Clover Health Announces Inducement Grant under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Clover Health announced the grant of restricted stock units to its new Chief Financial Officer, Peter Kuipers. The RSUs represent the right to receive 4,228,753 shares of the Company's Class A Common Stock, with vesting over four years. This grant was made under the Company's Inducement Award Plan to attract new talent.

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FRANKLIN, Tenn., April 30, 2024 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (Nasdaq: CLOV) (“Clover” or the “Company”), a physician enablement technology company committed to bringing access to great healthcare to everyone on Medicare, announced today that effective April 29, 2024, the Talent and Compensation Committee of the Company’s Board of Directors granted a restricted stock unit award (the “RSUs”) to Peter Kuipers, who will be the Company’s new Chief Financial Officer effective as of the day after filing of our Quarterly Report on Form 10-Q for the quarter-ended March 31, 2024. The RSUs were granted under the Company’s 2022 Inducement Award Plan (the “Inducement Plan”) and will be subject to the terms and conditions of an award agreement and the Inducement Plan.

The RSUs represent the employee’s right to receive 4,228,753 shares of the Company's Class A Common Stock, subject to such award’s applicable vesting schedule. 25% of the RSUs will vest on the first anniversary of April 29, 2024, with the remaining RSUs vesting in equal quarterly installments over the subsequent three years, subject to the continued service of the employee at each such vesting date.

The Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Clover, or following a bona fide period of non-employment, as an inducement material to such individuals entering into employment with the Company, pursuant to Nasdaq Listing Rule 5635(c)(4).

About Clover Health:
Clover Health (Nasdaq: CLOV) is a physician enablement company committed to bringing access to great healthcare to everyone on Medicare. This includes a health equity-based focus on seniors who have historically lacked access to affordable, high-quality healthcare. Our strategy is powered by our software platform, Clover Assistant, which is designed to aggregate patient data from across the healthcare ecosystem to support clinical decision-making and improve health outcomes through the early identification and management of chronic disease.

Visit: www.cloverhealth.com

Press Contact:
Andrew Still-Baxter
press@cloverhealth.com

Investor Relations Contact:
Ryan Schmidt
investors@cloverhealth.com

FAQ

Who received the restricted stock unit award?

Peter Kuipers received the restricted stock unit award.

How many shares does the RSUs represent?

The RSUs represent 4,228,753 shares of the Company's Class A Common Stock.

What is the vesting schedule for the RSUs?

25% of the RSUs will vest on the first anniversary of April 29, 2024, with the remaining RSUs vesting in equal quarterly installments over the subsequent three years.

Under what plan were the RSUs granted?

The RSUs were granted under the Company's 2022 Inducement Award Plan.

What is the purpose of the Inducement Plan?

The Inducement Plan is used to grant equity awards to individuals who are not previous employees of Clover or are rejoining after a period of non-employment.