Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 366

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 366
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 Acquisition Proposal is amended or modified, Parent may make such an additional request
pursuant to this clause (v) with respect to such amended or

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modified Acquisition Proposal), (vi) fail to include the Company Recommendation in the Joint Proxy Statement/Prospectus or (vii) resolve or publicly propose to take any action described in
the foregoing clauses (i) through (vi) (each of the foregoing actions described in clauses (i) through (vii) being referred to as an “Adverse Recommendation Change”).

(b) Notwithstanding anything in this Agreement to the contrary, including , at any time prior to
obtaining the Stockholder Approval, the Special Committee may, if it determines in good faith (after consultation with a Special Committee Financial Advisor and outside legal counsel) that the failure to do so would be inconsistent with its
fiduciary duties under Applicable Law, (A) make an Adverse Recommendation Change in response to either (1) a Superior Proposal or (2) an Intervening Event and/or (B) in the case of a Superior Proposal, cause the Company to
validly terminate this Agreement pursuant to and authorize the Company to enter into a definitive agreement concerning a transaction that constitutes a Superior Proposal, subject in each case to prior
compliance with the terms of paragraph (i) or (ii) below, as applicable.

(i) In the case of a Superior Proposal,
(x) no Adverse Recommendation Change pursuant to this may be made and (y) no termination of this Agreement pursuant to may be made:

(A) until after the fifth Business Day following written notice from the Company advising Parent that the Company Board or any
committee thereof, intends to make an Adverse Recommendation Change and/or validly terminate this Agreement pursuant to (a “Notice of Superior Proposal”) and specifying the reasons therefor,
including the material terms and conditions of, and the identity of the Third Party making, such Superior Proposal, and a copy of any other relevant transaction documents as well as written summaries of any material oral communications relating to
the terms and conditions of such Superior Proposal (it being understood and agreed that any amendment, modification or change to the financial terms or any material amendments, modification or change to any other term of such Superior Proposal shall
require a new Notice of Superior Proposal, which shall require a new notice period of three Business Days, and compliance with this with respect to such new notice);

(B) unless during such five-Business Day period (or three-Business