Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 354

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 354
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 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 Day period following an amended, modified or changed
proposal), the Company shall, and shall make its Representatives available to, to the extent requested by Parent, discuss and negotiate with Parent in good faith to make such adjustments to the terms and conditions of this Agreement as would enable
the Company Board or the Special Committee, to maintain the Company Recommendation and not make an Adverse Recommendation Change or validly terminate this Agreement; and

(C) no earlier than the end of such five-Business Day period (or three-Business Day period following an amended, modified or
changed proposal), the Special Committee determines in good faith, after consultation with a Special Committee Financial Advisor and outside legal counsel, after considering any amendments to the terms and conditions of this Agreement proposed by
Parent in a binding written offer irrevocably made by Parent during such five-Business Day period (or three-Business Day period following an amended, modified or changed proposal), that the failure to take such action would be inconsistent with its
fiduciary duties under Applicable Law and that such Acquisition Proposal continues to constitute a Superior Proposal.

(ii)
In the case of an Intervening Event, no Adverse Recommendation Change pursuant to this may be made:

(A) until after the fifth Business Day following written notice from the Company advising Parent that the Company Board or the
Special Committee intends to take such action and specifying the material facts underlying the determination by the Company Board or the Special Committee that an Intervening Event has occurred, and the