Form 4: Clover Health Executive Aric Sharp Reports Tax-Related Stock Disposal
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 May 9, 2024, Aric Sharp, CEO of Value Based Care at Clover Health Investments, Corp., had 6,798 shares of Class A Common Stock withheld to cover tax obligations.
- This was due to the vesting of 6.25% of the original time-based restricted stock units (RSUs) granted on May 9, 2022.
- The price per share for the transaction was $0.86.
- Following the transaction, Sharp beneficially owns 1,788,476 shares of Class A Common Stock.
- The remaining RSUs vest quarterly in equal installments of 6.25%, with the final vesting date on May 9, 2026, contingent upon continued service.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing related to stock transactions for tax purposes, indicating a neutral sentiment.
Future Outlook
The remaining RSUs will continue to vest quarterly in equal installments of 6.25% until May 9, 2026, subject to Aric Sharp's continued service with the company.
Industry Context
This Form 4 filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It provides transparency into the transactions of company insiders.
Stakeholder Impact
- The transaction has a minor impact on shareholders as it involves a small number of shares disposed of by an executive to cover tax obligations.
Key Dates
| Date | Description |
|---|---|
| May 9, 2022 | Original grant date of time-based restricted stock units (RSUs) |
| May 9, 2024 | Vesting date of 6.25% of the original RSUs, leading to tax obligations and stock disposal |
| May 9, 2026 | Final vesting date for the remaining RSUs, vesting quarterly in equal installments of 6.25% |
| May 13, 2024 | Date of signature on the SEC Form 4 filing |
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