Form 4: Director D. Scott Mackesy Executes CWAN Share Exchange

Director D. Scott Mackesy converted 292,180 LLC interests and Class B shares into Class A common stock of Clearwater Analytics.

Summary

• Director D. Scott Mackesy converted 292,180 CWAN Holdings LLC interests and an equal number of Class B common shares into 292,180 shares of Class A common stock.
• The transaction was executed on May 28, 2026, pursuant to the company's existing LLC agreement and certificate of incorporation.
• Following the transaction, the reporting person beneficially owns 633,879 shares of Class A common stock.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event, as it represents a routine administrative conversion of equity classes by an insider.

Positives

• The transaction represents a standard conversion of equity interests rather than a divestment or sale of shares.
• The conversion simplifies the reporting person's equity structure within the issuer.

Negatives

• None identified; this is a routine administrative conversion of equity classes.

Risks

• The value of the Class A common stock remains subject to market volatility and the company's operational performance.

Future Outlook

The filing does not provide forward-looking financial guidance, as it is a disclosure of a change in beneficial ownership.

Industry Context

StockSavvy.ai notes that routine equity conversions by directors are common in companies with dual-class share structures and do not typically signal a change in management sentiment regarding the company's long-term prospects.

Comparison to Industry Standards

• The conversion process is consistent with standard practices for companies transitioning from LLC-based ownership structures to public equity markets.

Related Party Transactions

• The transaction involved the conversion of interests held by The D. Scott Mackesy 2014 Irrevocable Descendants Trust.

Stakeholder Impact

• Minimal impact on shareholders as the transaction does not change the total economic interest of the reporting person.

Next Steps

• No future actions or milestones were disclosed in this filing.

Key Dates

Keywords

Clearwater Analytics, CWAN, Form 4, Insider Transaction, Equity Conversion, Director Ownership