Alclear Investments, LLC 4

What Happened
Alclear Investments, LLC (a reported 10% owner) sold 100,757 shares of Clear Secure (YOU) in open-market transactions on July 13, 2026, generating about $5.38 million in proceeds. The sales consisted of: 89,592 shares at a weighted average $53.31 ($4,776,150), 10,425 shares at a weighted average $54.28 ($565,869), and 740 shares at a weighted average $55.19 (~$40,841). On July 14, 2026, related entries reflect a conversion/exercise and internal settlement: a conversion/exercise of derivative interests, an acquisition (grant) of 100,757 shares, and a disposition of 100,757 shares to the issuer — these actions were part of an exchange/settlement process under the parties’ Exchange Agreement.

Key Details

• Transaction dates: July 13–14, 2026; Form 4 filed July 15, 2026 (appears timely under Section 16 rules).
• Open-market sales (7/13): 89,592 @ $53.31 (weighted avg), 10,425 @ $54.28 (weighted avg), 740 @ $55.19 (weighted avg); total proceeds ≈ $5,382,860.
• Related 7/14 actions: exercise/conversion of derivative (M) 100,757 shares, acquisition (A) 100,757 shares, and disposition to issuer (D) 100,757 shares — used to settle the sale as described in footnote.
• Notable footnotes: transactions were automatically effected under a Rule 10b5-1 trading plan adopted March 12, 2026 (F1). Price columns are weighted averages covering price ranges (F2–F5). Exchange Agreement details: nonvoting common units + Class C shares were exchanged one-for-one for Class A shares; resulting Class A shares were used to settle the sale (F3, F6).
• Shares owned after the transaction: not specified in the provided filing data.
• Reporting relationship: Alclear is a 10% owner; by virtue of its relationship with Caryn Seidman Becker (sole manager/equityholder), the reporting person may be deemed a director by deputization (remarks).

Context

• The filing shows sales and a related conversion/settlement rather than an outright purchase (not a bullish purchase signal). The use of a 10b5-1 plan indicates the sales were pre-scheduled and automated, which is common for planned liquidity rather than an on-the-spot trade.
• The conversion/settlement reflects an organizational exchange of Alclear units and Class C stock into Class A shares under an existing Exchange Agreement; those shares were then used to settle the disposition.
• As a 10% owner (institutional/major holder), these transactions reflect holder reorganization/liquidity activity and should be interpreted differently than an insider’s opportunistic sale or a new purchase.