Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001193125-25-004988
Chunk: 137

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 137
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 may be modified
to reflect any alterations to the transactions since the date hereof, but provided that a party shall only be required to deliver an applicable Officer’s Certificate to the extent the applicable party believes in good faith such representations
and warranties are true and correct.

(iv) Each party acknowledges and agrees that their respective specific obligations to
effect the Second Merger are subject to (A) the qualification of the Corporate Mergers for the Intended Tax Treatment, and (B) the delivery of the Closing Tax Opinions.

(v) Each party acknowledges and agrees that their respective specific obligations to effect the Merger and the LLC Merger are
not subject to any condition or contingency with respect to (A) the qualification of the Corporate Mergers for the Intended Tax Treatment, or (B) the delivery of the Closing Tax Opinions.

(vi) The provisions of this (other than clause (v) and (vi)) shall no longer
apply if the parties are unable to jointly determine in good faith, after consultation with their respective tax advisors, that the Corporate Mergers will qualify for the Intended Tax Treatment.

(d) . Solely in connection with the delivery of the Closing Date Opinions, the parties hereto acknowledge
and agree that for purposes of determining the value of the Final Parent Stock Price to be received by stockholders of the Company pursuant to the transactions contemplated by this Agreement under Revenue Procedure
2018-12, 2018-6 I.R.B 349 (“Rev. Proc. 2018-12”), (i) the “Safe Harbor Valuation Method” within the
meaning of Rev. Proc. 2018-12 will be the Average of the Daily Volume Weighted Average Prices as described in Section 4.01(1) of Rev. Proc. 2018-12; (ii) the
“Measuring Period” within the meaning of Section 4.02 of Rev. Proc. 2018-12 will be the ten-trading day period ending on the second to last trading day
prior to the Closing Date; (iii) the “specified exchange” within the meaning of Section 3.01(4)(a)(ii) of Rev. Proc. 2018-12 will be NYSE; and (iv) the “authoritative reporting
source” within the meaning of Section 3.01(4)(a)(ii) of Rev. Proc. 2018-12 will be Bloomberg L.P (or, if not