Form 4: Clover Health CEO Jamie Reynoso Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Clover Health CEO Jamie Reynoso sold 118,050 shares of Class A Common Stock on October 31, 2024, to cover tax obligations related to the vesting of restricted stock units.
Summary
- On October 31, 2024, Jamie L. Reynoso, CEO of Medicare Advantage at Clover Health Investments, sold 118,050 shares of Class A Common Stock.
- The sale was executed to cover tax obligations arising from the vesting of 50% of the time-based restricted stock units (RSUs) granted to Reynoso on October 31, 2023.
- The price per share for the transaction was $4.12.
- Following the transaction, Reynoso directly owns 3,353,803 shares of Class A Common Stock.
- The remaining RSUs will vest in four equal quarterly installments, concluding on October 31, 2025, contingent upon Reynoso's continued service.
Sentiment
Score: 5
Explanation: The document reflects a routine transaction (sale of shares for tax obligations) and does not convey any particularly positive or negative sentiment regarding the company's performance or outlook.
Future Outlook
The remaining RSUs will vest in four 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
Sales of shares to cover tax obligations upon vesting of restricted stock units are a common practice among corporate executives and are generally not indicative of a negative outlook on the company's future.
Key Dates
| Date | Description |
|---|---|
| 10/31/2023 | Date of original grant of time-based restricted stock units (RSUs) to Jamie L. Reynoso. |
| 11/02/2023 | Date Form 4 was filed reporting the grant of RSUs. |
| 10/31/2024 | Date of transaction: Sale of shares to cover tax obligations upon vesting of RSUs. |
| 10/31/2025 | Final vesting date of remaining RSUs, subject to continued service. |
| 11/04/2024 | Date of signature on the Form 4 filing. |
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