Form 4: Clover Health Executive Conrad Wai Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Conrad Wai, CEO of Counterpart Health and an officer at Clover Health Investments, sold 98,217 shares of Class A Common Stock to cover tax obligations related to vesting restricted stock units.
Summary
- Conrad Wai, an officer at Clover Health Investments and CEO of Counterpart Health, sold 98,217 shares of Class A Common Stock on December 14, 2024.
- The sale was executed to cover tax obligations arising from the vesting of restricted stock units (RSUs).
- The shares were sold at a price of $3.11 per share.
- The RSUs were originally granted on March 14, 2022, and vest quarterly, with the final vesting date on March 14, 2026.
- Following the transaction, Conrad Wai beneficially owns 3,368,533 shares of Class A Common Stock.
Sentiment
Score: 5
Explanation: The document reflects a routine transaction related to executive compensation and does not indicate any positive or negative sentiment regarding the company's performance or outlook.
Future Outlook
The remaining restricted stock units will continue to vest quarterly until March 14, 2026, subject to Conrad Wai's continued service.
Industry Context
This is a routine transaction for executives who receive stock-based compensation. It is common for executives to sell shares to cover tax obligations when restricted stock units vest.
Comparison to Industry Standards
- The sale of shares to cover tax obligations is a standard practice among executives who receive equity compensation.
- Many companies use restricted stock units as part of their compensation packages, and the vesting schedules and tax implications are generally similar across the industry.
- Comparable companies in the healthcare technology sector also see similar transactions from their executives.
Stakeholder Impact
- The transaction has a minimal impact on shareholders as it is a routine sale of shares by an executive to cover tax obligations.
Key Dates
| Date | Description |
|---|---|
| 2022-03-14 | Date of original grant of time-based restricted stock units to Conrad Wai. |
| 2024-12-14 | Date of the transaction where 98,217 shares were sold to cover tax obligations. |
| 2024-12-17 | Date the SEC Form 4 was signed. |
| 2026-03-14 | Final vesting date for the restricted stock units. |
Keywords
Clover Health, CLOV, Conrad Wai, SEC Form 4, Stock Sale, Restricted Stock Units, RSUs, Tax Obligations, Insider Trading
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