[Form 4] Clearwater Analytics Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider sale reported by Clearwater Analytics CTO Souvik Das. The Form 4 shows Mr. Das executed sales of 10,000 shares of Class A common stock on September 8, 2025 at a weighted-average price of $20.575 per share. After the transactions he beneficially owned 121,549 shares, held directly. The filing states the sales were made under a Rule 10b5-1 trading plan adopted May 5, 2025, and the Form 4 was signed by an attorney-in-fact on September 10, 2025. No derivative transactions or other securities classes are reported in this filing.

Positive

• Sale executed under a Rule 10b5-1 trading plan, which provides pre-clearance and compliance protections
• Reporting shows continued material ownership with 121,549 shares remaining beneficially owned

Negative

• 10,000 shares were sold, representing a reduction in the officer's direct holding
• Form does not disclose the percentage of total company equity represented by the retained 121,549 shares

Insights

Securities Analyst

TL;DR: Officer sold a modest stake under a pre-established 10b5-1 plan; remaining holding remains material for insider alignment.

The CTO, as an executive officer, reported a sale of 10,000 Class A shares executed at a weighted-average price of $20.575, leaving 121,549 shares beneficially owned. The disclosure that the sale was effected pursuant to a Rule 10b5-1 plan provides procedural protection against allegations of trading on material non-public information. From an investor-disclosure perspective this is a routine insider liquidity event rather than an operational disclosure; no options, conversions, or additional compensatory equity actions appear in the filing.

Corporate Governance Expert

TL;DR: Governance controls appear followed; the use of a 10b5-1 plan and attorney-in-fact signature indicate compliance with insider-trading protocols.

The Form 4 documents compliance mechanics: Plan adoption date (May 5, 2025) is disclosed and the filing was executed by an authorized attorney-in-fact. The sale size relative to total reported holdings is non-trivial but not unusually large for an officer. No indications of accelerated or unusual proceeds distribution, and no amendments or additional related-party transactions are reported in this form.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Das Souvik

(Last) (First) (Middle)

C/O CLEARWATER ANALYTICS HOLDINGS, INC.

777 W. MAIN STREET, SUITE 900

(Street)

BOISE ID 83702

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Clearwater Analytics Holdings, Inc. [ CWAN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Technology Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/08/2025		S(1)		10,000	D	$20.575(2)	121,549	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The sale reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person May 5,2025.

2. This transaction was executed in multiple trades at prices ranging from $20.45 USD to $20.75 USD; the price reported above reflects the weighted average sale price.

Remarks:

	/s/ Alphonse Valbrune, as Attorney-in-Fact for Souvik Das	09/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Clearwater Analytics (CWAN) insider Souvik Das report on Form 4?

The Form 4 reports that CTO Souvik Das sold 10,000 Class A shares on September 8, 2025 at a weighted-average price of $20.575 and retains 121,549 shares beneficially.

Were the sales by Souvik Das part of a pre-arranged trading plan?

Yes. The filing states the sale was effected pursuant to a Rule 10b5-1 trading plan adopted May 5, 2025.

Does the Form 4 report any option exercises or derivative transactions for CWAN?

No. The filing contains no entries in the derivative securities section; only the non-derivative sale of Class A common stock is reported.

How was the Form 4 signed and when?

The Form 4 was signed by an attorney-in-fact (Alphonse Valbrune) on September 10, 2025 for Souvik Das.

What price range were the shares sold at according to the filing?

The filing explains the transaction executed in multiple trades at prices ranging from $20.45 to $20.75; the reported price is the weighted average $20.575.