardadopt resolutions declaring that the Merger Agreement, the
Mergers and the other transactions contemplated by the Merger Agreement are advisable, fair to and in the best interests of the
Company and the Company’s stockholders, adopting and approving the Merger Agreement, the Mergers and the other transactions
contemplated by the Merger Agreement, and recommending that the stockholders of the Company vote their shares
in favor of adopting the Merger Agreement at a special meeting