Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 85

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 85
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 Common Stock in exchange for 35 of your Eligible Shares.                                                                                                                                                                                  |

| • |     | If you own 100 Eligible Shares and elect to receive the cash consideration for 55 shares and the stock                                                                                                                                                  
 consideration for 45 shares, and 80% of the holders of Eligible Shares elect to receive cash, 15% of the holders of Eligible Shares elect to receive Clearwater Common Stock and 5% of the holders of Eligible Shares do not make an election, you will 
 receive cash in exchange for 35.75 of your Eligible Shares and Clearwater Common Stock in exchange for 64.25 of your Eligible Shares.                                                                                                                   |

| • |     | If you own 100 Eligible Shares and elect to receive solely the stock consideration, and 80% of the holders of                                                                                                                                            
 Eligible Shares elect to receive Clearwater Common Stock, 15% of the holders of Eligible Shares elect to receive cash and 5% of the holders of Eligible Shares do not make an election, you will receive cash in exchange for 40 of your Eligible Shares 
 and Clearwater Common Stock in exchange for 60 of your Eligible Shares.                                                                                                                                                                                  |

| • |     | If you own 100 Eligible Shares and elect to receive the cash consideration for 45 shares and the stock                                                                                                                                                  
 consideration for 55 shares, and 80% of the holders of Eligible Shares elect to receive Clearwater Common Stock, 15% of the holders of Eligible Shares elect to receive cash and 5% of the holders of Eligible Shares do not make an election, you will 
 receive cash in exchange for 67 of your Eligible Shares and Clearwater Common Stock in exchange for 33 of your Eligible Shares.                                                                                                                         |

56

Each holder of record of Eligible Shares will, until the Election Deadline, be entitled to
elect to (i) receive the Per Share Mixed Consideration, (ii) receive the Per Share Stock Consideration, (iii) receive the Per Share Cash Consideration or (iv) not make an election, in exchange for each Eligible Share that is
outstanding immediately prior to the Effective Time. A holder of Eligible Shares who does not make an election will be treated as having elected to receive cash consideration or stock consideration in accordance with the proration methodology in the
Merger Agreement, which is described in the section titled “The Merger Agreement—Effect of the Transactions—Proration and Allocation of Mer