Company: CWAN
Filing Date: 2025-12-22
Form Type: 8-K
Source: 0000950157-25-001016
Chunk: 2

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-12-22
Form: 8-K
Item: Item 1.01
Chunk 2
---
6) (the “ Go-Shop Period”), the Company may initiate, solicit, facilitate and encourage, whether publicly or
otherwise, any alternative acquisition proposals from third parties and provide non-public information to and engage in discussions or negotiations with third parties, other than in respect of certain disallowed parties with whom the Company
engaged prior to the date of the Merger Agreement (each, a “ Disallowed Party”), with respect to alternative acquisition proposals. After the end of the Go-Shop Period (and
after the date of the Merger Agreement with respect to Disallowed Parties), the Company will become subject to customary “no-shop” restrictions on its ability to solicit alternative acquisition proposals from third parties and to provide non-public
information to and engage in discussions or negotiations with third parties regarding alternative acquisition proposals, except that, until and including February 2, 2026 (the “Go-Shop

Extension Period”), the Company may continue to engage in the aforementioned activities with any third party (other than a Disallowed Party) that contacted the Company and made a bona fide alternative acquisition proposal that the
Board or any duly authorized committee thereof has determined prior to the expiration of the Go-Shop Period constitutes or would reasonably be expected to lead to a Superior Proposal (as defined below) (each, an “ Excluded Party”).

Notwithstanding the limitations applicable after the end of the Go-Shop Period, prior to obtaining the approval by the Company’s stockholders, the Company
may under certain circumstances provide non-public information to, and participate in discussions or negotiations with, third parties, including Disallowed Parties, with respect to any unsolicited alternative acquisition proposal that the Board has
determined constitutes or would reasonably be expected to result in a Superior Proposal. A “ Superior Proposal” is a bona fide written Takeover Proposal (as defined in the
Merger Agreement, with references to “20%” in the definition thereof deemed to be references to “50%”) made by a third party after the date of the Merger Agreement that did not result from a material breach of the “no-shop” provisions of the Merger
Agreement and that the Board or any duly authorized committee thereof has determined, in its good faith judgment, and after consultation with its financial advisors and outside legal counsel, (i) would be more favorable to the Company’s
stockholders than the Transactions from a financial point of view (after taking into account any written commitment from Parent to effect revisions to the terms of the Transactions delivered by Parent in accordance