Form 4: Clover Health Executive Wai Conrad Disposes of Shares to Cover Tax Obligations

Clover Health's Chief Technology Officer, Conrad Wai, disposed of shares to cover tax obligations arising from the vesting of restricted stock units.

Summary

• On March 14, 2024, Conrad Wai, Chief Technology Officer of Clover Health Investments, Corp., disposed of 74,396 shares of Class A Common Stock to cover tax obligations.
• The shares were withheld at a price of $0.73 per share.
• This transaction occurred due to the vesting of 6.25% of the original time-based restricted stock units (RSUs) granted to Wai on March 14, 2022.
• Following the transaction, Wai still beneficially owns 2,922,743 shares of Class A Common Stock.
• The remaining RSUs will vest quarterly in equal installments of 6.25%, with the final vesting date occurring on March 14, 2026, subject to continued service.

Sentiment

Score: 5

Explanation: This is a neutral disclosure of a routine transaction. It doesn't indicate positive or negative sentiment about the company's performance.

Future Outlook

The remaining RSUs will vest quarterly in equal installments of 6.25%, with the final vesting date occurring on March 14, 2026, subject to the continued service of the Reporting Person on each such vesting date.

Industry Context

Form 4 filings are routine disclosures of transactions by company insiders and are a normal part of corporate governance and regulatory compliance.

Stakeholder Impact

• The transaction has a minimal impact on shareholders as it is a standard procedure for covering tax obligations related to executive compensation.

Key Dates