Form 4: Clover Health Investments General Counsel Karen Soares Reports Tax-Related Stock Disposal
SEC Form 4 Filing
Karen Soares, General Counsel & Secretary of Clover Health Investments, disposed of 5,241 shares of Class A Common Stock on August 14, 2024, to cover tax obligations related to vesting restricted stock units.
Summary
- On August 14, 2024, Karen Soares, the General Counsel & Secretary of Clover Health Investments, disposed of 5,241 shares of Class A Common Stock.
- The disposal was executed to cover tax obligations arising from the vesting of restricted stock units (RSUs).
- These RSUs represent 6.25% of the original grant made on February 14, 2022.
- The remaining RSUs will vest quarterly in equal installments of 6.25% until February 14, 2026, contingent upon continued service.
- Following the transaction, Soares directly owns 970,020 shares of Class A Common Stock.
Sentiment
Score: 5
Explanation: This is a routine transaction related to tax obligations on vested stock, so it doesn't significantly impact sentiment positively or negatively.
Future Outlook
The remaining RSUs will vest quarterly in equal installments of 6.25% until February 14, 2026, contingent upon continued service.
Industry Context
Form 4 filings are standard disclosures required by the SEC when company insiders, like officers and directors, trade their company's stock; this filing indicates a routine transaction to cover tax obligations related to vested equity.
Key Dates
| Date | Description |
|---|---|
| 02/14/2022 | Original grant date of time-based restricted stock units (RSUs) |
| 08/14/2024 | Date of transaction: Disposal of shares to cover tax obligations upon RSU vesting |
| 02/14/2026 | Final vesting date for the remaining RSUs |
| 08/16/2024 | Date of signature for the Form 4 filing |
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