Gayatri Raman - Feb 20, 2023 Form 4 Insider Report for Clearwater Analytics Holdings, Inc. (CWAN)

Role: President, Europe and Asia
Signature: /s/ Alphonse Valbrune, as Attorney-in-Fact, for Gayatri Raman
Stock symbol: CWAN
Transactions as of: Feb 20, 2023
Transactions value $: -$317,378
Form type: 4
Date filed: 2/22/2023, 05:43 PM
Previous filing: Jan 4, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CWAN	Class A Common Stock	Options Exercise	$0	+36.4K	+256.74%	$0.00	50.5K	Feb 21, 2023	Direct	F1
transaction	CWAN	Class A Common Stock	Tax liability	-$317K	-17.4K	-34.33%	$18.29	33.2K	Feb 21, 2023	Direct	F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CWAN	Restricted Stock Unit	Award	$0	+125K		$0.00	125K	Feb 20, 2023	Class A Common Stock	125K		Direct	F4, F5, F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The Class A Common Stock represents shares acquired by the Reporting Person from the vesting of performance stock units ("PSUs") issued to the Reporting Person on September 24, 2021. The eligible PSUs vested based on the Issuer's achievement of certain performance criteria based on revenue growth in 2022.
F2	The sale reported on this Form 4 represents shares sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of Performance Stock Units. The disposition is mandated by the Issuer and does not represent a discretionary transaction by the Reporting Person.
F3	This transaction was executed in multiple trades at prices; the price reported above reflects the weighted average sale price.
F4	Each restricted stock unit ("RSU") represents a right to receive one share of the issuer's Class A Common Stock.
F5	The reported RSUs will vest in four 25% installments on each of the first four anniversaries of January 1, 2022 and will settle within thirty days of the applicable vesting date.
F6	This represents the unvested portion of the RSUs granted on February 20, 2023 and does not include other RSUs with different grant dates or vesting terms.