Form 4: Clover Health CEO Jamie Reynoso Disposes of Shares to Cover Tax Obligations
SEC Form 4 Filing
Jamie Reynoso, CEO of Medicare Advantage at Clover Health, disposed of 5,388 shares of Class A Common Stock on July 3, 2024, to cover tax obligations related to vesting restricted stock units.
Summary
- On July 3, 2024, Jamie L. Reynoso, CEO of Medicare Advantage at Clover Health Investments, Corp., disposed of 5,388 shares of Class A Common Stock.
- The transaction was executed to cover tax obligations arising from the vesting of 6.25% of restricted stock units (RSUs) granted on January 3, 2023.
- The shares were disposed of at a price of $1.25 per share.
- Following the transaction, Reynoso directly owns 2,618,620 shares of Class A Common Stock.
- The remaining RSUs will vest in equal quarterly installments until January 3, 2027, contingent upon Reynoso's continued service.
Sentiment
Score: 5
Explanation: This is a routine transaction related to tax obligations, so it's neutral in sentiment. It doesn't indicate a change in the executive's confidence in the company.
Future Outlook
The remaining RSUs will vest in equal quarterly installments, with the final vesting occurring on January 3, 2027, contingent upon Reynoso's continued service with the company.
Industry Context
Form 4 filings are standard disclosures required by the SEC when company insiders, like the CEO, trade their company's stock. This filing indicates a routine transaction to cover tax obligations related to vested equity.
Stakeholder Impact
- The transaction is unlikely to have a significant impact on shareholders, as it is a routine disposal of shares to cover tax obligations.
Key Dates
| Date | Description |
|---|---|
| January 3, 2023 | Date of original grant of restricted stock units (RSUs) to Jamie L. Reynoso. |
| January 5, 2023 | Date Form 4 was filed reporting the original grant of RSUs. |
| July 3, 2024 | Date of transaction: Disposal of shares to cover tax obligations due to RSU vesting. |
| July 8, 2024 | Date of signature on the Form 4 filing. |
| January 3, 2027 | Final vesting date for the remaining restricted stock units. |
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