Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001193125-25-004988
Chunk: 40

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 40
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 into the Company in accordance with the DGCL, whereupon the separate existence
of Merger Sub shall cease, and the Company shall be the surviving corporation in the Merger (the “Surviving Corporation”), and the separate corporate existence of the Company, with all its rights, privileges, immunities, powers and
franchises, shall vest in the Surviving Corporation, and all debts, liabilities and duties of the Company and Merger Sub shall become the debts, liabilities and duties of the Surviving Corporation. The Merger shall have the effects set forth in this
Agreement and specified in the DGCL.

(e) At the Second Effective Time (if the Second Effective Time shall occur in accordance with the
terms and conditions of this Agreement), the Surviving Corporation shall be merged with and into the Acquirer in accordance with the DGCL, whereupon the separate existence of Surviving Corporation shall cease, and the Acquirer shall be the surviving
corporation in the Second Merger (the “SecondSurviving Corporation”), and the separate corporate existence of the Surviving Corporation, with all its rights, privileges, immunities, powers and franchises, shall vest in the
Acquirer, and all debts, liabilities and duties of the Acquirer and the Surviving Corporation shall become the debts, liabilities and duties of the Second Surviving Corporation. The Second Merger shall have the effects set forth in this Agreement
and specified in the DGCL. Notwithstanding the foregoing, the Second Merger shall not occur unless each of the Second Merger Conditions shall have been satisfied as of the Closing Date, but prior to the Effective Time.

Section 2.03 Conversion of Shares and Units.At the Effective Time, as a result of the Merger and without any
action on the part of Parent, Merger Sub, the Company or the holders of any capital stock of Parent, Merger Sub or the Company and at the LLC Merger Effective Time, as a result of the LLC Merger and without any action on the part of Parent, Merger
Sub II, the Operating Company or the holders of any capital stock of Parent or units of Merger Sub II or the Operating Company:

(a)
Except as otherwise provided in , or , each (1) share of Class A Common Stock that is issued and outstanding
immediately prior to the Effective Time (it being understood and agreed that for purposes of this , each Vested Company RSU that is issued and outstanding immediately prior to the Effective Time shall be
included as a Class