Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001104659-25-003010
Chunk: 5

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 5
---
 ESPP, and (iii) the existing participants in the ESPP may not increase
their elections with respect to the offering or purchase periods then in effect. Further, as soon as reasonably practicable after
the date of the Merger Agreement, the Company will take all required actions to provide that, with respect to the ESPP: (a) the
exercise date for any offering or purchase period in effect as of the date of the Merger Agreement will be the earlier of the
original exercise date for such offering or purchase period and the date that is sixty (60) calendar days after the date of the
Merger Agreement (the “Final Exercise Date”), (b) each ESPP
participant’s accumulated contributions under the ESPP will be used to purchase shares of Company Common Stock in accordance
with the ESPP as of the Final Exercise Date or, to the extent not used to purchase shares of Company Common Stock in accordance with
the ESPP prior to the effective time of the Merger, will be refunded to such participant through the Company’s payroll system
no later than ten (10) Business Days after the Final Exercise Date, without interest, and (c) the ESPP will terminate on the date
immediately prior to the date on which the effective time of the Merger occurs. All shares of Company Common Stock purchased on the
Final Exercise Date will be canceled at the effective time of the Merger and converted into the right to receive the Merger
Consideration.

Conditions to the Mergers

The completion of the Mergers is subject to the satisfaction or waiver
of certain customary mutual closing conditions, including (a) the adoption of the Merger Agreement by the holders of a majority of the
voting power of the outstanding shares of capital stock of the Company entitled to vote thereon, voting as a single class (the “Stockholder Approval”), (b) the absence of any order or other action that is in effect (whether temporary, preliminary or permanent) by
a governmental authority restraining, enjoining or otherwise prohibiting the consummation of the Mergers or applicable law that is in
effect that makes consummation of the Mergers illegal or otherwise prohibited, (c) the expiration or termination of the applicable waiting
period (and any extension thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and any agreement with
any governmental authority not to consummate the Mergers and (d) the effectiveness