Eric J. Lee - 12 Jun 2025 Form 4 Insider Report for Clearwater Analytics Holdings, Inc. (CWAN)

Role: Director
Signature: /s/ Alphonse Valbrune, as Attorney-in-Fact, for Eric J. Lee
Issuer symbol: CWAN
Transactions as of: 12 Jun 2025
Transactions value $: $0
Form type: 4
Filing time: 16 Jun 2025, 18:49:15 UTC
Previous filing: 23 Sep 2021
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Lee Eric J.	Director	C/O CLEARWATER ANALYTICS HOLDINGS, INC., 777 W. MAIN STREET, SUITE 900, BOISE	/s/ Alphonse Valbrune, as Attorney-in-Fact, for Eric J. Lee	16 Jun 2025	0001413863

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CWAN	Class B Common Stock	Conversion of derivative security		+220K			220K	12 Jun 2025	See Footnote	F1
holding	CWAN	Class A Common Stock						311K	12 Jun 2025	See Footnote	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
holding	CWAN	CWAN Holdings LLC Interests						220K	12 Jun 2025	Class A Common Stock	220K		See Footnote	F3, F4

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

Explanation of Responses:

Id	Content
F1	As a result of affiliates of Welsh Carson owning less than 5% of the Issuer's common stock on June 12, 2025, the reported shares of Class C Common Stock, which were previously distributed to the Reporting Person by WCAS XIII Associates LLC in pro rata distributions to its members for no consideration that were exempt from reporting pursuant to Rule 16a-9 (the "Distributions"), automatically converted into an equal number of shares of Class B Common Stock (the "Conversion"), of which 166,771 shares of Class B Common Stock are held directly by the Reporting Person and 53,366 shares of Class B Common Stock are held by Eric J Lee 2014 Irrevocable Trust. Shares of Class B Common Stock, which are entitled to one vote per share, do not represent economic interests in the Issuer.
F2	The reported securities, which were previously received by the Reporting Person in the Distributions, consist of 235,849 shares of Class A Common Stock held directly by the Reporting Person and 75,471 shares of Class A Common Stock held by Eric J Lee 2014 Irrevocable Trust.
F3	The Reporting Person may exchange all or a portion of such person's common units of CWAN Holdings, LLC ("LLC Interests") (together with the delivery for no consideration of an equal number of shares of Class B Common Stock) for an equal number of newly issued shares of Class A Common Stock from time to time, subject to customary adjustments, or, at the election of the Issuer, a cash payment equal to the 20 day volume weighted average price of shares of Class A Common Stock immediately prior to the applicable exchange date.
F4	The reported securities, which were previously received by the Reporting Person in the Distributions, consist of 166,771 LLC Interests held directly by the Reporting Person and 53,366 LLC Interests held by Eric J Lee 2014 Irrevocable Trust.