Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001104659-25-003010
Chunk: 6

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 6
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 of the registration statement on Form S-4 to be filed
by Parent in connection with the Mergers. The obligation of each party to consummate the Mergers is also conditioned on the other party’s
representations and warranties being true and correct (subject to certain customary materiality exceptions) and the other party having
performed in all material respects its obligations under the Merger Agreement. In addition, (i) Parent, Acquirer, Merger Sub and Merger
Sub II’s obligation to consummate the Mergers is conditioned upon there not having occurred a Company Material Adverse Effect (as
defined in the Merger Agreement) and the absence of certain Burdensome Conditions (as defined in the Merger Agreement) specified in the
Merger Agreement and (ii) the Company’s obligation to consummate the Mergers is conditioned upon there not having occurred a Parent
Material Adverse Effect (as defined in the Merger Agreement).

Termination

The Merger Agreement contains termination rights for each of the Company and Parent, including, among others, (a) if the consummation of the Mergers does not occur on or before July 9, 2025, (b) if any order prohibiting the Mergers has become final and non-appealable, (c) if the Stockholder Approval is not obtained following the meeting of the Company’s stockholders for purposes of obtaining such Stockholder Approval, and (d) subject to certain conditions, (i) by Parent, prior to the receipt of the Stockholder Approval, if (x) the Board, acting upon the recommendation of the Special Committee, changes its recommendation in favor of the Mergers or (y) the Company has materially
breached its non-solicitation obligations with respect to alternative acquisition proposals from third parties under the Merger Agreement
or (ii) by the Company, prior to the receipt of the Stockholder Approval, if the Company wishes to terminate the Merger Agreement to enter
into a definitive agreement providing for a Superior Proposal (as defined in the Merger Agreement). The Company and Parent may also terminate
the Merger Agreement by mutual written consent.

The Company is required to pay Parent a termination fee of $52,325,000 in cash on termination of the Merger Agreement under specified circumstances,
including, among others, termination by Parent in the event that the Board, acting upon the recommendation of the Special Committee, changes
its recommendation in favor of the Merger or termination by