Form 4: Clover Health CEO Andrew Toy Reports Tax-Related Stock Disposal
SEC Form 4 Filing
Andrew Toy, CEO of Clover Health, reports the disposal of shares to cover tax obligations related to vesting restricted stock units.
Summary
- On January 1, 2025, Andrew Toy, the CEO of Clover Health, disposed of 278,765 shares of Class A Common Stock.
- The disposal was to cover tax obligations arising from the vesting of 6.25% of restricted stock units (RSUs) granted on January 1, 2023.
- The price per share for the transaction was $3.15.
- Following the transaction, Toy beneficially owns 11,349,017 shares of Class A Common Stock.
- The remaining RSUs will vest quarterly in equal installments of 6.25%, with the final vesting date on January 1, 2027, contingent upon continued service.
Sentiment
Score: 5
Explanation: This is a neutral event. It reflects a standard practice of covering tax obligations related to equity compensation. It doesn't indicate a positive or negative outlook for the company.
Future Outlook
The remaining RSUs will continue to vest quarterly until January 1, 2027, subject to Andrew Toy's continued service with the company.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing reflects a common practice of executives selling shares to cover tax obligations related to equity compensation.
Key Dates
| Date | Description |
|---|---|
| 01/01/2023 | Date of original RSU grant to Andrew Toy. |
| 01/04/2023 | Date Form 4 was filed reporting the original RSU grant. |
| 01/01/2025 | Date of stock disposal to cover tax obligations and vesting of 6.25% of RSUs. |
| 01/03/2025 | Date of signature for this Form 4 filing. |
| 01/01/2027 | Final vesting date for the remaining RSUs. |
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