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 by Emergence Capital Partners II, L.P.

Summary

• On August 14, 2024, Emergence Capital Partners II, L.P. (ECP II) converted 1,928,000 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 1,928,000 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 share of 325,825 Class A Common Stock shares to its limited partners.
• The reporting person, Kevin Spain, disclaims beneficial ownership of shares held by ECP II and Emergence Capital Opportunity I, L.P. (ECO I), except to the extent of any pecuniary interest.
• Spain also reports the vesting of 5,544 shares of Class A Common Stock from restricted stock units on July 26, 2024, which he is contractually obligated to transfer.
• The report also includes holdings by The Spain-Goralnik Family Trust 12/7/12.
• A Power of Attorney document was included, granting authority to employees, partners, or managers of Emergence Equity Management, Inc. to act on behalf of Emergence Partners and related entities.

Sentiment

Score: 5

Explanation: The document is a routine SEC filing related to stock transactions and does not inherently convey positive or negative sentiment.

Industry Context

This filing reflects standard transactions related to venture capital fund management and distribution of shares to limited partners, common in the venture capital investment lifecycle.

Comparison to Industry Standards

• Venture capital firms routinely distribute shares to their limited partners after certain events, such as IPOs or conversions of stock classes.
• The disclaimers of beneficial ownership are standard practice to avoid triggering reporting obligations under Section 16 of the Securities Exchange Act.
• The use of a Power of Attorney is a common administrative practice in the venture capital industry to streamline SEC filings.

Stakeholder Impact

• The distribution of shares may have a minor impact on the trading volume of Doximity stock.
• The transactions do not directly impact the company's operations or financial performance.

Key Dates