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 5,387 shares of Class A Common Stock on April 3, 2024, to cover tax obligations related to vesting restricted stock units.
Summary
- On April 3, 2024, Jamie L. Reynoso, CEO of Medicare Advantage at Clover Health Investments, Corp., disposed of 5,387 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 price per share for the transaction was $0.76.
- Following the transaction, Reynoso directly owns 2,467,229 shares of Class A Common Stock.
- The remaining RSUs will vest in equal quarterly installments until January 3, 2027, contingent upon continued service.
Sentiment
Score: 5
Explanation: This is a neutral event. It's a routine transaction to cover tax obligations related to vested stock, and doesn't necessarily indicate a positive or negative outlook on the company.
Future Outlook
The remaining RSUs will vest in equal quarterly installments until January 3, 2027, contingent upon continued service of the Reporting Person.
Industry Context
Form 4 filings are routine disclosures required by the SEC when company insiders, like the CEO, trade their company's stock. This particular filing relates to the disposal of shares to cover tax obligations, which is a common practice.
Key Dates
| Date | Description |
|---|---|
| 01/03/2023 | Date of original grant of restricted stock units (RSUs) to Jamie L. Reynoso. |
| 01/05/2023 | Date Form 4 was originally filed regarding the grant of RSUs. |
| 04/03/2024 | Date of the transaction where shares were disposed of to cover tax obligations due to RSU vesting. |
| 04/05/2024 | Date of signature on the Form 4 filing. |
| 01/03/2027 | Final vesting date for the remaining restricted stock units. |
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