Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001104659-25-003010
Chunk: 9

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 9
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 Agreement
and against any competing acquisition proposals, and take certain other actions in furtherance of the transactions contemplated by the
Merger Agreement, in each case, subject to the limitations set forth in each Support Agreement.

Subject to certain exceptions, the Support Agreements prohibit transfers
by the Significant Stockholders of any of their Subject Shares prior to the termination of the Support Agreements and other actions that
would impair their ability to fulfill their obligations under the Support Agreements.

The foregoing summary of the Support Agreements does not purport to
be complete and is subject to, and qualified in its entirety by, the full text of the form of the Support Agreement filed
as Exhibit 99.1 hereto and incorporated herein by reference.

Amendment to Tax Receivable Agreement

Under the existing Tax Receivables Agreement, dated October 19,
2021, among the Company, the Operating Company, FTV IV, L.P., a Delaware limited partnership, CSL Tech Holdings, LLC, a Nevada
limited liability company, ISP V-B EF LP, a Delaware limited partnership, ISP V Main Fund EF LLC, a Delaware limited liability
company (collectively, excluding the Operating Company, the “TRA Amendment Parties”), and each of the other persons from time to time party thereto (together with the TRA Amendment Parties, the
“TRA Holders” and such agreement, the “TRA”),
the TRA Holders are entitled to receive 85% of the benefits, if any, that the Company actually realizes, or is deemed to realize
(calculated using certain assumptions), as a result of certain transactions, including the Mergers. In connection with entering into
the Merger Agreement, on January 10, 2025, the Company, the Operating Company and the TRA Amendment Parties entered into Amendment
No. 1 to the Tax Receivable Agreement (the “TRA Amendment”), pursuant to
which, among other things, at the effective time of the Merger, the TRA will automatically terminate and the Company will pay an
aggregate of $30 million to the TRA Payment Recipients (as defined in the TRA). In the event the Merger Agreement is terminated in
accordance with its terms prior to the consummation of the Mergers, the TRA Amendment will be void and have no further force and
effect.

The foregoing description of the TRA Amendment does not purport to
be complete and is qualified in its entirety by reference to the full text of the