Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 434

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 434
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 be paid to such holders pursuant to the Agreement. We do not express
any view on, and our opinion does not address, any other term or aspect of the Agreement, the Operating Agreement (as defined in the Agreement) or the Tax Receivable Agreement, dated October 19, 2021, by and among the Company and each of the
other persons from time to time party thereto (the “Tax Receivable Agreement”) or Transactions, or any term or aspect of any other agreement or instrument contemplated by the Agreement, the Operating Agreement or the Tax Receivable
Agreement or entered into or amended in connection with the Transactions, any payments (and any waiver of rights to receive any such payments) pursuant to the Agreement, the Operating Agreement or the Tax Receivable Agreement (other than the payment
of the Aggregate Consideration to be paid to the holders (other than Parent and its affiliates) of Shares pursuant to the Agreement, to the extent contemplated herein), any allocation of the Aggregate Consideration, the fairness of the Transactions
to, or any consideration received in connection therewith by, the holders of shares of Class B common stock, par value $0.001 per share (the “Class B Shares”), of the Company, or any other class of securities, creditors, or
other constituencies of the Company, or the cancellation of the Class B Shares pursuant to the Agreement; nor as to the fairness of the amount or nature of any compensation to be paid or payable to any of the officers, directors or employees of
the Company, or class of such persons, in connection with the Transactions, whether relative to the Aggregate Consideration to be paid to the holders (other than Parent and its affiliates) of Shares pursuant to the Agreement or otherwise. We are not
expressing any opinion as to the prices at which the Shares or Parent Class A Common Stock will trade at any time or as to the potential effects of volatility in the credit, financial and stock markets on the Company or Parent, or the
Transactions, or as to the impact of the Transactions on the solvency or viability of the Company or Parent or the ability of the Company or Parent to pay their respective obligations when they come due. Our opinion is necessarily based on economic,
monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof and we assume no responsibility for updating, revising or reaffirming this opinion based on circumstances, developments or events
occurring after the date hereof