Form 4: Clear Secure Director Boyd Sells Shares Under 10b5-1 Plan, Converts Class C to Class A Common Stock

Director Jeffery H. Boyd of Clear Secure, Inc. executed a series of transactions involving Class A and Class C common stock, including a sale of 150,000 shares under a pre-arranged trading plan and conversions related to an Exchange Agreement.

Summary

• On August 15, 2024, Jeffery H. Boyd, a director of Clear Secure, Inc., sold 150,000 shares of Class A Common Stock at a weighted average price of $28.14 per share.
• The sale was executed under a Rule 10b5-1 trading plan adopted on December 14, 2022.
• On August 19, 2024, Boyd converted 150,000 non-voting common units of Alclear Holdings, LLC, along with a corresponding number of Class C Common Stock shares, into 150,000 shares of Class A Common Stock.
• These conversions were made under the Exchange Agreement dated June 29, 2021.
• Following these transactions, Boyd directly holds 27,431 shares of Class A Common Stock and indirectly holds 230,811 shares through Brothers Brook, LLC.
• Boyd also indirectly holds 703,687 non-voting common units of Alclear Holdings, LLC.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing detailing stock transactions. It doesn't inherently convey positive or negative sentiment, but rather provides factual information.

Industry Context

This Form 4 filing is a routine disclosure of stock transactions by a company insider, which is common in the public markets. The use of a 10b5-1 trading plan is a standard practice to avoid accusations of insider trading.

Stakeholder Impact

• The sale of shares by a director could be perceived negatively by some shareholders, but the existence of a pre-arranged trading plan mitigates concerns about insider trading.
• The conversion of Class C shares to Class A shares has minimal impact as the Class C shares have no economic rights.

Key Dates