Form 4: Clover Health CEO Jamie Reynoso Disposes of Shares to Cover Tax Obligations
SEC Form 4
Jamie Reynoso, CEO of Medicare Advantage at Clover Health, disposed of 21,578 shares of Class A Common Stock on January 31, 2025, to cover tax obligations related to vesting restricted stock units.
Summary
- On January 31, 2025, Jamie L. Reynoso, CEO of Medicare Advantage at Clover Health Investments, Corp., disposed of 21,578 shares of Class A Common Stock.
- The transaction was executed to cover tax obligations arising from the vesting of 12.5% of time-based restricted stock units (RSUs) granted on October 31, 2023.
- The shares were sold at a price of $4.39 per share.
- Following the transaction, Reynoso directly owns 3,285,676 shares of Class A Common Stock.
- The remaining RSUs will vest in three equal quarterly installments, concluding on October 31, 2025, contingent upon Reynoso's continued service.
Sentiment
Score: 5
Explanation: Neutral sentiment as this is a routine transaction related to tax obligations and vesting of stock awards.
Future Outlook
The remaining RSUs will vest in three equal quarterly installments, with the final vesting date occurring on October 31, 2025, subject to the continued service of the Reporting Person on each such vesting date.
Industry Context
This is a routine transaction related to executive compensation and tax obligations, common in publicly traded companies. It doesn't necessarily reflect a change in the executive's confidence in the company.
Stakeholder Impact
- The transaction is unlikely to have a significant impact on shareholders, employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| October 31, 2023 | Date of original grant of time-based restricted stock units (RSUs) to Jamie L. Reynoso |
| November 2, 2023 | Form 4 filed reporting the grant of RSUs on October 31, 2023 |
| January 31, 2025 | Date of transaction: Disposal of shares to cover tax obligations upon vesting of RSUs |
| February 04, 2025 | Date of signature on the Form 4 filing |
| October 31, 2025 | Final vesting date of remaining RSUs, subject to continued service |
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