Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001193125-25-004988
Chunk: 114

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 114
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 permitted confidentiality agreement, pursuant to ), (v) fail to publicly reaffirm the Company Recommendation
within five Business Days after Parent so requests in writing (or, if the Stockholders Meeting is scheduled to be held within five Business Days of such request, within one Business Day after such request and, in any event, prior to the date of the
Stockholders Meeting); provided that Parent may make such a request no more than one time per Acquisition Proposal (it being understood and agreed that if such Acquisition Proposal is amended or modified, Parent may make such an additional request
pursuant to this clause (v) with respect to such amended or modified Acquisition Proposal), (vi) fail to include the Company Recommendation in the Joint Proxy Statement/Prospectus or (vii) resolve or publicly propose to take any action
described in the foregoing clauses (i) through (vi) (each of the foregoing actions described in clauses (i) through (vii) being referred to as an “Adverse Recommendation Change”).

77

(b) Notwithstanding anything in this Agreement to the contrary, including
, at any time prior to obtaining the Stockholder Approval, the Special Committee may, if it determines in good faith (after consultation with a Special Committee Financial Advisor and outside legal counsel)
that the failure to do so would be inconsistent with its fiduciary duties under Applicable Law, (A) make an Adverse Recommendation Change in response to either (1) a Superior Proposal or (2) an Intervening Event and/or (B) in the
case of a Superior Proposal, cause the Company to validly terminate this Agreement pursuant to and authorize the Company to enter into a definitive agreement concerning a transaction that constitutes a
Superior Proposal, subject in each case to prior compliance with the terms of paragraph (i) or (ii) below, as applicable.

(i) In the case of a Superior Proposal, (x) no Adverse Recommendation Change pursuant to this
may be made and (y) no termination of this Agreement pursuant to may be made:

(A) until after the fifth Business Day following written notice from the Company advising Parent that the Company Board or any
committee thereof, intends to make an Adverse Recommendation Change and/or validly terminate this Agreement pursuant to (a “Notice of Superior Proposal”) and specifying the reasons therefor,
including the material terms and conditions of, and the identity of the Third Party making, such Superior Proposal, and a copy of any other relevant transaction documents as well as written summaries of