Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001104659-25-003010
Chunk: 3

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 3
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 of the stockholders of the Company.

Thereafter, the Board, upon the unanimous recommendation of the Special Committee, unanimously (i) determined that the Merger Agreement, the Mergers
and the other transactions contemplated by the Merger Agreement are advisable, fair to and in the best interests of the Company and the
Company’s stockholders, (ii) adopted and approved the Merger Agreement, the Mergers and the other transactions contemplated by the
Merger Agreement, and (iii) directed that the Merger Agreement be submitted to the Company’s stockholders entitled to vote thereon
for adoption thereby and resolved to recommend that such stockholders adopt the Merger Agreement and approve the transactions contemplated
by the Merger Agreement, including the Mergers.

Treatment of Company Equity Awards; Company ESPP

Immediately prior to the effective time of the Merger, (i) each
outstanding option, whether vested or unvested, to purchase shares of Company Common Stock (as defined in the Merger Agreement) that
was granted under the Company Stock Plan (as defined in the Merger Agreement) (each, a “Company Stock Option”) that has a per share exercise price that is less than the Per Share Cash Consideration (as defined in
the Merger Agreement) (each, an “In-the-Money Company Stock Option”)
will be canceled and converted into the right to receive from Parent or the Surviving Corporation an amount in cash, without
interest and subject to applicable withholding taxes, equal to the product obtained by multiplying (a) the excess of the Per Share
Cash Consideration over the per share exercise price of such In-the-Money Company Stock Option by (b) the number of shares of
Company Common Stock subject to such In-the-Money Company Stock Option as of immediately prior to the effective time of the Merger;
and (ii) each outstanding Company Stock Option that has a per share exercise price that is equal to or greater than the Per Share
Cash Consideration will be canceled for no consideration.

Immediately prior to the effective time of the Merger, (i) each outstanding restricted stock unit covering shares of Company Common Stock that is subject to vesting conditions based solely on continued employment or service that was granted under the Company Stock Plan (each, a “ Company RSU”) that is then vested or that vests as a result of the consummation of the Mergers (each, a “ Vested Company RSU”) will be canceled and converted into the right to