Form 4: Clover Health Investments Executive Karen Soares Reports Tax-Related Stock Disposal
SEC Form 4 Filing
Karen Soares, General Counsel & Secretary of Clover Health Investments, reports the disposal of shares to cover tax obligations upon vesting of restricted stock units.
Summary
- Karen Soares, General Counsel & Secretary of Clover Health Investments, filed a Form 4 on February 4, 2025, reporting a transaction on January 31, 2025.
- The transaction involved the disposal of 28,553 shares of Class A Common Stock at a price of $4.39 per share to cover tax obligations.
- This disposal was related to the vesting of 12.5% of the original number of time-based restricted stock units (RSUs) granted on October 31, 2023.
- Following the transaction, Soares beneficially owns 1,357,508 shares of Class A Common Stock directly.
- The remaining RSUs vest in three equal quarterly installments, with the final vesting date occurring on October 31, 2025, subject to continued service.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing related to stock transactions, and does not contain information that would significantly impact sentiment positively or negatively.
Future Outlook
The remaining RSUs will vest in three equal quarterly installments, with the final vesting date occurring on October 31, 2025, subject to the continued service of the Reporting Person.
Industry Context
This 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 minimal impact on shareholders as it is a routine disposal of shares for tax purposes.
Key Dates
| Date | Description |
|---|---|
| October 31, 2023 | Date of original grant of time-based restricted stock units (RSUs) to the Reporting Person. |
| November 2, 2023 | Date Form 4 was filed reporting the original grant of time-based restricted stock units (RSUs). |
| January 31, 2025 | Date of transaction: disposal of shares to cover tax obligations upon vesting of 12.5% of RSUs. |
| February 4, 2025 | Date of filing Form 4 reporting the transaction. |
| October 31, 2025 | Final vesting date of the remaining RSUs, subject to continued service. |
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