Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 355

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 355
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 reason for the Adverse Recommendation Change,
in reasonable detail;

A-61

(B) unless during such five-Business Day period, 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 enable Parent to amend this Agreement in such a manner that obviates the need for an Adverse Recommendation Change;
and

(C) unless, prior to the expiration of such five-Business Day period, the Special Committee determines in good faith,
taking into consideration any amendments to this Agreement proposed in writing by Parent (after consultation with a Special Committee Financial Advisor and outside legal counsel), that the failure to effect an Adverse Recommendation Change would
still be inconsistent with its fiduciary duties under Applicable Law.

(c) Nothing contained in or
this or elsewhere in this Agreement shall prohibit the Company from (i) taking and disclosing a position contemplated by Rule 14d-9, Rule 14e-2(a) or Item 1012(a) of Regulation M-A promulgated under the Exchange Act, (ii) making any disclosure to the Company’s stockholders if, the Company Board or any
committee thereof determines in good faith, after consultation with outside legal counsel, the failure to do so would be inconsistent with its fiduciary duties under Applicable Law or any disclosure requirements under Applicable Law, or
(iii) making any disclosure that constitutes a “stop, look and listen” communication or similar communication of the type contemplated by Section 14d- 9(f) promulgated under the Exchange
Act, in each case, so long as any such disclosure complies with the terms and conditions set forth in and this and does not include any statement that constitutes an
Adverse Recommendation Change (it being understood that a customary “stop, look and listen” communication by the Company Board or any committee thereof pursuant to Rule 14d-9(f) promulgated under the
Exchange Act shall not, in and of itself, constitute an Adverse Recommendation Change). For the avoidance of doubt, nothing in this will (A) limit or otherwise affect the obligations of the Company or
the Special Committee and the rights of Parent under or this or (B) be deemed to permit the Special Committee to make an Adverse Recommendation Change except to the
extent expressly permitted by .

Section 6.04 Approval of Merger Agreement.

(a) Promptly following the effectiveness of the Form S-4 under the Securities Act, the Company