Lee Eric J. 4

What Happened
Eric J. Lee, a director of Clearwater Analytics (CWAN), disposed of shares tied to the company’s merger. On 2026-06-25 he had 531,457 shares of Class A Common Stock converted to cash at $24.55 per share, producing $13,047,269. The filing also reports the exercise/conversion of 220,137 derivative interests (reported as “M” transactions) that were part of the conversion/exchange process under the Merger Agreement.

Key Details

• Transaction date: 2026-06-25. Price per share: $24.55. Cash received for the Class A disposition: $13,047,269.
• Reported disposals and conversions include: 531,457 Class A shares disposed to the issuer (code D) and 220,137 derivative exercises/conversions (code M) related to LLC interests/Class B conversion.
• Holdings described in footnotes: 402,620 Class A shares held directly + 128,837 held by the Eric J Lee 2014 Irrevocable Trust (total 531,457). Also 166,771 Class B shares + 53,366 Class B in trust and corresponding 166,771 + 53,366 LLC interests (total 220,137) were reported and converted.
• These transactions were made pursuant to the Agreement and Plan of Merger (dated Dec 20, 2025) — each share outstanding immediately prior to the merger’s effective time was converted into the right to receive $24.55 in cash (the Merger Consideration).
• Filing was made for the period 2026-06-25 (no late-filing flag indicated).

Context
This was a merger-related cash conversion (shares converted to merger consideration), not an open-market sale. The derivative “M” entries reflect exercised or converted interests (LLC interests/Class B exchange into Class A) that were part of the merger exchange and cash-out. Such transactions reflect the merger mechanics rather than discretionary trading by the insider.