Form 4: Clover Health CEO Jamie Reynoso Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Jamie Reynoso, CEO of Medicare Advantage at Clover Health, sold shares of Class A Common Stock to cover tax obligations arising from the vesting of restricted stock units.
Summary
- On October 3, 2024, Jamie Reynoso, CEO of Medicare Advantage at Clover Health, disposed of 8,706 shares of Class A Common Stock.
- The shares were sold at a price of $4.
- This transaction was to cover tax obligations related to the vesting of 6.25% of restricted stock units (RSUs) granted on January 3, 2023.
- Following the transaction, Reynoso still beneficially owns 2,745,739 shares of Class A Common Stock directly.
- The remaining RSUs will vest in equal quarterly installments until January 3, 2027, contingent upon continued service.
Sentiment
Score: 5
Explanation: The document is a routine SEC filing related to stock transactions by a company insider to cover tax obligations. It doesn't inherently indicate positive or negative sentiment about the company's performance.
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 for corporate insiders and provide transparency into their transactions in company stock. This transaction is related to tax obligations arising from vesting equity, which is a common occurrence.
Key Dates
| Date | Description |
|---|---|
| January 3, 2023 | Date of original grant of restricted stock units (RSUs) to Jamie Reynoso. |
| January 5, 2023 | Date of Form 4 filing reporting the original grant of RSUs. |
| October 3, 2024 | Date of transaction where shares were withheld to cover tax obligations due to RSU vesting. |
| October 7, 2024 | Date of signature on the Form 4 filing. |
| January 3, 2027 | Final vesting date for the remaining RSUs. |
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