Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 179

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 179
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 and 80% of the holders of                                                                                    
 Eligible Shares elect to receive Clearwater Common Stock, 15% of the holders of Eligible Shares elect to receive cash and 5% of the holders of Eligible Shares do not make an election, you will |

110

| receive cash in exchange for 40 of your Eligible Shares and Clearwater Common Stock in exchange for 60 of your Eligible Shares. |

| • |     | If you own 100 Eligible Shares and elect to receive the cash consideration for 45 shares and the stock                                                                                                                                                  
 consideration for 55 shares, and 80% of the holders of Eligible Shares elect to receive Clearwater Common Stock, 15% of the holders of Eligible Shares elect to receive cash and 5% of the holders of Eligible Shares do not make an election, you will 
 receive cash in exchange for 67 of your Eligible Shares and Clearwater Common Stock in exchange for 33 of your Eligible Shares.                                                                                                                         |

No fractional shares of Clearwater Common Stock will be issued and holders of Eligible Shares will instead receive cash in lieu of fractional shares of Clearwater Common Stock. Prior to the Effective Time, Clearwater will enter into an exchange agent agreement (the “ Exchange Agent Agreement”) with Computershare Trust Company, N.A. (or its successor) (the “ Exchange Agent”), pursuant to which Clearwater will deposit (i) an aggregate number of shares of Clearwater Common Stock to be credited in the stock ledger and other appropriate books and records of Clearwater in book-entry form and (ii) cash in an amount sufficient to pay the aggregate cash portion of the Merger Consideration and any cash in lieu of fractional shares of Clearwater Common Stock (the “ Payment Fund”). As described above, holders of Eligible Shares will not receive any fractional shares of Clearwater Common Stock in the Merger. Instead, a holder of Eligible Shares who otherwise would have received a fractional share of Clearwater Common Stock will be entitled to receive a cash payment in lieu of such fractional shares in an amount determined by multiplying (i) the fraction of a share of Clearwater Common Stock which any holder of Eligible Shares would be entitled to receive pursuant to the Merger Agreement by (ii) the final Clearwater stock price as calculated in accordance with the terms of the Merger Agreement. The Merger Consideration will be appropriately adjusted to reflect the effect of any stock split, reverse stock split, subdivision, stock dividend, reorganization, recap