What Clear Secure share classes and rights are described in the Alclear Form 4?

The filing describes Class D shares with 20 votes per share but no economic rights, and Class B shares with 20 votes plus full economic rights. Non-voting common units are paired with Class D shares, and exchanges occur on a one-for-one basis into Class B shares.

Alclear Investments (YOU) logs Rule 10b5-1 sales and share exchanges

Q: What insider transactions did Alclear Investments report for Clear Secure (YOU)?

Alclear Investments, LLC reported open-market sales of Class A common stock and related exchanges of non-voting units , Class D , and Class B shares. The activity reflects a structured series of dispositions and conversions within Clear Secure’s multi-class equity structure.

Q: How many Clear Secure Class A shares did Alclear Investments sell, and at what prices?

Alclear Investments sold a total of 174,324 Class A shares. The Form 4 reports weighted average sale prices of $48.41 and $49.24 , executed in multiple trades within disclosed ranges between $48.00–$48.99 and $49.00–$49.75 per share.

Q: Was the Alclear Investments sale in Clear Secure (YOU) discretionary or under a plan?

The reported sales were executed automatically under a Rule 10b5-1 trading plan adopted by Alclear Investments on November 20, 2025 . Such plans pre-establish trading instructions, allowing sales to proceed according to preset terms rather than day-to-day discretionary decisions.

Q: How were Clear Secure’s Class B and Class A shares exchanged in this Form 4?

Footnotes state that each share of Class B common stock was converted into one share of Class A common stock . The resulting Class A shares were then used to settle the previously reported sale transactions, leaving Alclear Investments with no Class A shares after completion.

Q: What happened to Alclear Investments’ non-voting units and Class D shares of Clear Secure (YOU)?

Alclear Investments disposed of 174,324 non-voting common units of Alclear Holdings and an equal number of Class D Common Stock . Under an Exchange Agreement , these were exchanged on a one-for-one basis for Class B common stock , which carries voting and economic rights.

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Alclear Investments, LLC, a director and 10% owner of Clear Secure, Inc., reported a series of share sales, exchanges, and conversions involving multiple share classes. The transactions include open-market sales of Class A common stock and related exchanges of partnership units and high-vote share classes.

On March 4, 2026, Alclear Investments sold a total of 174,324 shares of Class A common stock in open-market transactions at prices reported as $48.41 and $49.24 per share, executed under a previously adopted Rule 10b5-1 trading plan. The sales occurred in multiple trades within price ranges of $48.00–$48.99 and $49.00–$49.75. Following related conversions, no Class A shares were held after settlement.

On March 5, 2026, Alclear Investments disposed of 174,324 non-voting common units of Alclear Holdings and an equal number of Class D Common Stock, and acquired then disposed of the same number of Class B Common Stock before holding 351,787 Class B shares. Footnotes explain that Class D shares carry 20 votes with no economic rights, while Class B shares carry 20 votes and full economic rights, and that the exchanges and conversions occurred on a one-for-one basis.

Insider Trade Summary

Net Seller: 174,324 shares ($8,457,128)

Net Sell 7 txns

Insider Alclear Investments, LLC

Role Director, 10% Owner

Sold 174,324 shs ($8.46M)

Type	Security	Shares	Price	Value
Disposition	Non-voting common units of Alclear Holdings, LLC	174,324	$0.00	--
Disposition	Class D Common Stock	174,324	$0.00	--
Grant/Award	Class B Common Stock	174,324	$0.00	--
Disposition	Class B Common Stock	174,324	$0.00	--
Grant/Award	Class A Common Stock	174,324	$0.00	--
Sale	Class A Common Stock	152,513	$48.41	$7.38M
Sale	Class A Common Stock	21,811	$49.24	$1.07M

Holdings After Transaction: Non-voting common units of Alclear Holdings, LLC — 18,630,246 shares (Direct); Class D Common Stock — 18,630,246 shares (Direct); Class B Common Stock — 526,111 shares (Direct); Class A Common Stock — 174,324 shares (Direct)

Footnotes (1)

These transactions were automatically effected pursuant to a Rule 10b5-1 trading plan previously adopted by the reporting person on November 20, 2025. These shares were sold in multiple transactions ranging from $48.00 to $48.99. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, and the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote and in footnote 4. Pursuant to the terms of the Issuer's Certificate of Incorporation, each share of Class B common stock of the Issuer ("Class B Common Stock") was converted into a share of Class A common stock of the Issuer ("Class A Common Stock") on a one-for-one basis. The resulting shares of Class A Common Stock were used to settle the sale transaction described above, and so after the transactions reported in this Form 4, no shares of Class A Common Stock are held. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions ranging from $49.00 to $49.75, inclusive. Shares of Class D Common Stock have 20 votes per share but no economic rights (including rights to dividends and distributions upon liquidation) and are issued in an equal amount to the number of Common Units held. Pursuant to the terms of the Exchange Agreement, dated June 29, 2021, by and among the Issuer, Alclear and the equity holders of Alclear (the "Exchange Agreement"), Common Units, together with a corresponding number of shares of Class D Common Stock, were exchanged for Class B Common Stock on a one-for-one basis. The exchange rights under the Exchange Agreement do not expire. Shares of Class B common stock of the Issuer ("Class B Common Stock") have 20 votes per share and economic rights (including rights to dividends and distributions upon liquidation).

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Form 4 Insider Transactions: What Each Field Means →

03/06/2026 - 08:36 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Alclear Investments, LLC

(Last)

(First)

(Middle)

85 10TH AVE., 9TH FLOOR

(Street)

NEW YORK

10011

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Clear Secure, Inc. [ YOU ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)	X	Other (specify below)
			See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
03/04/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	03/04/2026		S⁽¹⁾		152,513	D	$48.41⁽²⁾	21,811⁽³⁾	D
Class A Common Stock	03/04/2026		S⁽¹⁾		21,811	D	$49.24⁽⁴⁾	0⁽³⁾	D
Class D Common Stock⁽⁵⁾⁽⁶⁾	03/05/2026		D⁽⁶⁾		174,324	D	⁽⁶⁾	18,630,246	D
Class B Common Stock⁽⁶⁾⁽⁷⁾	03/05/2026		A⁽⁶⁾		174,324	A	⁽⁶⁾	526,111	D
Class B Common Stock⁽³⁾⁽⁷⁾	03/05/2026		D⁽⁶⁾		174,324	D	⁽⁶⁾	351,787	D
Class A Common Stock⁽³⁾	03/05/2026		A⁽³⁾		174,324	A	⁽³⁾	174,324	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Non-voting common units of Alclear Holdings, LLC⁽⁶⁾	⁽⁶⁾	03/05/2026		D			174,324	⁽⁶⁾	⁽⁶⁾	Class B Common Stock and Class A Common Stock	174,324	⁽⁶⁾	18,630,246	D

Explanation of Responses:

1. These transactions were automatically effected pursuant to a Rule 10b5-1 trading plan previously adopted by the reporting person on November 20, 2025.

2. These shares were sold in multiple transactions ranging from $48.00 to $48.99. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, and the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote and in footnote 4.

3. Pursuant to the terms of the Issuer's Certificate of Incorporation, each share of Class B common stock of the Issuer ("Class B Common Stock") was converted into a share of Class A common stock of the Issuer ("Class A Common Stock") on a one-for-one basis. The resulting shares of Class A Common Stock were used to settle the sale transaction described above, and so after the transactions reported in this Form 4, no shares of Class A Common Stock are held.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions ranging from $49.00 to $49.75, inclusive.

5. Shares of Class D Common Stock have 20 votes per share but no economic rights (including rights to dividends and distributions upon liquidation) and are issued in an equal amount to the number of Common Units held.

6. Pursuant to the terms of the Exchange Agreement, dated June 29, 2021, by and among the Issuer, Alclear and the equity holders of Alclear (the "Exchange Agreement"), Common Units, together with a corresponding number of shares of Class D Common Stock, were exchanged for Class B Common Stock on a one-for-one basis. The exchange rights under the Exchange Agreement do not expire.

7. Shares of Class B common stock of the Issuer ("Class B Common Stock") have 20 votes per share and economic rights (including rights to dividends and distributions upon liquidation).

Remarks:

By virtue of its relationship with Ms. Caryn Seidman-Becker, the sole manager of Alclear Investments, LLC, and equityholder of Alclear Investments, LLC, the reporting person may be deemed a director by deputization.

	s/ Lynn Haaland, Attorney-in-Fact	03/06/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Alclear Investments report for Clear Secure (YOU)?

Alclear Investments, LLC reported open-market sales of Class A common stock and related exchanges of non-voting units, Class D, and Class B shares. The activity reflects a structured series of dispositions and conversions within Clear Secure’s multi-class equity structure.

How many Clear Secure Class A shares did Alclear Investments sell, and at what prices?

Alclear Investments sold a total of 174,324 Class A shares. The Form 4 reports weighted average sale prices of $48.41 and $49.24, executed in multiple trades within disclosed ranges between $48.00–$48.99 and $49.00–$49.75 per share.

Was the Alclear Investments sale in Clear Secure (YOU) discretionary or under a plan?

The reported sales were executed automatically under a Rule 10b5-1 trading plan adopted by Alclear Investments on November 20, 2025. Such plans pre-establish trading instructions, allowing sales to proceed according to preset terms rather than day-to-day discretionary decisions.

How were Clear Secure’s Class B and Class A shares exchanged in this Form 4?

Footnotes state that each share of Class B common stock was converted into one share of Class A common stock. The resulting Class A shares were then used to settle the previously reported sale transactions, leaving Alclear Investments with no Class A shares after completion.

What happened to Alclear Investments’ non-voting units and Class D shares of Clear Secure (YOU)?

Alclear Investments disposed of 174,324 non-voting common units of Alclear Holdings and an equal number of Class D Common Stock. Under an Exchange Agreement, these were exchanged on a one-for-one basis for Class B common stock, which carries voting and economic rights.