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 April 1, 2024, Andrew Toy, the CEO of Clover Health, disposed of 308,341 shares of Class A Common Stock to cover tax obligations.
- This disposal was related to the vesting of 6.25% of restricted stock units (RSUs) granted to him on January 1, 2023.
- The price per share for the tax withholding was $0.77.
- Following the transaction, Toy beneficially owns 10,589,737 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 routine transaction related to tax obligations on vested stock, so it's neutral in sentiment.
Future Outlook
The remaining RSUs will vest quarterly in equal installments of 6.25%, with the final vesting date occurring on January 1, 2027, subject to continued service.
Industry Context
Form 4 filings are a routine part of insider trading regulations, providing transparency into the transactions of company executives and directors. This filing indicates a standard tax-related stock disposal, common when RSUs vest.
Key Dates
| Date | Description |
|---|---|
| January 1, 2023 | Date of original RSU grant to Andrew Toy. |
| January 4, 2023 | Date Form 4 was filed reporting the original RSU grant. |
| April 1, 2024 | Date of stock disposal for tax obligations. |
| April 3, 2024 | Date of signature for the Form 4 filing. |
| January 1, 2027 | Final vesting date for remaining RSUs. |
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