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 May 8, 2024, to cover tax obligations related to vesting restricted stock units.
Summary
- On May 8, 2024, Andrew Toy, the CEO of Clover Health, disposed of 85,367 shares of Class A Common Stock.
- The shares were withheld to cover tax obligations arising from the vesting of restricted stock units (RSUs).
- These RSUs represent 6.25% of the original grant made on August 8, 2022.
- The disposition price was $0.87 per share.
- Following the transaction, Toy directly owns 10,504,370 shares of Class A Common Stock.
- The remaining RSUs vest quarterly in equal installments of 6.25%, with a final vesting date occurring on August 8, 2026, subject to continued service.
Sentiment
Score: 5
Explanation: This is a neutral event related to standard executive compensation practices. It doesn't inherently indicate positive or negative sentiment.
Future Outlook
The remaining RSUs vest quarterly in equal installments of 6.25%, with a final vesting date occurring on August 8, 2026, subject to the continued service of the Reporting Person on each such vesting date.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It doesn't necessarily indicate a change in the company's outlook or performance.
Stakeholder Impact
- The transaction has a minimal direct impact on shareholders, 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 RSU grant |
| 05/08/2024 | Date of transaction: Disposal of shares to cover tax obligations upon RSU vesting |
| 05/10/2024 | Date of signature on the Form 4 filing |
| 08/08/2026 | Final vesting date for the remaining RSUs |
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