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

Rhea-AI Summary

Clover Health (Nasdaq: CLOV) announced on March 14, 2022, the granting of inducement restricted stock unit awards to new executives, Conrad Wai and Joseph Martin. Wai, Chief Technology Officer, and Martin, General Counsel, will each receive awards covering 3,100,775 shares of Class A common stock, vesting over four years. The awards, part of the 2022 Inducement Award Plan, are intended to facilitate their employment with the company, which focuses on improving healthcare access for seniors through its proprietary Clover Assistant platform.

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• Inducement stock awards granted to attract key executives.
• Strategic hiring of experienced leaders to enhance operational capabilities.

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• None.

FRANKLIN, Tenn., March 15, 2022 (GLOBE NEWSWIRE) -- Clover Health (Nasdaq: CLOV) (“Clover” or the “Company”), a physician enablement company committed to improving health equity for seniors, today announced that on March 14, 2022, the Talent and Compensation Committee of the Company’s Board of Directors granted inducement restricted stock unit awards to Conrad Wai, who joined the Company as Chief Technology Officer on February 28, 2022, and to Joseph Martin, who joined the Company as General Counsel on March 14, 2022. The restricted stock unit awards 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.

Both Mr. Wai and Mr. Martin received a restricted stock unit award covering 3,100,775 shares of the Company's Class A common stock that will vest over four years, with 25% vesting on the first anniversary of March 14, 2022, and the remainder vesting in equal quarterly installments over the subsequent three years, subject to continued service at each vesting date.

The restricted stock unit awards were granted as inducements material to Mr. Wai and Mr. Martin 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, the 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: affordable Medicare Advantage plans with extensive benefits; and the infrastructure for physicians to participate in value-based care. 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

Contacts:
Investor Relations:
Derrick Nueman
investors@cloverhealth.com

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

 

FAQ

What stock awards did Clover Health grant in March 2022?

Clover Health granted inducement restricted stock unit awards covering 3,100,775 shares of Class A common stock to new executives in March 2022.

Who received the stock unit awards from Clover Health?

Conrad Wai, Chief Technology Officer, and Joseph Martin, General Counsel, received the restricted stock unit awards.

What is the vesting schedule for the stock awards at Clover Health?

The stock awards will vest over four years, with 25% vesting on the first anniversary and the rest vesting quarterly over three years.

Why were the stock awards granted to Wai and Martin?

The stock awards were granted as inducements material to their employment with Clover Health.

What is Clover Health's focus as a company?

Clover Health focuses on improving health equity for seniors through its proprietary software platform, Clover Assistant.