Form 4: Clear Secure President Sells Shares Under 10b5-1 Plan

Clear Secure, Inc.'s President and Director, Michael Z. Barkin, sold a total of 19,999 shares of Class A Common Stock in August 2025 under a pre-arranged trading plan.

Summary

• Michael Z. Barkin, President and Director of Clear Secure, Inc., sold a total of 19,999 shares of Class A Common Stock across two transactions.
• On August 21, 2025, 3,950 shares of Class A Common Stock were sold at a weighted average price of $35.01 per share.
• On August 22, 2025, an additional 16,050 shares of Class A Common Stock were sold at a weighted average price of $35.22 per share.
• These sales were executed pursuant to a Rule 10b5-1 trading plan adopted on September 12, 2024.
• Prior to the sales, Class C Common Stock and non-voting common units of Alclear Holdings, LLC were exchanged for Class A Common Stock on a one-for-one basis, as per the Exchange Agreement dated June 29, 2021.
• Following these transactions, Michael Z. Barkin beneficially owns 12,725 shares of Class A Common Stock, and 123,179 shares of Class C Common Stock and corresponding Alclear Holdings, LLC units.

Sentiment

Score: 5

Explanation: The filing reports routine insider stock sales executed under a pre-arranged Rule 10b5-1 trading plan, which is a neutral event in terms of immediate company performance or strategic direction. While insider selling can sometimes be viewed negatively, the existence of a 10b5-1 plan suggests the sales are for personal financial planning rather than a reaction to new, undisclosed negative information.

Positives

• Transactions were conducted under a Rule 10b5-1 trading plan, indicating pre-scheduled sales and reducing concerns about opportunistic insider trading.

Negatives

• A significant number of shares (19,999) were sold by a key executive, which could be interpreted by some investors as a lack of confidence, although executed under a pre-arranged plan.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• Exchange of non-voting common units of Alclear Holdings, LLC and Class C Common Stock for Class A Common Stock, as per the Exchange Agreement dated June 29, 2021. Alclear Holdings, LLC is related to the Issuer.

Stakeholder Impact

• Shareholders: The sale by a key executive might lead to minor concerns about management's long-term commitment or perception of valuation, though mitigated by the 10b5-1 plan.

Next Steps

• The reporting person undertakes to provide full information regarding the number of shares sold at each separate price within the reported ranges upon request from the Issuer, security holders, or the SEC staff.

Key Dates

Recommendation

The filing details routine insider sales executed under a pre-established 10b5-1 trading plan. Such transactions are typically for personal financial management and do not inherently signal a change in the company's fundamental outlook or performance. Therefore, this specific filing does not provide new information that would warrant a change from a 'hold' position for a seasoned investor, assuming the investor's existing thesis on Clear Secure remains unchanged.

Keywords

Clear Secure, YOU, Michael Barkin, insider trading, Form 4, stock sale, 10b5-1 plan, Class A Common Stock, Class C Common Stock, Alclear Holdings