Form 4: Clover Health Investments General Counsel Karen Soares Reports Stock Transactions
SEC Form 4
Karen Soares, General Counsel & Secretary of Clover Health Investments, reports the acquisition and disposal of Class A Common Stock related to vesting of restricted stock units.
Summary
- Karen Soares, General Counsel & Secretary of Clover Health Investments, filed a Form 4 detailing changes in beneficial ownership.
- On September 13, 2024, Soares acquired 259,000 shares of Class A Common Stock at $0 related to performance-based restricted stock units (RSUs) that vested.
- Also on September 13, 2024, 117,340 shares of Class A Common Stock were disposed of at $2.99 to cover tax obligations related to the vesting of the RSUs.
- On September 15, 2024, an additional 6,391 shares of Class A Common Stock were disposed of at $2.99 to cover tax obligations related to the vesting of RSUs granted in 2022.
- Following these transactions, Soares beneficially owns 1,105,289 shares of Class A Common Stock.
Sentiment
Score: 5
Explanation: Neutral sentiment as the document primarily reports stock transactions related to vesting of RSUs, which is a normal part of executive compensation.
Positives
- The vesting of performance-based restricted stock units indicates that performance targets were met.
Future Outlook
The remaining RSUs will continue to vest in the future, subject to the Reporting Person's continued service.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they reflect insider activity related to compensation.
Key Dates
| Date | Description |
|---|---|
| October 31, 2023 | Date of performance-based restricted share unit grant. |
| September 15, 2022 | Date of RSU grant. |
| September 13, 2024 | Acquisition of 259,000 shares and disposal of 117,340 shares to cover tax obligations. |
| September 15, 2024 | Disposal of 6,391 shares to cover tax obligations. |
| September 17, 2024 | Date of Form 4 filing. |
| October 31, 2025 | Remaining one-half of the restricted stock units will vest. |
| September 15, 2026 | Final vesting date for RSUs granted on September 15, 2022. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.