Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001193125-25-004988
Chunk: 90

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 90
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 opinion, and based upon and subject to the various limitations, qualifications, assumptions and other matters set forth in such written
opinion, the aggregate Merger Consideration to be paid to the holders (other than Parent and its affiliates) of shares of Class A Common Stock pursuant to this Agreement is fair from a financial point of view to such holders. A written copy of
each such opinion will be provided to Parent by the Company promptly following receipt by the Company for informational purposes only.

Section 4.26 Anti-Takeover Provisions. Assuming the accuracy of the representations and warranties of Parent, Acquirer,
Merger Sub and Merger Sub II in , no (a) “business combination”, “control share acquisition”, “fair price”, “moratorium” or other anti-takeover Laws (each, a
“Takeover Law”) or (b) anti-takeover provision in the organizational documents of the Company or any of its Subsidiaries applies or will apply with respect to this Agreement or the transactions contemplated hereby, including
the Mergers. The Company is not party to a stockholder rights agreement, “poison pill” or similar anti-takeover agreement.

Section 4.27 Stock Ownership. None of the Company or any of its Subsidiaries owns any shares of capital stock of Parent.
None of the Company or its Subsidiaries is an “interested stockholder” of Parent subject to the restrictions on “business combinations” under Section 203(a) of the DGCL (as such terms are defined in Section 203(c) of
the DGCL).

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF PARENT, ACQUIRER, MERGER SUB AND MERGER SUB II

Except (a) as disclosed in the Parent SEC Documents furnished or filed and publicly available since January 1, 2022 through the date
hereof (other than information that is contained (i) solely in the risk factors sections of such Parent SEC Documents, except to the extent such information consists of factual statements, and (ii) in any forward-looking statements in such
Parent SEC Documents that are of a nature that they speculated about future developments); provided that nothing disclosed in the Parent SEC Documents will be deemed to modify or qualify the representations and warranties set forth in
, or , or (b) subject to , as set forth in the Parent Disclosure Schedule, Parent,
Acquirer, Merger Sub and Merger Sub II represent and warrant to the Company that:

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