Form 4: Clover Health Executive Brady Priest Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Brady Priest, CEO of Home Care at Clover Health, sold 48,305 shares of Class A Common Stock on October 18, 2024, to cover tax obligations related to vesting restricted stock units.
Summary
- On October 18, 2024, Brady Priest, the CEO of Home Care at Clover Health, disposed of 48,305 shares of Class A Common Stock.
- The shares were sold at a price of $4 per share.
- This transaction was to cover tax obligations arising from the vesting of restricted stock units (RSUs).
- These RSUs were initially granted on July 18, 2022, and vest quarterly.
- After the transaction, Priest still beneficially owns 2,651,018 shares of Class A Common Stock.
Sentiment
Score: 5
Explanation: Neutral sentiment as it reflects a standard transaction for tax purposes.
Future Outlook
The remaining RSUs vest quarterly in equal installments of 6.25%, with the final vesting date occurring on July 18, 2026, subject to the continued service of the Reporting Person on each such vesting date.
Industry Context
This is a routine transaction related to executive compensation and tax obligations, common in publicly traded companies.
Stakeholder Impact
- The transaction has a minimal impact on shareholders as it is a routine sale to cover tax obligations.
Key Dates
| Date | Description |
|---|---|
| July 18, 2022 | Original grant date of time-based restricted stock units (RSUs) to Brady Priest. |
| July 19, 2022 | Date of Form 4 filing reporting the grant of RSUs. |
| October 18, 2024 | Date of transaction: sale of shares to cover tax obligations upon vesting of RSUs. |
| October 22, 2024 | Date of signature on the Form 4 filing. |
| July 18, 2026 | Final vesting date of the RSUs. |
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