Form 4: Emergence Capital's Kevin Spain Reports Doximity Share Conversion and Distribution

Kevin Spain, a director at Doximity, reports the conversion and distribution of Class B Common Stock to Class A Common Stock by Emergence Capital Partners II, L.P.

Summary

• On February 12, 2025, Emergence Capital Partners II, L.P. (ECP II) converted 2,410,273 shares of Doximity's Class B Common Stock into an equal number of Class A Common Stock shares.
• Following the conversion, ECP II distributed all 2,410,273 shares of Class A Common Stock pro-rata to its partners, including Emergence Equity Partners II, L.P. (EEP II).
• EEP II then distributed its portion (507,135 shares) to its limited partners.
• Emergence Capital Opportunity I, L.P. (ECO I) also distributed 193,750 shares of Class A Common Stock pro-rata to its limited partners on the same date.
• Kevin Spain disclaims beneficial ownership of shares held by ECP II and ECO I, except to the extent of his pecuniary interest.
• Spain also reports ownership of 6,360 restricted stock units (RSUs) and 363,083 shares held by The Spain-Goralnik Family Trust 12/7/12, disclaiming beneficial ownership except for pecuniary interest.

Sentiment

Score: 7

Explanation: The document reflects standard transactions related to stock ownership and distribution, suggesting a neutral to slightly positive sentiment as it indicates the ongoing management of equity by significant shareholders.

Industry Context

This filing reflects standard transactions related to venture capital fund distributions and conversions of stock classes, common in companies with dual-class share structures like Doximity.

Comparison to Industry Standards

• Venture capital firms routinely distribute shares to their limited partners after a certain period or following a liquidity event, such as an IPO.
• The pro-rata distribution of shares is a common practice to provide liquidity to investors.
• Dual-class share structures are often used by companies to maintain control with founders and early investors, similar to companies like Facebook (Meta) and Google (Alphabet).

Stakeholder Impact

• The distribution of shares may increase the trading volume of Doximity's stock.
• The pro-rata distribution provides liquidity to the limited partners of Emergence Capital funds.

Key Dates