Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001104659-25-003010
Chunk: 7

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 7
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 the Company to enter into a definitive agreement providing for a Superior
Proposal. The Merger Agreement also provides that, in certain circumstances, each party may seek to compel the other parties to specifically
perform their obligations under the Merger Agreement.

Financing of the Merger

Parent has obtained commitments of $1.0 billion in new debt financing,
subject to customary conditions, to fund, together with cash on hand, the cash portion of the aggregate merger consideration payable under
the Merger Agreement and fees and expenses related to the Mergers. The receipt of financing by Parent is not a condition to the Parent’s
obligation to complete the Mergers.

Other Terms of the Merger Agreement

The Merger Agreement contains customary representations and warranties of the Company, Parent, Acquirer, Merger Sub and Merger Sub II, in each case generally subject to customary materiality qualifiers. Additionally, the Merger Agreement provides for customary pre-closing covenants of the Company, Parent, Acquirer, Merger Sub and Merger Sub II, including covenants relating to the Company conducting its and its subsidiaries’ business in the ordinary course, preserving its business organizations substantially intact, preserving existing material business relationships substantially intact and refraining from taking certain actions without Parent’s consent, subject to certain exceptions. The Company and Parent also agreed to use their respective reasonable best efforts to cause the Mergers to be consummated.

The Merger Agreement provides that, during the period from the
date of the Merger Agreement until the effective time of the Merger, the Company will be subject to certain restrictions on its
ability to solicit certain alternative acquisition proposals from third parties, provide non-public information to third parties and
engage in discussions or enter into agreements with third parties regarding certain alternative acquisition proposals, subject to
customary exceptions.

The foregoing description of the Merger Agreement does not purport
to be complete and is qualified in its entirety by reference to the full text of the Merger Agreement, a copy of which is filed as Exhibit
2.1 and is incorporated by reference herein.

The Merger Agreement and the above description have been included to provide investors with information regarding its terms. They are not intended to provide any other factual information about the Company, the Operating Company, Parent, Acquirer, Merger Sub, Merger Sub II or their respective affiliates. The representations, warranties and covenants contained in the Merger Agreement were made only for purposes of the Merger Agreement as of the specific dates therein,