Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001193125-25-004988
Chunk: 19

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 19
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) enacted after the date hereof;

(F) any changes in Applicable Law (or the enforcement or interpretation thereof), including the adoption, implementation, repeal,
modification, reinterpretation or proposal of any Applicable Law (or the enforcement or interpretation thereof) by any Governmental Authority, or any panel or advisory body empowered or appointed thereby, in each case, enacted after the date hereof;

(G) the taking of any action, or refraining from taking any action, in each case at the express written direction of Parent, Acquirer,
Merger Sub or Merger Sub II or as expressly required by this Agreement;

(H) any Transaction Litigation or any demand or Proceeding for
appraisal or the fair value of any shares of Company Common Stock pursuant to the DGCL in connection herewith;

(I) any outbreak,
continuation or escalation of acts of terrorism, hostilities, sabotage or war (whether or not declared, including the Russian-Ukrainian and Israeli-Palestinian conflicts, and escalations and effects thereof), hurricanes, volcanoes, tornados, floods,
earthquakes, tsunamis, mudslides, weather-related events, epidemics, pandemics (including COVID-19), plagues, other outbreaks of illness or public health events, fires or natural or man-made disaster or act of God, including any worsening of such conditions existing as of the date hereof; or

(J) any failure by the Company to meet, or changes to, internal or analysts’ estimates, projections, expectations, budgets or forecasts
of operating statistics, revenue, earnings, cash flow or any other financial or performance measures (whether made by the Company or any Third Parties), any change in the Company’s credit ratings, or any change in the price or trading volume of
shares of the Class A Common Stock (it being understood that the underlying causes of such failures or changes in this clause (J) may be taken into account in determining whether a Company Material Adverse Effect has occurred, unless such
underlying cause would otherwise be excepted by this definition);

that in the case of clauses (C), (D), (E), (F) and (I), such any Effect
may be taken into account in determining whether or not there has been a Company Material Adverse Effect, but only to the extent such any Effect has had or would reasonably be expected to have, individually or in the aggregate, a disproportionate
adverse effect on the Company and its Subsidiaries, taken as a whole,