Subi Sethi - 18 Feb 2026 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: 18 Feb 2026
Net transactions value: -$1,797,721
Form type: 4
Filing time: 20 Feb 2026, 18:11:53 UTC
Previous filing: 13 Feb 2026
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	20 Feb 2026	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	+45,832	+17%	$0.000000	323,013	18 Feb 2026	Direct	F1, F2
transaction	CWAN	Class A Common Stock	Options Exercise	$0	+45,833	+14%	$0.000000	368,846	18 Feb 2026	Direct	F3
transaction	CWAN	Class A Common Stock	Options Exercise	$0	+73,333	+20%	$0.000000	442,179	18 Feb 2026	Direct	F4
transaction	CWAN	Class A Common Stock	Sale	$499,355	-21,302	-4.8%	$23.44	420,877	18 Feb 2026	Direct	F5
transaction	CWAN	Class A Common Stock	Sale	$499,379	-21,303	-5.1%	$23.44	399,574	18 Feb 2026	Direct	F5
transaction	CWAN	Class A Common Stock	Sale	$798,987	-34,084	-8.5%	$23.44	365,490	18 Feb 2026	Direct	F5

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

Explanation of Responses:

Id	Content
F1	This 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 February 28, 2024. The eligible PSUs vested based on the Issuer's achievement of certain performance criteria based on revenue growth in 2025.
F2	The amount in Column 5 in Table I has been adjusted by 8 units to reflect the correct number of shares beneficially owned by the reporting person.
F3	This 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 February 13, 2025. The eligible PSUs vested based on the Issuer's achievement of certain performance criteria based on revenue growth in 2025.
F4	This 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 February 20, 2023. The eligible PSUs vested based on the Issuer's achievement of certain performance criteria based on revenue growth in 2025.
F5	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 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.