Form 4: Clover Health Investments Executive Wai Conrad Reports Stock Transactions
SEC Form 4 Filing
Chief Technology Officer of Clover Health Investments, Conrad Wai, reports acquisition and disposal of Class A Common Stock related to vesting of restricted stock units.
Summary
- On September 13, 2024, Conrad Wai, Chief Technology Officer of Clover Health Investments, acquired 189,934 shares of Class A Common Stock upon vesting of restricted stock units.
- On the same day, 93,180 shares were withheld to cover tax obligations at a price of $2.99 per share.
- On September 14, 2024, an additional 98,217 shares were withheld to cover tax obligations at a price of $2.99 per share.
- Following these transactions, Wai directly owns 2,852,132 shares of Class A Common Stock.
Sentiment
Score: 5
Explanation: The document reflects routine transactions related to executive compensation and tax obligations, indicating a neutral sentiment.
Future Outlook
The remaining half of the earned restricted stock units will vest on October 31, 2025, subject to continued employment. Remaining RSUs granted on March 14, 2022, will vest in equal quarterly installments until March 14, 2026, subject to continued service.
Industry Context
Form 4 filings are standard practice for reporting insider transactions, providing transparency to investors regarding the buying and selling activities of company executives and directors.
Stakeholder Impact
- The transactions provide transparency to shareholders regarding executive compensation and stock ownership.
- Employees may be impacted by the vesting schedules of restricted stock units.
Next Steps
- Remaining half of the earned restricted stock units will vest on October 31, 2025, subject to continued employment.
- Remaining RSUs granted on March 14, 2022, will vest in equal quarterly installments until March 14, 2026, subject to continued service.
Key Dates
| Date | Description |
|---|---|
| 09/13/2024 | Acquisition of 189,934 Class A Common Stock shares and withholding of 93,180 shares for tax obligations. |
| 09/14/2024 | Withholding of 98,217 Class A Common Stock shares for tax obligations. |
| 09/17/2024 | Date of Form 4 filing. |
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