Company: CWAN
Filing Date: 2025-12-23
Form Type: DEFA14A
Source: 0000950157-25-001025
Chunk: 1

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-12-23
Form: DEFA14A
Chunk 1
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 receive $24.55 per share in cash upon completion of the proposed transaction. The per-share purchase price represents a premium of 47% over CWAN’s undisturbed  share price of 
 $16.69 as of November 10, 2025, the last trading day prior to media reports regarding a potential transaction.                                                                                                                          |

| c. | The transaction is expected to close in the first half of 2026, subject to customary closing conditions, including receipt of regulatory approvals and a vote by CWAN stockholders. |

| 2. | Who is acquiring CWAN? |

| a. | CWAN is being acquired by Permira, Warburg Pincus, Francisco Partners, and Temasek. |

| b. | Permira and Warburg Pincus have been on this journey with us for years. They first invested in Clearwater Analytics in 2020, know our business deeply, and continue to back our team, strategy, and long-term vision. Our current board 
 includes Andy Young from Permira and Cary Davis from Warburg Pincus.                                                                                                                                                                    |

| c. | Francisco Partners is joining as a new investor. They bring strong technology and software expertise, supporting our continued investment in innovation—including Gen AI—and our vision to build a front-to-back platform. Temasek adds 
 long-term strategic investment experience and a strong presence in APAC, which is a priority growth market for CWAN.                                                                                                                    |

| 3. | What does this mean for employees? |

| a. | What happens to myvestedRSUs / PSUs and Options? |

| i. | RSUs and PSUs granted that are vested when the transaction closes will be settled shortly thereafter for the same $24.55 per share received by stockholders. |

| ii. | All options will also be settled shortly after closing for the difference between the strike price and $24.55. If the strike price is at or above $24.55, then those options will be cancelled for no payment at closing. |

| b. | What happens to myunvestedRSUs and PSUs that were issued prior to the announcement? |

| i. | All RSUs that remain unvested at the time of closing will continue to vest on the schedule that has been outlined in your grant letter. |

| ii. | All PSUs that remain unvested at the time of closing will continue to vest on the schedule that has been outlined in the grant letter, but