Form 4: Alclear Investments Sells Clear Secure Stock

Alclear Investments, LLC, a significant shareholder and director by deputization, reported sales of Clear Secure Class A Common Stock and complex conversions of other equity classes.

Summary

• Alclear Investments, LLC, a 10% owner and director by deputization of Clear Secure, Inc., reported multiple transactions.
• On March 4, 2026, Alclear Investments sold a total of 174,324 shares of Class A Common Stock in two separate transactions. The first sale involved 152,513 shares at a weighted average price of $48.41 per share (ranging from $48.00 to $48.99), and the second involved 21,811 shares at a weighted average price of $49.24 per share (ranging from $49.00 to $49.75).
• These sales were executed under a Rule 10b5-1 trading plan previously adopted on November 20, 2025. Following these specific sales, Alclear Investments held no Class A Common Stock.
• On March 5, 2026, Alclear Investments disposed of 174,324 shares of Class D Common Stock and 174,324 non-voting common units of Alclear Holdings, LLC.
• Concurrently on March 5, 2026, 174,324 shares of Class B Common Stock were acquired and subsequently converted into 174,324 shares of Class A Common Stock.
• The filing notes that Class B Common Stock converts to Class A Common Stock on a one-for-one basis, and the resulting Class A shares were used to settle the sale transactions described.
• Following all reported transactions, Alclear Investments beneficially owns 174,324 shares of Class A Common Stock, 351,787 shares of Class B Common Stock, 18,630,246 shares of Class D Common Stock, and 18,630,246 non-voting common units of Alclear Holdings, LLC.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event. While it's an insider sale, it was pre-planned under a 10b5-1 plan, which mitigates the negative signal often associated with insider selling, suggesting a structured portfolio management decision rather than a reaction to new adverse information.

Positives

• The sales of Class A Common Stock occurred at relatively strong prices, ranging from $48.00 to $49.75 per share.
• The transactions were executed under a pre-arranged Rule 10b5-1 trading plan, indicating a structured approach to insider stock sales rather than an immediate reaction to new information.

Negatives

• A significant insider sale of 174,324 shares of Class A Common Stock by a 10% owner and director by deputization could be perceived negatively by some investors, potentially signaling a move to diversify holdings.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the company's future performance.

Management Comments

• By virtue of its relationship with Ms. Caryn Seidman-Becker, the sole manager of Alclear Investments, LLC, and equityholder of Alclear Investments, LLC, the reporting person may be deemed a director by deputization.

Industry Context

StockSavvy.ai notes that insider transactions, particularly sales by significant shareholders or directors, are closely watched by the market. While sales under a Rule 10b5-1 plan are pre-scheduled and often less indicative of immediate sentiment, the volume and price points can still influence investor perception regarding the company's valuation and future prospects within the identity verification and secure travel industry.

Corporate Governance

Related Party Transactions

• The reporting person, Alclear Investments, LLC, is a 10% owner and has a relationship with Ms. Caryn Seidman-Becker, the sole manager and equityholder of Alclear Investments, LLC, who is also associated with the issuer.
• The transactions involve the exchange of Common Units of Alclear Holdings, LLC (a related entity) for the Issuer's Class B Common Stock, as per the Exchange Agreement dated June 29, 2021.

Stakeholder Impact

• Shareholders may interpret the insider sale as a signal, though the 10b5-1 plan mitigates immediate concerns. The complex share class structure and conversions highlight the voting and economic rights differences among share classes.
• Management's governance structure is clarified regarding the influence of a significant shareholder.

Key Dates

Recommendation

While the insider sale is significant, it was executed under a pre-arranged 10b5-1 plan, which typically suggests a planned portfolio adjustment rather than a reaction to new negative information. The prices achieved for the sales were also relatively strong. Given the lack of new fundamental information in this Form 4, a 'hold' recommendation is appropriate, advising investors to maintain their current position while monitoring future company developments and broader market trends.

Keywords

Clear Secure, YOU, Alclear Investments, Form 4, Insider Trading, Stock Sale, Rule 10b5-1, Class A Common Stock, Class B Common Stock, Class D Common Stock, Equity Conversion, Director by Deputization