Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001193125-25-004988
Chunk: 18

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 18
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 that (i) would reasonably be expected materially impede, materially delay or prevent the Company’s ability to
consummate the transactions contemplated by this Agreement or (ii) has had, or would reasonably be expected to have, a material adverse effect on the business, financial condition, assets, liabilities or results of operations of the Company and
its Subsidiaries, taken as a whole; , , that none of the following (alone or in combination) shall constitute or be taken into account in determining whether a Company Material Adverse Effect has occurred or would
reasonably be expected to occur pursuant to the foregoing clause (ii):

(A) the negotiation, execution, announcement or performance of
this Agreement or the pendency or consummation of the Mergers or the other transactions contemplated by this Agreement (including, solely to the extent it relates to the foregoing, any loss of or adverse change in the relationship of the Company and
its Subsidiaries with their respective employees, investors, contractors, lenders, customers, technology and other partners, suppliers, vendors or Governmental Authorities or other Third Parties related thereto); , that no effect
shall be given to this clause (A) for purposes of any representation or warranty in or the condition to Closing in to the extent relating to any such
representation or warranty;

(B) the identity of Parent or any of its Affiliates as the acquiror of the Company, or any facts or
circumstances concerning Parent or any of its Affiliates, including any communication by any of them regarding plans, proposals or projections with respect to the Company, its Subsidiaries or their employees; , that no effect shall be
given to this clause (B) or the foregoing clause (A) for purposes of any representation or warranty in or the condition to Closing in to the extent relating
to any such representation or warranty;

(C) general business, economic or political conditions, or the capital, credit, banking, debt,
financial or currency markets, in the United States or elsewhere in the world, or changes therein, including changes in interest or exchange rates or any suspension of trading in securities on the NYSE;

6

(D) general conditions in any industry in which the Company and its Subsidiaries operate or
in any specific jurisdiction or geographic area in the United States or elsewhere in the world in which the Company and its Subsidiaries operate, or changes therein;

(E) any changes in GAAP or other accounting standards (or the enforcement or interpretation thereof