Clover Health Announces Inducement Grant under Nasdaq Listing Rule 5635(c)(4)
July 26 2022 - 4:43PM
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.comRead about our Health Equity
strategy: www.cloverhealth.com/healthequity Learn about the Clover
Assistant: www.cloverassistant.com
Press Contact:Andrew
Still-Baxterpress@cloverhealth.com
Investor Relations Contact:Ryan
Schmidtinvestors@cloverhealth.com
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