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

Rhea-AI Summary

Clover Health Investments, Corp. (CLOV) granted a restricted stock unit award to a newly hired employee under the 2022 Inducement Award Plan. The employee has the right to receive 902,061 shares of the Company's Class A Common Stock, with vesting over a four-year period. This award aims to attract new talent to the company.

FRANKLIN, Tenn., Feb. 16, 2024 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (Nasdaq: CLOV) (“Clover” or the “Company”) announced today that effective February 16, 2024, the Talent and Compensation Committee of the Company’s Board of Directors granted a restricted stock unit award (the “RSUs”) to a newly hired employee. The RSUs were 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.

The RSUs represent the employee’s right to receive 902,061 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 February 16, 2024, with the remaining RSUs vesting in equal quarterly installments over the subsequent three years, subject to 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

What award did Clover Health Investments, Corp. (CLOV) grant to a newly hired employee?

Clover Health Investments, Corp. granted a restricted stock unit award (RSUs) to a newly hired employee.

How many shares of the Company's Class A Common Stock does the employee have the right to receive?

The employee has the right to receive 902,061 shares of the Company's Class A Common Stock.

What is the vesting schedule for the RSUs granted to the employee?

25% of the RSUs will vest on the first anniversary of February 16, 2024, with the remaining RSUs vesting in equal quarterly installments over the subsequent three years, subject to continued service of the employee.

What is the purpose of the Inducement Plan mentioned in the press release?

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.