DOCS Form 4: Kevin Spain Granted 3,221 RSUs as Director Compensation
Rhea-AI Filing Summary
Kevin Spain, a director of Doximity, Inc. (DOCS), received 3,221 restricted stock units (RSUs) on 08/28/2025 as compensation under the company’s non-employee director policy. Each RSU converts to one share of Class A common stock and vests in full on the earlier of the first anniversary of the grant or the next annual meeting, subject to continued service. After the grant Mr. Spain directly beneficially owned 9,581 Class A shares, which includes 3,221 RSUs and 6,360 previously vested shares. He also has indirect holdings of 244,607 shares in The Kevin Spain Family Trust and 387,500 shares held by Emergence Capital Opportunity I, L.P., of which he is affiliated; he disclaims beneficial ownership of those indirect holdings except for any pecuniary interest.
Positive
- Director received equity-based compensation (3,221 RSUs), aligning interests with shareholders
- Clear disclosure of direct and indirect holdings, including trusts and fund vehicles
Negative
- None.
Insights
TL;DR: Routine director compensation via RSUs increases direct holdings modestly and highlights existing indirect ownership through investment vehicles.
The Form 4 documents a standard non-employee director equity grant: 3,221 RSUs awarded at no cash price, vesting based on continued service. The disclosure clarifies direct versus indirect ownership: 9,581 Class A shares directly attributable post-grant, alongside substantial indirect positions (244,607 and 387,500 shares) held via a family trust and a venture fund vehicle. The reporting person expressly disclaims Section 16 beneficial ownership of the indirect holdings aside from any pecuniary interest, which is typical when shares are held in trusts or funds with separate legal control.
TL;DR: The transaction is non-cash director equity compensation and is not an unusual market-moving change in ownership.
The acquisition recorded is coded as an award of RSUs with zero price, indicating compensation rather than a purchase. The increment to direct beneficial ownership is 3,221 RSUs, which vest over time. Large indirect positions are outlined, but the filer disclaims beneficial ownership for Section 16 purposes. From a securities-disclosure perspective, the filing is complete in enumerating direct awards and existing indirect holdings.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Class A Common Stock | 3,221 | $0.00 | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
Footnotes (1)
- These shares represent restricted stock units (each, an "RSU") granted on August 28, 2025 pursuant to the Issuer's non-employee director compensation policy, which vest in full on the earlier of (i) the first anniversary of the grant date or (ii) the Issuer's next annual meeting of stockholders, subject to the Reporting Person's continued service as a director through the applicable vesting date. Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. Represents (i) 3,221 RSUs and (ii) 6,360 shares of Class A Common Stock previously issued to the Reporting Person upon vesting of RSUs. The Reporting Person, a member of Emergence Equity Partners II, L.P. ("EEP II"), is contractually obligated to transfer and/or remit the proceeds of any sale of shares issued upon vesting of RSUs to EEP II. As such, the Reporting Person disclaims Section 16 beneficial ownership of such shares, except to the extent, if any, of his pecuniary interest therein, and this report shall not be deemed an admission that he is the beneficial owner of such shares for Section 16 or any other purpose. These shares are held by The Kevin Spain Family Trust Dated 11/14/22. The Reporting Person disclaims Section 16 beneficial ownership of such shares, except to the extent, if any, of his pecuniary interest therein, and this report shall not be deemed an admission that he is the beneficial owner of such shares for Section 16 or any other purpose. These shares are held directly by Emergence Capital Opportunity I, L.P. ("ECO I"). The sole general partner of ECO I is Emergence Equity Partners VI, L.P. ("EEP VI"), and the sole general partner of EEP VI is Emergence GP Partners, LLC ("EGP"). The Reporting Person is a member of EEP VI. The Reporting Person disclaims Section 16 beneficial ownership of the shares held by ECO I, except to the extent, if any, of his pecuniary interest therein, and this report shall not be deemed an admission that he is the beneficial owner of such shares for Section 16 or any other purpose.
