Form 4: Clover Health CEO Jamie Reynoso Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Jamie Reynoso, CEO of Clover Health, disposed of shares to cover tax obligations related to vesting restricted stock units.
Summary
- On January 3, 2025, Jamie Reynoso, CEO of Clover Health Investments, Corp., disposed of 8,149 shares of Class A Common Stock to cover tax obligations.
- The shares were withheld automatically at a price of $3.29 per share.
- This transaction was related to the vesting of 6.25% of restricted stock units (RSUs) granted on January 3, 2023.
- Following the transaction, Reynoso still beneficially owns 3,324,396 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 routine transaction related to tax obligations, so it's neutral in sentiment.
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 a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates a standard practice of covering tax obligations related to equity compensation.
Stakeholder Impact
- The transaction has a minimal impact on shareholders as it is a routine sale to cover tax obligations.
Key Dates
| Date | Description |
|---|---|
| January 3, 2023 | Date of original grant of restricted stock units (RSUs). |
| January 5, 2023 | Date of original Form 4 filing reporting the RSU grant. |
| January 3, 2025 | Date of the transaction: shares disposed of to cover tax obligations due to RSU vesting. |
| January 3, 2027 | Final vesting date for the remaining restricted stock units. |
| January 7, 2025 | Date of signature on the Form 4 filing. |
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