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

Rhea-AI Summary

On July 25, 2022, Scott J. Leffler was appointed Chief Financial Officer of Clover Health Investments (Nasdaq: CLOV). His appointment was previously announced in May 2022. In connection, he received a restricted stock unit award covering 5,042,016 shares, primarily from the 2022 Inducement Award Plan. The vesting schedule allows for 25% on the first anniversary, with the rest vesting quarterly over three years, contingent on continued service. Clover Health focuses on providing affordable healthcare to seniors and operates in both Insurance and Non-Insurance sectors.

Positive

• Appointment of Scott J. Leffler as CFO may enhance financial leadership.
• Issuance of a significant restricted stock unit award (5,042,016 shares) can align CFO's interests with shareholders.

Negative

• None.

FRANKLIN, Tenn., July 26, 2022 (GLOBE NEWSWIRE) -- On July 25, 2022, Scott J. Leffler joined Clover Health Investments, Corp. (Nasdaq: CLOV) (“Clover” or the “Company”) as its Chief Financial Officer (CFO). Mr. Leffler’s appointment was previously announced in May 2022. In connection with his appointment, Mr. Leffler was issued an inducement restricted stock unit award approved by the Talent and Compensation Committee of the Company’s Board of Directors. The majority of the restricted stock unit award was granted under the Company’s 2022 Inducement Award Plan (the “Inducement Plan”) and otherwise will be subject to the terms and conditions of restricted stock unit award agreements under the Inducement Plan.

Mr. Leffler received a restricted stock unit award covering 5,042,016 shares of the Company's Class A common stock, of which 4,798,450 were issued from the Inducement Plan. Of such shares, 25% will vest on the first anniversary of July 25, 2022, and the remainder will vest in equal quarterly installments over the subsequent three years, subject to continued service at each such vesting date.

The restricted stock unit awards were granted as inducements material to Mr. Leffler entering into employment with Clover in accordance with NASDAQ Listing Rule 5635(c)(4).

About Clover Health:
Clover Health (Nasdaq: CLOV) is a physician enablement company focused on seniors who have historically lacked access to affordable, high-quality healthcare. Our strategy is underpinned by our proprietary software platform, Clover Assistant, which is designed to aggregate patient data from across the health ecosystem to support clinical decision-making and improve health outcomes. We operate two distinct lines of business: Insurance and Non-Insurance. Through our Insurance line of business, we provide PPO and HMO plans to Medicare Advantage members in several states. Our Non-Insurance line of business offers a variety of programs aimed at reducing expenditures and enhancing the quality of care for patients enrolled in fee-for-service Medicare. Clover’s corporate headquarters are in Franklin, Tenn.

Visit: www.cloverhealth.com
Read about our Health Equity strategy: www.cloverhealth.com/healthequity
Learn about the Clover Assistant: www.cloverassistant.com
 

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

Investor Relations Contact:
Ryan Schmidt
investors@cloverhealth.com

FAQ

Who was appointed as the new CFO of Clover Health?

Scott J. Leffler was appointed as the new Chief Financial Officer of Clover Health on July 25, 2022.

What is the stock award given to Scott J. Leffler?

Scott J. Leffler received a restricted stock unit award covering 5,042,016 shares of Clover Health's Class A common stock.

When will Scott J. Leffler's stock options vest?

25% of Scott J. Leffler's stock options will vest on the first anniversary of his appointment, with the remainder vesting quarterly over three years.

What is the focus of Clover Health Investments?

Clover Health focuses on providing affordable, high-quality healthcare to seniors and operates through Insurance and Non-Insurance lines.