Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001193125-25-004988
Chunk: 105

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 105
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 including using
commercially reasonable efforts to retain the services of key employees of the Company and its

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Subsidiaries and preserve their relationships with, and the goodwill of, clients, vendors, and other Persons with whom the Company or its Subsidiaries have a material business relationship;
, , that no action by the Company or any of its Subsidiaries with respect to matters to the extent expressly permitted by any provision of shall be deemed a breach of this
unless such action would constitute a breach of such other provision.

(b) Without limiting the
generality of the foregoing, except for matters (i) required, expressly permitted or expressly contemplated by this Agreement, (ii) set forth in of the Company Disclosure Schedule, (iii) required
by Applicable Law or (iv) undertaken with the prior written consent of Parent (which consent shall not be unreasonably withheld, conditioned or delayed and provided that the failure of Parent to respond to a request in writing for consent
within five Business Days after receipt thereof shall be deemed to constitute consent), the Company shall not, and shall cause each of its Subsidiaries not to:

(i) amend (including by merger, consolidation or otherwise) the Company’s certificate of incorporation or by-laws or the Operating Agreement or the organizational or governing documents of any Subsidiary;

(ii) (A) declare, set aside or pay any dividends on, or make any other distributions (whether in cash, stock or equity
interests, property or otherwise) in respect of, or enter into any agreement with respect to the voting of, any capital stock of the Company or any of its Subsidiaries, other than dividends and distributions by a direct or indirect wholly-owned
Subsidiary of the Company to its parent; (B) modify or repeal the terms of any shares of its capital stock or other equity or voting interest; or (C) pledge or encumber any shares of its capital stock or other equity or voting interest or
cause or permit the same to be subjected to any other Lien;

(iii) (A) split, combine, adjust, subdivide or reclassify any
capital stock or other equity interest or voting interest of the Company or any of its Subsidiaries, (B) except as otherwise provided in , issue or authorize the issuance of any other securities in
respect of, in lieu of or in substitution for, shares of capital stock of the Company or equity interests or voting interests of any of its Subs