Form 4: Clover Health Executive Aric Sharp Disposes of Shares to Cover Tax Obligations
SEC Form 4 Filing
Aric Sharp, CEO of Value Based Care at Clover Health, disposed of shares to cover tax obligations upon the vesting of restricted stock units.
Summary
- On August 9, 2024, Aric Sharp, CEO of Value Based Care at Clover Health Investments, disposed of 6,968 shares of Class A Common Stock to cover tax obligations.
- The shares were withheld automatically upon the vesting of 6.25% of the original number of time-based restricted stock units (RSUs) granted on May 9, 2022.
- The disposition price was $1.86 per share.
- Following the transaction, Sharp beneficially owns 2,100,665 shares of Class A Common Stock.
- The remaining RSUs vest quarterly in equal installments of 6.25%, with the final vesting date occurring on May 9, 2026, subject to continued service.
Sentiment
Score: 5
Explanation: This is a routine transaction related to executive compensation and does not indicate any significant positive or negative sentiment.
Future Outlook
The remaining RSUs will continue to vest quarterly until May 9, 2026, subject to Aric Sharp's continued service with the company.
Industry Context
Form 4 filings are a routine part of executive compensation and provide transparency into insider transactions. This filing indicates a standard practice of withholding shares to cover tax obligations upon the vesting of equity awards.
Key Dates
| Date | Description |
|---|---|
| May 9, 2022 | Date of original grant of time-based restricted stock units (RSUs) to Aric Sharp. |
| May 10, 2022 | Date Form 4 was filed reporting the original grant of RSUs. |
| August 9, 2024 | Date of the transaction where shares were withheld to cover tax obligations upon vesting of RSUs. |
| August 13, 2024 | Date of signature on the Form 4 filing. |
| May 9, 2026 | Final vesting date of the remaining RSUs. |
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