Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001193125-25-004988
Chunk: 106

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 106
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idiaries, or (C) purchase, redeem or otherwise acquire any Company Securities, except for
acquisitions of shares of Company Common Stock to satisfy Tax obligations with respect to Company Equity Awards or in connection with a cashless exercise of Company Stock Options, in each case, outstanding as of the date of this Agreement and in
accordance with the terms thereof;

(iv) issue, deliver, sell, dispose or grant any Company Securities, other than
(A) the issuance of shares of Company Common Stock upon the exercise of Company Stock Options or the settlement of Company RSUs or Company PSUs, in all cases, that are outstanding on the date hereof and in accordance with the applicable terms
of the Company Stock Plan and such Company Equity Award, (B) grants or awards of Company Securities required to be made pursuant to the terms of Company Employee Plans in effect as of the date of this Agreement, (C) the issuance of shares
of Company Common Stock pursuant to the ESPP in accordance with its terms, subject to the limitations in , or (D) the issuance of shares of Company Common Stock upon the settlement of exchanges of shares
of Class B Common Stock and Common Units pursuant to Article XII of the Operating Agreement;

71

(v) amend or otherwise modify any of the terms of any outstanding Company
Equity Awards;

(vi) adopt a plan or agreement of, or resolutions providing for or authorizing, complete or partial
liquidation, dissolution, restructuring, merger, consolidation, division, statutory conversion or domestication, share exchange, business combination, reorganization or recapitalization of the Company or any of its Subsidiaries;

(vii) (A) increase or commit to increase the salary, wages, benefits, bonuses or other compensation payable or to become
payable to the Company’s or any of its Subsidiaries’ current and former directors, officers, employees, or other non-employee service providers, except (x) as required to be made pursuant to the
terms of any Company Employee Plan in effect on the date hereof or (y) pursuant to actions taken to effectuate the treatment of the Company Equity Awards and the ESPP pursuant to , including any amendments
to the ESPP, (B) become a party to, establish, adopt, amend, commence participation in or terminate any Company Employee Plan or any arrangement that would have been a Company Employee Plan had it been entered into prior to this Agreement
(other than with respect to renewal of welfare benefit plans in the ordinary course