Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001193125-25-004988
Chunk: 41

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 41
---
 A Common Stock) and (2) Common Unit that is issued and

26

outstanding immediately prior to the LLC Merger Effective Time (each, an “Eligible Share”) shall, in each case of the foregoing clauses (1) and (2), be converted into the
right, at the election of the holder of such share or unit pursuant to the procedures set forth in , to receive either (i) the Per Share Mixed Consideration, (ii) the Per Share Stock Consideration or
(iii) the Per Share Cash Consideration (together, the “Merger Consideration”):

As used herein:

(i) “Aggregate Consideration” means the sum of (x) Total Stock Value and (y) Total Cash Amount.

(ii) “Aggregate Consideration Per Share” means the quotient taken to four decimal places, obtained by
dividing the Aggregate Consideration by the total number of Eligible Shares.

(iii) “Exchange Ratio” means
the quotient, taken to four decimal places, obtained by dividing the Aggregate Consideration Per Share by the Final Parent Stock Price.

(iv) “Final Parent Stock Price” means the volume-weighted average price of one share of the Parent
Class A Common Stock for the ten-trading day period ending on (and including) the second to last trading day prior to (but not including) the Closing Date, as reported by Bloomberg under the function
“VWAP” (or, if not available, in another authoritative source mutually selected by the Company and Parent).

(v)
“Per Share Parent Stock Amount” means the quotient obtained by dividing $5.40 by the Final Parent Stock Price; that (x) if the Final Parent Stock Price is less than or equal to $25.0133, then the Per
Share Parent Stock Amount shall be deemed to be 0.2159 and (y) if the Final Parent Stock Price is greater than or equal to $30.5718, then the Per Share Parent Stock Amount shall be deemed to be 0.1766.

(vi) “Per Share Cash Consideration” means cash in an amount equal to the Aggregate Consideration Per Share.

(vii) “Per Share Mixed Consideration” means (i) cash in an amount equal to $5.85 and (ii) a
number of shares of Parent Class A Common Stock (which may not need be a whole number) equal to the Per Share Parent Stock Amount.

(viii) “Per Share Stock Consideration” means a