Form 4: Clover Health CEO Andrew Toy Disposes of Shares to Cover Tax Obligations
SEC Form 4 Filing
Andrew Toy, CEO of Clover Health, disposed of 85,367 shares of Class A Common Stock on November 8, 2024, to cover tax obligations related to the vesting of restricted stock units.
Summary
- On November 8, 2024, Andrew Toy, the CEO of Clover Health, disposed of 85,367 shares of Class A Common Stock.
- The shares were disposed of to cover tax obligations arising from the vesting of 6.25% of the original time-based restricted stock units (RSUs) granted to Mr. Toy on August 8, 2022.
- The price per share for the transaction was $3.41.
- Following the transaction, Mr. Toy beneficially owns 11,627,782 shares of Class A Common Stock directly.
- The remaining RSUs will vest quarterly in equal installments of 6.25%, with the final vesting date on August 8, 2026, contingent upon Mr. Toy's continued service.
Sentiment
Score: 5
Explanation: This is a routine transaction related to executive compensation and does not indicate a significant positive or negative sentiment.
Future Outlook
The remaining RSUs will continue to vest quarterly until August 8, 2026, subject to Mr. Toy's continued service.
Industry Context
Form 4 filings are a routine part of executive compensation and provide transparency into insider transactions. This filing reflects the standard practice of executives covering tax obligations related to equity compensation.
Stakeholder Impact
- The transaction has a minimal direct impact on stakeholders as it is a routine disposal of shares for tax purposes.
Key Dates
| Date | Description |
|---|---|
| 08/08/2022 | Original grant date of time-based restricted stock units (RSUs) to Andrew Toy |
| 08/10/2022 | Date of Form 4 filing reporting the original grant of RSUs |
| 11/08/2024 | Date of transaction: Disposal of shares to cover tax obligations upon RSU vesting |
| 08/08/2026 | Final vesting date for the remaining RSUs |
| 11/12/2024 | Date of signature on the Form 4 filing |
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