Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001193125-25-004988
Chunk: 56

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 56
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 and will reserve a sufficient number of shares of Parent Common Stock for issuance upon exercise or settlement thereof.

37

Section 2.07 Adjustments. If, during the period between the date hereof
and the LLC Merger Effective Time, any change in the outstanding limited liability company interests of the Operating Company shall occur by reason of any reclassification, recapitalization, unit split (including reverse unit split) or combination,
exchange or readjustment of units, or any equity distribution, the Merger Consideration and any other amounts payable pursuant to this Agreement shall be appropriately adjusted so as to provide the same economic effect as contemplated by this
Agreement prior to such event, and such items, so adjusted shall, from and after the date of such event, be the Merger Consideration. If, during the period between the date hereof and the Effective Time, any change in the outstanding shares of
capital stock of the Company shall occur by reason of any reclassification, recapitalization, stock split (including reverse stock split) or combination, exchange or readjustment of shares, or any stock dividend, the Merger Consideration and any
other amounts payable pursuant to this Agreement shall be appropriately adjusted so as to provide the same economic effect as contemplated by this Agreement prior to such event, and such items, so adjusted shall, from and after the date of such
event, be the Merger Consideration.

Section 2.08 Withholding Rights. Each of Parent, Acquirer, Merger Sub, Merger Sub
II, the Surviving Corporation and the Exchange Agent including their respective Affiliates and agents (each a “Withholding Person”) shall be entitled to deduct and withhold from the consideration otherwise payable to any Person
pursuant to this Agreement such amounts as it is required to deduct and withhold with respect to the making of such payment under any provision of any applicable Tax law or under any agreement between the Company and the Person entitled to such
payment. To the extent that amounts are so deducted and withheld and are paid to the applicable Taxing Authority by any Withholding Person, such amounts shall be treated for all purposes under this Agreement as having been paid to the Person in
respect of which the Withholding Person made such deduction and withholding.

Section 2.09 Payoff. At the Closing,
Parent shall pay, or cause to be paid, the Payoff Amount; provided that the Company shall provide to Parent (a) at least three Business Days prior to the Closing Date a substantially final draft