Form 4: Clover Health Executive Karen Soares Reports Stock Transaction
SEC Form 4 Filing
Karen Soares, General Counsel & Secretary at Clover Health, reported a transaction involving the withholding of shares to cover tax obligations related to vesting restricted stock units.
Summary
- Karen Soares, the General Counsel & Secretary of Clover Health Investments, Corp., filed a Form 4 with the SEC.
- The filing reports a transaction on December 15, 2024, where 6,391 shares of Class A Common Stock were withheld to cover tax obligations.
- This withholding was related to the vesting of 6.25% of time-based restricted stock units (RSUs) granted on September 15, 2022.
- Following the transaction, Ms. Soares beneficially owns 1,390,369 shares of Class A Common Stock.
- The remaining RSUs will vest quarterly in equal installments of 6.25% until September 15, 2026, contingent on continued service.
Sentiment
Score: 7
Explanation: The document is a routine regulatory filing related to stock transactions. It is neutral in nature and expected as part of executive compensation.
Future Outlook
The remaining restricted stock units will continue to vest quarterly until September 15, 2026, subject to continued service.
Industry Context
Form 4 filings are a standard part of regulatory compliance for publicly traded companies, providing transparency into the transactions of company insiders. This filing is typical for executives receiving stock-based compensation.
Comparison to Industry Standards
- The vesting schedule of the restricted stock units (RSUs) with quarterly vesting over a multi-year period is a common practice in the technology and healthcare industries.
- The withholding of shares to cover tax obligations is a standard procedure for equity compensation.
- Companies like Teladoc Health and Oak Street Health also use similar RSU vesting schedules for their executives.
Stakeholder Impact
- The transaction has a minor impact on shareholders as it is a standard part of executive compensation.
- The transaction does not directly impact employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 2022-09-15 | Date of original grant of time-based restricted stock units (RSUs). |
| 2024-12-15 | Date of transaction where shares were withheld for tax obligations and 6.25% of RSUs vested. |
| 2024-12-17 | Date of filing of the Form 4. |
| 2026-09-15 | Final vesting date for the remaining restricted stock units. |
Keywords
Form 4, SEC Filing, Clover Health, Stock Transaction, Restricted Stock Units, RSUs, Karen Soares, Beneficial Ownership, Tax Withholding
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