Erickson Scott Stanley 4
4 · Clearwater Analytics Holdings, Inc. · Filed Apr 2, 2026
Research Summary
AI-generated summary of this filing
Clearwater (CWAN) CRO Erickson Stanley Sells Shares After RSU Vesting
What Happened Erickson Scott Stanley, Chief Revenue Officer of Clearwater Analytics Holdings (CWAN), had restricted stock units (RSUs) vest on March 31, 2026 and those RSUs were settled (reported as exercise/conversion of derivatives). A portion of the shares were sold in the open market to cover tax withholding obligations. Specifically, 35,279 shares were acquired upon RSU vesting (3,125 + 5,156 + 26,998), and 18,790 shares were sold in three open-market trades at $23.80 per share for total proceeds of $447,192.
Key Details
- Transaction date: 2026-03-31. Sale price: $23.80 per share.
- Shares acquired from RSU vesting: 35,279 total (reported as derivative exercise/conversion, code M).
- Shares sold (open market): 14,378; 2,747; and 1,665 — total 18,790 shares → $447,192 proceeds.
- The sales were "sell-to-cover" to satisfy tax withholding obligations (footnote F2) and are not discretionary trades by the reporting person.
- Vesting schedule notes: quarterly vesting percentages apply per footnotes F3–F5 (portion vesting quarterly through 2028).
- Shares owned after the transaction are not specified in the provided filing.
- Filing does not indicate a late report.
Context
- The M-code derivative entries at $0 reflect RSU vesting/settlement rather than an option purchase with cash; the subsequent open-market sells are routine tax-withholding transactions (sell-to-cover). Such sell-to-cover sales are common and generally reflect tax mechanics rather than a direct sentiment signal from the insider.
Insider Transaction Report
- Exercise/Conversion
Class A Common Stock
[F1]2026-03-31+3,125→ 141,755 total - Exercise/Conversion
Class A Common Stock
[F1]2026-03-31+5,156→ 146,911 total - Exercise/Conversion
Class A Common Stock
[F1]2026-03-31+26,998→ 173,909 total - Sale
Class A Common Stock
[F2]2026-03-31$23.80/sh−14,378$342,189→ 159,531 total - Sale
Class A Common Stock
[F2]2026-03-31$23.80/sh−2,747$65,377→ 156,784 total - Sale
Class A Common Stock
[F2]2026-03-31$23.80/sh−1,665$39,626→ 155,119 total - Exercise/Conversion
Restricted Stock Unit
[F3]2026-03-31−3,125→ 21,875 totalExercise: $0.00Exp: 2034-02-28→ Class A Common Stock (3,125 underlying) - Exercise/Conversion
Restricted Stock Unit
[F4]2026-03-31−5,156→ 56,719 totalExercise: $0.00Exp: 2035-02-13→ Class A Common Stock (5,156 underlying) - Exercise/Conversion
Restricted Stock Unit
[F5]2026-03-31−26,998→ 188,984 totalExercise: $0.00Exp: 2036-02-11→ Class A Common Stock (26,998 underlying)
Footnotes (5)
- [F1]These shares represent shares acquired upon the vesting of Restricted Stock Units ("RSUs").
- [F2]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 Restricted 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.
- [F3]6.25% of the Restricted Stock Units shall vest at the end of each 3-month period for the next 4 years following January 1, 2024, and will settle within thirty days of the applicable vesting date.
- [F4]6.25% of the Restricted Stock Units shall vest at the end of each 3-month period for the next 4 years following January 1, 2025, and will settle within thirty days of the applicable vesting date.
- [F5]12.5% of the Restricted Stock Units shall vest at the end of each 3-month period for the next 2 years following January 1, 2026, and will settle within thirty days of the applicable vesting date.