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

Rhea-AI Filing Summary

Director Jacques Aigrain of Clearwater Analytics Holdings reported multiple transactions on June 23, 2025:

• Acquired 10,334 Class A Common Stock shares at $0.00 through RSU vesting from June 2024 grant
• Disposed of 2,481 shares at $21.65 per share
• Received two new RSU grants: - 8,765 units vesting at next annual shareholder meeting - 6,574 units vesting equally over 3 years from June 23, 2025

Following these transactions, Aigrain directly owns 20,481 shares of Class A Common Stock and 15,339 unvested RSUs. These transactions reflect standard director compensation practices and demonstrate continued alignment with shareholder interests through equity-based compensation.

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

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

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^*

AIGRAIN JACQUES

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
06/23/2025

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	06/23/2025		M		10,334(1)	A	$0.00	22,962	D
Class A Common Stock	06/23/2025		F		2,481	D	$21.65	20,481	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
Restricted Stock Unit	$0.00	06/23/2025		M			10,334	06/23/2025	06/11/2034	Class A Common Stock	0.00	$0.00	0.00	D
Restricted Stock Unit	$0.00	06/23/2025		A		8,765		(2)	06/23/2035	Class A Common Stock	8,765	$0.00	8,765	D
Restricted Stock Unit	$0.00	06/23/2025		A		6,574		(3)	06/23/2035	Class A Common Stock	6,574	$0.00	15,339	D

Explanation of Responses:

1. The Class A Common Stock represents shares acquired by the Reporting Person from the vesting of Restricted Stock Units ("RSUs") issued to the Reporting Person on June 11, 2024.

2. The reporting person was granted Restricted Stock Units representing contingent right to receive one share of Clearwater Analytics Holdings Inc. common stock for each RSU. The award will vest fully on the date of the next annual shareholder meeting, to be determined in the future.

3. The reporting person was granted Restricted Stock Units representing contingent right to receive one share of Clearwater Analytics Holdings Inc. common stock for each RSU. The award will vest equally over 3 years beginning on June 23, 2025.

Remarks:

	/s/ Alphonse Valbrune, as Attorney-in-Fact, for Jacques Aigrain	06/25/2025
	** 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 insider transactions did Jacques Aigrain make in CWAN stock on June 23, 2025?

On June 23, 2025, Jacques Aigrain, a Director at CWAN, acquired 10,334 shares through vested RSUs, then disposed of 2,481 shares at $21.65 per share. After these transactions, he directly owned 20,481 shares of Class A Common Stock.

How many new Restricted Stock Units (RSUs) did CWAN director Jacques Aigrain receive in June 2025?

Jacques Aigrain received two new RSU grants on June 23, 2025: 8,765 RSUs that vest at the next annual shareholder meeting, and 6,574 RSUs that vest equally over 3 years beginning June 23, 2025, for a total of 15,339 new RSUs.

What is the vesting schedule for CWAN director Aigrain's new RSU grants from June 2025?

The RSU grants have two different vesting schedules: 8,765 RSUs will vest fully at the next annual shareholder meeting (date to be determined), while 6,574 RSUs will vest in equal installments over 3 years starting from June 23, 2025.

What was the exercise price of CWAN RSUs granted to Jacques Aigrain?

All Restricted Stock Units (RSUs) granted to Jacques Aigrain had an exercise price of $0.00, as shown in Table II of the Form 4 filing under 'Conversion or Exercise Price of Derivative Security.'