Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001104659-25-003010
Chunk: 4

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 4
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 receive, subject to applicable withholding taxes, theper share Merger Consideration
(as defined in the Merger Agreement) in respect of each share of Company Common Stock subject to such Vested Company RSU in the form
determined at the election of the holder pursuant to the procedures set forth in the Merger Agreement; and (ii) each Company RSU
that is not then vested and does not vest as a result of the consummation of the Mergers (each, an “Unvested Company RSU”) will be assumed by Parent and converted into a restricted stock unit award (a) with respect to a number
of shares of Parent Common Stock equal to the product, rounded up to the nearest whole share, obtained by multiplying (1) the number
of shares of Company Common Stock subject to such Unvested Company RSU immediately prior to the effective time of the Merger by (2)
the Exchange Ratio (as defined in the Merger Agreement) and (b) subject to the same terms and conditions as applied to the
corresponding Unvested Company RSU as of immediately prior to the effective time of the Merger.

Immediately prior to the effective time of the Merger, each restricted stock unit covering shares of Company Common Stock subject, in whole or in part, to performance-based vesting conditions, including performance goals or metrics, that was granted under the Company Stock Plan (each, a “ Company PSU”) will vest to the extent set forth in the applicable award agreement relating to such Company PSU and be canceled and converted into the right to receive, subject to applicable withholding taxes, the Per Share Mixed Consideration in respect of each share of Company Common Stock subject to
any such Company PSU that vests in accordance with its terms at the effective time of the Merger (with the applicable performance
conditions being deemed achieved based on the Per Share Mixed Consideration in accordance with the applicable award agreement). Any
Company PSU or portion thereof that does not vest at the effective time of the Merger in accordance with its terms will be canceled
for no consideration as of the effective time of the Merger.

As soon as reasonably practicable, the Company shall take all
actions to ensure that, after the date of the Merger Agreement and subject to the occurrence of the effective time of the Merger,
(i) no new offering or purchase periods under the Company’s 2021 Employee Stock Purchase Plan (the “ESPP”)
will commence, (ii) no new participants be permitted into the