Subi Sethi - 30 Sep 2025 Form 4 Insider Report for Clearwater Analytics Holdings, Inc. (CWAN)

Role: Chief Client Officer
Signature: /s/ Alphonse Valbrune, as Attorney-in-Fact, for Subi Sethi
Issuer symbol: CWAN
Transactions as of: 30 Sep 2025
Transactions value $: -$131,412
Form type: 4
Filing time: 01 Oct 2025, 21:06:35 UTC
Previous filing: 02 Jul 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Sethi Subi	Chief Client Officer	C/O CLEARWATER ANALYTICS HOLDINGS, INC., 777 W. MAIN STREET, SUITE 900, BOISE	/s/ Alphonse Valbrune, as Attorney-in-Fact, for Subi Sethi	01 Oct 2025	0001880112

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CWAN	Class A Common Stock	Options Exercise	$0	+7.81K	+3.57%	$0.00	227K	30 Sep 2025	Direct	F1
transaction	CWAN	Class A Common Stock	Options Exercise	$0	+7.81K	+3.45%	$0.00	234K	30 Sep 2025	Direct	F1
transaction	CWAN	Class A Common Stock	Sale	-$65.7K	-3.72K	-1.59%	$17.68	231K	30 Sep 2025	Direct	F2
transaction	CWAN	Class A Common Stock	Sale	-$65.7K	-3.72K	-1.61%	$17.68	227K	30 Sep 2025	Direct	F2

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	Options Exercise	$0	-7.81K	-10%	$0.00	70.3K	30 Sep 2025	Class A Common Stock	7.81K	$0.00	Direct	F3
transaction	CWAN	Restricted Stock Unit	Options Exercise	$0	-7.81K	-7.14%	$0.00	102K	30 Sep 2025	Class A Common Stock	7.81K	$0.00	Direct	F4

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

Explanation of Responses:

Id	Content
F1	These shares represent shares acquired upon the vesting of Restricted Stock Units ("RSUs").
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 Restricted Stock Units. The sale is mandated by the Issuer's election to require the satisfaction of tax withholding obligations to be funded by a "sell to cover" transaction and does not represent a discretionary transaction by the Reporting Person.
F3	6.25% of the Restricted Stock Units shall vest at the end of each 3-month period for the next 4 years following January 1, 2024, and will settle within thirty days of the applicable vesting date.
F4	6.25% of the Restricted Stock Units shall vest at the end of each 3-month period for the next 4 years following January 1, 2025, and will settle within thirty days of the applicable vesting date.