Form 4: Doximity Director Timothy Cabral Executes Stock Option and Sells Shares Under 10b5-1 Plan

Director Timothy Cabral exercised stock options and sold shares of Doximity, Inc. under a pre-arranged trading plan.

Summary

• On June 12, 2024, Timothy Cabral, a director of Doximity, Inc., executed a stock option to acquire 10,000 shares of Class A Common Stock at a price of $2.21 per share.
• Simultaneously, Cabral converted 10,000 shares of Class B Common Stock into Class A Common Stock.
• Cabral also sold 10,000 shares of Class A Common Stock at $30 per share.
• These transactions were executed under a Rule 10b5-1 trading plan adopted on February 15, 2024.
• Following these transactions, Cabral directly owns 10,258 shares of Class A Common Stock and 468,786 shares of Class B Common Stock.
• Cabral also holds options to purchase 10,000 shares of Class B Common Stock.

Sentiment

Score: 5

Explanation: Neutral sentiment as the transactions are part of a pre-planned trading strategy and do not necessarily reflect a change in the director's confidence in the company.

Industry Context

Insider transactions are common, and the use of 10b5-1 plans allows insiders to sell shares without being accused of trading on non-public information. The market will likely interpret this as a routine transaction.

Comparison to Industry Standards

• Comparing Cabral's transactions to other directors in similar tech companies, the volume of shares sold is within a normal range for executives utilizing 10b5-1 plans.
• Similar transactions can be seen with executives at Teladoc and Veeva Systems, where pre-planned sales are regularly executed to manage personal finances.

Stakeholder Impact

• The transactions may have a minor impact on shareholders due to the increased supply of shares in the market.
• However, the pre-planned nature of the sales mitigates concerns about insider information being used.

Key Dates