In September 2021, the Board of Directors of the Company (the “Board”) adopted the Clearwater Analytics Holdings, Inc. 2021 Omnibus Incentive Plan (the “2021 Plan”), pursuant to which employees, consultants and directors of our Company and our affiliates performing services for us, including our executive officers, are eligible to receive awards. The 2021 Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), bonus stock, dividend equivalents, other stock-based awards, substitute awards, annual incentive awards and

performance awards intended to align the interests of participants with those of our shareholders. A total of 69,200,278 shares of common stock are authorized for issuance under the 2021 Plan. In connection with the approval of the 2021 Plan, the 2017 Equity Incentive Plan was terminated and all outstanding stock options and RSUs were transferred to the 2021 Plan. In connection with the acquisition of Enfusion, we assumed the Enfusion 2021 Stock Option and Incentive Plan.


	Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Balance - December 31, 2024	9,514,741	$	8.42	5.13	$	181,714
Exercised	(1,293,307)	5.74			25,785
Forfeited	(12,083)	13.96
Balance - June 30, 2025	8,209,351	$	8.84	4.96	$	107,548
Options vested - June 30, 2025	8,118,652	$	8.79		$	106,734

The aggregate intrinsic value as of June 30, 2025 disclosed in the above table is based on the difference between the exercise price of the stock option and the estimated fair value of the Company’s common stock as of June 30, 2025. As of June 30, 2025, the total unrecognized compensation expense related to unvested options was $0.2 million, which is expected to be recognized over a weighted average period of 0.4 years.


	Units Activity	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Unvested units as of December 31, 2024	12,175,710	$	19.12	$	335,076
Granted	6,074,367	21.43
Released	(4,797,517)	19.45
Cancelled	(603,274)	20.74
Unvested units as of June 30, 2025	12,849,286	$	21.42	$	281,785

The aggregate intrinsic value disclosed in the above table is based on the closing stock price on the NYSE on June 30, 2025. As of June 30, 2025, there was $201.4 million of unrecognized equity-based compensation expense related to RSUs, which is expected to be recognized over a weighted average period of 2.3 years.

In September 2021, the Board adopted the Clearwater Analytics Holdings, Inc. 2021 Employee Stock Purchase Plan (“ESPP”). As of June 30, 2025, a total of 7,092,009 shares of Class A common stock were available for issuance under the ESPP. The offering periods are scheduled to start on June 1 and December 1 of each year. Eligible employees may purchase the Company's common stock through payroll deductions at a price equal to 85% of the lower of the fair market values of the stock as of the beginning or the end of six-month offering periods. An employee's payroll deductions under the ESPP are limited to 10% of the employee's compensation and an employee may not purchase more than $25,000 of stock during any calendar year in which the employee’s option to purchase stock under the ESPP is outstanding at any time.

As of June 30, 2025, total unrecognized equity-based compensation costs related to ESPP were $1.0 million, which is expected to be recognized over the remaining current offering period ending November 30, 2025.

ESPP payroll contributions accrued at June 30, 2025 and December 31, 2024 totaled $0.7 million and $0.5 million, respectively, and are included within accrued expenses in the consolidated balance sheets. Employee payroll contributions used to purchase shares under the ESPP will be reclassified to stockholders' equity at the end of the offering period.