Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001193125-25-004988
Chunk: 54

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 54
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automatically, without any action on the part of Parent, Merger Sub, the Company or the holders thereof, vest to the extent set forth in the applicable award agreement relating to such Company PSU and be cancelled and converted into the right to
receive the Per Share Mixed Consideration in respect of each share of Company Common Stock subject to any such Company PSU that vests in accordance with its terms at the Effective Time (with the applicable performance conditions deemed achieved or
not achieved based on the Per Share Mixed Consideration in accordance with the applicable award agreement) (the “Vested PSU Consideration” and, together with the Option Consideration and the Vested RSU Consideration, the
“Vested Equity Award Consideration”), subject to applicable withholding taxes. Any Company PSU (or portion thereof) that does not vest at the Effective Time in accordance with its terms shall be forfeited and cancelled for no
consideration as of the Effective Time.

(d) . As promptly as reasonably practicable following the Closing, the
holders of In-the-Money Company Stock Options and Vested Company RSUs shall be paid by the Company or the Surviving Corporation, through its payroll system or payroll
provider, the Vested Equity Award Consideration with respect to In-the-Money Company Stock Options and Vested Company RSUs, respectively, that are cancelled and
converted pursuant to this , less any required withholding pursuant to in the case of employees; that such payment shall be made at such other time or times
following the Effective Time consistent with the terms of the Company RSU or Company PSU, as applicable, to the extent necessary to avoid the imposition of additional income tax under Section 409A of the Code.

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(e) . As of the Effective Time, Parent shall assume
the Company Stock Plan under which any Unvested Company RSUs were issued, except that (i) the shares of Company Common Stock covered by such awards will be shares of Parent Common Stock, (ii) all references to a number of shares of Company
Common Stock shall be amended to refer to shares of Parent Common Stock (with appropriate adjustments to the number and type of shares), and (iii) all references to the Company Board (or a committee thereof) shall be amended to be references to
the Board of Directors of Parent (or the applicable committee thereof).

(f) As soon as reasonably practicable (and in any event no later
than 15 days) after the date hereof, the Company shall take all actions it determines are necessary to ensure