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 upon the vesting of restricted stock units.
Summary
- On August 8, 2024, Andrew Toy, the CEO of Clover Health Investments, Corp., disposed of 85,367 shares of Class A Common Stock to cover tax obligations.
- This disposal was related to 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 $1.83.
- Following the transaction, Mr. Toy beneficially owns 10,110,662 shares of Class A Common Stock.
- The remaining RSUs vest quarterly in equal installments of 6.25%, with the final vesting date on August 8, 2026, contingent upon continued service.
Sentiment
Score: 5
Explanation: This is a neutral disclosure of a routine transaction related to executive compensation. It doesn't inherently indicate 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 with the company.
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 standard procedure for covering tax obligations related to executive compensation.
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. |
| 08/08/2024 | Date of transaction: Disposal of shares to cover tax obligations upon RSU vesting. |
| 08/08/2026 | Final vesting date for the remaining RSUs, contingent upon continued service. |
| 08/12/2024 | Date of signature on the Form 4 filing. |
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